Core Viewpoint - Nancy Pelosi's investment success, with a staggering return rate of 16,930%, significantly outperforms both the Dow Jones index and Warren Buffett's annual returns, raising questions about the influence of political power on investment opportunities [1][3]. Group 1: Pelosi's Investment Journey - Pelosi's stock trading career began in 1987, coinciding with her political career, and has evolved into a significant portfolio valued at approximately $280 million, alongside other assets totaling $413 million [1][3]. - In 2024, Pelosi achieved a single-year profit of 70.9%, more than double the S&P 500's 25% increase, outperforming many hedge funds [3][4]. Group 2: Investment Strategy and Holdings - Pelosi's portfolio includes major tech stocks, with Apple being her largest holding valued between $25 million and $50 million, alongside other giants like Nvidia and Netflix [4]. - Her trading precision is notable, exemplified by a $2.4 million investment in Nvidia call options that appreciated to over $7.2 million within a year, and an 8-fold increase in Visa stock over a decade [5]. Group 3: Factors Behind Investment Success - The success of Pelosi's investments is attributed to a combination of power, information access, and strategic sector focus, allowing her to leverage policy insights that ordinary investors lack [7][8]. - Pelosi focuses on high-growth sectors influenced by government policy, such as technology and defense, ensuring her investments align with favorable government initiatives [11][12]. - Despite claiming her husband manages the trades, the couple employs a professional investment team, executing a strategy of short-term trading based on policy cycles rather than long-term value investing [13][14]. Group 4: Public Reaction and Legislative Response - Pelosi's investment success has sparked public outrage, with a significant decline in trust in Congress, as evidenced by a record low 9% approval rating [16]. - The emergence of "Pelosi stocks" as a market trend has led to speculative trading based on her investment decisions, distorting market dynamics [17]. - Legislative efforts, such as the proposed "Pelosi Act," aim to restrict stock trading by Congress members, though the bill has faced criticism for its loopholes and lack of comprehensive reform [18][20]. Group 5: Future Implications - The trend of profitable trading among U.S. politicians raises concerns about the sustainability of such practices, with increasing public pressure likely leading to stricter regulations [20]. - If individual stock trading is banned, politicians may resort to indirect investment methods, maintaining their access to market advantages while circumventing regulations [21]. - The disparity in investment returns between politicians and ordinary investors highlights systemic issues in market access and information asymmetry, challenging the integrity of the investment landscape [22].

Core Insights - Goldman Sachs (GS.US) reported a total market value of $740 billion for its Q2 2025 holdings, an increase of approximately 7.32% from $620 billion in the previous quarter [1][2]. Holdings Summary - In Q2 2025, Goldman Sachs added 591 new stocks, increased holdings in 2,542 stocks, and sold out of 568 stocks [1][2]. - The top ten holdings accounted for 21.01% of the total market value [1][2]. Top Holdings - Nvidia (NVDA.US) was the largest holding with approximately 160 million shares valued at about $25.28 billion, representing 3.43% of the portfolio, with a 15.41% increase in shares [3][4]. - Microsoft (MSFT.US) ranked second with around 46.7 million shares valued at approximately $23.24 billion, making up 3.16% of the portfolio, with a 3.40% increase in shares [3][4]. - The SPDR S&P 500 ETF (SPY.US) was third, holding about 36.8 million shares valued at approximately $22.76 billion, accounting for 3.09% of the portfolio, with a 5.89% increase in shares [3][4]. - Apple (AAPL.US) was fourth with about 90.9 million shares valued at approximately $18.65 billion, representing 2.53% of the portfolio, with a 1.92% increase in shares [3][4]. - The fifth largest holding was SPY put options, with 19.9 million shares valued at approximately $12.29 billion, accounting for 1.67% of the portfolio, but saw a decrease of 15.98% in shares [3][4]. Trading Activity - The top five purchases included Nvidia, Tesla (TSLA.US), Broadcom (AVGO.US), Invesco QQQ Trust call options, and Nvidia call options [5][6]. - The top five sales included Invesco QQQ Trust put options, SPDR S&P 500 ETF put options, AbbVie (ABBV.US), iShares Russell 2000 ETF, and iShares 20+ Year Treasury put options [5][6].

