Bank Execs Picking over the Carcasses Insider Buying Picks Up-Week 3-17-23

Insiders are the ultimate value buyer.  It’s rare they buy at the top of the price chart but instead prefer to plumb the depths for the prize.  They are buying the banks you never heard of while depositors are fleeing to the banks Barrons is touting this weekend.  Spend some time just looking at these neat charts generously supplied by Finviz  

Last week we saw a marked pick-up in insider buying. The Insiders Fund Not So Daily Digest will attempt to chronicle all of the notable ones although we might not have time to provide as in-depth research and opinions as I’m moving into a new house Tuesday and I’ve got a lot to do for the move. The home was financed by Zions Bank in a portfolio loan. I wonder if they would have issued it today. Their stock is off 40% since  I started the process six weeks ago.

You can be an insider, too– by clicking here

 

Name: Reuben Jeffery III
Position: Director
Transaction Date: 2023-03-16 Shares Bought: 3,650 Average Price Paid: $137.21 Cost: $500,817.00
Company: Affiliated Managers Group Inc. (AMG)

Affiliated Managers Group Inc. is a worldwide asset management organization that invests in high-quality boutique investment management companies via equity transactions. The company’s objective is to create long-term value by investing in outstanding independent active investment managers, using a proven partnership method, and directing resources across the unique opportunity set to the sectors with the best growth and return. Each Affiliate’s management team keeps considerable equity ownership in their business while preserving operational autonomy thanks to the unique partnership strategy. Moreover, the organization provides centralized capabilities to Affiliates in a range of areas such as strategy, marketing and distribution, and product development.

Reuben Jeffery III has been a director of the Corporation since April 2020. Mr. Jeffery was President and Chief Executive Officer of Rockefeller & Co. and Rockefeller Financial Services, Inc. from 2010 until 2018. He previously worked in the United States government for seven years in a variety of positions, including Under Secretary of State for Economic, Energy, and Agricultural Affairs, Chairman of the United States Commodity Futures Trading Commission, and Special Assistant to the President on the National Security Council staff (2002-2009). Mr. Jeffery was a non-executive director of Barclays Plc from 2010 until 2019. He earned a B.A. in Political Science from Yale University and an M.B.A. and J.D. from Stanford University.

Opinion:  Hedge funds were making a comeback. Not sure how the latest banking rout will hurt investor sentiment. I think I’d wait for a bigger price drop

 

Name: Robert G Sexton
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 2,000 Average Price Paid: $124.77 Cost: $249,546
Company: Federal Agricultural Mortgage Corp. (AGM)

Farmer Mac was founded by federal law initially passed in 1988 and was most recently updated in 2018. Farmer Mac is a stockholder-owned, federally authorized business that combines private finance with governmental sponsorship to accomplish a shared goal. Congress has tasked Farmer Mac with establishing a secondary market for various loans provided to borrowers in rural America. A secondary market is an economic arrangement in which owners of financial assets, such as loan originators, may sell all or part of their assets or pay a fee to offset some or all of the risks associated with keeping the assets. Farmer Mac Guaranteed Securities may be kept by the seller of the underlying loans, sold to third-party investors, or retained by Farmer Mac.

Robert G. Sexton now serves as President of Oslo Packing Co., Sexton, Inc., and Oslo Citrus Producers Association. Mr. Sexton also serves on Federal Agricultural Mortgage Corp. and McArthur Farms, Inc boards. He earned an undergraduate degree and an MBA from the University of Florida.

Opinion:  Seems like a retrenchment in lending might be good for Farmer Mac Guaranteed Securities. Buy the dip.

Name: Thomas J Smach
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 3,000 Average Price Paid: $113.15 Cost: $339,438.00
Company: Crocs Inc. (CROX)

Crocs, Inc. is a global company that designs, develops, produces, promotes, and distributes casual lifestyle footwear and accessories for men, women, and children. The Crocs brand sells footwear items like clogs, sandals, slides, flips, wedges, platforms, socks, boots, shoe charms, and slippers. The firm offers its goods via wholesalers, retail shops, e-commerce sites, and third-party marketplaces in about 85 countries. Crocs, Inc. was established in 1999 and is based in Broomfield, Colorado.

Mr. Smach has been a member of the Board since April 2005 and has served as its Chairman since June 2011. Mr. Smach co-founded Riverwood Capital Management, a private equity business, in 2008. Mr. Smach was Flextronics’ Senior Vice President-Finance from April 2000 until December 2004. He was the Senior Vice President, Chief Financial Officer, and Treasurer of The Dii Group, Inc., an EMS provider and publicly listed firm that merged with Flextronics in early 2000, from 1997 until April 2000. Mr. Smach has served on the boards of many private firms across the globe, as well as several public corporations in both the United States and Germany. Mr. Smach is a Chartered Accountant.

Opinion: Crox was a buy last year. I don’t think I would be buying trendy footwear in front of a looming recession.

Name: Chris Avery
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 5,000 Average Price Paid: $108.08 Cost: $540,425.00
Company: Cullen/Frost Bankers Inc. (CFR)

Name: Phillip D Green
Position: Chairman and CEO
Transaction Date: 2023-03-13 Shares Bought: 9,500 Average Price Paid: $106.59 Cost: $1,012,622.00
Company: Cullen/Frost Bankers Inc. (CFR)

Cullen/Frost Bankers, Inc., a Texas business organization founded in 1977, is a financial holding company and a bank holding company based in San Antonio, Texas, that offers a diverse range of goods and services in several Texas markets. The organization provides commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advising, and item processing services. The company aims to develop and flourish by establishing long-term partnerships based on high-quality service, high ethical standards, and certain assets. The firm operates as a regionally focused, community-based financial services organization, supplemented by an expert, centralized assistance in key areas. The regional management and advisory boards, formed of local business people, professionals, and other community leaders who support the regional management in responding to local banking requirements, reflect the local market orientation.

Dr. Chris M. Avery is the chairman and former CEO and president of James Avery Craftsman, Inc., a family-owned business formed in 1954 by his father to make exquisitely made jewelry creations. Dr. Avery has been on the board of directors of James Avery Craftsman, Inc. since 1989. He resigned from his position as head of anesthesia at Sid Peterson Memorial Hospital in Kerrville, Texas, in 1991 to help with the transition and direction of the family company. He is a registered physician and board-certified anesthesiologist. In 1991, he was named president and chief operating officer, and in May 2007, he was named CEO and chairman of the board. Dr. Avery graduated from Stephen F. Austin State University with a bachelor’s degree in biology and from the University of Texas Medical School in San Antonio with a medical degree.

Phillip D. Green is the chairman and CEO of Cullen/Frost Bankers, Inc. and Frost Bank. Mr. Green joined the Cullen/Frost organization in July 1980. He held various management roles in the company’s finance division until being elected chief financial officer in 1995, a position he maintained until 2015 when he was chosen president of Cullen/Frost. In 2016, he was appointed chairman and CEO. Mr. Green is the chairman of the San Antonio Chamber of Commerce and a founding member of the Business Partners for Racial Equality. Mr. Green received his bachelor’s degree in accounting with honors from the University of Texas in Austin in 1977. Before joining Frost, he worked at Ernst & Ernst for three years. Mr. Green and his wife, Sandy, married for 45 years and have six adult children.

Opinion: We nibbled at this name last week. If you don’t buy when there’s blood on the street, you’re missing the point of the stock market game.

 

Name: Alan S Armstrong
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 1,500 Average Price Paid: $87.07 Cost: $130,602.00
Company: Bok Financial Corp. (BOKF)

Name: Stanley A Lybarger
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 2,940 Average Price Paid: $85.28 Cost: $250,726.00
Company: Bok Financial Corp. (BOKF)

BOK Financial is an Oklahoma-based financial holding company founded in 1990 and supervised by the Bank Holding Company Act of 1956. The main strategic goal is to prioritize long-term value development by expanding beyond Oklahoma’s leading position into other high-growth sectors in neighboring states. The major goal is to provide a wide variety of competitively competitive financial products and services in a customized and timely way. Loans and deposits, cash management services, fiduciary and insurance services, mortgage banking, and brokerage and trading services are among the products and services offered to middle-market firms, financial institutions, and consumers.

Mr. Armstrong has served as Chief Executive Officer, President, and Director of The Williams Companies, Inc since January 2011. Mr. Armstrong was Senior Midstream Vice President and Williams’ midstream division president from 2002 through 2011. Mr. Armstrong has been Chairman of the Board and Chief Executive Officer of Williams Partners GP LLC since January 2011. He was Senior Vice President – of Midstream since February 2010 and Chief Operational Officer and a director since 2005.

Stan Lybarger served as president and CEO of BOK Financial, a top 25 US-based bank, from its inception in 1990 until his retirement in 2013. Lybarger worked with the company for 40 years in total. He started as a management trainee and worked up to the top position. Lybarger effectively led BOK Financial through the 2008 crisis, the country’s worst economic position in history. At that time, the firm was the biggest commercial bank in the country to refuse TARP financing.

Opinion:  Another regional bank getting taken out to the woodshed. This is where the insiders are buying.

Name: H Patrick Jr Hackett
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 7,100 Average Price Paid: $73.31 Cost: $520,501
Company: Wintrust Financial Corp (WTFC)

Wintrust Financial Corporation, an Illinois business founded in 1992, is a financial holding company headquartered in Rosemont, Illinois. The banks offer community-oriented, personal, and commercial banking services to consumers in the market region via the community banking sector. The banks want to provide full community-focused financial services. In line with this policy, the banks provide highly customized and responsive service, typical of locally owned and operated institutions. As a result, banks compete for deposits primarily by providing depositors with a variety of deposit programs, convenient office locations, hours, and other services, and for loan originations primarily through the interest rates and loan fees they charge, the efficiency and quality of services they provide to borrowers, and the variety of loan and treasury management products they offer.

Mr. Hackett has been the Chairman of the Corporation since 2017. Mr. Hackett has been the Managing Member of HHS Partners, LLC, a Chicago-area investment firm, since 2001. Formerly, he was President and Chief Executive Officer of RREEF Capital, Inc., as well as Principal of The RREEF Funds, an international commercial real estate investment management organization, for 12 years. Mr. Hackett taught real estate finance at the Kellogg Graduate School of Management for 15 years while serving on the Kellogg and the Massachusetts University of Technology real estate advisory boards. He heads the Investment and Audit Committees of First Industrial Realty Trust, Inc., and the Educational Properties Committee of Northwestern University. Mr. Hackett is a Wintrust Bank advisory director.

Opinion:  More of the same. Regional and community banks are where the insider action was last week.

Name: Lawrence A. Hilsheimer
Position: EVP and CFO
Transaction Date: 2023-03-16 Shares Bought: 3,500 Average Price Paid: $69.77 Cost: $244,211
Company: Greif Inc (GEF)

Greif, Inc. is the leader in the world when it comes to making and selling industrial packaging products and services. The company has operations in more than 35 countries. There are steel, fiber, and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles, and remanufactured and reconditioned industrial containers. There are also services like container life cycle management, filling, logistics, warehousing, and other packaging services. In North America, corrugated materials like containerboard, corrugated sheets, corrugated containers, and other corrugated materials are made and sold to customers in industries like packaging, automotive, food, and construction.

Mr. Hilsheimer has been a member of the board of directors since October 2020. Mr. Hilsheimer has been the Executive Vice President and Chief Financial Officer of Greif, Inc., an industrial manufacturing firm, since May 2014. From April 2013 to April 2014, Mr. Hilsheimer was the Executive Vice President and Chief Financial Officer of The Scotts Miracle-Gro Company, which makes consumer gardening products all over the world. From October 2007 to March 2013, Mr. Hilsheimer held different executive positions at Nationwide Mutual Insurance Company. He started as EVP/CFO, then became President and Chief Operating Officer of Nationwide Direct and Customer Solutions, where he was in charge of direct-to-consumer sales and service, Nationwide Bank, and Nationwide Better Health. After that, he became President and Chief Operating Officer of Nationwide Retirement Plans, where he is still in charge.

Opinion: I’ve never understood why insiders were buying this stock. It’s proof that blindly following insider buying is no recipe for success.  The stock got taken out to the woodshed on weak earnings and their forecast.  See past posts about this one.

