If you haven’t been to the Sphere in Vegas, go now. It’s a marvel, and probably no better way to show it off with a light show from the Dead & Company, now playing at the Sphere. Not a lot of new pieces to the insider board game puzzle, and the clues are never perfect, but they keep coming. I got two mind-bending ideas out of this week, so that’s a mission accomplished. You’ll have to slog through some of this like I did before you get to the mindbending.
Name: Wallace R Weitz
Position: Director
Transaction Date: 2023-05-21 Shares Bought: 1,000 Average Price Paid: $369.98 Cost: $369,980
Company: Cable One Inc. (CABO)
Cable One, Inc. was established in 1980 and is based in Phoenix, Arizona. Cable One, Inc., through its subsidiaries, offers data, video, and voice services in the United States. The company provides residential data services, which improves Wi-Fi signal throughout the home. The company also offers a variety of household video services, ranging from basic video to digital services with access to hundreds of channels, as well as a cloud-based DVR feature that eliminates the need for set-top boxes. In addition, the firm provides Sparklight TV, an IPTV video service that enables consumers to watch video channels from the cloud via an app on supported devices such as the Amazon Firestick, Apple TV, and Android-based smart televisions. It also offers data, voice, and video products to business customers, such as small and medium-sized businesses, companies, wholesalers, and carriers.
Wallace Weitz, R., Director Since 2015. Mr. Weitz created Weitz Investment Management, Inc. in 1983 and has held a variety of positions there, including Chief Investment Officer, President, and Portfolio Manager. Mr. Weitz co-manages the Partners III Opportunity Fund and Weitz Multi-Cap Equity Fund, both of which are managed by Weitz Investment Management. Mr. Weitz has been a trustee of the Weitz Funds since 1986. Mr. Weitz began his career as a financial analyst in New York before moving to Omaha, Nebraska in 1973 to work for Chiles, Heider & Company. He worked there for ten years as an analyst and portfolio manager. Mr. Weitz is the Chair of Carleton College’s Board of Trustees and also serves on several other non-profit organizations. He also serves as a director of Berkshire Hathaway Inc.
Opinion: I can’t think of any thing but bankruptcy that will change the downward directory of this stock price.
Name: Jared Isaacman
Position: Chairman & CEO / 10% Owner
Transaction Date: 2023-05-23 Shares Bought: 39,135 Average Price Paid: $64.04 Cost: $2,506,108
Company: Shift4 Payments Inc. (FOUR)
Shift4 Payments, Inc. was established in 1999 and is headquartered in Center Valley, Pennsylvania. Shift4 Payments, Inc. provides software and payment processing solutions in the United States and internationally. The company offers a payment platform, omnichannel card acceptance, and processing solutions for a wide range of payment types, including credit, debit, contactless cards, Europay, MasterCard, Visa, QR Pay, mobile wallets, and alternative payment methods. It also provides technology solutions, including SkyTab POS to scale business and improve operational efficiency; VenueNext, which provides mobile ordering, countertop POS, self-service kiosk, and digital wallet to facilitate food and beverage, merchandise, and loyalty; and Lighthouse, a cloud-based suite of business intelligence tools that includes customer engagement, social media management, online reputation management, scheduling, and product pricing.
Jared Isaacman founded Shift4 in 1999, when he was sixteen years old, in the basement of his parent’s home. Shift4 has consistently pushed the envelope under his leadership, bringing cutting-edge payment technologies and solutions to businesses in a number of industries. Shift4 began trading on the New York Stock Exchange in 2020. Isaacman was named the EY Entrepreneur of the Year in 2021 for his leadership at Shift4 and his ability to create long-term value through entrepreneurial spirit, purpose, and expansion.
Opinion: Seeing someone whose interests align with the average investor is great. Prompt idea: What makes Shift Four unique? What unique attributes does Shift Four have, and compare these with the leading 4 other competitors? Provide a paragraph summary with columns with each unique business feature and check mark if the companies have it or not. The output was pretty impressive https://copilot.microsoft.com/sl/dPVVoo7ks2e. At the end of the day, it’s a mixed bag, but if you can tag along as an investor in a company run by Jared Issacman, you don’t think twice. Jump at the chance to buy at a fair price. You have to buy on weakness.
