The post took a backseat to Father’s Day last week. Looking closely, you can see me with DJI FPV goggles next to my son at Tunnel Park. In the background, the sun sets over Antelope Island in the Great Salt Lake. Considering the quarter end and recurring blackout period, there was an unusual amount of insider buying. I will update the rest of the entries, so check back later in the week for more.
You can be an insider, too– by clicking here
Name: Michael L Speiser
Position: Director
Transaction Date: 2023-06-07 Shares Bought: 76,200 Average Price Paid: $131.09 Cost: $9,989,012
Company: Snowflake Inc. (SNOW)
Snowflake Inc. was established in 2012 and is headquartered in Bozeman, Montana. The company provides a cloud-based data platform to various enterprises in the United States and abroad. Its platform includes Data Cloud, which allows users to consolidate data into a single source of truth to produce valuable business insights, construct data-driven applications, and exchange data and data products. They also use artificial intelligence (AI) to solve business challenges. The company was previously known as Snowflake Computing, Inc., but changed its name to Snowflake Inc. in April 2019.
Michael L. Speiser joined the Snowflake board of directors in 2012. Mike L. Speiser established both Bix.com, Inc. and Epinions.com, Inc. Mr. Speiser currently holds the position of Managing Director at Sutter Hill Ventures LLC. Mr. Speiser previously served as an Independent Director at Pure Storage, Inc., Chief Executive Officer and Director at Clover Network, Inc., President and CEO of Bix.com, Inc., Vice President-Community Products at Yahoo!, Inc., and Vice president of Management & Marketing at VERITAS Software Corp. Mike L. Speiser earned his undergraduate degree from the University of Arizona and an MBA from Harvard Business School.
Opinion: $10 million is a big insider buy. It might have moved the stock, except several of Snowflake’s customers said they were victims of a security breach related to their Snowflake accounts. Snowflake Chief Information Security Officer Brad Jones told Bloomberg in an interview that the company plans to close its investigation this week into a hacking campaign that ensnared as many as 165 of its customers.
Name: Nicolas Barthelemy
Position: Director
Transaction Date: 2023-06-14 Shares Bought: 1,200 Average Price Paid: $125.45 Cost: $150,540
Company: Repligen Corp (RGEN)
Name: Anthony Hunt
Position: Chief Executive Officer
Transaction Date: 2023-06-14 Shares Bought: 2,000 Average Price Paid: $124.08 Cost: $248,160
Company: Repligen Corp (RGEN)
Repligen Corporation was established in 1981 and is based in Waltham, Massachusetts. The company creates and commercializes bioprocessing technologies and systems for use in the biological drug manufacturing process in North America, Europe, Asia Pacific, and around the world. They provides protein A ligands, which are the binding components of protein A affinity chromatography resins, as well as cell culture growth factor products. The company’s chromatography products include OPUS pre-packed chromatography columns for biologic purification, as well as OPUS smaller-scale columns for high throughput process development screening, viral clearance validation studies, and chromatography process scale-down validation. The company also provides ELISA test kits and chromatography resins under the Captiva brand. The company’s customers include life sciences, pharmaceuticals, and diagnostics companies, as well as laboratory researchers and contract manufacturing groups. Repligen Corporation has signed agreements to collaborate with Navigo Proteins GmbH on the development of various affinity ligands.
Nicolas M. Barthelemy has been a director of Repligen since June 2014. Mr. Barthelemy brings more than 30 years of industry experience to the director position. Mr. Barthelemy was President and CEO of bioTheranostics, a molecular diagnostics company, from September 2014 to February 2017. Before joining bioTheranostics, he was President of Global Commercial Operations at Life Technologies, which was bought by Thermo Fisher Scientific in February 2014. Before joining Life Technologies, Mr. Barthelemy worked for Biogen Inc. for eight years, most recently as Vice President, Manufacturing and General Manager of the company’s Research Triangle Park manufacturing operations. He started his career at Merck & Co., Inc. as a Senior Project Engineer, at Vaccine Technology. Mr. Barthelemy holds a Master of Science in Chemical Engineering from the University of California, Berkeley, as well as an engineering degree from the Ecole Supérieure de Physique et Chimie Industrielles in Paris.
Tony J. Hunt joined Repligen in May 2014 and is currently the Chief Executive Officer. He has also served on the Board since May 2015. Before he was appointed CEO in May 2015, Mr. Hunt was the Chief Operating Officer, in charge of commercial and manufacturing operations. Before joining Repligen, Mr. Hunt was President of Bioproduction at Life Technologies, a multinational life sciences firm acquired by Thermo Fisher Scientific in 2014. Mr. Hunt joined Life Technologies in 2008 as General Manager of Bioproduction Chromatography and Pharma Analytics, before being appointed President of Bioproduction in 2011. Mr. Hunt worked as Senior Director of Pharma Programs at Applied Biosystems from 2000 to 2008, when he founded the Pharma Analytics business, which was later integrated into Life Technologies’ Bioproduction platform. He holds a B.S. in Microbiology and an M.S. in Biotechnology from University College in Galway, Ireland, as well as an M.B.A. from Boston University School of Management.
