David McCormick, United States Senator, has disclosed that sometime around May 6th he quietly parked somewhere between half a million and a million dollars into Cumberland Valley School District general obligation bonds. Five percent coupon. Matures in 2053. The man is playing a 27-year long game on a Pennsylvania school district. Respect the conviction, honestly.
The STOCK Act requires disclosure within 45 days, which means we are finding out about this on May 28th, nearly three weeks after the trade. The law is working exactly as designed, which is to say it is technically functioning.
Now, we are not here to suggest anything untoward. Municipal bonds are boring, legal, and frankly kind of admirable as an asset class. Cumberland Valley schools are presumably still standing. The 5% yield on a muni at this duration is not nothing. This is a perfectly normal financial decision that any sitting U.S. Senator with access to the full apparatus of federal economic policy might make.
The range disclosed is $500,001 to $1,000,000, because precision is for the private sector.
The chart on Cumberland Valley PA School District general obligation bonds is not available on any platform you currently subscribe to. That's probably fine. Everything is fine.
— Phil McCandlestick, still watching the chart
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