Name: Franklin Myers
Position: Director
Transaction Date: 2023-05-20 Shares Bought: 6,500 Average Price Paid: $57.37 Cost: $372,905
Company: HF Sinclair Corp (DINO)
HF Sinclair Corp is an independent energy company that produces and distributes high-value light commodities such as gasoline, diesel fuel, jet fuel, renewable diesel, and other specialty products. The corporation was founded in Delaware in 1947 and has its headquarters at 2828 N. Harwood, Suite 1300, Dallas, Texas. HollyFrontier Corp. and Holly Energy Partners, both of which have Oklahoma interests and assets, have formed HF Sinclair Corp. as their new parent holding company following the acquisition of Sinclair Oil Corp. and Sinclair Transportation from The Sinclair Companies. HF Sinclair will continue to operate refineries in Oklahoma, Kansas, New Mexico, Wyoming, Washington, and Utah, transporting refined goods across 19 states. In Oklahoma and other states, the company will provide petroleum product and crude oil transportation, storage, and throughput services to the petroleum industry.
Mr. Myers has served as the Board’s Chairperson since February 2019. Since February 2013, Mr. Myers has served as a senior advisor for Quantum Energy Partners, a private equity firm. From 2009 to 2012, Mr. Myers served as an operating adviser for Paine & Partners, LLC, a private equity firm, and from 2008 to 2009, as a Senior adviser to Cameron International Corporation, a publicly traded manufacturer of flow equipment products. He previously worked for Cameron in various other jobs, including Senior Vice President and Chief Financial Officer from 2003 to 2008, President of Cameron’s compression division from 1998 to 2001, and Senior Vice President and General Counsel between 1995 and 1999. Mr. Myers also served as Senior Vice President and General Counsel at Baker Hughes Incorporated from 1988 to 1995, as well as an associate and later partner at Fulbright & Jaworski from 1978 to 1988.
Opinion: I am fond of Dinosaur-themed gas stations. Like the real dinosaurs before them, the gas stations and refineries DINO owns and operates are headed for extinction.
Name: Barbara B Hill
Position: Director
Transaction Date: 2023-05-21 Shares Bought: 36,350 Average Price Paid: $27.40 Cost: $995,816
Company: Integra Lifesciences Holdings Corp (IART)
Integra LifeSciences Holdings Corporation was established in 1989 and is based in Princeton, New Jersey. Codman Specialty Surgical and Tissue Technologies are its two operating segments. The company provides neurosurgery and neurocritical care products such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, cranial stabilization equipment; surgical headlamps and instrumentation; and after-market services. In addition, the company offers regenerative technology solutions for acute wound treatment, as well as surgical tissue repair devices for hernia, tendon, and peripheral nerve repair and protection. The company sells its products directly to hospitals, integrated health networks, group purchasing organizations, physicians, surgery centers, and healthcare providers in the United States, Europe, Asia Pacific, and around the world through a variety of sales and distribution channels.
Barbara B. Hill has been a director at the corporation since May 2013. Ms. Hill has been an operating partner at NexPhase Capital, formerly Moelis Capital Partners, a private equity firm, since 2016. Before joining Moelis Capital Partners, she was CEO and director of ValueOptions, Inc., a managed behavioral health organization, as well as its parent company, FHC Health Systems, Inc. Ms. Hill now serves on the board of directors and the compensation committee of Owens and Minor, a health care product distribution company. Ms. Hill also serves on the board of Omega Healthcare Investors, Inc., a Maryland real estate investment trust, as well as on its pay committee. Ms. Hill has previously served on the boards of St. Jude Medical and Revera Inc., a Canadian firm that operates senior living facilities across Canada, the United Kingdom, and the United States. Ms. Hill holds B.A. and M.S. degrees from Johns Hopkins University.
Opinion: It’s an ugly chart, and I have no idea what changes that. This is a relatively large buy by a long term board member. Add the even larger purchase from the Executive Chairman of the Board, Essig. I need your help. This is from Copilot https://copilot.microsoft.com/sl/bW8vkknzfm8 and its not of much help.
