The Bull Charges as Bears Run in Disbelief Insider Buying Week 3-31-23

It may be the calm before the storm but the bulls are running. The Fed’s rapid interest rate hikes came to a screeching halt last week. The Fed’s favorite inflation indicator, the Personal Consumption Expenditures Price (PCE) Index came in below expectations Friday.  Hiking interest rates has been one of the key policy tools used by the Fed to cool the economy and ease inflationary pressures. Many investors have been concerned about whether the pace of rate hikes and keeping rates higher for longer could drag the U.S. economy into a recession. That all came to a sudden and unexpected abrupt end when Silicon Valley Bank failed and contagion rippled through the banking system forcing the Treasury, the Federal Reserve, and FDIC to spin up a magic liquidity system to deal with the bank run that their rapid interest rates hikes engendered.

Market participants sniffing out the end to Chairman Powell Volker’s metamorphosis decided with sudden and near unanimous agreement that long-duration assets like Nasdaq software behemoths with their bulletproof balance sheets were once again the place to be. Nasdaq ended the quarter up 18% turning in its best performance since 2020.  Suddenly ~4% annual interest doesn’t look so juicy when double-digit returns are in the offing.

We are still in the heart of darkness as most insiders are blacked out from purchasing their own stock due to the end of the quarter’s imminent earnings announcements. We’ll see soon enough if there is any value in this bull run or if is it all momentum and fear of missing out. Convictions on both sides of the argument seem especially weak and prone to sudden flip-flops without warning.

 

Name: Tim McGuire
Position: Director
Transaction Date: 2023-03-24 Shares Bought: 3,550 Average Price Paid: $202.00 Cost: $717,088.00
Company: Dollar General Corp (DG)

Dollar General Corp is the largest discount retailer in the United States by store count, with 19,147 stores as of March 3, 2023, located in 47 U.S. states and Mexico, with the greatest concentration of stores in the southern, southwestern, midwestern, and eastern United States. The Company’s first store in Mexico will open in February 2023. The Company sells various merchandise, including consumables, seasonal items, home goods, and clothing. The Company’s merchandise includes national brands from leading manufacturers and private brand selections at significantly lower prices than national brands.

Mr. McGuire was the Chief Executive Officer of Mobile Service Center Canada, Ltd. (d/b/a Mobile Klinik and, since July 2020, a business division of TELUS Corporation), a chain of professional smartphone repair stores, from October 2018 to August 2022, as well as its Chairman of the Board (June 2017 to October 2018) and director (March 2017 to July 2020). He retired from McKinsey & Company, a global management consulting firm, in August 2017 after nearly 28 years as a global retail and consumer practice leader, including five years as the Americas retail practice leader. At McKinsey, Mr. McGuire led consulting efforts with major retail, telecommunications, consumer service, and marketing organizations in Canada, the United States, Latin America, Europe, and Australia. Mr. McGuire graduated from the Richard Ivey School of Business.

Opinion:  This was the week for Dollar Stores’ insider buying. Recessionary times are good for Dollar Stores as everyone is trying to make the dollar go further. DCF value has the company fairly valued.

 

Name: Jeffrey Allan Davis
Position: Chief Financial Officer
Transaction Date: 2023-03-27  Shares Bought: 1,790 Average Price Paid: $139.06 Cost: $248,917.00
Company: Dollar Tree Inc. (DLTR)

Dollar Tree Inc. is a leading operator of discount variety stores with a proven track record of growth and success. As of January 28, 2023, the company operated 16,340 discount variety retail stores across 48 states and five Canadian provinces, and the company believes that the market can support more than 10,000 Dollar Tree stores and 15,000 Family Dollar stores in the United States, as well as approximately 1,000 Dollar Tree stores in Canada, in the long term. The company believes that the convenience and value that the company provides are critical factors in serving and growing our loyal customer base.

Jeffrey Allan Davis was a Chief Financial Officer at Dollar Tree, Inc. from October 2022. Mr. Davis is also a board member of Laboratory Corp. of America Holdings and The First Tee of Northwest Arkansas, as well as a member of the National Association of Black Accountants, Inc. Mr. Davis previously held the positions of Treasurer and Executive Vice President at Walmart, Inc., Chief Financial Officer and Senior Vice President at Darden Restaurants, Inc., Chief Financial Officer and Senior Vice President at Qurate Retail, Inc., Chief Financial Officer at Lakeland Tours LLC, Principal at The Hillman Co., Chief Financial Officer & Executive Vice President at Old COPPER Co., Inc., and Chief Financial Officer at McKesson General Medical Corp. Mr. Davis graduated with honors from The Pennsylvania State University and the Joseph M. Katz Graduate School of Business.