Opinion: It’s hard to read a signal here, considering Tony Hunt sold 20,972 shares a month ago at $168.26. Perhaps it’s just a reaction to the news he is moving from the CEO role sooner than some have thought.
Name: Jared Isaacman
Position: Chairman & CEO / 10% Owner
Transaction Date: 2023-06-14 Shares Bought: 14,486 Average Price Paid: $69.40 Cost: $1,005,310
Company: Shift4 Payments Inc. (FOUR)
Shift4 Payments, Inc. was founded in 1999 and is based in Centre Valley, Pennsylvania. Shift4 Payments, Inc. offers software and payment processing solutions in the United States and abroad. The company provides a payment platform, omnichannel card acceptance, and processing solutions for various payment types such as credit, debit, contactless cards, Europay, MasterCard, Visa, QR Pay, mobile wallets, and alternative payment methods. The company also provides technology solutions such as SkyTab POS, which assists businesses in scaling and increasing operational efficiency; VenueNext, which provides mobile ordering, countertop POS, self-service kiosks, and digital wallets for 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 parents’ 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 capacity to create long-term value through entrepreneurial spirit, purpose, and expansion.
Opinion: Jared continues to buy, putting his money where his mouth is. I wish more CEOs would follow his example.
Name: Berkshire Hathaway Inc / Warren E Buffett
Position: 10% Owner
Transaction Date: 2023-06-10 Shares Bought: 1,750,308 Average Price Paid: $60.30 Cost: $105,550,532
Transaction Date: 2023-06-05 Shares Bought: 2,565,477 Average Price Paid: $59.75 Cost: $153,292,504
Company: Occidental Petroleum Corp (OXY)
Occidental Petroleum Corporation was founded in 1920 and is based in Houston, Texas. Occidental Petroleum Corporation, through its subsidiaries, acquires, explores, and develops oil and gas properties in the United States, the Middle East, and North Africa. The company operates in three segments: oil and gas, chemical, midstream, and marketing. The company’s Oil and Gas segment discovers, develops, and produces oil and condensate, natural gas liquids, and natural gas. The Chemical segment manufactures and markets basic chemicals such as chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates, and calcium chloride, as well as vinyls such as vinyl chloride monomer, polyvinyl chloride, and ethylene. The Midstream and Marketing segment collects, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, CO2, and electricity.
Warren Edward Buffett, an American businessman and philanthropist, was born on August 30, 1930, in Omaha, Nebraska. He is largely recognized as the most successful investor of the twentieth and early twenty-first century. Buffett, sometimes known as the “Oracle of Omaha,” was the son of Howard Homan Buffett, a Nebraska politician. After earning his B.S. from the University of Nebraska in 1950, he attended Columbia University’s School of Management, where he studied under Benjamin Graham. Buffett moved to Omaha in 1956 and in 1965 acquired a controlling stake in textile maker Berkshire Hathaway Inc., which he used as his primary investment vehicle.
Opinion: Buffett has often insisted that he had no plans to purchase all of Occidental. People do change their minds.
Name: Sharon T Rowlands
Position: Director
Transaction Date: 2023-06-11 Shares Bought: 8,600 Average Price Paid: $58.63 Cost: $504,218
Company: Pegasystems Inc (PEGA)
Pegasystems Inc. was established in 1983 and is based in Cambridge, Massachusetts. The company creates, markets, licenses, hosts, and supports enterprise software in the United States, the rest of the Americas, the United Kingdom, Europe, the Middle East, Africa, and Asia-Pacific. The company offers Pega Infinity, a software portfolio that includes Pega Customer Decision Hub, a real-time AI-powered decision engine that improves customer acquisition and experiences across inbound, outbound, and paid media channels; and Pega Customer Service, which anticipates customer needs, connects customers to people and systems, and automates customer interactions to evolve the customer service experience. The company primarily sells its software and services to the financial services, healthcare, communications and media, government, insurance, manufacturing and high technology, and consumer services industries via a direct sales force and collaborations with technology suppliers and application developers.
Sharon Rowlands has been a director at Pega since April 2016. Ms. Rowlands has over 20 years of experience operating sophisticated, multibillion-dollar business services and software organizations that serve small and medium-sized businesses, financial markets, and enterprise clients. She is presently the CEO of Newfold Digital, a significant digital technology firm whose brands include Bluehost, CrazyDomains, Network Solutions, Register.com, and digital.com, among others. Ms. Rowlands formerly served as CEO of ReachLocal, a public digital marketing firm that she led through a strategic change until being sold to Gannett in 2016. In addition to Pega, Ms. Rowlands serves on the Board of Directors of Everbridge, a firm that provides critical event monitoring and corporate safety applications. Ms. Rowlands earned a Postgraduate Certificate of Education from Goldsmiths, University of London, and a Bachelor of Arts in History from the University of Newcastle, Newcastle-Upon-Tyne.
Opinion: The most recent quarter shows a big pick-up after declining annual recurring revenue growth rates. “In Q1, we released Pega GenAI Blueprint, a revolutionary technology that massively changes the way we engage with our clients to help them re-imagine and evolve their business,” said Alan Trefler, founder and CEO. “Hundreds of clients and partners have generated thousands of Blueprints, and those numbers are increasing every day. Blueprint highlights how Pega is uniquely leveraging GenAI to drive digital transformation for our clients.”