Name: Christopher D Payne
Position: Director
Transaction Date: 2023-05-21 Shares Bought: 110,000 Average Price Paid: $17.74 Cost: $1,951,763
Company: Hims & Hers Health Inc. (HIMS)
Hims & Hers Health, Inc. operates a telehealth platform that links consumers with licensed healthcare providers in the United States, the United Kingdom, and throughout the world. Customers can purchase a variety of handpicked prescription and non-prescription health and wellness products and services directly through the company’s websites and mobile app. It also offers recurring prescription medicine and ongoing care from healthcare providers, as well as over-the-counter drug and device goods, cosmetics, and supplement products geared mostly toward general well-being, sexual health and wellness, skincare, and hair care. Furthermore, the company’s curated non-prescription products include melatonin and biotin in the wellness category; moisturizers, creams, sunscreen, serum, face oil, and face wash in the skincare category; condoms, climax delay spray, and wipes, vibrators, and lubricants in the sexual health and wellness category; and shampoos, conditioners, scalp scrubs, and topical treatments, such as minoxidil, in the hair care category.
Mr. Christopher D. Payne has served as an Independent Director at Hims & Hers Health, Inc. since 2023, as well as an Independent Director at Gogo. He serves on the boards of both Hims & Hers Health, Inc. and Gogo, Inc. Mr. Payne previously worked as President & Chief Operating Officer at DoorDash, Inc., Chief Executive Officer at Tinder, Inc., SVP-North American Marketplaces at eBay, Inc., Chief Executive Officer at Positronics, Inc., Vice President at Microsoft Corp., and Vice President at Amazon.com, Inc. He was also a board member at Rue La La. Dartmouth College is where he earned his undergraduate degree.
Opinion: This is a big-time board catch. On top of that, the company just issued an astonishing headline-catching PR event about their new GLP1 drug. This is a scary good company growing revenues at a 40% pace before they announced they would have their own GLP1 drugs for $199 per month. That’s right, 1/5th the cost of the competition. Do your own research, please. Lilly and Novo Nordisk are selling Wegovy and Ozempic for $1000-$1200 monthly. I see these 40% stellar revenue growth rates quadrupled within 12 months. I kid you not. This is my #1 short-term speculative bet.
Name: William F Doyle
Position: Director
Transaction Date: 2023-05-21 Shares Bought: 15,000 Average Price Paid: $16.98 Cost: $254,700
Company: Elanco Animal Health Inc (ELAN)
Elanco Animal Health Incorporated was formed in 1954 and is based in Greenfield, Indiana. Elanco Animal Health Incorporated is an animal health firm that designs, develops, manufactures, and markets products for pets and farm animals. It provides pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, The company offers its products to third-party distributors, veterinarians, and farm animal producers such as beef and dairy farmers, as well as hog, poultry, and aquaculture businesses.
William F. Doyle has been a member since December 2020. Doyle is the Executive Chairman of Novocure Ltd., a commercial-stage oncology business. Until 2022, he was also the managing director of WFD Ventures LLC, a private venture capital business he co-founded. Doyle serves on the board of directors for Novocure and ProKidney Corporation. He previously served as an independent director on the Board of Directors of Zoetis Inc., after being nominated by Sachem Head and Pershing Square. He also sat on the board of directors for OptiNose Inc. and Minerva Neurosciences Inc. Doyle previously served on Johnson & Johnson’s Medical Devices and Consumer Pharmaceutical Group Operating Committees, as well as Vice President of Licensing and Acquisitions. Doyle previously worked as a management consultant for McKinsey & Company. Doyle has an S.B. from Massachusetts Institute of Technology and an MBA from Harvard Business School.
Opinion:
Name: Jose E. Cil
Position: Director
Transaction Date: 2023-05-22 Shares Bought: 20,000 Average Price Paid: $16.38 Cost: $327,500
Company: Norwegian Cruise Line Holdings Ltd. (NCLH)
Norwegian Cruise Line Holdings Ltd. was created in 1966 and is headquartered in Miami, Florida. Norwegian Cruise Line Holdings Ltd. and its subsidiaries operate cruise ships in North America, Europe, Asia-Pacific, and across the world. The corporation operates under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. Itineraries range from three to 180 days and visit ports in Scandinavia, Northern Europe, the Mediterranean, the Greek Isles, Alaska, Canada and New England, Hawaii, Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, India, South America, the Panama Canal, and the Caribbean. It sells its products via retail/travel advisor and aboard cruise sales channels, as well as meetings, incentives, and charters.