Opinion: The one-two punch, CFO and CEO buying stock look like typical insider buying when the price is low.  Both dollar stocks are fairly valued with Dollar Tree selling at a slight discount to its DCF.

Name: Carl C. Icahn
Position: Director
Transaction Date: 2023-03-24 Shares Bought: 252,376 Average Price Paid: $60.15 Cost: $15,180,416
Company: Southwest Gas Holdings Inc. (SWX)

Southwest Gas Holdings, Inc., a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada. Before the closing of the MountainWest Sale (as defined below) on February 14, 2023, MountainWest Pipelines Holding Company (“MountainWest,” or the “pipeline and storage” segment). The Company now operates two business segments following the sale of MountainWest. Southwest Gas Holdings, Inc. is a Delaware corporation, and Southwest Gas Corporation is a Texas corporation.

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: Icahn is interested and history tells us you should be too.

Name: Marianne Brown Catherine
Position: Director
Transaction Date: 2023-03-28 Shares Bought: 5,000 Average Price Paid: $53.47 Cost: $267,340.00
Company: Schwab Charles Corp. (SCHW)

The Charles Schwab Corporation (CSC) is a holding company for savings and loans. CSC, founded in 1986, provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services through its subsidiaries (collectively referred to as Schwab or the Company). Two divisions of Schwab provide financial services to individuals and institutions: Investor Services and Advisor Services. Individual investors receive retail brokerage and banking services from Investor Services, while businesses and their employees receive retirement plan services and other corporate brokerage services.

Ms. Brown has been Director at Schwab Charles Corp., Inc. since January 2020. She was also the former Co-Chief Operating Officer of the financial services technology company Fidelity National Information Services, Inc. (FIS) from 2018 to 2019. Since 2015, when FIS acquired SunGard Financial Systems LLC, a provider of software and IT services, Ms. Brown has served as Chief Operating Officer, Institutional and Wholesale Business for FIS. From 2014 to 2015, she served as SunGard Financial Systems’ chief operating officer. Ms. Brown brings expertise in financial technology and extensive public company board experience to the board, having served as a senior executive at multiple financial technology companies and as a director on numerous public company boards.

Opinion: More on the battleground between bears and bulls.  Management has gone on a full P.R. blitz promoting their stock with money and words. Multiple insiders have been buying Schwab but the market doesn’t seem to care much. It will take a quarter or two to restore confidence that earnings will not suffer due to depositors shunning the bank for higher-paying money market instruments.  What you don’t hear much about is how much more Schwab and the other brokers are earning from very high-margin loan rates or that margin balances are down 20% year over year.

Name: Douglas J Alexander Jr
Position: Chief Executive Officer
Transaction Date: 2023-03-24 Shares Bought: 45,168 Average Price Paid: $22.22 Cost: $1,003,633.00
Company: United Natural Foods Inc. (UNFI)

UNFI is a leading distributor of grocery and non-food products in the United States and Canada and a support services provider to retailers. The company believes it is uniquely positioned to offer customers the most comprehensive range of products and services across North America. The company’s diverse customer base includes over 30,000 locations ranging from some of the country’s largest grocers to smaller independents. he largest publicly traded wholesale distributor of health and specialty food in the United States and Canada, it is Whole Foods Market’s main supplier, with their traffic making up over a third of its revenue in 2018. The company sells approximately 260,000 national, regional, and private-label brands. It is divided into six categories: grocery and general merchandise, produce, perishables and frozen foods, nutritional supplements and sports nutrition, bulk and food service products, and personal care items.

J. Alexander M. Douglas has been Chief Executive Officer & Director at United Natural Foods, Inc. since January 2021. Mr. Douglas is also on the board of 9 other companies. In his past career, Mr. Douglas held the position of Chief Executive Officer at Staples, Inc., Executive Vice President for The Coca-Cola Co. and President & Senior Vice President at Coca-Cola North America (a subsidiary of The Coca-Cola Co.), Principal at Procter & Gamble Co. and Chairman at GS1 US, Inc. He received an undergraduate degree from the University of Virginia.

Opinion: This was the CEO’s largest purchase United Natural Foods disclosed that on March 20, Michael Stigers, retail CEO, notified the company of his intention to resign from his position as Chief Executive Officer, UNFI Retail to pursue another professional opportunity. That sounds like he was axed because  on March 8th the Company reported Q2 earnings with profitability far below expectations due to inflation and supply chain challenges. I think this warrants a purchase but remember its already up 18% since his purchase.