 

Name: M Scott Welch
Position: Director
Transaction Date: 2023-03-09 Shares Bought: 10,000 Average Price Paid: $64.68 Cost: $646,759
Transaction Date: 2023-03-13 Shares Bought: 16,715 Average Price Paid: $64.14 Cost: $1,072,171
Company: Lakeland Financial Corp (LKFN)

Lakeland Financial Corporation, formed in Indiana in 1983, is a Bank holding company that offers a wide range of financial products and services in its Northern and Central Indiana areas. Commercial and consumer banking services are provided, as well as trust and wealth management, brokerage, and treasury management commercial services. The Business offers a varied client base, including commercial customers in areas such as commercial real estate, manufacturing, agricultural, construction, retail, wholesale, finance and insurance, lodging and food services, and health care. The Business is not reliant on a particular sector or consumer. Lakeland Financial holds the Bank’s outstanding shares, an Indiana-chartered full-service commercial bank. Lakeland Financial does no activity save that which is incidental to its ownership of the Bank’s outstanding shares and its operation.

Scott Welch is a director of Lakeland Financial Corporation and Lake City Bank and a member of the Compensation and Governance Committees. Welch is the President and CEO of Welch Packaging Group, Inc. He is also a trustee of DePauw University and a director of Patrick Industries, a publicly traded firm.

Opinion: This is getting repetitive. Another bank you’ve never heard of from the heartland of the U.S. I think I’d buy this one too.

 

Name: Timothy R. Murphy
Pfosition: Director
Transaction Date: 2023-03-10 Shares Bought: 3,400 Average Price Paid: $64.06 Cost: $217,797
Company: Umb Financial Corp (UMBF)

Name: L Joshua Sosland
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 1,000 Average Price Paid: $57.55 Cost: $57,550
Company: Umb Financial Corp (UMBF)

The UMB Financial Company is a financial holding corporation based in Kansas City, Missouri. Customers in the United States and worldwide may rely on the Company for banking and asset management services. The Corporation was incorporated in Missouri in 1967 and is registered as a Bank holding company under the Bank Holding Company Act of 1956 and a financial holding company under the Gramm-Leach-Bliley Act of 1999. Currently, the Corporation owns the outstanding shares of one national Bank and many nonbank subsidiaries. The Bank provides a broad range of banking products and services to commercial, retail, government, and correspondent-bank clients, including asset management, trust, bankcard, and cash management.

Timothy R. Murphy was appointed to the Federal Reserve Bank of Kansas City’s Economic Advisory Council on January 1, 2021. He is the executive chairman of Murphy-Hoffman Corporation, where he was CEO from 1989 until 2017. Mr. Murphy has over four decades of expertise in the trucking business and has served on various supplier councils in the heavy-duty sector. He also serves on the Board of Directors of UMB Bank. Mr. Murphy earned a bachelor’s degree in business from Spring Hill College in Mobile, Alabama. From 2006 until 2016, he served on the Spring Hill College Board of Trustees.

Mr. Sosland has been vice president of Sosland Companies, Inc. in Kansas City, Mo., since 1993. The Sosland Companies mainly publish trade periodicals for the baking, flour milling, and grain sectors. He has also been the editor of Milling & Bakery News since 2004.

Opinion:  This could go on and on.  These banking insiders are truly buying the old adage when there is blood on the streets.

Name: Carl C Icahn
Position: 10% Owner
Transaction Date: 2023-03-15 Shares Bought: 26,310 Average Price Paid: $60.09 Cost: $1,580,968
Transaction Date: 2023-03-10 Shares Bought: 300,000 Average Price Paid: $59.00 Cost: $17,700,000
Company: Southwest Gas Holdings Inc. (SWX)

Southwest Gas Holdings, Inc. is a Delaware corporation based in Las Vegas, Nevada. Arizona, Nevada, and California customers are served by Southwest and its subsidiaries, which offer regulated natural gas distribution services. It has had 2,197,000 residential, commercial, industrial, and other natural gas customers since December 31, 2022. The corporation was founded in 1931 and is based in Las Vegas, Nevada. Southwest Gas Holdings, Inc. distributes and transports natural gas in Arizona, Nevada, and California through its subsidiaries. Its business segments include Natural Gas Distribution, Utilities Infrastructure Services, and Pipeline and Storage. In addition, the firm offers trenching, installation, and repair of underground pipelines, as well as energy distribution system maintenance.

Carl C. Icahn is the Chairman of the Board of Directors of Icahn Enterprises L.P., a diversified holding firm interested in investing in automotive, energy, food packaging, metals, real estate, and home fashion. Mr. Icahn’s primary activity since 2007 has been managing private investment funds, including Icahn Partners L.P. and Icahn Partners Master Fund LP, via his role as Chief Executive Officer of Icahn Capital L.P., a fully owned subsidiary of Icahn Enterprises L.P., and several affiliated organizations. Mr. Icahn has served as Chairman of the Board of Directors of Starfire Holding Corporation, a privately owned holding company, since 1990 and as Chairman of several Starfire subsidiaries since 1984. Icahn graduated from Princeton University with a B.A.

Opinion:  Icahnn continues his patient bear hug or should I say shark circling its prey. Natural gas prices are in  the toilet but demand is increasing.

 

Name: Walter W Bettinger
Position: Co-Chairman and CEO
Transaction Date: 2023-03-14 Shares Bought: 50,000 Average Price Paid: $59.31 Cost: $2,965,500
Company: Schwab Charles Corp (SCHW)

Name: John K Jr Adams
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 5,000 Average Price Paid: $59.31 Cost: $296,550
Company: Schwab Charles Corp (SCHW)

Name: Mark A Goldfarb
Position: Director
Transaction Date: 2023-03-16 Shares Bought: 4,000 Average Price Paid: $58.37 Cost: $233,468
Company: Schwab Charles Corp (SCHW)

Name: Peter B. Crawford
Position: MD and CFO
Transaction Date: 2023-03-14 Shares Bought: 5,000 Average Price Paid: $57.96 Cost: $289,781
Company: Schwab Charles Corp (SCHW)

Name: Richard A Wurster
Position: President
Transaction Date: 2023-03-14 Shares Bought: 5,000 Average Price Paid: $57.28 Cost: $286,397
Company: Schwab Charles Corp (SCHW)

Name: Todd M Ricketts
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 10,000 Average Price Paid: $56.79 Cost: $567,862
Company: Schwab Charles Corp (SCHW)

Name: Stephen A Ellis
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 34,387 Average Price Paid: $58.26 Cost: $2,003,325
Transaction Date: 2023-03-14 Shares Bought: 6,757 Average Price Paid: $56.08 Cost: $378,928
Company: Schwab Charles Corp (SCHW)

Charles Schwab Corporation is a bank holding corporation. Wealth management, securities brokerage, banking, asset management, custody, and financial advisory services are all provided by CSC. Individual investors may use the Investor Services section for retail brokerage, investment advising, banking and trust services, retirement plan services, and various corporate brokerage services. The Advisor Services sector offers custodial, trading, banking and trust, and support services to independent registered investment advisers, independent retirement advisors, recordkeepers, and retirement business services. CSC relocated its corporate headquarters from San Francisco, California, to Westlake, Texas, effective January 1, 2021. The Firm has a statewide presence via a network of branches, operations centers, and various overseas sites, with the Westlake facility serving as a strategically positioned hub.

Mr. Bettinger has served as Chief Executive Officer and a member of the Board of Directors of The Charles Schwab Corporation since 2008. He has been co-chair of The Charles Schwab Corporation with Charles R. Schwab since July 2022. From 2008 until 2021, he was the company’s President. Before his present position, he was the company’s President and Chief Operational Officer. From 2005 to 2007, he was also Executive Vice President and President of Schwab Investment Services. Mr. Bettinger has extensive financial services expertise, having spent over 35 years as a top executive handling sales, service, marketing, and operations. Mr. Bettinger, as Chief Executive Officer, works closely with the board to evaluate and improve the company’s strategic position.

Mr. Adams formerly worked as a Managing Director in the Financial Institutions Group at UBS Investment Bank, a financial services organization, from 2002 until 2013. Before joining UBS, Mr. Adams worked for Credit Suisse’s Financial Institutions Group from 1985 until 2002. He has been a Charles Schwab Bank SSB Board of Directors member since 2015. From 2014 to 2018, he was a member of Navient Corporation Board of Directors. Mr. Adams’ tenure on the board of The Charles Schwab Company concludes in 2025. Mr. Adams has extensive expertise in the financial services sector, investment banking, capital markets, and mergers and acquisitions, having worked as the head of UBS’ North American banks practice and as a member of Credit Suisse’s Financial Institutions Group.

Mr. Goldfarb formerly served as Managing Partner of BDO USA, LLC, an accounting and consulting business, from 2015 to 2021. He founded SS&G, Inc., an accounting and business consulting company. He served as its Managing Partner from 1987 to 2012 and its Senior Managing Director from 2012 to January 2015, when SS&G amalgamated with BDO USA, LLC. From 2009 until 2012, Mr. Goldfarb served on the Board of Trustees and as Chairman of the Audit Committee of Schwab Strategic Trust, a registered investment corporation. He has been a Charles Schwab Bank SSB Board of Directors member since 2021. He was also the president of Cascade Capital Company in the past. Mr. Goldfarb’s tenure runs out in 2024.

Peter Crawford, Schwab’s Chief Financial Officer, oversees the treasury and controller responsibilities, financial planning and analysis, investor relations, corporate growth and strategy, vendor management, and corporate real estate. On May 2017, he was appointed to this role. Crawford served as Executive Vice President of Finance before being named Chief Financial Officer. He was formerly Senior Vice President and Head of Schwab’s Asset Management Client Solutions Organization. In addition, he was in charge of the fixed-income group, as well as product management and development for all third-party investment product platforms. Crawford has a bachelor’s degree from Yale University, and a master’s from the Stanford Graduate School of Management.

Richard Wurster was named President of The Charles Schwab Company in October 2021. Wurster oversees Investor Services, Advisor Services, Workplace Financial Services, Digital Services, Schwab Asset Management, Third-Party Platforms, and Investor Advice Solutions. Wurster joined Schwab in early 2016. He was most recently the CEO of Schwab Asset Management Solutions, which provides money management and portfolio advising solutions, wealth management services, financial research, and market analytics. Wurster worked at Wellington Management and McKinsey & Company before joining Schwab, where he led the asset management business and was an Associate Principal. Wurster received a Master of Business Administration from Dartmouth College’s Tuck School of Management and a Bachelor of Science in economics from Villanova University.

Mr. Ricketts served on the Board of Directors of TD Ameritrade, a licensed broker-dealer, and financial advice business, from 2011 to 2020. He has been managing his financial account since 2001. Mr. Ricketts formerly worked at TD Ameritrade as Corporate Secretary and Director of Business Development. Mr. Ricketts has been a member of the Board of Directors of the Chicago Cubs’ parent business, Chicago Baseball Holdings, LLC, since 2009. Mr. Ricketts’ tenure ends in 2023. TD Ameritrade has named Mr. Ricketts as a director. With his entrepreneurial and financial services sector background, he adds business management and financial skills to the board.

Mr. Ellis is a Managing Partner at TPG, a private equity and alternative investment company, and co-manages The Rise Fund, the firm’s impact investing platform. Mr. Ellis joined TPG in 2015 after serving as CEO of Asurion, LLC, a consumer technology protection services supplier, from 2012 to 2014. Before joining Asurion, Mr. Ellis worked as the Global Managing Director of the management consulting company Bain & Company from 2005 to 2012 and as the Managing Partner for Bain’s West Coast operations from 1999 to 2004. Mr. Ellis began working at Bain in 1993. In 2019, Mr. Ellis sat on the Board of Directors of e.l.f. Beauty, Inc. Mr. Ellis’ tenure on the board of The Charles Schwab Company concludes in 2025.

Opinion: This might be the record for insiders rallying behind their plummeting stock.  You’ll probably kick yourself if you don’t buy here.

