The market just posted its best week of the year as investors seemed to grasp that the Federal Reserve’s known rate cuts trumped the unknowns from either Presidential candidate, plus whatever Iran had in mind as payback would not be sufficient to risk the devastation wrought by an Israeli strike bolstered by the U.S. Defense Department. Party on!
We have also tracked a noticeable pickup in insider buying, mostly in obscure names but something is better than nothing. This weeks highlights include:
Name: Thomas C ERB
Position: Director
Transaction Date: 2024-08-13 Shares Bought: 2,000 Average Price Paid: $112.94 Cost: $225,880
Company: Post Holdings Inc. (POST)
Post Holdings, Inc. was established in 1895 and is based in St. Louis, Missouri. In the United States and around the world, the firm is a holding corporation for consumer packaged goods. The company operates in four segments: Post Consumer Brands, Weetabix, Foodservice, and Refrigerated Retailing. The Post Consumer Brands segment makes, markets, and sells Honey Bunches of Oats, Pebbles, and Malt-O-Meal ready-to-eat cereals, hot cereal, Peter Pan peanut butter, and Rachael Ray Nutrish, Nature’s Recipe, 9Lives, Kibbles ‘n Bits, and Gravy Train dog and cat food. Weetabix and Alpen manufacture, market, and distribute branded and private-label RTE cereal, hot cereals, various cereal-based food products, breakfast drinks, UFIT protein-based smoothies, and nutritional snacks including muesli. Food service produces and sells egg and potato products under the Papetti’s and Abbotsford Farms brands for the food service and food ingredient industries. The Refrigerated Retail segment makes and sells Bob Evans, Bob Evans Farms, and Simply Potatoes side dishes, eggs, egg products, Bob Evans Egg Whites and Egg Beaters, and Crystal Farms cheese, dairy, and refrigerated products.
Thomas C. Erb joined Post Holdings’ board of directors on May 4, 2021. Erb is Chairman Emeritus of Lewis Rice LLC, a renowned regional law practice with over 150 professionals. From May 2012 to August 2020, Mr. Erb was Lewis Rice LLC’s Chairman Emeritus. Many corporations and their boards of directors have hired him as lead counsel for corporate governance, transactional, and regulatory challenges. Business combinations, joint ventures, equity redemptions, private placements, commercial financings, and asset securitizations are among his lead M&A projects. CIC Group, Inc., a privately held heavy industrial manufacturing and construction holding firm, has Mr. Erb as an advisory director. Mr. Erb was on the United Way of Greater St. Louis board from 2012 to 2020. He received his Bachelor of Science from the University of Illinois and his Juris Doctor from Washington University in St. Louis.
Opinion: Post has had a remarkable year, considering the dismal years between 2019 and 2022, during which it did nothing for investors. Did the business improve, or did investors start appreciating the Post story? A performative buy like this from a director doesn’t shed any light on the matter.
Name: Martin J. Vanderploeg
Position: Director
Transaction Date: 2024-08-09 Shares Bought: 4,000 Average Price Paid: $74.99 Cost: $299,954
Company: Workiva Inc (WK)
Workiva, Inc. was created in 2008 and is headquartered in Ames, Iowa. Workiva Inc., along with its subsidiaries, offers cloud-based reporting solutions in the United States and abroad. The company provides the Workiva platform, a multi-tenant cloud software that includes data linking capabilities, audit trail services, administrator access management, and the ability to connect data from multiple enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications. It caters to public and private businesses, government agencies, and higher education institutions.
Martin J. Vanderploeg has been our Non-Executive Chair since 2023 and is a co-founder of Workiva. He was Chief Executive Officer from 2018 to 2023, President from 2014 to 2022, and Chief Operating Officer from 2008 to 2018. Before joining Workiva, Mr. Vanderploeg was the founder and Chief Technology Officer of Engineering Animations Inc., which he helped run for a decade until selling to Unigraphics Solutions, which is now part of Siemens USA.
He began his academic career as a tenured mechanical engineering professor at Iowa State University, where he established and supervised the Simulation and Visualization Lab. Marty is not only a technological entrepreneur but also a well-respected educator. He was a tenured mechanical engineering professor at Iowa State University for nearly a decade, as well as the founder and head of the Iowa State Visualization Laboratory. Marty earned a Bachelor of Science, Master of Science, and Doctorate in Mechanical Engineering from Michigan State University.
Opinion: ESG has taken a back seat to good ole fashioned cash flow- if it ever was in the front seat.
Name: Lachlan K Murdoch
Position: Executive Chair, CEO
Transaction Date: 2024-08-15 Shares Bought: 119,705 Average Price Paid: $39.06 Cost: $4,675,677
Company: Fox Corp (FOX)
Fox Corporation was founded in 2018 and is headquartered in New York, NY. The firm is a news, sports, and entertainment company in the United States. The company’s sectors are Cable Network Programming, Television, Other, Corporate, and Eliminations. The Cable Network Programming segment creates and licenses news, business news, and sports content for distribution primarily in the United States via traditional cable television systems, direct broadcast satellite operators, telecommunications companies, virtual multichannel video programming distributors, and other digital platforms.
The television segment creates, acquires, markets, and distributes programming via the FOX broadcast network, Tubi, and power broadcast television stations, including duopolies and other digital platforms. It also produces content for the company and third parties. The Other, Corporate, and Eliminations category includes Credible, a US consumer credit marketplace, and the FOX Studio Lot, which provides office space, studio operations, and facility management for television and film production.
Lachlan Murdoch is the Executive Chairman and CEO of Fox Corporation, one of the world’s most well-known and prominent media corporations. In this position, he is responsible for the Company’s leading portfolio of news, sports, and entertainment properties. Mr. Murdoch was Executive Chairman of 21st Century Fox before the merger with The Walt Disney Company in March 2019. He took on that post in 2015, collaborating directly with the company’s senior management and the Board of Directors to define worldwide initiatives and establish the overarching corporate strategy. Mr. Murdoch was a member of the 21st Century Fox Board of Directors from 1996 until the merger with Disney. Mr. Murdoch previously served as Co-Chairman of 21st Century Fox and held several senior executive positions from 1994 to 2005. From 2000 to 2005, Mr. Murdoch was 21st Century Fox’s Deputy Chief Operating Officer, where he was directly responsible for the company’s U.S. television stations and publishing businesses. Mr. Murdoch earned a B.A. from Princeton University.
Opinion: Insiders buying at the top is a very bullish sign. Fox is likely to win the Presidential sweepstakes in advertising as it’s the only major conservative media advertising outlets.
