Market Meltdown: Tracking Politicians' Pre-Crash Moves

This Week’s Quiver Newsletter:

What you can expect to read about today:

• An overview of recent notable Congress trades, including Nancy Pelosi’s Nvidia purchase.

• Check out our new Political Fundraising dashboard, and dive into the most watched Congressional races

• Read about Berkshire Hathaway’s sale of nearly half of its Apple stake and the drawdown that is happening in the market.

CONGRESSIONAL TRADES

The markets have taken a hit over the last 5 days, as the S&P 500 has dropped nearly 5%, and several mega-cap tech stocks have taken double-digit losses.

This market turbulence comes amid growing concerns about inflation, interest rates, and global economic uncertainties.

Some politicians were able to sell off positions shortly before this drop, while others seem to have still taken major losses:

• Representative Nancy Pelosi is buying the (NVDA) dip. She just disclosed new trades, including a purchase of ~$1.1M of Nvidia stock. She has lost approximately $13M in the last two weeks.

• One of the more suspicious sales we've seen this year: Representative Michael Burgess sold (UPS) the day before the stock had its worst day ever. Burgess sold on July 22nd. The next day, the company released a dismal earnings report and the stock plummeted.

• Rep. Marjorie Taylor Greene bought 6 stocks last month, including Crowdstrike (CRWD), the position has fallen 40% since her purchase. They have all underperformed and include: (ASML), (COST), (LULU), (NEE), (NSRGY).

• Senator Katie Britt sold all her stock in OneWater, (ONEW), last week. The company just released a poor earnings report, sending the stock plummeting. It has now fallen 19% since Britt's sale.

• Last week, we reported on Rep. Mike Collin’s purchase of a crypto token called Aerodrome, where he purchased up to $50k. it has now risen 76% since the purchase.

To see more details about their trades, and how they’ve performed since, check out our:

🚨 NEW: CONGRESSIONAL RACES FUNDRAISING🚨

Insights from our Congressional Races Fundraising Dashboard

Race Ratings for members of Congress are provided with permission by The Cook Political Report via its API.

For the analysis behind the ratings and to learn more about the CPR Race Ratings, visit www.cookpolitical.com.

New York’s 3rd District

In New York’s 3rd District, the tumultuous tenure of George Santos, marked by a fraudulent résumé and dramatic congressional antics, ended in his ouster from the House. Democrat Tom Suozzi secured a decisive victory in the special election to replace Santos, leading many analysts to believe the seat will remain Democratic in the upcoming election.

Despite Biden's significant 11.3-point margin in the district, Republicans had won it in 2022 with Santos. With eight Republican candidates gearing up for the primary on June 25, the district remains a battleground as the GOP seeks to reclaim the seat.

Virginia’s 7th District

In Virginia's 7th District, the decision by Representative Abigail Spanberger to pursue a gubernatorial bid has left her Democratic-leaning seat open, creating a highly competitive race. The primary field is crowded with seven Democrats, including Eugene Vindman, brother of Alexander Vindman, known for his role in the Trump-Ukraine whistleblower incident.

On the Republican side, eight candidates are vying for the seat. Historically, the district has leaned Democratic, with Biden winning by 6.8 points and a Democratic advantage of 5 points in the 2022 elections, making it a key battleground for both parties.

Pennsylvania’s 7th District

In Pennsylvania’s 7th District, Democrat Representative Susan Wild, who flipped a Republican seat in 2018, faces a challenging reelection in 2024. The district was redrawn to favor Democrats, yet it continues to be a prime target for Republicans.

With a slim Biden margin of 0.6 points and a Democratic advantage of just 2 points in 2022, the race is poised to be fiercely contested. Wild will be up against Ryan Mackenzie, the Republican primary winner, making this district one to closely monitor as the election approaches.

Nevada’s 3rd District

In Nevada’s 3rd District, Representative Susie Lee, a Democrat, faces a challenging reelection in 2024. Despite the resilience of Nevada's three Democratic House members in 2022, when they were all re-elected even as Republicans recaptured the state governorship, Lee's district remains highly competitive.

With Nevada being a crucial battleground for both the presidential and Senate races, Lee’s district, which saw Biden win by 6.6 points and a Democratic edge of 4 points in 2022, will be tough to defend against the Republican primary winner. This district is set to be a key focus in the upcoming election cycle.

Colorado’s 3rd District

In Colorado’s 3rd District, Democrat Adam Frisch nearly unseated Representative Lauren Boebert in 2022, losing by just 546 votes. Boebert, known for her conservative stances and attention-grabbing persona, has opted to run in another district in eastern Colorado, leaving Frisch to contend with the winner of a crowded 10-candidate Republican primary on June 25.

Despite the district's strong Republican lean—Trump won by 8.3 points and Republicans held a 0.2-point advantage in 2022—Frisch has amassed an impressive $10.8 million in campaign funds, positioning himself as a formidable contender in this expansive district stretching from the Rockies to southern Colorado.

Check out our Congressional Races Fundraising Dashboard on Quiver:

Get full access to these insights, copytrade and more by trying Quiver Premium for free👇

BERKSHIRE POSTS RECORD PROFIT, CUTS APPLE STAKE

Warren Buffett's Berkshire Hathaway (BRK.A) has significantly reduced its Apple (AAPL) stake, selling about half its shares while increasing its cash holdings to nearly $277 billion. This move comes as Berkshire posted a record quarterly operating profit but also reflects Buffett's cautious stance on the U.S. economy and stock market valuations. Analysts suggest that Berkshire is adopting a defensive strategy in response to current market conditions.

The conglomerate's decision to cut its Apple holdings and boost cash reserves highlights Buffett's concern about finding attractive investment opportunities. Berkshire's (BRK.B) cash stake rose to $276.9 billion as of June 30, from $189 billion three months earlier. Despite the reduction, Apple remains Berkshire's largest stock investment, with 400 million shares valued at $84.2 billion.

Continued on our News Feed.