 

Name: Warren E Buffett / Berkshire Hathaway Inc
Position: 10% Owner
Transaction Date: 2023-03-13 Shares Bought: 7,886,964 Average Price Paid: $59.17 Cost: $466,678,970
Company: Occidental Petroleum Corp /DE/ (OXY)

The primary operations of Occidental are divided into three reporting segments: oil and gas, chemical and midstream, and marketing. The oil and gas section searches for, develops, and produces oil, natural gas, and natural gas liquids. The chemical industry largely produces and sells basic chemicals and vinyl. The midstream and marketing section buys, sells, collects, processes, transports, and stores oil, natural gas, CO2, and electricity. It also improves its transportation and storage capacity and invests in companies that do similar things, such as WES. Human Resources manages Occidental’s human capital resources and initiatives, with assistance from business executives. The Board’s Sustainability and Shareholder Engagement Committee, as well as the Board’s Environmental, Health, and Safety Committee.

Warren Edward Buffett is an American businessman and philanthropist born in Omaha, Nebraska, on August 30, 1930. He is recognized as the twentieth and early twenty-first century’s most successful investor. Buffett, often known as the “Oracle of Omaha,” was the son of Howard Homan Buffett, a Nebraska congressman. After receiving a B.S. from the University of Nebraska in 1950, he studied under Benjamin Graham at the Columbia University School of Management. Buffett relocated to Omaha in 1956 and, in 1965, purchased a controlling share in textile manufacturer Berkshire Hathaway Inc., which he utilized as his principal investment vehicle.

Opinion: If Uncle Warren is not intimidated by collapsing oil and gas prices, neither should you.  The world is living in a fantasy that the lithium and renewable energy economy is going to replace the fossil fuel one anytime soon. Have you seen the price of the leading U.S. publicly traded lithium producer, Albermarle? It looks worse than the crude price chart.

 

Name: Ronald J Kruszewski
Position: Chief Executive Officer
Transaction Date: 2023-03-13 Shares Bought: 10,174 Average Price Paid: $56.53 Cost: $575,158
Company: Stifel Financial Corp (SF)

Stifel Financial Corp. is a Delaware corporation that operates as a financial holding company based in St. Louis. The business was founded in 1983. Stifel, Nicolaus & Company, Incorporated (“Stifel”), a full-service retail and institutional wealth management and investment banking organization, is the primary subsidiary. Stifel is the heir of a partnership that was created in 1890. The company’s primary idea is founded on a long history of trust, understanding, and well-researched guidance. The organization attracts and retains competent people by cultivating an entrepreneurial, long-term thinking culture. The firm provides excellent, individualized service to private, institutional, and corporate customers, believing that putting the clients’ requirements first would benefit the clients and the company. The firm’s uncompromising commitment to its clients and associates has earned it a reputation as one of the nation’s best wealth management and investment banking organizations.

Ronald J. Kruszewski is the Chairman of the Board and Chief Executive Officer of Stifel Financial Corp. and its major subsidiary, Stifel, Nicolaus & Company, Incorporated. He joined the company as Chief Executive Officer in 1997 and was made Chairman in 2001. Mr. Kruszewski is now a member of the Securities Industry and Financial Markets Association’s Board of Directors. He formerly served as Chairman of the American Securities Association from 2019 to 2021 and on the Federal Advisory Council of the St. Louis Federal Reserve Board of Directors from 2014 to 2019. He also serves on the boards of directors of FutureFuel Inc., Saint Louis University, and the US Ski and Snowboard Team Foundation.

Opinion:  I think this is an investment bank, not a regional commercial lending bank. They do have a known expert in the banking industry and perhaps they are getting swept along in the storm. I think I’ll pick me us some of this  on Monday too.

Name: James Charles Hays
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 5,000 Average Price Paid: $53.50 Cost: $267,500.00
Company: Brown & Brown Inc (BRO)

Brown & Brown, founded in 1939, is a comprehensive insurance agency, wholesale brokerage, insurance programs, and service company located in Daytona Beach, Florida. The Company advertises and distributes insurance products and services, especially property, casualty, and employee benefits. The firm offers quality, non-investment insurance contracts to consumers and other specialized, personalized risk management products and services. Because the firm mainly acts as an agent or broker, it does not take on underwriting risks. The Wright Insurance Group, LLC operation in which the Company runs a write-your-own flood insurance carrier, Wright National Flood Insurance Company, is an exception.

Mr. James C. Hays is the company’s Director and Vice Chairman. After Brown Brown purchased The Hays Group, Inc. and some of its affiliates in November 2018, he joined as Vice Chairman. He co-founded Hays Companies in 1994 and has been its Chief Executive Officer, President, and Director since its start.

Opinion: When I want to know why a stock went up or down, the first thing I search for is Post on the Fly. BRO has been trending lower since their earnings call on January 24th. BMO analysts “Brown & Brown should grow earnings and free cash flows in double digits this year given the high likelihood that insurance brokers pass through the property rate increases in 2023. “The firm also maintains an Outperform rating and a $67 price target on the stock.

said

Name: Richard E Muncrief
Position: President and CEO
Transaction Date: 2023-03-14 Shares Bought: 7,500 Average Price Paid: $50.30 Cost: $377,250.00
Company: Devon Energy Corp (DVN)

Name: Clay M Gaspar
Position: EVP and COO
Transaction Date: 2023-03-14 Shares Bought: 20,000 Average Price Paid: $49.98 Cost: $999,600.00
Company: Devon Energy Corp (DVN)

Devon is an independent energy firm focused on exploring, developing, and producing oil, natural gas, and natural gas liquids. The company’s activities are centered in several onshore locations around the United States. Devon and WPX finalized an all-stock merger of equals on January 7, 2021. WPX was an oil and gas exploration and production business with holdings in Texas and New Mexico’s Delaware Basin and North Dakota’s Williston Basin. This transaction increased the size of the operations, established a leadership position in the Delaware Basin, and advanced the cash-return business strategy, emphasizing free cash flow creation and capital return to shareholders. The company’s business goal aims to generate a continuously competitive shareholder return within its peer group. Since exploring for, developing, and producing oil and natural gas requires significant capital, generating long-term, capital-efficient cash flow growth is critical to the company’s success.

Richard E. Muncrief was nominated to the board of directors and elected president and CEO of the corporation in January 2021. Muncrief formerly served as WPX Energy’s CEO and Chairman of the Board. In 2014, he was appointed to the board of directors of WPX Energy. Before joining WPX, he was senior vice president of operations and resource development at Continental Resources, Inc. Muncrief earned a bachelor’s degree in petroleum engineering technology from Oklahoma State University, where he was also named a notable alumnus and is a member of the College of Engineering, Architecture, and Technology Hall of Fame. He is a former American Exploration & Production Council chairman and serves on its board of directors and executive committee. Muncrief is also a member of the Gilcrease Museum’s national advisory board.

Clay Gaspar was named executive vice president and chief operating officer in January 2021. He oversees Devon’s geosciences, reservoir, production, drilling, completions, facilities, field operations, environmental, health and safety, and ESG duties. He joined WPX in 2014, previously serving as senior vice president, chief operating officer, and senior vice president of operations and resource development. Before joining WPX, he worked for Newfield Exploration, Anadarko Petroleum, and Mewbourne Oil in various technical and managerial capacities. Gaspar is a certified professional engineer and a Society of Petroleum Engineers member. He has a bachelor’s degree in petroleum engineering from Texas A&M University and a master’s in petroleum and geosciences engineering from the University of Texas.

Opinion: More insiders buying a quality oil and gas producer. Natural gas is at insanely low levels due to a confluence of events such as unplanned disruptions at LNG plants in the United States, Nigeria, and Australia and speculator shorts piling on.  Futures spot market looks like it bottomed out a month ago but stock prices continue to drop.

 

Name: Irene H Oh
Position: Chief Financial Officer
Transaction Date: 2023-03-13 Shares Bought: 10,000 Average Price Paid: $49.51 Cost: $495,130.00
Company: East West Bancorp Inc (EWBC)

East West is a bank holding company founded on August 26, 1998, in Delaware and registered under the Bank Holding Company Act of 1956. The Corporation began operations on December 30, 1998, when it bought all of the voting shares of East West Bank as part of a restructuring, which became its primary asset. The organization is devoted to developing loans, deposits, and income, improving profitability and investing for the future while controlling risks, expenditures, and capital. The company’s business approach is based on client loyalty and involvement, understanding customers’ financial objectives, and satisfying customers’ financial requirements via various goods and services. The company’s strategy is to acquire and strengthen customer relationships that fit risk/return requirements.

Irene H. Oh has been the Executive Vice President and Chief Financial Officer of East West Bancorp and East West Bank since January 2010. Ms. Oh joined East West in 2004 and has held different senior positions in accounting and corporate finance. Ms. Oh formerly worked at Goldman Sachs and Deloitte & Touche LLP. Ms. Oh serves on the boards of Terreno Realty Company and PS Business Parks, Inc. Ms. Oh also serves on the board of directors and the audit committee of the United Way of Greater Los Angeles. American Banker named Ms. Oh one of the Most Influential Women to Watch in 2022. Ms. Oh earned a bachelor’s degree in accounting from California State University, Los Angeles, and a master’s in accounting from the University of Southern California.

Opinion:  I don’t know if you buy the KRE or nimble in these obscure banking names but when there is blood on the streets, that’s when you buy.

Name: Karl L Meyers
Position: Chief Financial Officer
Transaction Date: 2023-03-10 Shares Bought: 10,000 Average Price Paid: $49.17 Cost: $491,700
Company: Sylvamo Corp (SLVM)

Sylvamo Corporation is a worldwide uncoated papers corporation with a diverse portfolio of premium brands and low-cost, large-scale paper mills in and servicing the most desirable areas, including Europe, Latin America, and North America. The firm produces uncoated free sheets for paper goods, such as cut-size and offset paper and market pulp. With origins dating back to 1898, the firm has a long history of providing high-quality papers to clients and end-users. On global and regional UFS cost curves, the company’s mills are generally in the bottom quartile. The company’s industry-leading brands, which have a long-standing reputation for product quality and performance in their respective markets, enable it to sustain long-term partnerships with top-tier clients throughout economic cycles.

Karl L. Meyers has over 40 years of expertise in the paper industry, most recently as CEO and Chairman of Soundview Paper Holdings, a prominent maker of towel and tissue products. Northeastern State University awarded Mr. Meyers a Bachelor of Science and an MBA.

Opinion: No opinion here

Name: Todd A Gipple
Position: President, CFO, COO
Transaction Date: 2023-03-10 Shares Bought: 4,313 Average Price Paid: $46.28 Cost: $199,606
Company: QCR Holdings Inc. (QCRH)

A multi-bank holding company with its main office in Moline, Illinois, QCR Holdings, Inc. was established in February 1993 by Delaware law. The Company decided to function under the BHCA as a financial holding company in 2016. The four wholly-owned banking subsidiaries of the Company provide services to the communities of the Quad Cities, Cedar Rapids, Waterloo/Cedar Falls, Des Moines/Ankeny, and Springfield. Guaranty Bank, the banking division of GFED, will be merged into SFCB as part of the Company’s acquisition of Guaranty Federal Bancshares, Inc., which the Company announced would do on November 9, 2021. On August 12, 2020, the Rockford, Illinois-based Bates Companies were sold by the Company. Through the Bates Companies, the Company offered wealth management services to the Rockford community from October 1, 2018, until the date of disposal.

Todd A. Gipple is a Certified Public Accountant who started his career in 1985 with KPMG Peat Marwick. McGladrey & Pullen purchased KPMG’s Quad Cities business in 1991. Mr. Gipple joined McGladrey & Pullen in 1994 and served as Tax Partner-in-Charge of the firm’s Mississippi Valley Practice and as one of the national firm’s five Regional Tax Coordinators. During his 14-year career in public accounting, he specialized in Financial Institutions, Taxes, and Mergers and Acquisitions. He also sits on Quad City Bank & Trust and Guaranty Bank boards. Mr. Gipple served as the Quad Cities JDRF One Walk’s Chief Corporate Chair in 2016 and is a Quad Cities Community Foundation’s board of directors’ Audit Committee member.

Opinion:  Does this look familiar to you? If you’re reading my posts you would know banks are on sale.

