Good morning, investors. We're now 534 days into Trump's second term.
Since then, he has reported more than 28,000 stock trades across eight investment accounts.
So I read all 927 pages of his latest financial disclosure. Here’s what I found ↓
Trump Vs. Biden
President Trump reported 28,236 stock transactions since returning to office and earned $2.2 billion in 2025.
In Q1 2026 alone, he reported 3,700+ trades, averaging 59 trades per trading day, or roughly one every 7 minutes.
For comparison, that's well over:
100x more trades than Nancy Pelosi reported in nearly 40 years
1,703x more than Joe Biden's 13 reported trades over four years.
But this is what really stands out.
On April 8, 2025, his accounts bought 327 stocks worth up to $12.8 million. The next day, he announced a pause on several tariffs, and the S&P 500 surged 9.5%.
Then on July 23, 2025, he purchased up to $5 million each of Broadcom, Meta, Amazon, Apple, Microsoft, and Nvidia. Later that day, he announced the AI Action Plan, a policy supportive of those companies.
You can see his latest buys and sells here: Trump Tracker
My takeaway? Whenever Trump talks about the market, I assume he probably has money riding on it.
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Portfolio Update
I continue to hold a significant cash position, with 23% of the portfolio in cash, as I see few compelling long-term investment opportunities.
Elsewhere
📊 Just 10 stocks drove 96% of the Nasdaq-100's gains in the first half of 2026. That's impressive, but narrow leadership has rarely been a healthy sign for markets over the long run. (MarketWatch)
🐻 Michael Burry is betting against Micron. The stock is up 210% this year, making it one of the S&P 500's biggest winners. He could be right, but timing a short is always difficult. (Yahoo Finance)
☁️ Meta plans to sell its excess AI computing power to other businesses. I like the move long term, although building a cloud business will likely pressure profit margins before it starts paying off. (CNBC)
🥇 Central banks are buying gold at the fastest pace this century. As long as they keep adding to their reserves, it's hard to be bearish on gold's outlook. (Gold)
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