- 2019 to 2020: 11.65% growth1.
- 2020 to 2021: 19.08% growth1.
- 2021 to 2022: 8.76% growth1.
- 2022 to 2023: 8.71% growth1.
- 2023 to Q1 2024: 13.44% growth (year-over-year for Q1)1.
These percentages reflect the company’s year-over-year growth in ARR for each respective fiscal year. For the most current and detailed financial information, it’s recommended to consult Pegasystems’ official financial statements.
Name: Marc Montagner
Position: Director
Transaction Date: 2023-06-11 Shares Bought: 10,000 Average Price Paid: $52.61 Cost: $526,130
Company: Cogent Communications Holdings Inc. (CCOI)
Cogent Communications Holdings, Inc. was founded in 1999 and is headquartered in Washington, D.C. Cogent Communications Holdings, Inc. and its subsidiaries offer high-speed Internet access, private networks, and data center colocation space services across North America, Europe, Oceania, South America, and Africa. The company provides on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as health care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and applications. In addition, the company provides off-net services to corporate customers by utilizing other carriers’ circuits to give the final mile connectivity from the customer’s premises to the network. Furthermore, it operates data centers where customers can store their equipment and connect to the network.
Marc Montagner has been on the Board since April 2010 and has been the Lead Independent Director since February 2020. Mr. Montagner also serves as the Chairman of our Compensation Committee. Since January 2024, Mr. Montagner has served as SBA Communications’ Chief Financial Officer. Mr. Montagner was Chief Financial Officer for Endurance International Group Holdings, Inc. from 2015 until 2021. He was previously the Chief Financial Officer at LightSquared from 2012 to August 2015. He served as Executive Vice President of Strategy, Development, and Distribution at LightSquared. LightSquared filed for reorganization under Chapter 11 of the United States Bankruptcy Code on May 14, 2012. Before joining LightSquared in February 2009, Mr. Montagner was Managing Director and Co-Head of Banc of America Securities’ Global Telecom, Media, and Technology Merger and Acquisition Group. Mr. Montagner earned a graduate degree from Télécom Paris and an MBA from Columbia Business School.
Opinion: Colocation in data centers might be a permanently impaired business as hyperscalers rule.
Name: Malcolm Wilson
Position: Chief Executive Officer
Transaction Date: 2023-06-11 Shares Bought: 10,000 Average Price Paid: $49.95 Cost: $499,500
Company: GXO Logistics Inc. (GXO)
GXO Logistics, Inc. was established in 2021 and is based in Greenwich, Connecticut. GXO Logistics, Inc., along with its subsidiaries, offers logistics services worldwide. The company offers warehousing and distribution, order fulfillment, e-commerce, reverse logistics, and other supply chain services. As of December 31, 2023, it operates in roughly 974 locations. The company services customers in a variety of industries, including e-commerce, omnichannel retail, technology and consumer electronics, food and beverage, industrial and manufacturing, consumer packaged goods, and others.
Malcolm Wilson was appointed chief executive officer of GXO Logistics, Inc. on August 1, 2021. Mr. Malcolm Wilson is a Chairman at XPO Supply Chain International SAS, a Chairman at Xpo Supply Chain Pharma Italy SpA, a Non-Board Director at Jacobson Transportation Co., Inc., a Non-Board Director at Jacobson Warehouse Co., Inc., a Non-Board Director at JHCI Acquisition, Inc., a Non-Board Director at JHCI Holding Usa, Inc., a Non-Board Director at Luxury Goods Logistics SA, a Non-Board Director at Xpo Supply Chain Romania SRL, a Chairman-Management Board at XPO Logistics Europe SA, a Chairman at Cemga Logistics, a Chairman at Christian Salvesen, a chairman at Fiege Borruso SpA, a Chairman at Fiege Logistics Italia SpA, a Chairman at Gel Service SA, a Chairman at XPO Global Forwarding International SAS, a Chairman at XPO Holding Transport Solutions Europe SASU, a Deputy Director at Norbert Dentressangle Logistics Antwerp NV, a Deputy Director at Norbert Dentressangle Logistics Belgium, a Deputy Director at Norbert Dentressangle Logistics Welkenraedt SA, a Manager at NDU, a Manager at Texlog, a Manager at XPO Supply Chain Care, a Manager at XPO Supply Chain Portugal Lda., a Non-Board Director at Menlo Worldwide Logistics Poland Sp zoo, a Non-Board Director at XPO GF America, Inc. He earned his undergraduate degree from The University of Manchester.
Opinion: The entire trucking industry seems to be reeling. The key to investing in this sector is how and when this cyclical downturn ends.