 

Name: Edward Shapiro
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 25,000 Average Price Paid: $42.59 Cost: $1,064,648
Company: United Airlines Holdings Inc. (UAL)

United Airlines Holdings, Inc. is a holding company, and its main wholly-owned subsidiary is United Airlines, Inc. The common goal of United is “Bringing People Together. Bringing the World Together.” United has the most routes of any North American airline. Its hubs are in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco, and Washington, D.C. Because UAL consolidates United for financial reporting purposes, information about United’s operations also apply to UAL unless otherwise specified. United’s operations income and costs account for approximately all of UAL’s revenues and expenses. Also, almost the whole balance of UAL’s assets, liabilities, and operational cash flows comes from United.

Mr. Shapiro was the Managing Partner of PAR Capital Management, Inc., a Boston-based investment management company that specialized in travel, media, and internet-related companies, from 1999 until 2016. Before joining PAR Capital, Mr. Shapiro was a Vice President at Wellington Management Company and an analyst at Morgan Stanley & Co. Mr. Shapiro has been on the boards of Global Eagle Entertainment, US Airways, Web.com, Lumexis Corporation, and Sonifi Solutions. Mr. Shapiro earned a bachelor’s degree in economics from the University of Pennsylvania’s Wharton School and an MBA from UCLA’s Anderson School of Management.

Opinion: Eddie bought a $million dollars worth of UAl a few months back and we jumped on for the ride and took profits. Then UAL has a profit warning and all the airline stocks collapsed. With falling prices in jet fuel and the reopening of China, this looks like a buy again. Were in but small.

Name: John D Idol
Position: Chairman & CEO
Transaction Date: 2023-03-16 Shares Bought: 240,000 Average Price Paid: $41.57 Cost: $9,976,236.00
Company: Capri Holdings Ltd. (CPRI)

Name: Thomas Jr. Edwards
Position: EVP, CFO & COO
Transaction Date: 2023-03-17 Shares Bought: 4,900 Average Price Paid: $41.07 Cost: $201,243.00
Company: Capri Holdings Ltd. (CPRI)

Capri Holdings Ltd is a worldwide fashion luxury group of famous brands that are design, style, and craftsmanship industry leaders, driven by a world-class management team and recognized designers. The company’s brands represent women’s and men’s accessories, footwear, and ready-to-wear, as well as wearable electronics, watches, jewelry, eyeglasses, and a comprehensive range of fragrance goods. The company’s mission is to continue to expand the brands’ worldwide reach while preserving their independence and unique Personality.

John D. Idol has been the Chairman of Capri Holdings Ltd since September 2011 and the Chief Executive Officer and director since December 2003. Mr. Idol served as Chairman, Chief Executive Officer, and director of Kasper ASL, Ltd., which comprised the Anne Klein brand, from July 2001 until July 2003. Previously, from July 1997 to July 2001, Mr. Idol was the Chief Executive Officer and a director of Donna Karan International Inc. Mr. Idol also served as Ralph Lauren’s Group President and Chief Operational Officer of Product Licensing, Home Collection, and Men’s Collection from 1994 to 1997.

Thomas J. Edwards, Jr. has been the Executive Vice President, Chief Financial Officer, and Chief Operational Officer of Capri Holdings Limited since April 2017. Mr. Edwards formerly served as Executive Vice President and Chief Financial Officer of Brinker International, Inc. Previous to that, he worked in finance at Wyndham Worldwide from 2007 to 2015, serving as Executive Vice President and Chief Financial Officer of the Wyndham Hotel Group from March 2013 to March 2015. Mr. Edwards has previously held various financial and operational leadership roles in the consumer products business, including Vice President, Consumer Innovation and Marketing Services at Kraft Foods and Vice President, Finance at Nabisco Food Service Company.

Opinion: I don’t understand why they are buying this turd. I said that the last time. No offense guys but the brands, no mojo.

Name: Ron J Copher
Position: Executive Vice President/CFO
Transaction Date: 2023-03-13 Shares Bought: 2,578 Average Price Paid: $38.74 Cost: $99,861
Company: Glacier Bancorp Inc. (GBCI)

Glacier Bank, Inc. is a Montana company formed in 2004 as a successor organization to a Delaware business formed in 1990. Glacier Bancorp, Inc. serves as the bank holding company for Glacier Bank, which offers commercial banking services in the United States to individuals, small to medium-sized enterprises, community groups, and public agencies. It provides non-interest-bearing and interest-bearing deposit accounts, such as demand deposit accounts with negotiable orders of withdrawal, savings accounts, money market deposit accounts, fixed-rate certificates of deposit, negotiated-rate jumbo certificates, and individual retirement accounts. The firm also offers residential construction and permanent loans; consumer land or lot loans; unimproved land and land development loans; and residential builder guidance lines that include pre-sold and spec-home building and lot acquisition loans.

Mr. Ron J. Copher has been the company’s Chief Financial Officer and Executive Vice President since 2006. He is also the company’s Secretary. He formerly held the role of Chief Financial Officer at Oak Hill Financial, Inc. Mr. Copher earned both a graduate and undergraduate degree from the University of Cincinnati.

Opinion: Are we getting the point by now? Insiders are buying banks you’ve never heard of while depositors are fleeing to the big banks that Barrons is touting this week.

 

Name: Patrick G Ryan
Position: Chief Executive Officer/10% Owner
Transaction Date: 2023-03-15 Shares Bought: 208,100 Average Price Paid: $37.39 Cost: $7,781,650
Company: Ryan Specialty Holdings Inc. (RYAN)

Name: Mark Stephen Katz
Position: Executive Vice President
Transaction Date: 2023-03-10 Shares Bought: 4,000 Average Price Paid: $37.15 Cost: $148,603
Company: Ryan Specialty Holdings Inc. (RYAN)

Ryan Specialty is a specialty product and solution provider for insurance brokers, agents, and carriers. The firm provides distribution, underwriting, product creation, administration, and risk management services by serving as a wholesale broker and managing underwriter with delegated power from insurance carriers. The company aims to offer insurance brokers, agents, and carriers industry-leading creative specialty insurance solutions. The firm assists retail insurance brokers in placing sophisticated or otherwise difficult-to-place risks. The organization works with retail and wholesale insurance brokers to locate, onboard, underwrite, and service these similar risks for insurance carriers. The bulk of the premiums the firm places is bound in the E&S market, including Lloyd’s of London.

Patrick G. Ryan, a well-known entrepreneur and worldwide insurance pioneer founded Ryan Specialty in 2010. Ryan Specialty is a global holding firm that provides wholesale brokerage, insurance underwriting management, and other specialty services to brokers, agents, and insurers. The corporation has offices in North America, the United Kingdom, and Europe. Mr. Ryan created Aon Corporation and served as its Chairman and CEO for 41 years until creating Ryan Specialty. Mr. Ryan has won several awards over his career. Mr. Ryan earned the prestigious Horatio Alger Award in 1987, recognizing persons committed to honesty, hard work, persistence, and concern for others. Mr. Ryan has served on the Northwestern University Board of Trustees for 42 years, 14 of which he was Chairman.

Mark S. Katz, is Ryan Specialty’s Executive Vice President and General Counsel, overseeing the company’s legal, compliance, and regulatory activities. He joined Ryan Specialty in 2019 as Counsel, Insurance Services, where his team supported Ryan Specialty’s insurance operations. Mark is admitted to the New York and New Jersey bars and is a regular speaker on insurance coverage concerns. He has mediated, arbitrated, and litigated across the United States. He graduated from Syracuse University’s Maxwell School of Citizenship and Public Affairs and Hofstra Law School (J.D. 1993), where he was an editor of the Hofstra Law Review.

Opinion: This is a very large insider buy.  I don’t know why but experience tells me when a CEO buys this much stock, there is a reason.

Name: Anthony Shoemaker
Position: Chief Legal Officer
Transaction Date: 2023-03-15 Shares Bought: 5,297 Average Price Paid: $34.82 Cost: $184,442
Company: Keurig Dr Pepper Inc. (KDP)

Name: Karin Rotem-Wildeman
Position: Chief R&D Officer
Transaction Date: 2023-03-14 Shares Bought: 20,171 Average Price Paid: $34.53 Cost: $696,515
Company: Keurig Dr Pepper Inc. (KDP)

Keurig Dr. Pepper Inc. is a significant North American beverage business with a diversified portfolio of flavored CSDs and NCBs, including water, RTD tea and coffee, juice, juice drinks, mixers, and specialty coffee, a leading manufacturer of innovative single-serve brewing equipment. KDP’s main brands include Keurig, Dr. Pepper, Canada Dry, Snapple, Mott’s, Clamato, Core, Green Mountain Coffee Roasters, and The Original Donut Shop, which provide a wide variety of hot and cold drinks to fulfill practically every customer requirement. KDP boasted some of North America’s most well-known beverage brands, with high levels of consumer awareness and extended histories that elicit strong emotional ties. According to IRi, KDP provides more than 125 owned, licensed, and partner brands, including the top 10 best-selling coffee brands and Dr. Pepper as a leading flavored CSD in the United States. These are accessible practically anywhere consumers purchase and enjoy beverages.

Anthony Shoemaker is Keurig Dr. Pepper’s Chief Legal Officer, General Counsel, and Company Secretary. He joined the Company in 2020 as Senior Vice President and Assistant General Counsel, where he was in charge of the legal departments for securities, finance, corporate governance, tax, treasury, and mergers and acquisitions. Anthony formerly worked as a Vice President, Assistant General Counsel, and Corporate Secretary at Tenet Healthcare. He started his legal career with Gibson, Dunn & Crutcher LLP as a corporate attorney. Anthony graduated from Abilene Christian University with a Bachelor of Business Administration in Management and from The University of Chicago Law School with a Juris Doctorate.

Dr. Karin Rotem-Wildeman is Keurig Dr. Pepper’s Chief Research and Development Officer, overseeing product development, packaging innovation, taste technology, and related R&D skills. Rotem-Wildeman joined KDP in January 2023, bringing over 25 years of product creation and commercialization expertise for prominent global food and beverage businesses such as PepsiCo, Nestlé, and GODIVA Chocolatier. Rotem-Wildeman earned a Ph.D. in Chemical Engineering from the University of Massachusetts Amherst and a bachelor’s degree in Chemical Engineering from Lehigh University. She is presently a member of both academic institutions’ department advisory boards.

Opinion: KDP must have one hell of a mandatory management stock purchase requirement because it has not been a money maker for the droves of people buying the stock.

Name: Morris Bawabeh / Kulayba LLC
Position: 10% Owner
Transaction Date: 2023-03-16 Shares Bought: 25,000 Average Price Paid: $33.11 Cost: $827,740.00
Company: Centrus Energy Corp (LEU)

Centrus Energy Inc., a Delaware business, is a dependable provider of enriched uranium for nuclear fuel and services to the nuclear power sector, offering a carbon-free energy source. The corporation was formed in 1998 to privatize the United States government’s uranium enrichment venture. The LEU division generates most of the Company’s income by selling enriched uranium for nuclear fuel to clients, mostly utilities that run commercial nuclear power plants. LEU is a vital component in manufacturing nuclear fuel for power reactors. LEU and its components are supplied to domestic and foreign utilities for use in nuclear reactors across the globe.

Bawabeh Morris is based out of Brooklyn, holds a 10% stake in Centrus Energy Corp, a Delaware business, and is a dependable provider of enriched uranium for nuclear fuel.

Opinion: This hit the buzz words last year when the world realized that maybe decommissioning nuclear power plants was short-sighted. This is a pretty decent size buy and I’d think it might make some sense to scoop up some U-235 too.

 

Name: Robert Clark Jr Nickles
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 9,146 Average Price Paid: $32.75 Cost: $299,532
Company: First Financial Bankshares Inc (FFIN)

First Financial Bankshares, Inc. is a Texas corporation registered financial holding company under the Bank Holding Company Act of 1956. As such, the Federal Reserve Board and various other bank authorities oversee the corporation. The corporation was founded in 1956 as a bank holding company named F & M Operating Company. However, its banking activities trace back to 1890, when Farmers and Merchants National Bank opened its doors in Abilene, Texas. The firm operates a full-service commercial banking operation via its subsidiaries. Most banking hubs are in Central, North Central, Southeast, and West Texas. The organization has decided to concentrate on Texas, one of the nation’s biggest, fastest-growing, and most economically diversified states.