José E. Cil joined the Board of Directors in 2023. José is the former CEO of Restaurant Brands International Inc. (RBI), which owns some of the world’s most recognizable restaurant brands, including Burger King®, Tim Hortons®, Popeyes®, and Firehouse Subs®. He has also served on numerous boards and is currently a director of Restaurant Brands Iberia, the largest restaurant firm on the Iberian Peninsula. He also serves on the Executive Board of Advisors for Florida International University’s Chaplin School of Hospitality and Tourism Management and Belen Jesuit Preparatory School. He previously served on the board of directors for Carrols Restaurant Group, Inc. and Visit Florida. José received his Bachelor’s Degree from Tulane University and began practicing law after getting his Juris Doctorate from the University of Pennsylvania Law School. José is the Chairman of the NCLH Audit Committee.
Opinion:
Name: Frank H. II Kenan
Position: Director
Transaction Date: 2023-05-22 Shares Bought: 109,528 Average Price Paid: $14.31 Cost: $1,567,893
Company: Boston Omaha Corp (BOC)
Name: Bradford B Briner
Position: Director
Transaction Date: 2023-05-22 Shares Bought: 10,000 Average Price Paid: $13.74 Cost: $137,400
Company: Boston Omaha Corp (BOC)
Boston Omaha Corporation was established in 2009 and is headquartered in Omaha, Nebraska. Boston Omaha Corporation began its current business operations in June 2015 and now operates four distinct lines of business: outdoor billboard advertising, broadband services, surety insurance and related brokerage activities, and asset management. The company also has minority investments in commercial real estate management and brokerage services, a bank that serves the automotive loan market, a broadband company, and a private aviation infrastructure developer that builds, leases, and manages business aviation hangars.
Frank H. Kenan II has served on the Board of Directors since June 2017. Mr. Kenan is also a member of the Compensation, Nominating, and Corporate Governance Committees. Since August 2014, Mr. Kenan has been the Co-Founder and Principal of KD Capital Management, LLC. From September 2011 to December 2014, Mr. Kenan was an Investment Analyst at Boulderado Group, LLC. Mr. Kenan worked as a Development Associate for Edens & Avant from January 2006 to January 2008. Mr. Kenan worked as an Analyst at Vivum Group between May 2005 and January 2006. Mr. Kenan now serves on the Board of Directors for Flagler Systems, Inc., a hospitality and real estate company. Mr. Kenan earned a B.S. from the College of Charleston and an M.B.A. from the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School.
Bradford B. Briner has been a member of the Board of Directors since April 2016. Mr. Briner currently serves on the Audit and Risk Committee as well as the Compensation Committee. Mr. Briner joined Willett Advisors in 2012 and is now the Co-Chief Investment Officer. Willett Advisors manages the Bloomberg Family’s investments and those of Bloomberg Philanthropies. Mr. Briner graduated from the University of North Carolina at Chapel Hill as a Morehead Scholar with a distinction in economics. Mr. Briner also holds an MBA with distinction from Harvard Business School. The Board of Directors has determined that Mr. Briner’s 23 years of experience in real estate, investment, and management services qualify him to serve on the Board of Directors in light of the Company’s operations and structure.
Opinion:
Name: James C Flores
Position: Chairman & CEO / 10% Owner
Transaction Date: 2023-05-20 Shares Bought: 100,000 Average Price Paid: $13.74 Cost: $1,374,150
Company: Sable Offshore Corp. (SOC)
Sable Offshore Corp. was established in 2020 and is headquartered in Houston, Texas. Sable Offshore Corp. conducts oil and gas exploration and development activities in the United States. The corporation operates three platforms in federal waters off California. It owns and operates 16 federal leases totaling around 76,000 acres, as well as subsea pipelines that transfer crude oil, natural gas, and generated water from offshore platforms to onshore processing facilities. The corporation was previously known as Flame Acquisition Corp., but it changed its name to Sable Offshore Corp. in February 2024.