Name: Michael C. Dennison
Position: Chief Executive Officer
Transaction Date: 2023-06-10 Shares Bought: 11,250 Average Price Paid: $44.30 Cost: $498,375
Company: Fox Factory Holding Corp (FOXF)
Fox Factory Holding Corporation was founded in 2007 and is headquartered in Duluth, Georgia. Fox Factory Holding Corp. creates, engineers, manufactures, and markets performance-defining products and systems worldwide. The company provides powered vehicle products for side-by-side vehicles, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, and specialty vehicles and applications such as military, motorcycles, and commercial trucks; lift kits and components with shock products and aftermarket accessory packages for trucks; and mid-range and high-end front fork and rear suspension products. In addition, the company sells mountain and gravel bike wheels, as well as other performance cycling components such as cranks, chainrings, pedals, bars, stems, and seat posts, as well as baseball and softball products such as metal bats, wood bats, apparel and accessories, batting gloves, fielding gloves, bags, and protective equipment under the Marucci brand.
Mr. Dennison joined Fox Factory Holding Corp. in August 2018 as President, of Powered Vehicles Group, and was appointed CEO in June 2019. He has been a member of the FOX Board of Directors since February 2018. In addition to his present responsibilities, Mr. Dennison has served as a board member for Solo Brands since 2023 and as Chairman of the K&N Filters Board since 2024. Before joining FOX, he served as President and Chief Marketing Officer at Flex Ltd. Mr. Dennison held several leadership positions at Flex Ltd., including directing the procurement and global supply chain divisions, as well as Senior Vice President of Business Management for both the High-Velocity Solutions group and the Mobile and Consumer Segment. Before his significant engagement with Flex Ltd., he worked as Regional Director at Arrow Electronics in New York. In 1989, Mr. Dennison graduated from Oregon State University with a Bachelor of Arts in Liberal Arts.
Opinion:
Name: Jay C Hoag
Position: Director
Transaction Date: 2023-06-07 Shares Bought: 2,338,036 Average Price Paid: $42.76 Cost: $99,966,743
Company: Zillow Group Inc. (Z)
Zillow Group, Inc. was established in 2004 and is based in Seattle, Washington. Zillow Group, Inc. operates real estate brands in the United States through mobile applications and websites. The company provides leading agent and rental marketplaces, new construction marketplaces, advertising, display advertising, business technology solutions, dotloop, and floor plans. They also offer mortgage origination and sales, advertising to mortgage lenders and other mortgage professionals, and title and escrow services. The company’s brand portfolio also includes Zillow Premier Agent, Zillow Home Loans, Zillow Rentals, Trulia, StreetEasy, HotPads, and Out East, as well as a suite of real estate marketing tools and technology solutions such as ShowingTime+, Spruce, and Follow Up Boss.
Jay C. Hoag has been a member of the Board since October 2005. Mr. Hoag co-founded TCV in 1995 and is a Founding General Partner. He has also invested in other technological companies, including Airbnb, Altiris, Ascend Communications, CNET, Expedia, Facebook, Fandango, Intuit, Netflix, Peloton, and Sybase. Mr. Hoag previously served on the boards of directors of several other public and private companies, including Electronic Arts, Inc., a public interactive entertainment software company, from 2011 to 2021; Prodege, a privately held holding company of consumer loyalty websites and mobile apps, from 2014 to December 2021; and TechTarget, Inc., a public data and marketing company from 2004 to 2016.
Opinion: The Fed’s hawkish stance on interest rates killed the potential rally in Zillow. Interest rates need to come down to juice the residential real estate market.
Name: Edward F Crawford
Position: Director
Transaction Date: 2023-06-07 Shares Bought: 15,000 Average Price Paid: $25.14 Cost: $377,151
Company: Park Ohio Holdings Corp (PKOH)
Name: Matthew V Crawford
Position: CEO, COB, President / 10% Owner
Transaction Date: 2023-06-05 Shares Bought: 5,520 Average Price Paid: $24.23 Cost: $133,749
Transaction Date: 2023-06-07 Shares Bought: 10,363 Average Price Paid: $24.08 Cost: $249,494
Company: Park Ohio Holdings Corp (PKOH)
Park-Ohio Holdings Corporation was founded in 1907 and is based in Cleveland, Ohio. Park-Ohio Holdings Corp. provides supply chain management outsourcing services, capital equipment, and manufactured components in the United States, Europe, Asia, Mexico, Canada, and worldwide. It operates in three segments: Supply Technologies, Assembly Components, and Engineered Products. The Supply Technologies segment provides Total Supply Management, which includes engineering and design support, part usage and cost analysis, supplier selection, quality assurance, barcoding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing, and ongoing technical support services. It also provides spare parts and aftermarket products, as well as production components like valves, fuel hose assemblies, and electro-mechanical hardware, The Assembly Components division offers direct fuel injection fuel rails and pipes, gasoline filler pipes, flexible multi-layer plastic and rubber assemblies, as well as turbocharging and coolant hoses. The Engineered Products segment manufactures engineered products such as induction heating and melting systems, pipe threading systems, and forged and machined products for the ferrous and non-ferrous metals, silicon, coatings, forging, foundry, automotive, and construction equipment industries.