Name: Eric M Demarco
Position: President & CEO
Transaction Date: 2024-08-15 Shares Bought: 12,396 Average Price Paid: $20.19 Cost: $250,254
Company: Kratos Defense & Security Solutions Inc. (KTOS)
Kratos Defense & Security Solutions, Inc. was established in 1994 and is based in San Diego, California. Kratos Defense & Security Solutions, Inc. is a technology business that serves the defense, national security, and commercial markets. It operates in two segments: Kratos Government Solutions and Unmanned Systems. The company provides ground systems for satellites and space vehicles, including software for command and control, telemetry, and tracking and control; jet-powered unmanned aerial drone systems, hypersonic vehicles, and rocket systems; propulsion systems for drones, missiles, loitering munitions, supersonic systems, spacecraft, and launch systems; command, control, communication, computing, combat, intelligence surveillance, and reconnaissance; and microwave electronic production. The company primarily serves national security agencies, the United States Department of Defense, intelligence and classified agencies, international governments, and commercial clients.
Eric M. DeMarco is President and CEO of Kratos Defense & Security Solutions, Inc. Mr. DeMarco joined the Company as President and Chief Operating Officer in November 2003, when it was known as Wireless Facilities, Inc., a provider of commercial wireless communications system infrastructure, and was appointed CEO in April 2004. Before joining Kratos, Mr. DeMarco was President and Chief Operating Officer of Titan Corporation, which was ultimately bought by L-3. Before Titan,
Mr. DeMarco worked in various public accounting jobs, notably for major multinational firms and publicly traded companies. Mr. DeMarco has served as Chairman of the Board of Wavestream Corporation, a former director of nLIGHT, and is currently a member of the Board of Directors of Kratos Defense & Security Solutions, Inc. Mr. DeMarco also serves on the Executive Board and Board of Governors of the Aerospace Industry Association. He earned a Bachelor of Science in Business Administration and Finance, summa cum laude, from the University of New Hampshire.
Opinion: Although not a large purchase, it’s the first I’ve seen by this long time defense contractor CEO. Is DeMarco ready to sell the company or is this just an opportunistic purchase on a slight pullback in price due to recent earnings release. There are very few remaining small defense contractors and KTOS is work in stealthy jet drones and satellite ground station communication, both very active fields of Defense Department investment.
Name: Paul A Keel
Position: Chief Executive Officer
Transaction Date: 2024-08-13 Shares Bought: 30,000 Average Price Paid: $16.87 Cost: $506,100
Company: Envista Holdings Corp (NVST)
Envista Holdings Corporation, founded in 2018, is headquartered in Brea, California. Envista Holdings Corporation and its subsidiaries manufacture, market, and distribute dental products in the United States, China, and worldwide. The company is divided into two business segments: specialty products and technologies and equipment and consumables. The Specialty Products & Technologies segment provides dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists, periodontists, and general dentists, as well as brackets, wires, tubes, and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products. It sells its products under the Nobel Biocare, Alpha-Bio Tec, Implant Direct, Nobel Procera, Ormco, Spark, Orascoptic, Damon, Insignia, and AOA brands. The Equipment & Consumables segment offers dental equipment and supplies such as digital imaging systems, software, and other visualization/magnification systems.
Paul Keel was appointed CEO and member of Envista Holdings Corporation’s board of directors on May 1, 2024. Envista’s CEO, Paul Keel, guides the company in fulfilling its aim of digitizing, customizing, and democratizing dental treatment. Before joining Envista, Paul was CEO of Smiths Group plc, an FTSE 100 global technology firm that he guided to record growth and profitability. Before Smiths, he worked at 3M for nearly two decades in a variety of senior positions, including Group President of the Consumer Business, SVP Marketing & Sales, SVP Manufacturing & Supply Chain, President of 3M Medical, and President of 3M’s Specialty Dental business. Before 3M, he held positions of increasing responsibility at GE, McKinsey, and General Mills. Paul earned a BA from Carleton College and an MBA from Harvard Business School.
Opinion: Paul is the new CEO and this is his first purchase of stock. It’s generally understood that a new CEO is going to purchase some stock displaying how his personal interests are aligned with shareholders. In short it doesn’t mean squat, especially at this level. Good luck Paul, we’ll check back when you buy more.
Name: Herman E Bulls
Position: Director
Transaction Date: 2024-08-13 Shares Bought: 10,000 Average Price Paid: $16.81 Cost: $168,140
Company: Fluence Energy Inc. (FLNC)
Fluence Energy, Inc. was created in 2018 as part of a business spin off from Siemens. It is based in Arlington, Virginia. Fluence Energy, Inc. and its subsidiaries provide energy storage technologies and solutions, services, and AI-enabled software-as-a-service products for renewables and storage applications across the Americas, Asia Pacific, Europe, the Middle East, and Africa.
The company sells energy storage solutions that include hardware, software, and digital intelligence. Its energy storage products include Gridstack Pro, a large-scale front-of-the-meter application; Gridstack, a front-of-the-meter application; Sunstack, a DC-coupled energy storage product for DC-coupled solar + storage projects; Edgestack, for smaller-scale commercial and industrial use cases; and Ultrastack, for critical distribution and transmission network system requirements. In addition to engineering and delivery services to support the implementation of its storage solutions, the company offers operating and maintenance services, as well as digital applications. The customers include independent power producers, developers, utilities, and other generators.
Herman Bulls has been the Chairman of the Board of Directors since October 2021. He has been with JLL for over thirty years and is currently Vice Chairman, Americas and International Director. He is also the founder of JLL’s Public Institutions business unit, which specializes in providing comprehensive real estate solutions to nonprofit organizations, higher education institutions, and governments at the federal, state, and local levels. Mr. Bulls also co-founded and served as President and CEO of Bulls Capital Partners, a multifamily finance company, and Bulls Advising Group, LLC, a management and real estate advising firm. Mr. Bulls has been on the board of directors for Host Hotels and Resorts since June 2021, USAA since 2010, American Campus Communities since January 2021, Comfort Systems USA since 2001, Collegis Education since September 2020, the American Red Cross since September 2016, the Military Bowl by Northrup Grumman since 2010, and the West Point Association of Graduates since 1996. He earned a Master of Business Administration from Harvard Business School and a bachelor’s degree in engineering from the United States Military Academy at West Point.