Name: Thomas A Kingsbury
Position: Chief Executive Officer
Transaction Date: 2023-03-28 Shares Bought: 92,500 Average Price Paid: $21.82 Cost: $2,018,350.00
Company: Kohl’s Corp (KSS)

Kohl’s Corporation is a Wisconsin firm that was established in 1988. Affordable private and national brand clothing, footwear, accessories, beauty, and home goods are available online at Kohl’s retail locations. The product selection at Kohl’s stores is typically consistent, with some variations due to regional tastes, store size, and Sephora. The mission of Kohl’s is to inspire and equip families to live happy, fulfilling lives. The company is dedicated to fostering an inclusive culture where diversity and inclusion foster creativity and positive business outcomes while allowing employees and customers to be themselves daily.

Thomas A Kingsbury has over 40 years of expertise in the retail sector and has held executive leadership and board positions at Kohl’s, Burlington Stores, Inc., and The May Department Stores Company. From 2008 to 2019, Mr. Thomas served as Burlington Stores, Inc’s President and Chief Executive Officer. Mr. Thomas also served on the Burlington Stores Board of Directors from 2008 to 2020, including as Chairman from 2014 to 2019 and Executive Chairman from 2019 to 2020.

Opinion: How do you make money from a retailer with a fundamentally troubled business?  Newly hired CEO Tom Kingsbury purchased $2 million of stock in a show of confidence he has the answer. I doubt he does.

 

Name: Matthew J Gould
Position: Senior Vice President
Transaction Date: 2023-03-22 Shares Bought: 21,034 Average Price Paid: $18.71 Cost: $393,639
Company: BRT Apartments Corp.(BRT)

BRT Apartments Corp. is an internally managed real estate investment trust, or REIT, that specializes in the acquisition, management, and, to a lesser extent, the development of multifamily properties. The company’s primary interests include multifamily property ownership, management, and development. The company typically owns multifamily properties like townhomes, mid-rise apartments, or garden apartments that offer residents access to amenities like a clubhouse, swimming pool, laundry rooms, and cable television. The typical length of a residential lease is one year, and security deposits up to the amount of one month’s rent may be required. These properties have a large percentage of their units leased at market rates.

Matthew J. Gould has served as the CEO of 5 separate organizations. He currently holds the positions of Chairman of Gould Investors LP, Director and Senior Vice President of Majestic Property Management Corp., Chairman and Chief Executive Officer of Georgetown Partners, Inc., Chief Executive Officer of Rainbow Realty Group LLC, and Chief Executive Officer of Rainbow MJ Advisors LLC. Majestic Property Management Corp. is a subsidiary of Gould Investors LP. In addition, Mr. Gould serves as chairman of One Liberty Properties, Inc., director and senior vice president of BRT Apartments Corp., and senior vice president of REIT Management Corp. He is also on the boards of Sportsvite LLC and Halsa Holdings LLC. Both the University of Michigan and Yeshiva University awarded Mr. Gould undergraduate and graduate degrees.

Opinion: If you can’t afford to buy a house with record high prices and mortgage rates, you are renting. There may be pockets of the country with overbuilt multifamily but real estate is all local. The Goulds are betting their market is good and I’m inclined to bet with them.  The 5% dividend yield looks safe and has prospects of rising unlike the 10 year Treasury which will never pay you any more than its coupon.

 

 

Name: Christopher O Blunt
Position: Director
Transaction Date: 2023-03-28 Shares Bought: 15,000 Average Price Paid: $17.75 Cost: $266,190.00
Company: F&G Annuities & Life Inc. (FG)

F&G, founded in 1959, is a leading provider of insurance solutions to retail annuities and life and institutional clients. Our mission is to assist people in making their dreams a reality. As of December 31, 2022, F&G has approximately 623,000 policyholders who rely on the security and protection provided by our fixed annuity and life insurance products. The company believes that the strength of its balance sheet gives policyholders and business partners confidence and positions it for future growth. The company’s invested assets comprise a highly rated and well-diversified portfolio.

Mr. Christopher Owsley Blunt started working at F&G in several insurance, investment management, and wealth management roles. Since January 2018, Mr. Blunt, who goes by the name Chris, has been the President, Chief Executive Officer, and Director of FGL Holdings since January 2, 2019; in 2019, Mr. Blunt was the Senior Managing Director and Chief Executive Officer of Blackstone Insurance Solutions for Blackstone Group L.P. Mr. Blunt helps insurance companies worldwide get customized solutions for investment grade and alternative investments. Mr. Blunt was the President of New York Life before he joined Blackstone. Before that, Mr. Blunt was the Co-President of NewYork Life’s Insurance and Agency Group. Mr. Blunt spent time with New York Life in several senior leadership roles.