Robert C. Nickles, Jr., of Houston, Texas, has been a director of the Corporation since 2019. He is now the Chairman of the Risk Committee and a member of the Compensation Committee. He is also a director of the bank and the Head of the Kingwood Region’s advisory board. Mr. Nickles formerly held executive positions such as CEO of Nickles Industries, senior vice president of operations and senior vice president of sales for Cooper Cameron, and COO of Valerus Compression Services. He graduated from Oklahoma State University. He was elected to the board of directors of Commercial State Bank in Kingwood, Texas, in 2010 and remained on that board until the Company acquired that bank on January 1, 2018. His skills and credentials give solid leadership to the Board of Directors.

Opinion: Have you heard enough of this tune? Another insider buying a bank you’ve never heard of.

Name: William H Spence
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 5,000 Average Price Paid: $29.61 Cost: $148,043
Company: Williams Companies Inc. (WMB)

Name: Stephen W Bergstrom
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 6,895 Average Price Paid: $29.00 Cost: $199,955
Company: Williams Companies Inc. (WMB)

Williams Companies Inc, established in 1908, is a leading provider of infrastructure that securely transports natural gas products to power the clean energy economy consistently. More than 700 clients are served by the company’s activities in 14 supply zones, which offer natural gas collection, processing, and transmission services, NGL fractionation, transportation and storage services, and marketing services. The corporation owns and operates over 33,000 miles of pipeline in 25 states, 29 natural gas processing facilities, and 7 NGL fractionation facilities.

William Harold Spence is a businessman who has led five different firms and is now the Chairman of the Corporate Leadership Council. Mr. Spence also serves on the council of The Pennsylvania Society and the boards of 12 different firms. Formerly, he was Non-Executive Chairman of PPL Corp., President of Pepco Holdings LLC, President of Pepco Energy Services, Inc., President of Talen Generation LLC, Senior Vice President of Conectiv Power Delivery, and Vice President-Trading of Delmarva Power & Light Co. William Harold Spence earned his bachelor’s degree at The Pennsylvania State University and his MBA at Bentley University.

Stephen W. Bergstrom is a businessman who has led seven different firms. He is the Chairman of The Williams Companies, Inc., Executive Chairman, Co-President, and CEO of Magnolia Infrastructure Partners LLC. In addition, he serves on the board of Third Coast Midstream Holdings LLC (former Chairman, President & Chief Executive Officer). He formerly worked as a Director at Third Coast Midstream LLC, President, CEO, General Partner at American Midstream LLC, Chairman at Williams Partners LP, and President & Chief Operating Officer at Dynegy, Inc. He attended Iowa State University for his undergraduate studies.

Opinion: Two relatively small buys in this premier pipeline company yielding 6.33%. With interest rates coming down now due to the banking crisis, WMB looks interesting to me.

 

Name: Joe Sr Penland
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 10,000 Average Price Paid: $26.94 Cost: $269,388
Company: Stellar Bancorp Inc. (STEL)

Name: Joe B Swinbank
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 37,841 Average Price Paid: $26.41 Cost: $999,426
Company: Stellar Bancorp Inc. (STEL)

CBTX, Inc. is a Texas business and Bank holding Company founded in 2007. Its fully-owned subsidiary, Community Bank of Texas, provides banking services. Since its inception, the Company has undergone considerable organic expansion and growth via mergers, acquisitions, and the establishment of new, or de novo, branches. The Bank is largely a commercial bank that offers commercial banking solutions to small and medium-sized companies and professionals such as lawyers, accountants, and other professional service providers with operations in its regions. The banking and financial services sector is extremely competitive, and the Company competes in its markets with various financial institutions, including local, regional, and national commercial banks and credit unions.

Mr. Penland has been a director of the Corporation since 2023. He formerly served as a director of CBTX, Inc., and CommunityBank of Texas, N.A. starting in 2007. He was a member of CBTX, Inc.’s Corporate Governance and Nomination Committee and the Company’s Compensation Committee. Mr. Penland started Quality Mat Corporation in Beaumont, Texas, and served as its President from 1974 until August 2019, when he was named Chief Executive Officer. Mr. Penland has extensive experience serving on public and private community bank boards of directors. Mr. Penland contributes essential leadership, risk management, operations, strategic planning, and oil and gas sector skills to the board of directors, in addition to his understanding of the communities the Company serves.

Mr. Swinbank has been a director of the Corporation and the Bank since 2023 and is a member of the Risk Oversight Committee. In 2013, he served as a CBTX, Inc. director and CommunityBank of Texas, N.A. In 2017, he started serving on the Company’s Audit Committee, Corporate Governance and Nominating Committee, and Compensation Committee. Mr. Swinbank co-founded The Sprint Companies, Inc., a sand and gravel firm located in Houston, and a partner in Sprint Ft. Bend County Landfill, Sprint Sand & Clay, Sprint Trash Services, and Sprint Transports. He joined River Aggregates and A&B Valves as a partner in 2014. Mr. Swinbank graduated from Texas A&M University with a B.S. in Agricultural Economics in 1974.

Opinion: Stop it, please. I don’t think my banking-fried-out brain can handle another insider buy. I’m buying all these obscure banks hoping America doesn’t go down the tubes in the next month. Maybe hedge that with bitcoin, gold or a massive short on the S&P.

Name: William M Cook
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 2,500 Average Price Paid: $29.55 Cost: $73,875.00
Company: Axalta Coating Systems Ltd. (AXTA)

Name: Chris Villavarayan
Position: CEO & President
Transaction Date: 2023-03-13 Shares Bought: 34,440 Average Price Paid: $29.20 Cost: $1,005,648.00
Company: Axalta Coating Systems Ltd. (AXTA)

Axalta Coating Systems Ltd., a Bermuda exempted holding company founded in 2012, is a worldwide leader in producing, marketing, and distributing high-performance coatings solutions. The firm has a 150-year history in the coatings sector and is renowned for producing high-quality products with well-known names backed up by market-leading technology and customer service. The firm’s history has stayed at the forefront of the industry by constantly inventing revolutionary coatings technologies meant to improve the client’s goods’ performance, aesthetics, and sustainability while increasing their productivity and profitability. The company’s diversified worldwide network enables it to address the demands of its client base via a significant sales force, technical support organization, and independent, locally-based distributors.

Mr. Cook has been an Axalta independent director since May 2019 and served as the company’s Board Chair from August 2021 to December 2022. He was the Executive Chairman of the Board of Directors for Donaldson Company, Inc. Mr. Cook held numerous senior executive positions in the United States and Europe during his 35-year career at Donaldson. This technology-driven global company designs and manufactures innovative filtration systems and replacement parts. He served as Chief Financial Officer and Senior Vice President, International. Mr. Cook formerly served on the Valspar Corporation Board of Directors and Audit Committee from 2010 to 2017 and the IDEX Corporation Board of Directors and Audit Committee from 2008 to 2022. Mr. Cook graduated from Virginia Polytechnic Institute and State University with a Bachelor of Science in Business Management and a Master of Business Administration.

Since January 2023, Mr. Villavarayan has served as Axalta’s Chief Executive Officer and President. He also serves on the Board of Directors of the corporation. Mr. Villavarayan previously held numerous positions of increasing responsibility during his 22-year tenure at Meritor. He has extensive international experience and experience executing and integrating accretive acquisitions and leading teams to drive transformational change that resulted in significant shareholder value. Previous to this, he was Chief Operational Officer, supervising Meritor’s worldwide operations for its Global Truck and Aftermarket & Industrial business divisions and acting as board lead for the company’s four major joint ventures. McMaster University awarded him a bachelor’s degree in civil engineering, and he also finished the Wharton Executive Education Advanced Finance Program.

Opinion: Finally a reasonably good chart. Insiders usually are bottom fishers but this one is close to the high. 

Name: Gary R. Heminger
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 47,500 Average Price Paid: $26.82 Cost: $1,274,093
Company: Fifth Third Bancorp (FITB)

Fifth Third Bancorp , an Ohio corporation established in 1975, has chosen to be treated as a financial holding company. Fifth Third Bancorp is a bank holding company (“BHC”) as defined by the Bank Holding Company Act of 1956. The Bancorp is an indirect holding company for Fifth Third Bank, National Association with its corporate headquarters in Cincinnati, Ohio. In addition to operating 2,322 Fifth Third-branded ATMs and 1,117 full-service banking centers throughout the states of Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina, and South Carolina as of December 31, 2021, Fifth Commercial banking, branch banking, consumer lending, and wealth & asset management are the four primary industries run by The Bancorp.

Gary R. Heminger is a businessman who has been the CEO of 11 different businesses. He now serves as the CEO of MarkWest Javelina Co. LLC and MarkWest New Mexico LLC. Mr. Heminger also serves on the boards of eight other firms and is an Oxford Institute for Energy Studies member. Mr. Heminger has previously served as the Chairman of LOOP LLC, the Chairman of Marathon Petroleum Corp., the President and Chief Executive Officer of Marathon Petroleum Co. LP, the President of Marathon Pipe Line Co., The Executive Vice President-Supply, Transportation, and Marketing at Marathon Ashland Petroleum LLC, the Executive Vice President-Technology & Services at Marathon Oil Corp., the Vice President-Western Division at Emro Marketing Co., and the Executive Vice President-Downstream at Marathon Tiffin University awarded him an undergraduate degree. In contrast, the University of Dayton awarded him an MBA.

Opinion: Large bet on the survival of the bank. Some of these many purchases last week are going to work. Some might not. Banks are complex to analyze and I don’t pretend to know how. Taking an approach out of the biotech playbook now, buy them all some will fail, some will work, and hopefully, the winners will more than make up for the losers.

Name: James M Jr Garnett
Position: Director
Transaction Date: Shares Bought: 10,179 Average Price Paid: $26.41 Cost: $268,853.00
Company: Bankwell Financial Group Inc. (BWFG)

Bankwell Financial Group, Inc. is a Bank holding company based in New Canaan, Connecticut, providing various financial services. The Bank offers a comprehensive variety of services to customers in the market, encompassing a 100-mile radius surrounding the branch network. Moreover, the Bank seeks commercial loan possibilities outside of the market, especially in areas where the Bank has strong contacts. The Bank has locations in Connecticut, including New Canaan, Stamford, Fairfield, Westport, Darien, Norwalk, and Hamden. The Bank wants to be the preferred banking service and a viable alternative to the bigger rivals. The Bank aims to develop a brand with a significant market share and continuous revenue growth supported by operational improvements. The Bank believes this will result in excellent risk-adjusted returns for the shareholders.

James M. Garnett, Jr. is the Company’s, Independent Director. After 18 years as a managing director at Citigroup Inc., James M. Garnett retired in 2016. On April 25, 2018, he was named to the Board of Directors of the Business and the Bank. He was the global head of Risk Architecture for fifteen years, overseeing credit, market, liquidity, and operational risks across all of Citigroup’s companies and countries. His duties included overseeing all risk systems and technology, risk analytics and stress testing, performance reporting, risk appetite assessment, policies, and regulatory capital. Mr. Garnett’s decades of substantial expertise in the financial services sector, regulatory interactions, and operational hazards offer the Company’s Board deep and wide knowledge of the current and future companies.

Opinion: More banks. Stop it, please. My brain is turning to FDIC flavored jelly.

Name: Helmy Eltoukhy
Position: Co-Chief Executive Officer
Transaction Date: 2023-03-14 Shares Bought: 93,052 Average Price Paid: $26.32 Cost: $2,448,836
Company: Guardant Health Inc. (GH)

Name: AmirAli Talasaz
Position: Co-Chief Executive Officer
Transaction Date: 2023-03-13 Shares Bought: 97,000 Average Price Paid: $25.79 Cost: $2,501,183
Company: Guardant Health Inc. (GH)

Guardant Health Inc is a prominent precision oncology firm dedicated to eradicating cancer worldwide through patented testing, massive data sets, and powerful analytics. Guardant360 laboratory developed test, or LDT, and Guardant360 CDx, the first comprehensive liquid biopsy test approved by the U.S. Food and Drug Administration, or FDA, to provide tumor mutation profiling with solid tumors and to be used as a companion diagnostic in connection with non-small cell lung cancer, or NSCLC, and breast cancer, have been commercially launched for patients with advanced-stage cancer. Guardant360 TissueNext tissue test for advanced-stage cancer, Guardant Reveal blood test to detect residual and recurring disease in early-stage cancer patients, and Guardant360 Response blood test to predict patient response to immunotherapy or targeted therapy eight weeks earlier than current standard-of-care imaging have also been launched by the company.