Opinion:I’m sure Mr. Bull is a very talented businessman but not sure what he brings to the table to this next generation utility scale battery company. Investors want to believe in the Fluence story but spotty execution has made it difficult. I’ve come to the painfully learned observation that its hard to make money in this hyper competitive battery market even with the explosion in demand. When it comes to batteries, stay with the Korean conglomerates and Tesla. Fluence has been a good trading stock though.
Name: Kelcy L Warren
Position: Director
Transaction Date: 2024-08-12 Shares Bought: 3,000,000 Average Price Paid: $15.68 Cost: $47,040,000
Company: Energy Transfer LP (ET)
Name: Thomas E Long
Position: Co-CEO
Transaction Date: 2024-08-12 Shares Bought: 20,000 Average Price Paid: $15.68 Cost: $313,600
Company: Energy Transfer LP (ET)
Energy Transfer LP was created in 1996 and is based in Dallas, Texas. Energy Transfer LP is a Delaware limited partnership with common units that trade on the New York Stock Exchange under the ticker symbol “ET.” Sunoco LP and USAC, both publicly traded master limited partnerships, own assets in the corporation. Energy Transfer creates cash flow from dividends made by its companies, including Sunoco LP and USAC. The quantity of cash distributed to us by their subsidiaries is determined by the earnings from their respective business activities as well as the available cash. Energy Transfer’s key financial requirements include partner distributions, general and administrative expenses, and loan repayment. After meeting the previous cash criteria, Energy Transfer distributes any remaining funds to its Unitholders quarterly.
Kelcy L. Warren, Executive Chairman of the Board of Directors of Energy Transfer LP, has nearly 40 years of experience as an energy sector executive. Mr. Warren co-founded Energy Transfer in 1996 when it was only a tiny intrastate natural gas pipeline operator. Today, it is one of the industry’s largest and most diverse publicly traded energy firms. The Energy Transfer family of partnerships now includes Energy Transfer LP, Sunoco LP, and USA Compression Partners, LP.
Mr. Long was appointed Co-Chief Executive Officer in January 2021. Mr. Long has also served as our CFO since February 2016. Mr. Long was named to Energy Transfer LP’s (ET) Board of Directors in April 2019. Mr. Long is also ETO’s Chief Financial Officer, having previously served as Executive Vice President and Chief Financial Officer of Regency GP LLC from November 2010 until April 2015. From May 2008 to November 2010, Mr. Long was the Vice President and Chief Financial Officer of Matrix Service Company. Prior to joining Matrix, he was the Vice President and Chief Financial Officer of DCP Midstream Partners, LP, a Denver-based publicly traded natural gas and natural gas liquids midstream firm. Since the company’s inception in December 2005, he has been in charge of all financial issues. From 1998 until 2005, Mr. Long held various management positions with Duke Energy Corp., one of the country’s leading electric power corporations. Mr. Long now serves on Sunoco LP’s Board of Directors.
Opinion: Money maker with great tax advantaged dividend. We buy on any pullback. It’s a much better place to park cash than a money market too as rates are going down and ET’s dividend is going up. There is risk though, both political and commodity prices which the Company has no control over. At the moment we don’t see either as problematic and have a large position in the name.
Name: Robert Crisci
Position: Director
Transaction Date: 2024-08-09 Shares Bought: 20,000 Average Price Paid: $15.39 Cost: $307,726
Company: MasterBrand Inc. (MBC)
MasterBrand, Inc. was founded in 1954 and is based in Beachwood, Ohio. MasterBrand, Inc. manufactures and sells residential cabinets in the United States and Canada. The company provides a variety of residential cabinetry items for the kitchen, bath, and other areas of the home. It sells its products to the remodeling and new construction markets via dealers, merchants, and builders. The corporation was previously called United Cabinet Incorporated.
Robert Crisci joined MasterBrand Inc.’s board of directors on December 9, 2022. Mr. Crisci is Chairman of the Audit Committee and a member of the Nominating, Environmental, Social, and Governance Committees. Mr. Crisci is the Chief Financial Officer of Lineage, a leading temperature-controlled industrial REIT and logistics solutions provider with a global network of over 480 strategically situated locations. Mr. Crisci formerly worked as Roper Technologies, Inc.’s Executive Vice President and Chief Financial Officer from 2017 until 2023. He joined Roper in 2013 and oversaw financial planning, analysis, and investor relations before becoming Chief Financial Officer. Before joining Roper, Mr. Crisci held numerous positions in investment banking, consulting, and finance. Mr. Crisci formerly worked at VRA Partners, Morgan Keegan, Devon Value Advisers, and Deloitte & Touche. Mr. Crisci earned an AB in economics from Princeton University and an MBA from Columbia Business School.
Opinion: This looks like Crisci first purchase of stock at Masterbrand. Most companies require directors to own some stock, usually a combination of RSUs and open market purchases.
Name: D Mark DeWalch
Position: Director
Transaction Date: 2024-08-15 Shares Bought: 34,200 Average Price Paid: $14.62 Cost: $500,004
Company: Black Stone Minerals L.P. (BSM)
Black Stone Minerals, L.P. was founded in 1876 and is headquartered in Houston, Texas. The corporation, along with its subsidiaries, owns and administers oil and natural gas mineral interests. The corporation owns mineral interests in over 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres throughout 41 states in the United States.
Mr. DeWalch has been Director of the General Partner since March 2015. Mr. DeWalch was the director of BSNR from 2009 to 2015. Mr. DeWalch is also President of DeWalch Holdings LLC, co-owner of DeWalch Holdings LLC, and President and Manager of DeWalch Investments, LLC, DeWalch Diversified GP LLC, and other DeWalch enterprises. From 1993 to 2022, Mr. DeWalch was the Executive Vice President and Chief Financial Officer of DeWalch Technologies, Inc. He also co-owned the company from 1995 to 2022. From 1985 to 2022, Mr. DeWalch was on the board of directors for DeWalch Technologies, Inc. Mr. DeWalch began his commercial banking career in New York with the Irving Trust Company, where he worked as a lender. Mr. DeWalch is now on the board of directors of Texas Children’s Hospital and the board of visitors of South Texas College of Law. He earned his M.B.A. and B.B.A. degrees from the University of Texas at Austin.
Opinion: BSM insiders have been steady buyers thought the years. Why not, one of the country’s best run royalty trusts currently yields 10.14% a. With natural gas at historically low prices, electricity consumption likely to increase at a stronger pace at any time in decades, and interest rates likely headed lower, this is a good time to lever up and buy.