Opinion: This interest rate climate and stock market volatility is good for marketing annuities. Peter Lynch loved spin-offs and the persistent insider buying and support of this spinoff makes me think this is a winner.

 

Name: Michael R. Hayden
Position: Director
Transaction Date: 2023-03-30 Shares Bought: 87,788 Average Price Paid: $12.28 Cost: $1,077,914
Company: 89bio Inc.(ETNB)

89bio Inc is a clinical-stage biopharmaceutical business focusing on discovering and marketing novel treatments for liver and cardiometabolic illnesses. Pegozafermin, a glycoPEGylated version of fibroblast growth factor 21, is the company’s principal pharmaceutical candidate for treating nonalcoholic steatohepatitis and severe hypertriglyceridemia. 89bio, Inc. was founded in 2018 and is based in San Francisco, California.

Michael Hayden has been on the board of directors since April 2018. Dr. Hayden is a Killam Professor at the University of British Columbia and the head of the National University of Singapore and A*STAR’s Translational Center in Genetic Medicine. Dr. Hayden worked as Teva Pharmaceutical Industries Ltd.’s President of Global Research and Development and Chief Scientific Officer from May 2012 to December 2017, then as an adviser to Teva from December 2017 to August 2018. Dr. Hayden graduated from the University of Cape Town with an M.B. Ch.B. in Medicine, a Ph.D. in Genetics, and a Certificate in Child Health. Harvard Medical School awarded him an American Board Certification in internal medicine and clinical genetics and an FRCPC in internal medicine from the University of British Columbia.

Opinion: We don’t see many stock charts looking this good. 89bio is preclinical development biotech and insider buying is about all you can go on at this point. Dr. Hayden is clearly an informed buyer.

Name: Ron Coughlin
Position: CEO & Chairman
Transaction Date: 2023-03-28 Shares Bought: 61,040 Average Price Paid: $8.27 Cost: $504,801
Company: Petco Health & Wellness Company Inc.(WOOF)

Petco, established in 1965, is a market-leading health and wellness organization dedicated to enhancing the lives of dogs, pet owners, and Petco partners. Building on more than 55 years of providing solutions for pets and the people who love and care for them, the company has transformed itself from a successful but traditional retailer to a disruptive, fully-integrated, omnichannel provider of holistic pet health and wellness offerings, including premium products, services, and veterinary care in recent years. Moreover, in 2022, the firm began developing into rural areas by building the first Neighborhood Farm & Pet Supply pet care facilities, which serve as one-stop shops for health and wellness solutions for pets and farm animals in rural communities.

Ron is the Chief Executive Officer of Petco, a category-defining health and wellness business that has been enhancing the lives of dogs, pet owners, and own Petco associates for over 55 years. Ron became CEO of Petco in June 2018 and is responsible for guiding the company’s corporate strategy, direction, and overall performance. Before joining HP, Ron worked for PepsiCo for 13 years in various top executive positions, including Chief Marketing Officer of PepsiCo International Beverages. In that role, he was in charge of marketing efforts for Pepsi, 7 Up, Gatorade, and Tropicana in all areas outside the United States. Ron has a bachelor’s degree in international marketing from Lehigh University and a master’s in business administration from Northwestern University’s Kellogg School of Management.

Opinion: Petco has yet to make the successful transition to online sales as an omni channel retailer  It’s online nemesis Chewy is eating its lunch, pun intended.

Name: Albert P Behler
Position: Chairman, CEO and President
Transaction Date: 2023-03-23 Shares Bought: 50,000 Average Price Paid: $4.10 Cost: $205,050.00
Company: Paramount Group Inc. (PGRE)

The Paramount Group, Inc. is a fully integrated real estate investment trust that owns, operates, manages, acquires, and redevelops high-quality, Class A office properties in select central business district submarkets of New York City and San Francisco. The firm does operations through the Operating Partnership, which owns the majority of the company’s real estate and investments. They are the sole general partner of the Operating Partnership and held about more of it as of December 31, 2021.

Mr. Albert P. Behler is President & Chief Executive Officer at Paramount Group, Inc. He serves on the Citymeals-on-Wheels board of directors. In October 1991, he started working for Paramount Group. Mr. Behler previously worked as a principal at Thyssen Handels Union AG, as the chairman of the Association of Foreign Investors in Real Estate, as a member of the Greenprint Foundation, and as a member of The Samuel Zell and Robert Lurie Real Estate Center. Mr. Behler has an Executive Master of Business Administration, which he got from Georgia State University in Atlanta. He studied law and economics in Germany.