Edward F. Crawford served as Chairman and CEO of Park-Ohio Industries, Inc. in Cleveland, Ohio, from 1992 to May 2018. He has been the President of Park-Ohio Industries, Inc. since May 2018. He has received numerous business awards, including the Northeast Ohio Business Hall of Fame Entrepreneurial Award, the Small Business News Master Innovator Award, the Ernst & Young Northeast Ohio Entrepreneur of the Year Award, and the Small Business Administration Man of the Year-Ohio Award. Mr. Crawford previously served as President of Crawford Container Company in Conneaut, Ohio (1974-1985), Vice President of Operations at Clarke Can Company in Philadelphia, Pennsylvania (1971-1974), and President and CEO of Cleveland Steel Container in Cleveland, Ohio (1962-1971). Mr. Crawford was also a member of the USO World Board of Governors from 2007 to 2010. Mr. Crawford went to John Carroll University in University Heights, Ohio.
Matthew Crawford joined Park-Ohio as Assistant Secretary and Corporate Counsel in 1995 after working as a corporate finance analyst at McDonald & Company Securities, Inc. for several years. He owns First Francis Co., Inc. and Francis Brookpark LLC, and serves on the board of Thermal Solutions Manufacturing, Inc. Previously, he was President of The Crawford Group, Inc. Matthew Crawford graduated from Cleveland-Marshall College of Law and earned a bachelor’s degree in finance from Miami University (Ohio). He is the son of Edward Crawford.
Opinion: I can’t figure out what this company does nor do I want to try.
Name: Chad LeRoy Meisinger
Position: Director
Transaction Date: 2023-06-07 Shares Bought: 18,405 Average Price Paid: $37.74 Cost: $694,605
Company: National Storage Affiliates Trust (NSA)
National Storage Affiliates Trust was founded in Maryland on May 16, 2013, as a fully integrated, self-administered, and self-managed real estate investment trust. To conduct the business, which is centered on the ownership, operation, and acquisition of self-storage properties primarily located in the top 100 metropolitan statistical areas across the United States, the company serves as the sole general partner of the operating partnership subsidiary, NSA OP, LP, a Delaware limited partnership formed on February 13, 2013. As of December 31, 2021, the company owns and operates 1,050 self-storage facilities in 42 states and Puerto Rico.
Chad LeRoy Meisinger joined the Board of Directors in 2015. Mr. Meisinger is the CEO of Over The Top Marketing, which he created in 2006. In addition, Mr. Meisinger co-founded Thinique Medical Weight Loss in 2013 and grew it to over 200 franchised locations in a year before transferring ownership to one of his co-founders. Mr. Meisinger was Head of Affiliate Sales and Marketing at Google Radio from 2006 to 2009. He joined Google Radio after working as a key investor and Chief Marketing Officer of dMarc Broadcasting, which Google Radio bought in February of 2006. From 1999 until 2005, Mr. Meisinger was also the co-founder, Chairman, and CEO of First MediaWorks, which offered the radio industry a unique software platform and marketing services to assist raise ratings and revenue. First, MediaWorks was sold to Mediaspan in 2005.
Opinion: Limited upside until the Fed takes its foot off the neck of the industry with its obsession with keeping rates high to fight inflation.
Name: Ben Oren
Position: Director
Transaction Date: 2023-06-12 Shares Bought: 6,700 Average Price Paid: $14.99 Cost: $100,400
Company: Cleveland-Cliffs Inc. (CLF)
Name: Ralph S III Michael
Position: Director
Transaction Date: 2023-06-13 Shares Bought: 20,000 Average Price Paid: $14.74 Cost: $294,800
Company: Cleveland-Cliffs Inc. (CLF)
Name: John T Baldwin
Position: Director
Transaction Date: 2023-06-13 Shares Bought: 7,500 Average Price Paid: $14.70 Cost: $110,272
Company: Cleveland-Cliffs Inc. (CLF)
Cleveland-Cliffs, Inc. was established in 1847 and is based in Cleveland, Ohio. Cleveland-Cliffs Inc. is a flat-rolled steel producer in North America. The company provides hot-rolled, cold-rolled, electro galvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products; austenitic, martensitic, duplex, precipitation hardening, and ferritic stainless steel products; plates; and grain-oriented and non-oriented electrical steel products, as well as slab, scrap, iron ore, coal, and coke. The company also offers tubular components such as carbon steel, stainless steel, and electric resistance welded tubes. In addition, the company provides tinplate products such as electrolytic tin-coated and chrome-coated sheets, tin mill products, tooling and sampling, ingots, rolled blooms, and cast blooms, and hot-briquetted iron goods. Additionally, it owns five iron ore mines in Minnesota and Michigan. The company’s customers include automotive, infrastructure and manufacturing, distributors and converters, and steel producers.
Mr. Ben Oren joined Cleveland-Cliffs, Inc. as an Independent Director in 2024. He is also a Treasurer and Executive Vice President at Liberty Media Corp., Liberty TripAdvisor Holdings, Inc., Qurate Retail, Inc., Liberty Broadband Corp., Atlanta Braves Holdings, Inc., and Liberty Media. He serves on the Cleveland-Cliffs, Inc. board of directors. Mr. Oren formerly worked as Managing Director for Credit Suisse First Boston LLC and Executive Director for UBS Securities LLC. He attended the University of Pennsylvania’s Wharton School for his undergraduate degree.