Name: Anita J. Rival
Position: Director
Transaction Date: 2024-08-08 Shares Bought: 31,000 Average Price Paid: $14.39 Cost: $446,090
Company: Golub Capital Bdc Inc. (GBDC)
Golub Capital BDC, Inc. is a business development company that operates as an externally managed closed-end non-diversified management investment fund. The company makes debt and minority stock investments in middle-market companies, which are frequently backed by private equity investors. It typically invests in a variety of consumer services, automobiles, healthcare technology, insurance, healthcare equipment and supplies, hotels, restaurants, entertainment, healthcare providers and services, IT services, and specialty retail. The corporation intends to invest in the United States. The company primarily invests in first-lien traditional senior debt, first-lien one-stop, junior debt, equity, senior secured, one-stop, unitranche, second-lien, subordinated, and mezzanine loans provided by middle-market corporations, as well as warrants.
Ms. Rival has been on the Board of Directors of GBDC since 2011. Ms. Rival became a trustee of the Baron Investment Funds Trust in May 2013. From April 2022 to April 2023, Ms. Rival served as an independent director for Trian Investors 1 Limited, a Guernsey-based company registered on the London Stock Exchange. From January 2014 to September 2022, she served as an independent director of Impala Asset Management. From April 2011 to May 2012, she served as an independent advisor to Magnetar Capital, a multi-strategic hedge fund. Ms. Rival was a Partner and Portfolio Manager of Harris Alternatives, LLC and its predecessor, Harris Associates, L.P., from 1999 until she retired in February 2009. Ms. Rival formerly worked at Banker’s Trust, Global Asset Management, and Merrill Lynch Capital Markets, where she held senior positions. Ms. Rival received her Bachelor of Arts degree from Harvard University in 1985.
Opinion: Interest rates likely headed lower, it may be a good time to lever up and buy this 12% dividend payer
Name: Bradley E Singer
Position: Director
Transaction Date: 2024-08-13 Shares Bought: 75,000 Average Price Paid: $12.88 Cost: $965,750
Company: Warby Parker Inc. (WRBY)
Warby Parker Inc. was founded in 2009 and is headquartered in New York, NY. Warby Parker Inc. offers eyewear in the United States and Canada. The company sells eyeglasses, sunglasses, light-responsive lenses, blue-light-blocking lenses, non-prescription lenses, and contact lenses. It also sells accessories such as cases, and lens kits with anti-fog spray, pouches, and anti-fog lens spray through its retail locations, internet, and mobile apps. In addition, the organization provides eye exams and vision tests.
Brad Singer has been on the board of directors since August 2024. Mr. Singer was most recently a Partner and Chief Operating Officer at ValueAct Capital, from which he retired in 2021. Before joining ValueAct Capital in 2012, Mr. Singer was Discovery Communications, Inc.’s Senior Executive Vice President and Chief Financial Officer, as well as American Tower Corporation’s Chief Financial Officer and Treasurer. Mr. Singer now serves on the boards of directors for Castle Crown, Inc., Sweetgreen, Inc., and Redfin Corporation. Mr. Singer also serves on the Posse Foundation’s National Board and the University of Virginia’s McIntire School of Commerce Board. Mr. Singer holds a B.S. from the University of Virginia and an M.B.A. with distinction from Harvard Business School.
Opinion: According to an Aug 8th earnings related release “We’re proud of the progress we’re making on our core strategic initiatives to accelerate growth,” stated co-CEO Dave Gilboa. “In Q2, we drove our fourth consecutive quarter of active customer growth and our highest ecommerce growth since Q1’21”. “Our strong results demonstrate Team Warby’s ability to drive sustainable growth. Amidst strategic reinvestment in customer acquisition, store expansion, proprietary technology, and more, we’re still expanding the bottomline and delivering value for our stakeholders,” said Co-Founder and Co-CEO Neil Blumenthal. from Fly on the Wall
Name: George C Zoley
Position: Executive Chairman
Transaction Date: 2024-08-09 Shares Bought: 250,000 Average Price Paid: $12.28 Cost: $3,071,000
Company: Geo Group Inc (GEO)
The GEO Group, Inc. was founded in 1984 and is headquartered in Boca Raton, Florida. The corporation owns, leases, and manages security facilities, processing centers, and community-based reentry facilities across the United States, Australia, the United Kingdom, and South Africa. The company also offers secure facility management services, such as security, administrative, rehabilitation, education, and food services; reentry services, such as temporary housing, programming, employment assistance, and other services; electronic monitoring and supervision services; and transportation services; and it designs, builds, and finances new facilities through projects.
Zoley serves as GEO’s Executive Chairman of the Board. He served as Chairman, CEO, and Founder until July 1, 2021. Dr. George C. Zoley is the Executive Chairman of The GEO Group, Inc., the Chairman of GEO Care, Inc., the CEO and Director of GEO Corrections Holdings, Inc., the President and Manager of Correctional Services LLC, and the President, CEO, and Director of Community Education Centers, Inc. He serves on the boards of Cornell Cos., Inc., GEO Corrections Holdings, Inc., Australasian Correctional Management Pty Ltd, Australasian Correctional Services Pty Ltd, Canadian Correctional Management, Inc., GEO RE Holdings LLC, Protocol Criminal Justice, Inc., The GEO Group Australia Pty Ltd., The GEO Group UK Ltd., Community Education Centers, Inc., and TSIC, Inc. Dr. Zoley previously worked as a Vice President-Government Services at G4S Government Solutions, Inc. and as Chairman of the Trustees Board at Florida Atlantic University. He earned an undergraduate degree from Florida Atlantic University, a graduate degree from Florida Atlantic University, and a doctorate from Nova Southeastern University, Inc.
Opinion: There is always some political risk with private prisons but I have heard nothing about it this political cycle. It doesn’t mean though it doesn’t exist. Whatever it might be business looks good to Zoley as this is the largest open market purchases he has made since 2020. The 2024 election is likely to provide tailwinds for Geo as both parties have emphasized plans to increase strength at the border, which will require increased usage of privatized facilities, the analyst tells investors in a research note. Jones says Geo’s electronic monitoring and supervision segment may be the clearest growth driver for the business. The Fly on the Wall
Name: Jon E Bortz
Position: Chairman and CEO
Transaction Date: 2024-08-13 Shares Bought: 30,000 Average Price Paid: $12.24 Cost: $367,340
Company: Pebblebrook Hotel Trust (PEB)
Pebblebrook Hotel Trust is an internally managed hotel investment company that was established 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 particular emphasis on major gateway coastal markets. As of December 31, 2023, the Company owned holdings in 46 hotels totaling 11,924 rooms. Pebblebrook Hotel, L.P. owns almost all of the Company’s assets and oversees its operations. The Company is the Operating Partnership’s sole general partner. The company primarily invests in hotel properties in major US cities, as well as resort properties close to key target urban centers and select destination resort markets, with a focus on key gateway coastal markets and vacation destinations.