Opinion: I don’t think I want the headache and anxiety of owning office rental properties.

Name: Jeffery Scott Kerby
Position: Chief of Owned Retail
Transaction Date: 2023-03-23 Shares Bought: 23,077 Average Price Paid: $2.77 Cost: $63,919
Company: Purple Innovation Inc.(PRPL)

Name: Eric Scott Haynor
Position: Chief Operating Officer
Transaction Date: 2023-03-23 Shares Bought: 138,598 Average Price Paid: $2.75 Cost: $381,129
Company: Purple Innovation Inc.(PRPL)

Purple Innovation Inc started as a digitally-native vertical brand based on comfort product innovation and premium offers and has now evolved into an omnichannel company. Mattresses, pillows, cushions, bases, sheets, and other creative, branded, and premium comfort items are available from the firm. The goods result from decades of research and development in exclusive and patented comfort technologies and the creation of production techniques. Purple’s patented technology has been utilized and carefully tested for over 30 years in medical and consumer applications to alleviate pressure, maintain an appropriate body temperature, and offer instantaneously adjustable support. The company modified this unique pressure-relieving material for hospital beds, wheelchairs, mattresses, and other cushion items.

Jeffery Scott Kerby served as a chief of owned retail at Purple Innovation. Kerby’s successful career includes well-known consumer companies such as Old Navy, Bath & Body Works, L Brands, and American Eagle. Kerby most recently led a successful retail team at Sephora as Vice President Head of Shops, where he was responsible for long-term strategic planning and revenue growth throughout Canada. Kerby graduated from Washington State University with a Bachelor of Science in Communications.

Eric Haynor has been the Company’s Chief Operating Officer since May 2022. Mr. Haynor, 58, formerly worked as Ecolab, Inc.’s Senior Vice President of Global Industrial Supply Chain from 2019 until now. Mr. Haynor previously served as Vice President of Global Equipment Operations and Global Life Sciences from 2017 to 2019, Vice President of Global Equipment Supply Chain Operations from 2014 to 2017, Vice President of Supply Chain Operations – EMEA from 2009 to 2014, and Vice President of Supply Chain Operations – Asia Pacific from 2005 to 2009. Mr. Haynor graduated from Michigan State University with a Bachelor of Science in Mechanical Engineering.

Opinion: Too much competition and not enough differentiation.

Name: Philip Liang
Position: Director
Transaction Date: 2023-03-28 Shares Bought: 74,300 Average Price Paid: $2.32 Cost:$172,227
Transaction Date: 2023-03-27 Shares Bought: 73,900 Average Price Paid: $2.07 Cost: $152,973
Transaction Date: 2023-03-23 Shares Bought: 73,500 Average Price Paid: $1.71 Cost: $125,538
Transaction Date: 2023-03-24 Shares Bought: 60,125 Average Price Paid: $1.65 Cost: $99,146
Company: Vicarious Surgical Inc. (RBOT)

Vicarious Surgical Inc. is integrating miniature robotics, computer science, and 3D visualization to create the Vicarious System. This single-incision surgical robot takes physicians inside the patient to conduct minimally invasive surgery or MIS. The company’s breakthrough next-generation robotics technology aims to boost the efficiency of surgical operations, improve patient outcomes, and lower healthcare costs. The company’s goal is to bring the next generation to robotic-assisted surgery to eliminate the inadequacies of open surgery and existing laparoscopic and robot-assisted MIS. A visionary team of engineers from the Massachusetts Institute of Technology, or MIT, leads it. The business has created many prototypes and has pre-submission meetings with the FDA to ensure everyone is on the same page with the regulatory approach. The company intends to submit a de novo application with the FDA for ventral hernia surgeries as the first indication.

Mr. Philip Liang has been a member of the board of directors since the Business Combination Closing in September 2021, and he previously served on the Legacy Vicarious Board. Mr. Liang formerly served as a managing partner of E15VC, a worldwide technology venture firm. He is also a Board Member of CaeliVascular and E15VC. Mr. Liang guides rising growth firms and investors through the venture capital life cycle. Mr. Liang is on the boards of directors of many E15VC-affiliated firms. Mr. Liang graduated from the Massachusetts Institute of Technology in 2006 with a Master of Science in Media Laboratory. Mr. Liang’s credentials for service on the board of directors include past board experience as a member of the Legacy Vicarious Board, as well as business and financial expertise at E15VC.

Opinion: This publicly traded venture capital company attempting to disrupt the surgical robotic industry has everything going for it;  A-list VC investors, strategic industry investors, and whiz-kid MIT founders. The one thing that is missing is time and money. It’s a race against the clock for product approval and commercialization and money running out.

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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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