Core Insights - Nomura Holdings has significantly increased its investment in AI applications, particularly through options trading on Tesla and Meta, reflecting a bullish outlook on these companies amid market volatility [1][2][4] Group 1: Nomura's Q2 Holdings - Nomura's total U.S. stock holdings reached approximately $60.5 billion in Q2, a 13% increase from the previous quarter's $53.6 billion [1] - The firm added 509 new stocks, increased holdings in 507 stocks, reduced holdings in 573 stocks, and completely exited 447 stocks during the quarter [1] - The top ten holdings accounted for 32.05% of Nomura's total portfolio, indicating a concentrated investment strategy [1] Group 2: Major Investments - Meta Platforms (META) was the largest holding, with approximately 5.77 million shares and a market value of about $4.3 billion, representing 7.04% of the portfolio, up 10.98% from the previous quarter [2] - Tesla's put options were the second-largest holding, with about 10.68 million shares valued at approximately $3.4 billion, making up 5.61% of the portfolio, a significant increase of 158.39% [2] - The Nasdaq 100 put options ranked third, with around 4.8 million shares valued at approximately $2.6 billion, representing 4.38% of the portfolio, up 68.06% [3] Group 3: Trading Strategy - Nomura's strategy involved a combination of long and short options on Tesla, indicating a "long volatility + dynamic hedging" approach to capitalize on expected price fluctuations [4] - This strategy aligns with the high uncertainty surrounding Tesla's performance, driven by various market factors [4] - The firm also increased its holdings in Microsoft call options by 110%, reflecting confidence in the ongoing AI application trend [7]

然而，佩洛西的具体净资产尚不清楚，因为国会成员只需披露资产的范围。 据一份最新的国会成员财务报告，美国众议院前议长、加利福尼亚州民主党众议员佩洛西在2024年的收 入在780万美元至4250万美元之间——这意味着她与丈夫保罗·佩洛西的净资产估计已经超过达到4.13亿 美元。 2023年的财务报告显示，当时两人资产上限约为3.7亿美元。然而，佩洛西的具体净资产尚不清楚，因 为国会成员只需披露资产的范围。 考虑到佩洛西夫妇其他各项投资的价值，例如拥有纳帕谷的一家酒庄、拥有一家政治数据和咨询公司、 持有湾区一家意大利餐厅的股份等，佩洛西的身价被认为可能远高于预估范围。 "神操盘"无人能效仿 不过，佩洛西夫妇最成功的交易或许是在去年12月购买了一笔英伟达看涨期权。这笔期权是他们在2023 年底以约180万美元的溢价买入，当时的交易让他们以每股12美元的价格买入5万股英伟达的股票，但不 到其市价的十分之一。当时他们总共为这笔投资支付了约240万美元，而目前这笔投资的账面价值已经 超过720万美元。 英伟达并非他们在2024年投资的唯一人工智能（AI）公司。 在去年2月，佩洛西夫妇斥资60万至125万美元购买了加州网络安 ...

Core Viewpoint - Nomura's first-quarter holdings report for the period ending March 31, 2025, shows a significant decrease in total market value, dropping from $74.1 billion to $53.6 billion, a decline of approximately 28% [1][2]. Holdings Summary - Total market value of Nomura's holdings is $53.6 billion, down from $74.1 billion [1][2]. - The fund added 377 new stocks, increased holdings in 487 stocks, reduced holdings in 750 stocks, and completely sold out of 799 stocks [1][2]. - The top ten holdings account for 35.01% of the total market value [1][2]. Top Holdings - The largest holding is Coinbase bonds (DEBT-COIN) with a market value of approximately $4.095 billion, representing 7.65% of the portfolio, showing a substantial increase of 879.53% in shares held [3][5]. - The second largest holding is Meta call options with a market value of about $2.995 billion, accounting for 5.59% of the portfolio, with a decrease of 35.53% in shares held [3][5]. - The third largest holding is iShares Russell 2000 put options with a market value of approximately $2.371 billion, representing 4.43% of the portfolio, with an increase of 98.99% in shares held [3][5]. - Other notable holdings include Nvidia call options, SPDR S&P 500 put options, and Tesla [3][4]. Changes in Holdings - The top five purchases by percentage change include Coinbase bonds, iShares Russell 2000 put options, SPDR S&P 500 call options, Nike, and Electronic Arts put options [5][7]. - The top five sales by percentage change include Tesla put options, Nvidia put options, Tesla call options, Tesla, and Invesco QQQ Trust put options [6][7].