Helmy Eltoukhy, Ph.D., has been the co-founder and chairman of Guardant Health’s board of directors and the company’s Co-Chief Executive Officer since August 2021. Dr. Eltoukhy worked at Illumina, Inc., or Illumina, from August 2008 to December 2012. He held different roles, including Senior Director of Advanced Technological Research, where he created innovative chemistries, hardware, and informatics for genetic analysis systems. He co-founded Avantome Inc. in June 2007 to commercialize semiconductor sequencing to democratize high throughput DNA sequencing. He served as CEO until its purchase by Illumina in August 2008. In 2006, he became a post-doctoral fellow at the Stanford Genome Technology Center, or SGTC, to work on low-cost DNA sequencing technology. Stanford University awarded him a Ph.D., M.S., and B.S. in electrical engineering.

Amir Ali Talasaz, Ph.D., is the co-founder of Guardant Health and has been the Co-Chief Executive Officer since August 2021. Dr. Talasaz was Senior Director of Diagnostics Research at Illumina from October 2011 to June 2012, where he led the work to develop next-generation genomic analysis clinical applications. During that period, he invented many genomic technologies suited for therapeutic applications. In March 2008, he created Auriphex Biosciences, Inc., which focuses on circulating tumor cells’ purification and genetic analysis for cancer treatment. Illumina bought the technology in 2009. Throughout his academic years, he headed the Technological Development group at SGTC. Stanford University awarded him a Ph.D. in electrical engineering, an M.S. in electrical engineering, and an M.S. in management science and engineering.

Opinion: One of the few stocks trading higher on the week after an insider buy. After a precipitous drop in price, Guardant chart is showing basing action. Insiders buying will add confidence to reluctant buyers that fundamentals may catch up to the hype.

Name: Scott B Helm
Position: Director
Transaction Date: 2023-03-09 Shares Bought: 20,000 Average Price Paid: $25.59 Cost: $511,700
Company: Vistra Corp. (VST)

Name: James A Burke
Position: President and CEO
Transaction Date: 2023-03-10 Shares Bought: 8,000 Average Price Paid: $24.75 Cost: $198,000
Company: Vistra Corp. (VST)

Vistra is a holding corporation that primarily serves regions across the United States with integrated retail and electric power-generating operations. Through its subsidiaries, the Company engages in competitive energy operations such as producing electricity, selling and acquiring energy at wholesale prices, managing commodity risk, and selling electricity and natural gas to end users. Delaware legislation was used to create the Company in 2016. To set itself apart from businesses engaged in the exploration, production, refining, or transportation of fossil fuels as well as to more accurately reflect its integrated business model, which combines a retail electricity and natural gas business devoted to providing its customers with cutting-edge products and services with an electric power generation business operating at the forefront of the industry.

Scott Helm Private investor located in Baltimore. Since 2017 he serves as the Board of Directors Chair for Vistra Energy. Helm previously served as a founding partner of Energy Capital Partners, a private equity company that specialized in making investments in the energy infrastructure of North America. He worked for Orion Power Holdings, Inc., a publicly traded firm that owned and ran power plants, as executive vice president and chief financial officer before joining Energy Capital Partners. Before that, he served as a consultant to the private equity group in charge of Texas Genco’s acquisition. Helm started his career at Goldman Sachs & Co., initially working in the fixed-income department before switching to the investment banking department. He graduated from Washington University with a bachelor’s degree in business administration. Helm holds the position of treasurer on the Chesapeake Shakespeare Company’s board.

James Burke is Vistra’s president, chief executive officer, and a member of its board of directors. Burke has worked for Vistra and its predecessor firms since 2004, holding several leadership roles. From December 2020 until July 2022, Burke was president and chief financial officer. As CFO, he was in charge of the company’s accounting, risk, internal audit, treasury, tax, planning, M&A, investor relations, and the vital technological services department. Burke has worked in the retail electric industry in both the residential and business divisions since 2001. Burke has a bachelor’s degree in economics, and a master’s in business administration in finance and general management from Tulane University. He is a qualified public accountant with the title of chartered financial analyst.

Opinion: Is this an option or a stock? The pin action here is insane for a utility-like company.

Name: Mark R DeFazio
Position: President and CEO
Transaction Date: 2023-03-13 Shares Bought: 20,517 Average Price Paid: $24.20 Cost: $496,423
Company: Metropolitan Bank Holding Corp. (MCB)

Metropolitan Bank Holding Corp is a state-chartered bank headquartered in New York that offers a wide range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and affluent individuals, primarily in the New York metropolitan area. The Company’s founding members, including CEO Mark DeFazio, saw a need in the New York metropolitan region for a solutions-oriented, relationship bank focusing on middle-market enterprises and real estate entrepreneurs whose financial requirements sometimes need to be addressed by bigger financial institutions. The Bank was founded in 1999 to assist underserved individuals in building and sustaining wealth. Its slogan, “The Entrepreneurial Bank,” reflects the Bank’s goal of becoming a middle-market bank with the same entrepreneurial spirit as its customers.

Metropolitan Bank Holding Corp. and Metropolitan Commercial Bank’s President, Chief Executive Officer, and Founder is Mark R. DeFazio. Before founding Metropolitan, Mr. DeFazio served for 13 years with Israel Discount Bank of New York, rising to Senior Vice President and Head of Commercial Real Estate. Mr. DeFazio started his banking career at Richmond County Savings Bank in 1982, working in operations, audit, and real estate loans.

Opinion:  These small bank stocks probably haven’t bottomed but you will want to own a slew of them as this is the blood on the streets.

Name: Carlos Quinones
Position: Sr. VP Global Operations
Transaction Date: 2023-03-13 Shares Bought: 3,800 Average Price Paid: $23.98 Cost: $91,124
Company: Orion Engineered Carbons S.A. (OEC)

Name: Jeffrey Glajch
Position: Chief Financial Officer
Transaction Date: 2023-03-15 Shares Bought: 10,000 Average Price Paid: $23.82 Cost: $238,185
Company: Orion Engineered Carbons S.A. (OEC)

Orion Engineered Carbons S.A. is a worldwide leader in producing carbon black goods. Carbon black is a powdered form of carbon used to modify different materials’ physical, electrical, and optical properties. Carbon black materials are generally used as additive manufacturing polymers, batteries, printing inks and coatings, and rubber polymer reinforcement. The capacity to tailor carbon black’s physical qualities to satisfy clients’ functional demands is one of the company’s main competencies. The company is one of the major Specialty and Rubber Carbon Black manufacturers worldwide. The firm is a premium provider of carbon black, producing long-term advantages for stakeholders while adhering to ethical business practices that emphasize team culture, dependability, quality, and sustainability.

Mr. Quinones joined Orion Engineered Carbons in June 2019 as the Global Operations Manager. He has over 25 years of operational experience worldwide in the chemical, petrochemical, and industrial gases industries. Mr. Quinones graduated with honors from Texas A&M University with a B.S. in Mechanical Engineering Technology.

Mr. Glajch began working for the firm in 2022. He has over 30 years of experience overseeing corporate finance and accounting control activities for public and private firms, as well as business development, investor relations, risk management, legal, information technology, and human resources. He has served on the boards of many non-profit organizations and universities. He graduated from Purdue University with an MBA, Clarkson University with a master’s degree in chemical engineering, and Carnegie-Mellon University with a bachelor’s degree in chemistry.

Opinion: Business is apparently good. The company said they have positioned themselves to thrive in 2023 with what we believe will be sustained higher rubber carbon black margins. “It should be a pivotal year for Orion and our shareholders.”

Name: Paul W Taylor
Position: President and CEO
Transaction Date: 2023-03-09 Shares Bought: 22,800 Average Price Paid: $22.20 Cost: $506,238
Company: Pacwest Bancorp. (PACW)

Name: William J Black
Position: Evp, Strategy & Corp. Dev.
Transaction Date: 2023-03-09 Shares Bought: 13,000 Average Price Paid: $20.57 Cost: $267,410
Company: Pacwest Bancorp. (PACW)

Name: Christopher D Blake
Position: Pres. & CEO, Community Banking
Transaction Date: 2023-03-10 Shares Bought: 6,660 Average Price Paid: $15.74 Cost: $104,828
Company: Pacwest Bancorp. (PACW)

Name: John M III Eggemeyer
Position: Director
Transaction Date: 2023-03-10 Shares Bought: 25,000 Average Price Paid: $15.33 Cost: $383,250
Company: Pacwest Bancorp. (PACW)

PacWest Bancorp, a Delaware corporation, is a BHCA-registered Bank holding company with corporate offices in Beverly Hills, California. The Bank is committed to providing relationship-based business banking to small, middle-market, and venture-backed firms nationwide. The Bank provides a comprehensive variety of loan, lease, and deposit products and services via 69 full-service branches in California, one in Durham, North Carolina, one in Denver, Colorado, and another in loan production offices nationwide. The Bank offers community banking products, including lending and full deposit and treasury management services, to small and medium-sized companies operated largely via California-based and Denver, Colorado branch offices. The Bank provides national lending products, including asset-based, equipment, and real estate loans and treasury management services to established middle-market enterprises nationwide.

Mr. Taylor is the President, and chief executive officer, of Pacific Western Bank and PacWest Bancorp director. In 2022, he was President. He formerly served as Opus Bank’s chief executive officer, President, and director from 2019 until it was bought in 2020. From 2011 until 2018, he was the chief executive officer, President, and director of Guaranty Bancorp, as well as the chief executive officer and chairman of the board of directors of Guaranty Bank and Trust Company, a banking subsidiary of Guaranty Bancorp. Previous to that, he held numerous roles at Guaranty Bank, including executive vice president, chief financial and operations officer, and secretary. Mr. Taylor serves on the Board of Directors of the Boys & Girls Club of Denver. He formerly served on the Foundation Board for the Denver Rescue Mission.

Mr. Black is Pacific Western Bank and PacWest Bancorp’s Executive Vice President, Strategy and Corporate Development. From 2008 to 2020, Mr. Black was the founder, managing partner, and portfolio manager of Connector Capital LP, a financial services hedge fund. Since 2015, Mr. Black has served as an Executive Board Member and Secretary for Watchung Hills Pop Warner. This young organization develops football and cheer athletes via athletics, competition, collaboration, and community.

Mr. Blake is the President and Chief Executive Officer of Pacific Western Bank and PacWest Bancorp’s Community Banking Group. From 2014 to 2018, Mr. Blake was Executive Vice President, Human Resources; from 2002 to 2014, he was President of the Eastern Area. Mr. Blake has been a member of the board of directors of California Domestic Water Company, a wholesale water distribution corporation, and its wholly-owned subsidiary Cadway, Inc., since 2016.

Mr. Eggemeyer is the Lead Director of PacWest Bancorp’s Board of Directors and a Director of Pacific Western Bank, as well as the Chair of their respective Risk Committees and a member of their respective Executive Committees. From 2000 until 2022, he served as Chairman of the Board of Directors of PacWest Bank. He is the founder and managing principal of Castle Creek Capital LLC, a private equity company focusing on the financial services business created in 1990. For over 40 years, he has worked in commercial banking as an investor, Executive, and financial counselor. He also sits on Primis Financial Corp. and The Bancorp, Inc boards.

Opinion:  This stock is trading for half of what insider paid for it just days, even hours earlier. This seems to be at the center of the bank runs. According to Post on the Fly PacWest Corp is in talks about a liquidity boost with Atlas SP Partners, though details of the nature of the liquidity boost being discussed could not be learned, Reuters reported. PacWest is considering a range of options to boost its coffers and there is no certainty that any deal will materialize, two people familiar with the matter told Reuters’ Anirban Sen and David French.