Ralph S. Michael has been an independent director of Cleveland-Cliffs Inc. since 2020. Mr. Michael has held executive positions in the insurance and financial sectors, including his present position as Chairman of Fifth Third Bank’s Greater Cincinnati Region. Mr. Michael previously held executive and management positions with Fifth Third Bank, Ohio Casualty Insurance Company, U.S. Bank, and PNC Financial Services Group. Serving on the boards of several other public companies has given him valuable expertise and insight. These include capital markets and finance difficulties as a former director for FBR & Co., as well as energy challenges as a former board member and Lead Director of Key Energy Services, Inc. Mr. Michael received his Bachelor of Arts degree from Stanford University and his Master of Business Administration from the University of California, Los Angeles Graduate School of Management.
John T. Baldwin joined as an independent director of Cleveland-Cliffs Inc. in 2014. John T. Baldwin also serves on the boards of Flag Intermediate Holdings Corporation and the Russo-British Chamber of Commerce. Mr. Baldwin has previously held the positions of Chief Financial Officer and Vice President at Worthington Industries, Inc., Vice President-Communications and External Affairs at BP Plc, Chief Financial Officer and Senior Vice President at Graphic Packaging Corp., and Principal at Tenneco, Inc. John T. Baldwin earned an undergraduate degree from the University of Houston and a graduate degree from the University of Texas School of Law.
Opinion:
Name: Richard Carucci
Position: Director
Transaction Date: 2023-06-13 Shares Bought: 25,000 Average Price Paid: $13.78 Cost: $344,495
Company: V F Corp (VFC)
Name: Bracken Darrell
Position: President & Chief Exec Officer
Transaction Date: 2023-06-10 Shares Bought: 75,200 Average Price Paid: $13.26 Cost: $997,408
Company: V F Corp (VFC)
V.F. Corporation was founded in 1899 and is based in Denver, Colorado. V.F. Corporation, through its subsidiaries, designs, procures, markets, and distributes branded lifestyle clothes, footwear, and accessories for men, women, and children in the Americas, Europe, and Asia Pacific. It has three segments: outdoor, active, and work. The North Face, Timberland, Smartwool, Icebreaker, and Altra brands offer high-performance outdoor apparel, footwear, equipment, and accessories; outdoor, adventure-inspired lifestyle footwear, apparel, and accessories; performance merino wool and other natural fiber-based apparel and accessories; performance-based footwear; and high-performance apparel and accessories based on natural fibers. The company also sells youth culture/action sports-inspired and streetwear apparel, footwear, and accessories; handbags, luggage, backpacks, totes, and accessories; outdoor-inspired apparel, footwear, and accessories; and backpacks and luggage under the Vans, Supreme, Kipling, Napapijri, Eastpak, and JanSport brands.
Mr. Carucci has been Chair of the Board since June 2023. He formerly worked as an Independent Director at Kontoor Brands, Inc. from 2019 to 2021. Before that, he was President of Yum! Brands, Inc. from 2012 to 2014. In 2004, he also served as Chief Development Officer and Executive Vice President of Yum! Restaurants International, Inc. Mr. Carucci received his undergraduate degree from Brown University in 1979 and his MBA from the Haas School of Business in 1984.
Bracken Darrell was appointed VF Corporation’s CEO in June 2023. Darrell previously served on the board of directors for Life Biosciences, an anti-aging firm, and as a trustee at Hendrix College. Before joining VF, Bracken was president and CEO of Logitech International, S.A. for ten years, commencing in January 2013. He is recognized for transforming Logitech’s business by expanding into new categories, increasing market share through the introduction of new and creative products, and elevating design as a pillar of the company’s strategy. Darrell began his career in brand management with Procter & Gamble after graduating from business school, and he is recognized for overseeing the turnaround of the Old Spice brand. Bracken earned a B.A. from Hendrix College and an MBA from Harvard Business School.
Opinion:
Name: Jon E Bortz
Position: Chairman and CEO
Transaction Date: 2023-06-10 Shares Bought: 45,000 Average Price Paid: $13.59 Cost: $611,420
Company: Pebblebrook Hotel Trust (PEB)
Pebblebrook Hotel Trust is an internally managed hotel investment company founded in October 2009 as a Maryland real estate investment trust to acquire and invest in hotel properties primarily in major US cities, as well as resort properties near primary target urban markets and select destination resort markets, with a focus on major gateway coastal markets. As of December 31, 2023, the Company had stakes in 46 hotels, comprising 11,924 guest rooms. Pebblebrook Hotel, L.P. owns practically all of the Company’s assets and manages its activities. The Company is the Operating Partnership’s only general partner. The company primarily invests in hotel properties in major US cities, as well as resort properties near key target urban areas and select destination resort markets, with a particular emphasis on key gateway coastal markets and vacation destinations.
Mr. Bortz has served as Chairman of the Board, President, and CEO since the company’s founding in October 2009. Mr. Bortz served as President, CEO, and Trustee of LaSalle Hotel Properties, a publicly traded hotel REIT, from its formation in April 1998 until his resignation in September 2009. Mr. Bortz also served as Chairman of the Board of LaSalle Hotel Properties from January 1, 2001, until his retirement. Mr. Bortz founded Jones Lang LaSalle Incorporated’s Hotel Investment Group in January 1994, and as President, he oversaw all of Jones Lang LaSalle’s hotel investment and development efforts. He serves on the Executive Committee of the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, and as a trustee of Federal Realty Investment Trust. Mr. Bortz earned a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business and is a Certified Public Accountant.