Mr. Bortz has been Chairman of the Board, President, and CEO since the company’s inception in October 2009. Mr. Bortz was President, CEO, and Trustee of LaSalle Hotel Properties, a publicly traded hotel REIT, from its inception in April 1998 until his departure in September 2009. Mr. Bortz also served as Chairman of the Board of LaSalle Hotel Properties from January 1, 2001, to his retirement. Mr. Bortz formed Jones Lang LaSalle Incorporated’s Hotel Investment Group in January 1994, and as President, he oversaw all of the company’s hotel investment and development operations. He is a trustee of Federal Realty Investment Trust and serves on the Executive Committee of the Board of Governors of the National Association of Real Estate Investment Trusts. Mr. Bortz holds a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business and is a CPA.
Opinion: The popular thesis is that the consumer is hurting and with it travel. CEO Bortz is not having any of that as this is his fourth purchase this year.
Name: Eric Schoch
Position: EVP & President, Retail
Transaction Date: 2024-08-13 Shares Bought: 21,692 Average Price Paid: $12.19 Cost: $264,425
Company: NCR Voyix Corp (VYX)
NCR Voyix Corporation was established in 1884 and is based in Atlanta, Georgia. NCR Voyix Corporation offers a variety of software and services in the United States, the Americas, Asia Pacific, Europe, the Middle East, and Africa. The corporation operates in three segments: retail, restaurants, and digital banking. It provides software, services, and hardware, as well as digital banking solutions to financial institutions’ consumer and commercial customers. The company offers solutions for banking channel services, transaction processing, imaging, and branch operations. In addition, it provides retail industry solutions such as comprehensive API-point-of-sale retail software platforms and applications, hardware terminals and peripherals, payment processing solutions, and consumer engagement solutions, as well as self-service kiosks with self-checkout. Furthermore, the company offers technology solutions to customers in the restaurant industry, which include table-service, quick service, and fast-casual restaurants. The corporation was previously known as NCR Corporation before changing its name to NCR Voyix Corporation in October 2023.
Eric Schoch is Executive Vice President and President of Retail at NCR Voyix. Eric inherited responsibility for NCR Retail, as well as the engineering and technology functions that serve both Retail and Hospitality, in January 2023. From 2019 until 2023, Eric oversaw global retail sales and field operations. He joined NCR in December 2016, where he oversaw the North American Retail division. Eric spent eight years with Cisco Systems in several business unit leadership capacities before joining NCR. His latest position at Cisco was Vice President of Product Management and Go-To-Market for the Network Function Virtualization business unit. Before entering the Software Defined Networking field, Eric was the Vice President and General Manager of the Hosted Collaboration Solution Business Unit. Eric began his career with DSC Communications, working in corporate strategy, sales, and marketing operations. He has a BBA in marketing and finance from Stephen F. Austin State University, an MBA from the University of Texas at Dallas.
Opinion: Buying a computer business that’s in decline is rarely a recipe for success. I’d avoid this name.
Name: Arkoma Drilling L.P. / Williston Drilling L.P. / Blue Star Exploration Corp / Jerral W. Jones
Position: 10% Owner
Transaction Date: 2024-08-16 Shares Bought: 573,453 Average Price Paid: $10.64 Cost: $6,101,253
Company: Comstock Resources Inc (CRK)
Comstock Resources, Inc. was founded in 1919 and is headquartered in Frisco, Texas. Comstock Resources, Inc., a subsidiary of Arkoma Drilling, L.P., is an independent energy business that acquires, explores, develops, and produces natural gas and oil properties in the United States. The company’s resources are located in the Haynesville and Bossier shales in north Louisiana and eastern Texas.
Arkoma Drilling is wholly-owned by Dallas businessman and owner of the Dallas Cowboys Football Club Ltd., Jerry Jones.
Williston Drilling is owned by Dallas businessman and owner of the Dallas Cowboys Football Club Ltd., Jerry Jones, and his family.
Blue Star Exploration Ghana Limited is an independent Ghanaian oil and gas exploration and production company. Blue Star wants to be an African independent oil and gas exploration company focused on frontier exploration acreage and brownfield assets. The company’s strategy is to actively add assets to its portfolio, notably in the West African region, while also investigating other segments of the oil and gas value chain. The Blue Star strategy is based on three pillars, including the use of skilled personnel and local partnerships to generate value in the oil and gas exploration and production industries.
Jerral Wayne Jones Sr. is an American businessman who owns, controls and manages the Dallas Cowboys in the National Football League. Jerral W. Jones is the current President and Director of Blue Star Exploration Co., having previously served as President and General Manager of Dallas Cowboys Football Club Ltd. since 2012. Mr. Jones obtained his master’s degree from the University of Arkansas.
Opinion: I estimate entities associated with Jerry Jones own 70% of Comstock. What’s holding them back from buying the rest. It doesn’t look like much. Maintaining Comstock as a publicly traded company allows it to access capital markets for funding and provides strategic flexibility. This status can be advantageous for future growth and investment opportunities according to a recent article in Seeking Alpha
Name: D Randolph Peeler
Position: Director
Transaction Date: 2024-08-13 Shares Bought: 25,000 Average Price Paid: $10.57 Cost: $264,200
Company: National Vision Holdings Inc. (EYE)
National Vision Holdings, Inc. was founded in 1990 and is based in Duluth, Georgia. National Vision Holdings, Inc., through its subsidiaries, is an optical retailer in the United States. The company is divided into two segments: owned and hosted and legacy. The company sells eyeglasses, contact lenses, and optical accessories; offers eye exams through its America’s Best, Eyeglass World, Vista Optical, Fred Meyer, Vista Optical military, and Vision Center branded stores; and provides health maintenance organization and optometric services.
D. Randolph Peeler has served as a director since March 2014. Mr. Peeler joined Berkshire in 1996 and was appointed Managing Director in 2000. Before joining Berkshire, Mr. Peeler co-founded a privately held healthcare services company and worked as Special Assistant to the Assistant Secretary for Economic Policy at the United States Department of the Treasury. Mr. Peeler has previously worked as a consultant for Cannon Associates and Bain & Company. Mr. Peeler is or has been a director of many Berkshire portfolio businesses, including Affordable Care, Inc., Husky International, Inc., Lightower Fiber Networks, and Curriculum Associates, LLC. Mr. Peeler holds an A.B. from Duke University and an M.B.A. from Harvard Business School.
