Rick Scott Loads up on Millions in Bonds
Rick Scott, a Republican politician and businessman who currently serves as the junior United States Senator from Florida, recently disclosed two purchases of bonds, both trades in the $500,000 - $1,000,000 range, of the same holding. For those counting, that makes the total purchase around $2,000,000. They were both bought on January 26, 2023. The holding was an offering by the New Jersey Educational Facilities Authority with a coupon rate of 5.0%, maturing July 01, 2035.
With a purchase this big, it appears Mr. Scott is looking to collect on a higher yield with a pretty conservative investment, which will pay him 5% over the next 12.5 years, if he holds it to maturity. That is a pretty good return for a bond instrument. He might also be thinking that it's a good time to stay conservative with inflation running hot, as January’s PCE index came in higher than expected.
Rick Scott was born in Illinois in 1952 and later moved to Florida, where he founded the healthcare company Columbia/HCA. Scott served as the CEO of the company until 1997, during which time it became the largest private for-profit healthcare company in the United States. He entered politics in 2010, when he was elected as the Governor of Florida. During his time as governor, he focused on job creation and cutting taxes. In 2018, he was elected to the United States Senate, where he has taken conservative positions on issues such as healthcare, immigration, and the environment.