 

Name: Andrew Kenner
Position: SVP, Olefin Material & Corp Pr
Transaction Date: 2023-03-10 Shares Bought: 10,000 Average Price Paid: $22.02 Cost: $220,200
Company: Westlake Chemical Partners LP. (WLKP)

Westlake Chemical Partners LP was founded in March 2014 by Westlake as a Delaware limited partnership to run, acquire, and develop ethylene manufacturing plants and associated assets. OpCo is in charge of all business and operations. The assets of OpCo include three ethylene-producing plants that predominantly convert ethane to ethylene. It also offers ethylene co-products to other parties on a spot or contract basis, such as propylene, crude butadiene, pyrolysis gasoline, and hydrogen.

Mr. Kenner, a member of the company’s senior executive team since July 2008, will be in charge of all production, engineering, and project management activities for the company’s chemical operations. Mr. Kenner has over 20 years of engineering, operations, and manufacturing leadership experience, most recently as Vice President and General Manager of Valero Energy Corporation’s Delaware City Refinery. He previously commanded comparable operations in Houston and Texas City, TX. Mr. Kenner graduated from Texas A&M University with a B.S. in Aeronautical Engineering and from the University of Texas at Austin with an M.S. in Chemical Engineering.

Opinion: no opinion here

Name: Robert S Harrison
Position: Chairman, President, And CEO
Transaction Date: 2023-03-13 Shares Bought: 23,500 Average Price Paid: $21.61 Cost: $507,786
Company: First Hawaiian Inc. (FHB)

FHI is a bank holding company based in Honolulu, Hawaii, that was founded in the state of Delaware. FHB, the company’s wholly-owned bank subsidiary, was established in 1858 as Bishop & Company and was the first successful banking partnership in the Kingdom of Hawaii. The second oldest bank was created west of the Mississippi River. The organization offers a wide variety of banking services to both consumers and businesses, including deposit products, loan services, wealth management, and trust services. Customers may get a number of deposit products from the firm through its distribution channels, including checking and savings accounts and other forms of deposit accounts. The firm provides complete commercial banking services to Hawaii-based middle market and big enterprises with strong balance sheets and high-quality collateral.

Robert Harrison is the Chairman of the Board, President, and Chief Executive Officer of First Hawaiian, Inc. and First Hawaiian Bank. Before being designated Chief Executive Officer in 2012, he was First Hawaiian Bank’s Chief Operating Officer from December 2009 to January 2012 and its President from December 2009 to June 2015. He was appointed Vice Chairman in 2007 and served as the bank’s Chief Risk Officer from 2006 to 2009. He was elected to the First Hawaiian Bank Board of Directors in December 2009 and named to the bank’s holding company board, First Hawaiian, Inc., in April 2016. He served in the United States Navy before getting a bachelor’s degree in Applied Mathematics from the University of California, Los Angeles, and an MBA from Cornell University in New York.

Opinion: Another CEO taking advantage of the plunging stock price of just trying to save their job. In either case, I feel better about buying a company when I know insiders are buying and not selling like Silicon Valley Bank executives were.

Name: Valle Perochena Antonio Del
Position: Director/10% Owner
Transaction Date: 2023-03-13 Shares Bought: 50,000 Average Price Paid: $20.53 Cost: $1,026,330.00
Company: Byline Bancorp Inc. (BY)

Byline Bancorp, Inc. is a bank holding corporation in Chicago, Illinois. The organization provides banking products and services to small and medium-sized enterprises, commercial real estate and financial sponsors, and individuals who usually live or work near nearby branches. The firm’s website allows consumers and businesses to create online accounts. Customers may also rely on the organization for trust and wealth management services. The organization participates in government-guaranteed lending programs and originates government-guaranteed loans. According to the SBA, Byline Bank was the fifth most active originator of SBA loans in the US and the most active SBA lender in Illinois and Wisconsin for the fiscal year ending September 30, 2022.

Mr. del Valle Perochena has served on the boards of directors of Byline Bancorp and Byline Bank since June 2013. Mr. del Valle Perochena worked at ING Group as Executive Vice President of Insurance and Pensions in Mexico and later as Director of New Projects of the group’s direct banking business, ING Direct, in Madrid, Spain, before incorporating Kaluz and BX+, which are financial, industrial, and construction enterprises. Mr. del Valle Perochena also serves on the boards of Pochteca Group, Grupo Empresarial Kaluz, and Afianzadora Sofimex. Mr. del Valle Perochena graduated from Universidad Anáhuac with a bachelor’s degree in business administration and a master’s in management. He also has a Senior Management graduate degree from IPADE and an academic specialty from Iberoamericana University.

Opinion: Another blood on the streets small banking buy. 

Name: Steven R Stemler
Position: Director
Transaction Date: 2023-03-10 Shares Bought: 15,000 Average Price Paid: $19.00 Cost: $285,000
Company: First Savings Financial Group Inc. (FSFG)

First Savings Financial Group, Inc., an Indiana business founded in May 2008, operates as First Savings Bank’s holding company. The company’s primary business is owning First Savings Bank’s outstanding common stock. The firm does not own or lease any property. Still, it utilizes the Bank’s facilities, equipment, and other property in exchange for reasonable rental costs, as required by relevant legislation and regulations under the provisions of an expenditure allocation agreement. As a result, the information provided in this annual report, including the consolidated financial statements and associated financial statistics, is largely about the Bank. First Savings Bank is a community-oriented financial institution in its major market region, providing specific banking services to households and businesses.

Steven R. Stemler is now President & Owner of Stemler Development Co. LLC, President of Stemler Plumbing, Inc., and President & Owner of Stemler Corp. He also serves on the boards of First Savings Financial Group, Inc., First Savings Bank, and the Paul Ogle Foundation, Inc.

Opinion: Relatively small buy. When there are so many others purchasing banks you don’t know, why play around with the small purchases?

Name: Michael B. Nash
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 50,000 Average Price Paid: $18.86 Cost: $942,970.00
Company: Blackstone Mortgage Trust Inc. (BXMT)

Blackstone Mortgage Trust is a real estate financing business based in North America, Europe, and Australia that originates senior loans secured by commercial real estate. The company’s portfolio generally comprises loans secured by high-quality institutional properties in significant markets, which experienced, well-capitalized real estate investment owners and operators sponsor. These senior loans are capitalized using several financing alternatives, including borrowing under credit facilities, issuing CLOs or single-asset securitizations, and syndicating senior loan participations, depending on each investment’s most suitable financing option. The corporation is not purchasing or trading securities and the only securities it owns are the retained interests from securitization financing operations that it did not fund.

Michael Nash is the Chairman and Co-Founder of Blackstone Real Estate Debt Strategies. Mr. Nash serves on the Real Estate Investment Committees of Blackstone Real Estate Debt Strategies and Blackstone Real Estate Advisers. He also serves as the Executive Chairman of Blackstone Mortgage Trust. Mr. Nash also became Chairman of Blackstone’s GP Stakes division, which focuses on purchasing minority ownership interests in private equity and other private-market alternative asset management businesses, in 2021. Before 1997, Mr. Nash worked for Barclays Bank, Bank of Nova Scotia, and Deloitte Haskins & Sells. Mr. Nash has a B.S. in Accounting from the State University of New York at Albany and an M.B.A. in Finance from New York University’s Stern School of Business.

Opinion: This looks like the epicenter of the regional bank carnage. Commercial real estate loans combined with duration risk are the banking crisis of 2023.

Name: Adam K Peterson
Position: 10% Owner
Transaction Date: 2023-03-10 Shares Bought: 49,000 Average Price Paid: $17.43 Cost: $853,930
Company: RE/MAX Holdings Inc. (RMAX)

RE/MAX was started in 1973 with an innovative, entrepreneurial culture allowing franchisees and their agents to conduct their companies independently. In the early years of its development in the United States and Canada, the firm expedited the brand’s growth by selling regional franchise rights to independent owners for specific geographic areas, a strategy that continues in nations other than the United States and Canada. The firm is one of the world’s largest real estate franchisors. The firm operates worldwide real estate brokerages under the RE/MAX brand and mortgage brokerages in the United States under the Motto Mortgage brand. The wemlo brand also sells supplementary goods and services to franchise networks, including loan processing services to the Motto network.

Adam K. Peterson has served as Co-Chairperson of BOC’s board of directors since February 2015 and as Co-President and Co-Chief Executive Officer of BOC since December 2017. He served as BOC’s Executive Vice President from February 2015 to December 2017. Mr. Peterson has been the Manager of The Magnolia Group, LLC, an SEC-registered investment adviser and general partner of Magnolia Capital Fund, LP, Magnolia BOC I, LP, and Magnolia BOC II, LP, since June 2014. Mr. Peterson has been a Nicholas Financial, Inc—director since June 2017. Mr. Peterson was Magnolia Capital Partners, LP’s Chief Investment Officer, and affiliated businesses from November 2005 until August 2014. Mr. Peterson worked as a financial analyst for Kiewit Company from May 2004 until June 2006. Creighton University awarded Mr. Peterson a B.S. in Finance.

Opinion: This might work when the Fed gets off its high horse or Powell gets axed and lets the market determine interest rates, not the Government.

Name: James Andrew Barker
Position: Director
Transaction Date: 2023-03-13 Shares Bought: 15,000 Average Price Paid: $13.50 Cost: $202,491.00
Company: Banc Of California Inc. (BANC)

Banc of California, Inc., a Maryland corporation founded in March 2002, acts as the holding company for its fully owned subsidiary, Banc of California National Association, a bank with headquarters in California. The Bank is a commercial bank that prioritizes relationships. Through the 32 full-service locations stretching from San Diego to Santa Barbara, the organization provides complete goods and solutions for corporations, business owners, and people throughout California. The corporation has been catering to Californian markets through the Bank and its forerunners since 1941. The Bank provides a range of financial products and services to meet its customers’ banking and financial requirements.

James Andrew Barker leads the Banc of California, Inc. board of directors. He previously held the positions of Co-President of Velocity Vehicle Group and Co-President at Los Angeles Truck Centers LLC (a subsidiary of Velocity Vehicle Group), Executive Director & Group Finance Director at CSG Holdings Ltd., Head-Corporate Finance at I F S Consulting Pty Ltd., and Financial Manager at Dorbyl Ltd. Both Stanford University and the University of the Witwatersrand awarded Mr. Barker undergraduate degrees.

Opinion:

Name: Mark J Erceg
Position: Chief Financial Officer
Transaction Date: 2023-03-09 Shares Bought: 76,925 Average Price Paid: $12.88 Cost: $990,783
Company: Newell Brands Inc (NWL)

Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands such as Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, EXPO, Elmer’s, Yankee Candle, Graco, NUK, Rubbermaid Commercial Products, Spontex, Coleman, Campingaz, Contigo, Oster, Sunbeam, and Mr. Coffee. By bringing pleasure, boosting confidence, and delivering peace of mind, Newell Brands’ well-known products improve and brighten customers’ lives inside and beyond the home. The Corporation sells its goods in approximately 200 countries and operates in more than 40 countries, excluding third-party distributors.

Mark Erceg has been appointed as Newell Company’s Chief Financial Officer, beginning January 9, 2023. Before joining Newell Brands, Mark Erceg was Executive Vice President and Chief Financial Officer of Cerner Corporation, a Fortune 500 Healthcare Information Technology Company. Mr. Erceg previously worked for about ten years as CFO at three other publicly listed firms, including Tiffany & Company, Canadian Pacific Railway, and Masonite International Corporation. He started his career in 1992 with Procter & Gamble, spending over 18 years in increasingly responsible positions in finance, strategy, and operations. Mr. Erceg has a B.S. in Accounting and an MBA in Finance from Indiana University’s Kelley School of Business and is a Certified Financial Analyst.

Opinion: Mark just joined the team and I bet somewhere in his employment contract there was a requirement he buys a million dollars worth of stock. I generally ignore this kind of buy from someone filling a new senior management position.

 

Name: Steven B Klinsky
Position: Director
Transaction Date: 2023-03-15 Shares Bought: 200,000 Average Price Paid: $11.77 Cost: $2,354,600
Company: New Mountain Finance Corp (NMFC)

New Mountain Finance Corporation is a Delaware company formed on June 29, 2010, and completed its first public offering. New Mountain Capital has a history of investing in the middle market. New Mountain Capital’s private equity, credit, and net lease investment strategies concentrate on defensive growth firms. The Investment Adviser oversees daily operations and offers investment advising and management services. New Mountain Capital’s private equity, credit, and net lease investment strategies concentrate on defensive growth firms.