Opinion:
Name: William E Jr Simon
Position: Director
Transaction Date: 2023-06-10 Shares Bought: 45,000 Average Price Paid: $13.15 Cost: $591,800
Company: Douglas Emmett Inc (DEI)
Douglas Emmett, Inc. is a fully integrated, self-administered, and self-managed real estate investment trust. The company is one of the largest owners and operators of high-quality commercial and multifamily assets in prime coastal submarkets in Los Angeles and Honolulu. The company focuses its interest in the Operating Partnership and its subsidiaries, the consolidated JVs, and their unconsolidated Fund on owning, acquiring, developing, and managing a significant market share of top-tier office properties and premier multifamily communities in neighborhoods with significant supply constraints, as well as high-end executive housing and key lifestyle amenities. The company has properties in Beverly Hills, Brentwood, Burbank, Century City, Olympic Corridor, Santa Monica, Sherman Oaks/Encino, Warner Center/Woodland Hills, and Westwood submarkets of Los Angeles County, California, as well as Honolulu, Hawaii. The company seeks to raise the market share in its current submarkets and may expand into new submarkets with similar features where they feel they may obtain a large market share.
William E. Simon has been an independent director at Douglas Emmett, Inc. since 2012. Simon is the creator of William E Simon & Sons Municipal Securities, established in 1990, and Mr. Simon & Sons LLC, created in 1988. He is also the founder and chairman of Parish Catalyst, which was created in 2013. His previous positions include Trader at JPMorgan Chase & Co., Member-Society of Emeritus Trustees at The Heritage Foundation from 2008 to 2015, and Assistant United States Attorney at The Southern District of New York from 1985 to 1988. Mr. Simon earned an undergraduate degree from Williams College in 1973 and a graduate degree from Boston University’s School of Law in 1982.
Opinion:
Name: Jorge Valladares
Position: Director
Transaction Date: 2023-06-11 Shares Bought: 42,000 Average Price Paid: $7.15 Cost: $300,258
Company: Perimeter Solutions SA (PRM)
Perimeter Solutions, SA was founded in 1963 and is based in Clayton, Missouri. Perimeter Solutions, SA develops and distributes firefighting and lubrication additives in the United States, Germany, and globally. The company operates in two segments: fire safety and specialty products. The Fire Safety section offers fire retardants and firefighting foams, as well as specialized equipment and services, to federal, state, provincial, local/municipal, and commercial customers. The Specialty Products business manufactures and sells Phosphorus Pentasulfide, which is principally utilized in the production of lubricant additives, including a class of chemicals known as Zinc Dialkyldithiophosphates. The company sells its products under the labels PHOS-CHEK, FIRE-TROL, AUXQUIMIA, and SOLBERG.
Michael L. Speiser joined Perimeter Solutions SA’s board of directors on May 23, 2024. Mr. Valladares was the Chief Operating Officer of TransDigm Inc. from April 2019 until his retirement in October 2023. Before that, Mr. Valladares was Chief Operating Officer — Power & Control from June 2018 to March 2019, Executive Vice President from October 2013 to May 2018, President of AvtechTyee, Inc., a wholly-owned subsidiary of TransDigm Inc., from August 2009 to September 2013, and President of Adel Wiggins Group, a division of TransDigm Inc., from April 2008 to July 2009. Mr. Valladares obtained a bachelor’s degree in engineering from the University of California, Los Angeles.
Opinion:
Name: Ronald J Kruszewski
Position: Director
Transaction Date: 2023-06-11 Shares Bought: 100,000 Average Price Paid: $4.58 Cost: $457,913
Company: FutureFuel Corp. (FF)
FutureFuel Corp. and its subsidiaries manufacture and distribute diversified chemical, bio-based fuel, and bio-based specialty chemical products in the United States. Chemicals and Biofuels are the company’s two business segments. The Chemicals segment offers a wide range of custom chemicals for use in coatings, chemical intermediates, industrial and consumer cleaning, oil and gas, and specialty polymers industries, as well as performance chemicals such as polymer modifiers, glycerin products, and specialty chemicals and solvents. The Biofuels segment manufactures and sells biodiesel and petrodiesel blends, and it offers biodiesel products directly to clients via trucks, barges, and rail cars. FutureFuel Corp. is based in St. Louis, Missouri.
Ronald J. Kruszewski has been on the board since July 2022. He is the Chairman of the Board and CEO of Stifel Financial Corp. and its major subsidiary, Stifel, Nicolaus & Company, Incorporated. He joined the company as CEO in 1997 and was appointed Chairman in 2001. Mr. Kruszewski currently serves as Chairman of the American Securities Association and a member of the Securities Industry and Financial Markets Association’s Board of Directors. From 2014 to 2019, he served on the Federal Advisory Council of the St. Louis Federal Reserve Board of Directors. He also serves on the Board of Trustees for Saint Louis University and the United States Ski and Snowboard Team Foundation. He graduated from Indiana University.