Mr. Flores has been the Chairman and Chief Executive Officer of Sable Offshore Corp. since September 2021. Mr. Flores has worked in the oil and gas industry since 1982, serving as Chairman, Chief Executive Officer, and President of five E&P firms, four of which are publicly traded on the New York Stock Exchange. In 1994, he directed Flores & Rucks, Inc., which was later renamed Ocean Energy Inc. in 1997. Mr. Flores became Chairman and CEO of Plains Resources Inc. in 2001, and under his direction, the company’s E&P businesses were spun off into Plains Exploration & Production Company, with PLX going private in 2004. Mr. Flores was Chairman, CEO, and President of PXP until it was acquired by Freeport-McMoRan Copper & Gold Inc., one of the world’s largest publicly traded copper producers, in May 2013, following more than a decade of significant expansion. Mr. Flores earned a bachelor’s degree in corporate finance and petroleum land management from Louisiana State University.
Opinion:
Name: John T. Treace
Position: Chief Executive Officer / 10% Owner
Transaction Date: 2023-05-17 Shares Bought: 100,000 Average Price Paid: $5.56 Cost: $556,170
Company: Treace Medical Concepts Inc. (TMCI)
Treace Medical Concepts, Inc. is a medical device company based in Ponte Vedra Beach, Florida, that was established in 2014. Treace Medical Concepts Inc. is a medical technology company focused on raising the standard of care for surgical bunions and other midfoot deformities. The company created and patented the Lapiplasty® 3D Bunion Correction System®, a collection of instruments, implants, and surgical techniques designed to surgically correct all three planes of the bunion deformity while also addressing the underlying cause, allowing patients to resume their active lifestyles. To better serve the needs of bunion patients, the company developed the Adductoplasty® Midfoot Correction System, which is designed for reproducible surgical correction of the midfoot, as well as the Hammertoe PEEK Fixation System, which is designed to treat hammertoe, claw toe, and mallet toe abnormalities.
John T. Treace has more than 25 years of expertise in medical device marketing, sales, and general management. Mr. Treace founded the company in January 2014 and has served as its CEO and board of directors since then. Mr. Treace was formerly the Senior Vice President of US Sales and Global Marketing at Wright Medical Group, Inc., a medical device company acquired by Stryker Corporation in November 2020. Mr. Treace held many high-level managerial positions at Wright for 12 years, including Vice President, Biologics and Extremities, and High Director of Biologics Marketing. Mr. Treace formerly worked as Director of Marketing and Senior Product Manager at Xomed Surgical Products, Inc., and as Advertising & Marketing Director at TreBay Medical Corp., Mr. Treace holds a B.S. in finance from Seattle University.
Opinion:
Name: Michael Tiedemann
Position: Chief Executive Officer
Transaction Date: 2023-05-16 Shares Bought: 100,000 Average Price Paid: $4.61 Cost: $461,200
Transaction Date: 2023-05-21 Shares Bought: 63,368 Average Price Paid: $4.44 Cost: $281,207
Company: AlTi Global Inc. (ALTI)
AlTi Global Inc. is a prominent independent global wealth and alternatives manager that offers fiduciary skills, alternative investment strategies, and consulting services to entrepreneurs, multigenerational families, institutions, and emerging next-generation leaders. The company is divided into two business segments: Wealth Management and Strategic Alternatives. As of December 31, 2023, the company employs over 480 people in 21 cities across 10 nations on three continents. The company services create a complimentary ecosystem for their target markets of UHNW clients, investors, and enterprises, many of whom have comparable interests and aspirations that they can connect with and serve. The complementary services and differentiated range of capabilities position them well for organic growth across all of their business areas. The company also has plans for inorganic growth through acquisitions and joint ventures.
Michael Glenn Tiedemann founded Tiedemann Advisors LLC, where he has served as CEO since 1999. He also founded The River Fund. Mr. Tiedemann is currently the Chief Executive Officer and Partner of Tiedemann Wealth Management Holdings LLC, CEO and Director of AlTi Global, Inc., and Director of Tiedemann Constantia AG. He formerly served as Chief Executive Officer of TIG Advisors LLC from 2006 until 2023, as well as several positions at Tiedemann Trust Co., Credit Suisse Securities (USA) LLC, and Banco de Investimentos Credit Suisse (Brasil) SA. Mr. Tiedemann earned his undergraduate degree from Ohio Wesleyan University.