Steven B. Klinsky has been the Chairman of the Board of Directors of New Mountain Finance Corporation since July 2010. Mr. Klinsky founded New Mountain Capital in 1999. He then became an Associate Partner (1984-1986) and a General Partner at Forstmann Little and Co. (1986-1999). Throughout the bulk of the 1990s, Mr. Klinsky was the firm’s most senior partner outside of the Forstmann family. Mr. Klinsky earned his B.A. in Economics and Political Philosophy with honors from the University of Michigan in 1976. He earned his M.B.A. from Harvard Business School and his J.D. with honors from Harvard Law School. He has been the Chairman or a director of several enterprises and philanthropies.

Opinion: It’s all part of the same game, be wary of lending. Mr. Klinksy’s strong showing of confidence in his company might stem the bleeding.

 

Name: Thurman J Rodgers
Position: Director/10% Owner
Transaction Date: 2023-03-15 Shares Bought: 129,111 Average Price Paid: $10.47 Cost: $1,351,792.00
Company: Enovix Corp (ENVX)

Enovix Company is on a quest to fuel future technology. Enovix was founded in 2007 on the concept that significantly changing battery performance would require redesigning the battery’s architecture. The design enables the use of 100% active silicon and no graphite in the anode of a battery, which is the negative electrode that stores lithium ions when the battery is charged. The benefit of silicon over graphite is that it can potentially store more than twice as much lithium as graphite, increasing a battery’s energy density and total capacity. Since silicon may swell and break in traditional topologies, affecting safety and performance, the battery industry has long struggled to use more than a modest quantity of silicon in the anode. On the other hand, the architecture is intended to accept silicon swelling and apply stack pressure, alleviating the cracking issue.

Thurman J. Rodgers has been on the board of directors since 2012. Cypress Semiconductor was established in 1982 by Rodgers. He was Cypress’ CEO for 34 years before retiring as the company’s longest-tenured CEO among publicly listed technology businesses. Rodgers formerly served as chairman of the Semiconductor Industry Association and SunPower Corporation. Rodgers attended Dartmouth as a Sloan scholar and graduated as Salutatorian in 1970 with a double major in physics and chemistry. As the best physics and chemistry student in his class, he received the Townsend Award and the Haseltine Chemistry-Physics Prize. On a Hertz grant, he attended Stanford University and earned a master’s degree and a Ph.D. in electrical engineering. He devised, developed, and patented VMOS technology at Stanford, which he sold to American Microsystems Inc. for cash and royalties.

Opinion: Thurman might strike gold again. He was largely responsible for Enphase’s (ENPH) meteoric rise. Can he catch lightning in a bottle again?

Name: Jennifer W Steans
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 50,000 Average Price Paid: $10.29 Cost: $514,500
Company: Valley National Bancorp. (VLY)

Valley National Bancorp is a New Jersey business founded in 1983 and registered with the Federal Reserve Board of Governors as a bank holding company. The bank now has 226 locations covering northern and central New Jersey, the boroughs of Manhattan, Brooklyn, and Queens in New York City, Long Island, Florida, and Alabama. With numerous commercial, retail, insurance, and wealth management financial services offerings, the bank provides a comprehensive range of banking solutions. Traditional commercial and industrial lending, commercial real estate financing, small business loans, equipment, basic consumer and commercial deposit products, personal financing solutions such as residential mortgages, home equity loans, and automobile financing, as well as solutions for homeowners associations and a full-service line of cash management solutions, are among the products offered.

Jennifer W. Steans is the President and CEO of Financial Investments Corporation, where she supervises private equity investments and the operations of the Steans family office. Ms. Steans worked as Treasurer of Prime Graphics, Inc., as a Senior Consultant, and subsequently as a manager for Deloitte & Touche’s Management Consulting arm, mostly in the finance and healthcare sectors, before starting FIC in 1994. Ms. Steans is a Director of Valley National Bank and the former Chair of the Board of Directors of USAmeribancorp, Inc., a privately owned Tampa Bay area middle-market bank. Ms. Steans has a B.S. in Mathematics from Davidson College and an MBA from Northwestern University’s J. L. Kellogg Graduate School of Management. She was designated one of the 25 Most Influential Women in Finance by American Bankers.

Opinion

Name: Brian Christopher Claunch
Position: VP of Financial Reporting
Transaction Date: 2023-03-15 Shares Bought: 5,000 Average Price Paid: $10.08 Cost: $50,400.00
Company: Comstock Resources Inc. (CRK)

Name: Patrick McGough
Position: Vice President of Operations
Transaction Date: 2023-03-15 Shares Bought: 20,000 Average Price Paid: $10.05 Cost: $201,000.00
Company: Comstock Resources Inc. (CRK)

Comstock Resources Inc is a significant independent natural gas producer focused on the Haynesville shale, a top natural gas region in North Louisiana and East Texas with better economics due to its proximity to Gulf Coast markets. The firm concentrated on building wealth by developing a large inventory of highly profitable and low-risk drilling possibilities in the Haynesville and Bossier shales. The majority of oil and gas activities are centered in Louisiana and Texas.

Brian C. Claunch was appointed Vice President of Financial Reporting in June 2021. Mr. Claunch joined the Company in June 2020 as Director of Financial Reporting. Before joining Comstock, Mr. Claunch worked as the Director of Financial Reporting for Guidon Energy and the Controller for Pioneer Natural Resources Corporation. In 1999, he earned his Bachelor of Business Administration and Master of Science in Accounting degrees from the University of Texas at Arlington.

Patrick H. McGough was appointed Vice President of Operations in July 2019. He joined Covey Park in August 2018 as Vice President of Operations, in charge of Drilling, Completion, and Production operations and engineering. Before joining Covey Park, Patrick worked as a Brammer Engineering Drilling, Completion, and Production Engineer. During this period, Mr. McGough worked in a variety of basins in both unorthodox and traditional plays. He earned a Bachelor of Science in Chemical Engineering from Louisiana Tech University and an MBA from Centenary College of Louisiana.

Opinion: Jerry Jones of Dallas Cowboys fame said this is the best investment he’s ever made. I wonder if he feels that way now. Insiders have been heavy buyers in this name and are now nursing large losses.  Natural gas prices are now sitting at lows last seen caused by the Pandemic of 2020. How is this possible?

 

Name: James R Sulat
Position: Director
Transaction Date: 2023-03-14 Shares Bought: 30,000 Average Price Paid: $8.48 Cost: $254,475
Company: Mallinckrodt plc (MNK)

Mallinckrodt plc is a specialized pharmaceutical company that develops, produces, promotes, and distributes goods and treatments in the United States, Europe, the Middle East, Africa, and globally. It divides its business into two divisions: specialty brands and specialty generics. The company sells branded pharmaceuticals for autoimmune and rare diseases in neurology, rheumatology, nephrology, ophthalmology, hematology, pulmonology, oncology, immunotherapy, neonatal respiratory critical care therapies, analgesics, cultured skin substitutes, and gastrointestinal products. Physicians, respiratory therapists, pharmacists, pharmacy buyers, hospital procurement departments, ambulatory surgical centers, and specialty pharmacies are the primary customers for the company’s branded goods.

Mr. Sulat has been a director and served as chair of the Audit Committee and a member of the Human Resources and Compensation Committee since June 2022. He has over 20 years of experience as a senior executive and board member in the life sciences business. Mr. Sulat served as Maxygen’s chief executive officer and chief financial officer from 2009 to 2013 and was a Maxygen board of directors member from 2003 to 2013. Formerly, he was the chief financial officer of R.R. Donnelley & Sons, Chiron Corporation, and Stanford Health Service. Mr. Sulat has a Degree in Administrative Sciences from Yale University, an MBA, and an MA in Health Services Administration from Stanford.

Opinion: I haven’t had good luck with generics. Take them, don’t buy them is my advice.

 

Name: Anthony Noto
Position: Chief Executive Officer
Transaction Date: 2023-03-16 Shares Bought: 45,000 Average Price Paid: $5.39 Cost: $242,712
Company: SoFi Technologies Inc. (SOFI)

SoFi Technologies Inc. is a one-stop shop for financial services that is focused on its members. Its Lending and Financial Services products allow members to borrow, save, spend, invest, and protect their money. Customers are referred to as “members” by the firm. The objective of the firm is to assist members in achieving financial independence to fulfill their dreams. The company started up in 2011 and has made a set of financial solutions that can only be done quickly, easily, and with a wide range of options on an integrated digital platform. Everything the firm does now is oriented around assisting members in “Getting Your Money Right,” and the company strives to develop and create methods for members to attain this objective.

Anthony is the CEO of SoFi and a board member of the company. Before joining SoFi, he served as the company’s chief operational officer since November 2016 and its chief financial officer since July 2014. Before joining Twitter, Anthony worked at Goldman Sachs for over four years as the co-head of global TMT investment banking. He started working at Goldman Sachs in 1999 and was in charge of research on communications media and the Internet until 2004, when he was made a partner. Anthony spent almost three years as the National Football League’s chief financial officer before returning to Goldman.

Opinion: I love this bank’s depositor base but the last week has proved that we know a lot less about banks than we thought we did. SoFi will likely get acquired by one of the big banks that want to tap into this up-and-coming demographic that SOFI has captured.  Just realize you don’t know the balance sheet and hope the hell Anthony Noto does.

 

Name: John Joseph Stephens
Position: Director
Transaction Date: 2023-03-10 Shares Bought: 214,500 Average Price Paid: $2.92 Cost: $626,126
Company: Solid Power Inc. (SLDP)

Solid Power is developing solid-state battery technology to allow the next generation of rechargeable batteries for the rapidly expanding EV and other applications. The unique sulfide-based solid electrolyte material utilized in the company’s core technology substitutes the liquid or gel electrolyte used in standard lithium-ion batteries. The business believes that the electrolyte material can provide a greater driving range, longer battery life, enhanced safety, and reduced prices than standard lithium-ion batteries. In addition, the business designs and develops solid-state cells that use electrolytes in the cathode, anode, and separator layers. The most advanced cell design has a silicon anode, an NMC cathode, and a solid separator. The business is doing preliminary research on other cell designs, including lithium-metal, an anode-less design, and a cell that substitutes the nickel and cobalt in the cathode with earth-rich elements.

John Stephens is the Class III Director and the Lead Independent Director. Since September 2021, he has been on the board of directors. Mr. Stephens has over 35 years of experience in accounting and finance, including financial planning, corporate development, accounting and accounting policy, tax, auditing, treasury, investor relations, corporate real estate, business planning, and financial and operational regulatory reporting. Mr. Stephens resigned from AT&T, Inc. in March 2021, where he was Senior Executive Vice President and Chief Financial Officer. Before that, he held several roles in AT&T, Inc.’s financial department. Mr. Stephens graduated from Rockhurst University with a B.S.B.A. in Accounting and a J.D. from St. Louis University School of Law.

Opinion: Venture capital company trading in the public markets. 

 

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Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information.  Everyone who has any experience at all in the stock market pays close attention to what insiders are doing.  After all, who knows a business better than the people running it?  Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4  as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data so I like people that eat what they kill.

The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, with selling, we analyze unusual patterns, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1 is horrendously poor. Also planned sales that just pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money we are trying to read the tea leaves on. I say generally because some 10% shareholders are great investors. Think Warren  Buffett, Icahn, and others

Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes.  Do your own analysis. They can easily be wrong, and in many cases, maybe most cases have no more idea what the future may hold than you or me. In short, you can lose money following them.  We have and we curse aloud, what were they thinking!

We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock.  Dow Jones news service is an essential tool but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.

A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified.  She probs the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. The websites and marketing material are just that, poorly disguised marketing material for many. I should know that better than most if you at my past involvement in building the 1st websites for many Fortune 500 companies.

No one tracks and understands insider behavior better than us. We’ve been doing it religiously since 2001 when I quit being an insider myself and devoted myself full-time to managing my personal investments. Needless to say, past good fortune is no guarantee of future success. We may own positions, long or short, in any of these names and are under no obligation to disclose that.

This blog is solely for educational purposes and the author’s own amusement. Don’t rely on this blog. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. We welcome your comments on our analysis but please do  your own research.  Investing with The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise.  THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.

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