Opinion:
Name: Fredrick Schaufeld
Position: Director
Transaction Date: 2023-06-10 Shares Bought: 283,566 Average Price Paid: $4.01 Cost: $1,135,712
Company: Telos Corp (TLS)
Telos Corporation was created in 1968 and has its headquarters in Ashburn, Virginia. Telos Corporation, along with its subsidiaries, offers cyber, cloud, and enterprise security solutions worldwide. The company is divided into two business segments: Security Solutions and Secure Networks. It offers Xacta, an enterprise cyber risk management and security compliance automation platform, as well as consultancy, assessment and compliance, engineering and evaluation, operations, and penetration testing services. The company also offers Telos Automated Message Handling System, web-based organizational message distribution and management for mission-critical communications used by military field operatives; Telos Advanced Cyber Analytics solution, which is a threat feed source of global Internet Protocol addresses known to engage in potential malicious activity, including mass scanning and generic opportunistic attacks; and Telos Ghost, a solution to eliminate cyberattack surfaces by obfuscating and encrypting data, masking user identity and location, and hiding network resources, as well as provides security and privacy for intelligence gathering, cyber threat protection, securing critical infrastructure, and protecting communications and applications.
Mr. Schaufeld was appointed to the board in November 2020. Mr. Schaufeld is a partner with Monumental Sports and Entertainment, which owns the Washington Capitals, Wizards, Mystics, Capital City Go-Go, and Capital One Arena. He is a partner in the Washington Nationals, Team Liquid (e-Sports), the Professional Fighters League, and the Hill Top House Hotel in Harpers Ferry. Before joining SWaN, Mr. Schaufeld developed and operated NEW Corp., which Asurion acquired in 2008. Mr. Schaufeld currently serves on the boards of several private firms. Mr. Schaufeld received a BA in Government from Lehigh University.
Opinion:
Name: Kim D Blickenstaff
Position: Director
Transaction Date: 2023-06-11 Shares Bought: 172,189 Average Price Paid: $2.90 Cost: $500,089
Company: Nuvation Bio Inc. (NUVB)
Nuvation Bio Inc. was established in 2018 and is headquartered in New York, NY. The firm is a clinical-stage biopharmaceutical company that focuses on developing medicinal options for oncology. The company’s lead product candidate is NUV-868, a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation, including oncogenes comprising c-myc; NUV-1156, an AR binder Xtandi that addresses advanced stage prostate cancers with the potential to move into earlier lines typically treated with surgical prostatectomy; and drug-drug conjugate (DDC) platform that leverages a novel therapeutic approach.
Kim D. Blickenstaff joined the Nuvation Bio Inc. board of directors in 2019. Mr. Blickenstaff is the Executive Chairman and Director of Tandem Diabetes Care, Inc., previously serving as President and CEO. Before that, he was Chairman and CEO of Biosite Incorporated, a producer of medical diagnostic devices, from 1988 until its acquisition by Inverness Medical Innovations, Inc. in 2007. Mr. Blickenstaff has been a certified public accountant for over 20 years and has overseen the preparation of financial statements. He worked with Baxter Travenol, National Health Laboratories, and Hybritech Incorporated in numerous capacities, including finance, operations, research management, sales management, strategic planning, and marketing. He holds a B.A. in political science from Loyola University Chicago and an M.B.A. from the Graduate School of Business at Loyola University.
Opinion:
Name: Christopher T Metz
Position: President & CEO
Transaction Date: 2023-06-11 Shares Bought: 150,000 Average Price Paid: $1.96 Cost: $294,618
Company: Solo Brands Inc. (DTC)
Solo Brands, Inc. was established in 2011 and is based in Grapevine, Texas. Solo Brands, Inc. provides a direct-to-consumer platform in the United States, selling outdoor and lifestyle-branded products. The company offers camp stoves under the Solo Stove Lite brand, fire pits under the Solo Stove brand, kayaks under the Oru brand, paddle boards under the ISLE brand, and storage solutions for fire pits, firewood, and other equipment. It also sells swim trunks, casual shorts, sports products, polos, shirts, and loungewear under the Chubbies brand; consumables such as color packs, starters, natural charcoal, fuel, pellets, and firewood; and accessories such as shelters, shields, roasting sticks, tools, paddles, and pumps under the Solo Stove, Oru, and ISLE brands.
Mr. Metz has been a member of the board of directors and the President and Chief Executive Officer since January 2024. Mr. Metz formerly served as President and CEO of Vista Outdoor Inc., a designer, producer, and marketer of outdoor sports and entertainment equipment, from October 2017 until March 2023. From December 2014 to March 2017, Mr. Metz was President and CEO of Arctic Cat Inc., which manufactures all-terrain vehicles, recreational off-road vehicles, and snowmobiles. Mr. Metz also sits on the board of Central Garden & Pet Company, a manufacturer and marketer of lawn, garden, and pet products. Mr. Metz earned a Bachelor of Science in Business Administration and Management from the University of Delaware in 1987, and a Master of Business Administration from the University of North Carolina in 1992.
Opinion:
Follow us on Twitter for real-time insider buying alerts at https://twitter.com/theinsidersfund
You can be an insider, too– by clicking here
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,