Opinion: Following Director Randolph has been a losing proposition.
Name: John David Risher
Position: Chief Executive Officer
Transaction Date: 2024-08-09 Shares Bought: 51,815 Average Price Paid: $9.67 Cost: $501,025
Company: Lyft Inc. (LYFT)
Lyft, Inc. was established in 2007 and is based in San Francisco, California. Lyft, Inc. offers a peer-to-peer on-demand ridesharing marketplace in the United States and Canada. The company provides multimodal transportation networks that provide access to a variety of transportation options via the Lyft platform and mobile applications. The company’s platform includes a ridesharing marketplace that links drivers and passengers, Express Drive, a car rental program for drivers, and a network of shared bikes and scooters in various locations to meet the demands of riders on short trips. They also provide centralized tools and enterprise transportation solutions, including concierge transportation solutions for businesses, Lyft Pink subscription plans, Lyft Pass commuter programs, first- and last-mile services, and university-safe rides programs. The company was previously known as Zimride, Inc., but changed its name to Lyft, Inc. in April 2013.
Mr. Risher has been the Chief Executive Officer since April 2023, and a member of the board of directors since July 2021. Mr. Risher co-founded Worldreader, a non-profit organization, where he served as Chief Executive Officer from November 2009 to April 2023 and Board President since March 2010. Before joining Worldreader, Mr. Risher was Senior Vice President of US Retail for Amazon.com, Inc., an e-commerce company. Before joining Amazon, he worked as a General Manager for Microsoft Corporation, a software corporation. Mr. Risher now serves on the boards of directors for several privately held and non-profit organizations. Mr. Risher has a Bachelor of Arts in Comparative Literature from Princeton University, a Master of Business Administration from Harvard Business School, and an honorary Ph.D. from Wilson College.
Opinion:
Name: Brendan J Paddick
Position: Director
Transaction Date: 2024-08-08 Shares Bought: 200,000 Average Price Paid: $9.28 Cost: $1,855,440
Company: Liberty Latin America Ltd. (LILA)
Liberty Latin America Ltd. was established in 2017 and is headquartered in Hamilton, Bermuda. The corporation, along with its subsidiaries, offers fixed, mobile, and subsea telecommunication services. The company operates in five segments: C&W Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rico. The company provides residential and business customers with communications and entertainment services such as video, broadband internet, fixed-line, telephony, and mobiles, as well as business products and services such as enterprise-grade connectivity, data center, hosting, and managed solutions, as well as information technology solutions for small and medium-sized businesses, international corporations, and governmental agencies. The company also has a subsea and terrestrial fiber optic cable network that connects over 40 markets. It operates under the brand names C&W, Liberty Costa Rica, Liberty Communications, BTC, Flow, and Mas Móvil.
Brendan J. Paddick has been an independent director at Liberty Latin America Ltd. since 2017. Paddick founded Columbus International, Inc. and Columbus Communications, Inc. He also founded Cormorant Utility Services Ltd., where he is still a Director. Mr. Paddick’s current positions include Chairman & CEO at Columbus Capital Corp., Chairman at HealthHub Patient Engagement Solutions, Inc., Chairman at Clariti Strategic Advisors, Inc., and Chairman at MDA Space Ltd. He is also a director of World Energy GH2, Inc.Mr. Paddick’s previous positions include President & CEO of Persona Communications, Inc. (from 1992 to 2004), Chairman of the Caribbean Cable & Telecommunications Association, Chairman of Churchill Falls Corp., Director of Summit Broadband, Inc., Director of Cable Bahamas Ltd., Non-Executive Director of Cable & Wireless Communications Ltd. (from 2015 to 2016), and Director of Nalcor Energy Ltd. Mr. Paddick earned an undergraduate degree and an MBA from Memorial University of Newfoundland. Mr. Paddick is also the founder of the Dollar a Day Foundation.
Opinion: This stock has gone nowhere but down for years. What changes now is beyond me.
Name: John E Mcglade
Position: Director
Transaction Date: 2024-08-13 Shares Bought: 31,408 Average Price Paid: $8.03 Cost: $252,206
Company: Goodyear Tire & Rubber Co (GT)
Name: Laurette T Koellner
Position: Director
Transaction Date: 2024-08-12 Shares Bought: 26,000 Average Price Paid: $7.90 Cost: $205,400
Company: Goodyear Tire & Rubber Co (GT)
Name: Mark Wynn Stewart
Position: CEO & President
Transaction Date: 2024-08-09 Shares Bought: 30,000 Average Price Paid: $7.78 Cost: $233,400
Company: Goodyear Tire & Rubber Co (GT)
Name: Max H Mitchell
Position: Director
Transaction Date: 2024-08-09 Shares Bought: 25,000 Average Price Paid: $7.76 Cost: $194,000
Company: Goodyear Tire & Rubber Co (GT)
The Goodyear Tire & Rubber Company was established in 1898 and is based in Akron, Ohio. The Goodyear Tire & Rubber Company, along with its subsidiaries, develops, manufactures, distributes, and sells tires and related products and services around the world. It manufactures rubber tires for automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and other applications under the Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington brands, as well as various house brands and private-label brands. In addition to retreading truck, airplane, and off-road tires, the company makes and distributes tread rubber and other tire retreading materials, sells chemical products, and offers automotive and commercial repair services, among other things. In addition, it has around 950 retail stores that sell items and provide repair and other services. The company distributes its products internationally through a network of independent dealers, regional distributors, retail locations, and merchants.
John E. McGlade was elected to The Goodyear Tire & Rubber Company’s Board of Directors on December 5, 2012. McGlade joined Air Products, a global provider of atmospheric, process, and specialty gases, in 1976 and has held several positions of increasing importance, including group vice president, Chemicals Group, and president and chief operating officer. He was chairman, president, and chief executive officer from March 2008 until his retirement on July 1, 2014.