Opinion:
Name: Jeremy Andrus
Position: Chief Executive Officer
Transaction Date: 2023-05-21 Shares Bought: 228,323 Average Price Paid: $2.18 Cost: $497,447
Company: Traeger Inc. (COOK)
Traeger, Inc. was founded in 1987 and is based in Salt Lake City, Utah. Traeger, Inc. and its subsidiaries create source, sell, and support wood pellet-powered barbecue grills for retailers, distributors, and direct-to customers in the United States. The company also creates a library of digital content, such as instructional recipes and videos that demonstrate tips, tricks, and cooking techniques that help Traeger owners improve their cooking skills, as well as short- and long-form branded content featuring Traegerhood stories, community members, and lifestyle content. It also sells wood pellets for grilling, rubs, spices, and sauces; accessories like pop-and-lock accessory rail covers, drip trays, bucket liners, storage bins, and shelves; tools for meal prep, cooking, and cleanups like pellet storage systems, cleaning solutions, barbecue tools, and the MEATER smart thermometer; replacement parts; and apparel and merchandise like t-shirts, hooded sweatshirts, and baseball hats.
Jeremy Andrus has been the CEO and a member of the board of directors since January 2014, and the chairman since July 2021. Before joining the company, Mr. Andrus was the President and CEO of Skullcandy, Inc. Mr. Andrus earned a B.S. in International Relations from Brigham Young University and an M.B.A. from Harvard Business School. The company believes Mr. Andrus is competent to serve on the board of directors because of his viewpoint and experience as CEO, as well as his vast knowledge of corporate strategy, brand leadership, general management procedures, and operational leadership.
Opinion: At some point, this stock will find a bottom. It seems that this could be it but is there a reason to buy it.
Name: Stephen J Girsky
Position: Chief Executive Officer
Transaction Date: 2023-05-20 Shares Bought: 1,000,000 Average Price Paid: $0.54 Cost: $540,000
Company: Nikola Corp (NKLA)
Nikola Corporation was created in 2015 and is headquartered in Phoenix, Arizona. Nikola Corporation is a technology innovator and integrator that creates energy and transportation solutions in the United States and abroad. The company operates trucks and energy units. It commercializes battery electric vehicles and hydrogen fuel cell electric vehicles for the trucking industry. In addition, it builds a network of hydrogen filling stations and provides BEV charging solutions to its FCEV and BEV customers, as well as third-party customers. Its goods also include the Nikola Tre Class 8 truck and the Nikola’s Class 8 FCEV. The company also assembles, integrates, and commissions its cars in partnership with business partners and suppliers.
Steve Girsky, Chairman of the Board since September 2020, has been named CEO of Nikola. Girsky worked as the managing director of VectoIQ, LLC, an independent advising firm based in New York. He was president and CEO of VectoIQ Acquisition Corp. I from its inception in January 2018 to the completion of its business combination with Nikola Corporation. Girsky held several positions at General Motors from November 2009 until July 2014, including vice chairman. He serves on the boards of Nikola Corporation, Brookfield Business Partners Limited, the general partner of Brookfield Business Partners, L.P., and Clarios, a private firm that specializes in battery manufacturing. Girsky served on the Board of Directors of U.S. Steel from 2016 to 2021, as well as the Board of Directors of General Motors from its emergence from bankruptcy in June 2009 to June 2016. Girsky earned a bachelor of science in mathematics from the University of California, Los Angeles, and a master of business administration from Harvard Business School.
Opinion: Didn’t someone go to jail already with Nikola Mottors? You would think they would change the name or do something more to change the narrative.
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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 with any stock market experience 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 of 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, we analyze unusual patterns with selling, 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, are horrendously poor. Also, planned sales that 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 on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett 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 probes 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.
This blog is solely for educational purposes and the author’s own amusement. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that.
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.
You can be an insider, too– by clicking here
Prosperous Trading,
