John R. Curtis, senator of indeterminate party affiliation (relatable, honestly), has filed a disclosure informing the public that sometime between June 2nd and June 30th, he acquired somewhere between a quarter million and half a million dollars' worth of a Citigroup Global Markets contingent equity security paying 11% and maturing in 2029. The STOCK Act requires him to tell us this. It does not require him to explain himself. He has chosen not to.
Let's appreciate the instrument here. This is not a boring Treasury. This is not an index fund. This is a structured note — the kind of thing that requires a financial professional to say the words "contingent" and "equity" in the same breath without blinking. It yields 11%. In this environment, 11% either means you found alpha or you found risk that hasn't introduced itself yet. We're not saying which.
The disclosure window is 45 days. The gap between trade and disclosure here was 28 days. Gold star for timeliness. A participation trophy for transparency.
The chart on this one is, naturally, not publicly available, because it's a structured product. Which means the only people who know how it's performing are Citigroup, Senator Curtis, and God. Two of those three are not required to file anything.
We're sure it's fine.
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