Laurette T. Koellner was elected to The Goodyear Tire & Rubber Company’s Board of Directors on February 23, 2015. Laurette T. Koellner, retiring president of Boeing International, a division of The Boeing Company, was elected to The Goodyear Tire & Rubber Company’s Board of Directors on February 23, 2015. Koellner was the executive chairman of International Lease Finance Corporation, an aircraft leasing company of American International Group, Inc., from June 2012 until its sale in May 2014. From 1978 to 2007, she held increasingly responsible positions at McDonnell Douglas Corporation and The Boeing Company, including president of Boeing International and president of Connexion by Boeing, which offered satellite-based connection services to aircraft and marine vessels. Koellner held several positions at Boeing, including vice president and general auditor, vice president and corporate controller, and chief human resources officer. Koellner also serves as a director for Celestica Inc., a supply chain optimization firm; Nucor Corporation, a steel production company; and Papa John’s International, Inc.
Mark Stewart is the Chief Executive Officer and President of The Goodyear Tire & Rubber firm, having joined the firm and its Board of Directors in January 2024. Stewart joined Goodyear from Stellantis, a leading worldwide automaker and provider of innovative mobility solutions, where he was the Chief Operating Officer of North America and a member of the Group Executive Council. Stewart previously worked at Amazon as vice president of customer Fulfillment, where he was the lead executive for customer fulfillment across 200 operations facilities in North America, overseeing operations, procurement, construction, and engineering. Before joining Amazon, Stewart was executive vice president and COO of ZF TRW Automotive, a position that culminated over two decades of increasing responsibility, beginning with plant, production, and quality management roles and progressing to executive vice president of Tower Automotive’s Western Europe business, vice president and general manager of TRW’s North America Passenger Car and Commercial Global Steering business, and vice president of TRW’s Asia-Pacific business. Stewart is originally from Madison, Alabama, and earned a bachelor’s degree in electrical and electronics engineering from Vanderbilt University and an MBA from the University of Tennessee-Knoxville.
Max H. Mitchell was elected to The Goodyear Tire & Rubber Company’s Board of Directors on July 25, 2023. Mitchell joined Crane, a major maker of components for the aerospace, defense, space, and process flow industries, in 2004 and was promoted to his current role in 2014. Mitchell has previously held positions at Crane, including executive vice president and chief operating officer, president of the Fluid Handling Group, and vice president of operational excellence. His previous positions include senior vice president of Global Operations at Pentair Tool Group from 2001 to 2004, as well as vice president of Danaher Corporation from 1996 to 2001.
Opinion:
Name: Liberty 77 Capital L.P. / Liberty 77 Fund International L.P. / STM Partners LLC / Steven T Mnuchin
Position: 10% Owner
Transaction Date: 2024-08-14 Shares Bought: 562,733 Average Price Paid: $7.56 Cost: $4,255,331
Company: Lions Gate Entertainment Corp (LGF-B)
Lions Gate Entertainment Corporation was founded in 1986 and is headquartered in Santa Monica, California. Lions Gate Entertainment Corp. operates in the film, television, subscription, and location-based entertainment industries in the United States, Canada, and worldwide. The corporation is divided into three business units: motion pictures, television production, and media networks. The Motion Picture business creates and produces feature films, acquires North American and global distribution rights, distributes North American feature films to cinemas, home entertainment, and television, and licenses global distribution rights. Television Production develops, produces, and distributes series, movies, miniseries, and nonfiction programming internationally. Media Networks sells STARZ-branded premium subscription video services domestically and abroad via over-the-top platforms and video programming distributors such as cable operators, satellite TV providers, and telecommunications companies.
Liberty 77 Capital L.P., sometimes known as Liberty Strategic Capital, is a private equity firm. The corporation mostly invests in technology firms. Liberty Strategic Capital serves customers throughout Washington. Steven T. Mnuchin, a former Secretary of the Treasury, runs the firm, which was founded in 2021.
Liberty 77 Fund International LP engages in the Financial Services sector. The company is headquartered in Washington, D.C.
STM Partners LLC, a Delaware limited liability entity, has indirect authority over the Liberty Manager and the Liberty Funds’ general partner. Steven T. Mnuchin is the President of STM Partners LLC.
Steven T. Mnuchin is the founder and managing partner of Liberty Strategic Capital, as well as the chair of its Investment Committee. Mr. Mnuchin previously served as the 77th Secretary of the Treasury from February 2017 to January 2021. Mr. Mnuchin was in charge of guiding the US Treasury, which aims to maintain a strong economy, stimulate economic growth, and create job opportunities by establishing conditions conducive to success both at home and abroad. Mr. Mnuchin was also in charge of cybersecurity for the financial services sector and all Treasury divisions, including the IRS. Before his confirmation, he founded, chaired, and led Dune Capital Management. He founded OneWest Bank Group LLC and served as Chairman and CEO until the company was sold to CIT Group Inc. Secretary Mnuchin previously worked for The Goldman Sachs Group, Inc., where he was a Partner and Chief Information Officer, in charge of the firm’s global information and technology strategy and operations. Secretary Mnuchin has a bachelor’s degree from Yale University.
Opinion: The film library may be worth more than the current business is valued at. Perhaps Mnuchin is thinking sell the library and take private the production company. He keeps buying so we will wait a while to see if anything develops.
Name: Bradley Louis Radoff
Position: Director
Transaction Date: 2024-08-13 Shares Bought: 73,900 Average Price Paid: $7.22 Cost: $533,859
Company: Harte Hanks Inc (HHS)
Harte Hanks, Inc. was formed in 1923 and is based in Chelmsford, Massachusetts. Harte Hanks, Inc. is a customer experience company that operates both in the United States and worldwide. The company offers data and analytics, including audience identification, profiling, segmentation and prioritization, predictive modeling and data strategy; Research, an understanding of customers, categories, competitors, and capabilities; strategy, plans and executes omnichannel marketing, demand generation and customer experience programs; creative and content, including creative concepts, messaging and content assets for print, broadcast, direct mail, website, app, display, social, mobile, search engine marketing, and voice; marketing technology etc. Furthermore, the company provides B2B enterprises and small to medium-sized businesses with an outsourced sales service, lead generation services, and sales play development, as well as self-service solutions via interactive voice response, help centers, online, apps, and channel technology.
Bradley Louis Radoff joined the Harte-Hanks, Inc. board of directors on May 17, 2021. He is the creator of Snap Kitchen Investments LLC and Snap Kitchen LLC, both established in 2009. He now serves as an Independent Director at Enzo Biochem, Inc., Farmer Brothers Co., and Harte-Hanks, Inc., as well as a Director at Fondren Management LP. Mr. Radoff has previously served as a Director at PXP Producing Co. LLC, Pogo Producing Corp., and Citadel Enterprise Americas LLC, as well as a Senior Portfolio Manager at Third Point Management Co. LLC. He was also an Independent Director for VAALCO Energy, Inc. and Support.com, Inc. Mr. Radoff obtained his undergraduate degree from the University of Pennsylvania’s Wharton School. Mr. Radoff also founded Fitness Food Holdings LLC.
