EXCLUSIVE: Somerset Capital Management, which the MP co-founded, says market volatility offers a “once or twice in a generation” opportunity to make “super normal returns”.
The North-East Somerset MP owns about 15 per cent of a firm that is buying up shares in companies hit by the virus crisis and stands to cash in when their value increases.
Somerset Capital Management (SCM) said that investors have a “once in a generation” chance of “super-normal returns.” Potential gains of up to 500 per cent are being anticipated.
Conservative Prime Minister Boris Johnson taken to hospital for coronavirus tests: here.
“Sen. Kelly Loeffler (R-Ga.) and her husband, Jeffrey Sprecher, purchased and sold about $1.4 million in stock during the market panic set off by the coronavirus pandemic, the Wall Street Journal reports.
Why it matters: Though the couple still lost money, they were able to limit the financial blow from the stock market’s worst month since October 2008.
Details: Loeffler reported that she and her husband bought $590,000 worth of stock and sold about $845,000 from Feb. 18 through March 13, according to WSJ‘s review of the senator’s financial disclosure.
– If they held the shares they sold until March 31, they would have been valued at $86,000 less than what they sold them for.
– The stocks they bought declined after they purchased them and resulted in losses of $102,000 through March 31.
Loeffler and her husband sold stocks in retail stores, such as Lululemon and T.J. Maxx, and invested in a company that makes COVID-19 protective garments for medical workers, according to a review by the Atlanta Journal-Constitution.
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