David McCormick, Senator from Pennsylvania and man who apparently reads the municipal bond market like other people read cereal boxes, dropped somewhere between half a million and a million dollars on a Springfield Township School District general obligation bond last month. Five percent coupon. Matures 2030. Disclosed 23 days after the fact, which is technically within the legal window and also the only reason we know about it at all.
Let's appreciate the specificity here. Not Apple. Not Nvidia. Not a leveraged ETF with a Greek letter in the name. A school district bond from a township in Pennsylvania. The man is either deeply convinced that Springfield Township will remain solvent through 2030 — bold thesis, we respect the conviction — or he has discovered that the most interesting place to park six figures is somewhere nobody will ever write a breathless newsletter about it.
Until now.
The STOCK Act requires disclosure of trades above $50,000. McCormick cleared that bar by roughly $450,000 to $950,000, depending on where in the disclosed range the actual number lives. We will never know exactly. That is also legal.
The chart, if there were a chart, would be a flat line with a small flag at the end that says "school."
We are not saying anything. We are simply noting that someone did something, disclosed it eventually, and that is how it works.
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