Opinion: This is Director Radoff’s largest purchase yet. I have no idea what he sees in this.
Name: John T. Treace
Position: Chief Executive Officer / 10% Owner
Transaction Date: 2024-08-14 Shares Bought: 85,000 Average Price Paid: $6.00 Cost: $510,315
Company: Treace Medical Concepts Inc. (TMCI)
Treace Medical Concepts, Inc. is a medical device firm situated in Ponte Vedra Beach, Florida, founded in 2014. Treace Medical Concepts Inc. is a medical technology firm dedicated to improving the standard of care for surgical bunions and other midfoot abnormalities. The company developed and patented the Lapiplasty® 3D Bunion Correction System®, a set of instruments, implants, and surgical techniques that surgically correct all three planes of the bunion deformity while also addressing the underlying cause, allowing patients to return to active lifestyles. To better serve the needs of bunion patients, the company created the Adductoplasty® Midfoot Correction System, which allows for reproducible surgical correction of the midfoot, as well as the Hammertoe PEEK Fixation System, which treats hammertoe, claw toe, and mallet toe abnormalities.
John T. Treace founded the company in January 2014 and has been the CEO and board of directors ever since. Mr. Treace was previously the Senior Vice President of US Sales and Global Marketing at Wright Medical Group, Inc., a medical device firm that was purchased by Stryker Corporation in November 2020. For 12 years, Mr. Treace held a variety of high-level administrative positions at Wright, including Vice President, Biologics and Extremities, and High Director of Biologic Marketing. Mr. Treace has previously served as Director of Marketing and Senior Product Manager at Xomed Surgical Products, Inc., as well as Advertising & Marketing Director at TreBay Medical Corp. He has a B.S. in finance from Seattle University.
Opinion: Founder Treace bought a lot of stock when the company’s share price plunged in May to$~4.50. This served him well and I supposed this one will too.
Name: Adam Gross
Position: Director
Transaction Date: 2024-08-12 Shares Bought: 50,000 Average Price Paid: $5.01 Cost: $250,400
Company: Vimeo Inc. (VMEO)
Vimeo, Inc. was formed in 2004 and is based in New York, NY. Vimeo, Inc., along with its subsidiaries, offers video software solutions globally. The company offers video capabilities via a software-as-a-service approach, allowing users to produce, collaborate, and communicate with video from a single platform. The company also provides over-the-top (OTT) streaming and monetization platforms, AI-powered video production and editing tools, and interactive and shoppable video solutions. It caters to huge enterprises, small businesses, creative professionals, marketers, and digital agencies.
Adam Gross has been a member of Vimeo’s board of directors since May 2021. Adam previously worked as Vimeo’s interim CEO from September 1, 2023, to April 8, 2024. Adam was previously the CEO of Heroku, where he joined after selling his firm, Cloudconnect, to the company in 2013. Adam has also held executive positions at Salesforce and Dropbox, and he is an active angel investor and advisor to SaaS and infrastructure firms such as Buildkite, Cribl, and Tailscale. Adam received a B.S. in New Media Systems and Policy from Carnegie Mellon University.
Opinion: VMEO has no debt and has $1.79 cash per share. With stable revenues of ~$100 million per quarter, Vimeo remains an alternative video streaming platform for corporations, small businesses, and creators. If someone can figure out better ways to monetize this business, serious money could follow. This one interests us as we use it ourselves.
Name: Fredrick Schaufeld
Position: Director
Transaction Date: 2024-08-12 Shares Bought: 250,000 Average Price Paid: $2.49 Cost: $621,494
Company: Telos Corp (TLS)
Name: John B Wood
Position: Chairman and CEO
Transaction Date: 2024-08-12 Shares Bought: 158,644 Average Price Paid: $2.39 Cost: $379,159
Company: Telos Corp (TLS)
Telos Corporation, founded in 1968, is headquartered in Ashburn, Virginia. Telos Corporation and its subsidiaries offer cyber, cloud, and enterprise security solutions worldwide. Security Solutions and Secure Networks are the company’s two business segments. Its offerings include Xacta, a platform for enterprise cyber risk management and security compliance automation, as well as consultancy, assessment and compliance, engineering and evaluation, operations, and penetration testing. 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 potentially 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.
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.
John B. Wood has been the Chairman, President, and CEO of Telos Corp since 1992. He has also served as Chairman of the Loudoun County CEO Cabinet, Tragedy Assistance Program for Survivors, Inc., Telos Identity Management Solutions LLC, The Alliance for Digital Innovation, Saltmine LLC, Northern Virginia Technology Council, and Director of the Wolf Trap Foundation for the Performing Arts since 2013. He has previously served as Vice Chairman of the Loudoun County Economic Development Commission, Treasurer, and Director of Project Rebirth, Principal of UBS Worldwide Ltd. and Dean Witter Capital Markets International Ltd., Partner of Trout Unlimited, Inc., and Secretary of the National Forest Foundation. He earned his undergraduate degree from Georgetown University.
Opinion: Security and identity verification will only become more important as AI creates ever new ways to assault the digital and real world. I like the setup here and we are buyers.
Name: Christopher T Metz
Position: President & CEO
Transaction Date: 2024-08-09 Shares Bought: 250,000 Average Price Paid: $1.30 Cost: $324,804
Company: Solo Brands Inc. (DTC)
Solo Brands, Inc. was founded in 2011 and is headquartered in Grapevine, Texas. Solo Brands, Inc. operates a direct-to-consumer platform in the United States that sells outdoor and lifestyle-branded products. The company sells 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, wood, and other equipment. The company 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 labels.
Mr. Metz has served on the board of directors and as President and CEO since January 2024. From October 2017 to March 2023, Mr. Metz was President and CEO of Vista Outdoor Inc., which designs, produces, and markets outdoor sports and entertainment equipment. Mr. Metz served as President and CEO of Arctic Cat Inc. from December 2014 to March 2017. The company makes all-terrain vehicles, recreational off-road vehicles, and snowmobiles. Mr. Metz also serves on the board of Central Garden & Pet Company, which produces and markets lawn, garden, and pet products. Mr. Metz earned a Bachelor of Science in Business Administration and Management from the University of Delaware in 1987, as well as a Master of Business Administration from the University of North Carolina in 1992.
Opinion:Microcaps are a hard game to play but the upside and downside can be enormous.
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,
