CHAOS 2.0 unfolds as expected with a sharp drop in interest rates as market participants pivot from worrying about inflation to crumbling public sentiment and the likelihood of rising unemployment numbers. February employment numbers failed to assuage the sense that the U.S. economy is about to rollover as an inconsistent implementation of tariffs, pall-knell like approach to trimming Government fat, and a clear failure to lead the electorate has created a witch’s pot of discontent. Stocks are predictably down, the only question being is this a trend or a bottom. The jury is still out on that. As for me, it’s above my pay grade, but I did notice some interesting buys this week and that’s why you are here. Let’s go make money. There’s Treasure in Chaos 2.
Pro Tip #1 Spend extra time on Moderna MRNA
Pro Tip #2 What the hell is going on with Modine Manufacturing?
Pro Tip #3 When you know you’re right, there’s no such thing as too big of a buy-George Soros on busting the Bank of England
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Name: Robin L. Washington
Position: Director
Transaction Date: 02-28-2025 Bought 1,695 shares at $294.61 Cost: $499,355
Company: Salesforce Inc. (CRM):
Salesforce, Inc. is a global leader in customer relationship management technology, dedicated to connecting businesses with their customers. Founded in 1999, the company empowers organizations across industries and sizes to engage with consumers through data, AI, CRM, and trust. The AI-powered Customer 360 platform unifies sales, service, marketing, commerce, and IT teams by integrating customer data from multiple systems, applications, and devices, delivering a comprehensive customer view. This single source of truth enhances responsiveness, productivity, and efficiency, enabling intelligent, personalized, and automated experiences across all channels.
Robin Washington has been a Director since September 2013. She served as an advisor for Gilead Sciences, Inc., a biopharmaceutical company, from November 2019 to March 2020. She initially joined Gilead as Senior Vice President and Chief Financial Officer in 2008 and later held the role of Executive Vice President and Chief Financial Officer from February 2014 to November 2019. She currently serves on the boards of Alphabet Inc., Honeywell International Inc., and Vertiv Holdings Co. A certified public accountant, she earned a Bachelor of Arts in Business Administration from the University of Michigan and an MBA from Pepperdine University.
Opinion: Come on- Salesforce is a household name. Being the chartist that I am, I can’t tell much from CRM except they broke the 200 day moving average as did much of the Nasdaq 100. Dead money at best IMHO stock has gone nowhere but up and down over the last three years.
Name: Wallace R. Weitz
Position: Director
Transaction Date: 03-04-2025 Bought 4,000 shares at $245.5 Cost: $982,020
Company: Cable One Inc. (CABO):
Cable One, Inc. is a leading broadband communications provider dedicated to delivering exceptional service and keeping customers connected to what matters most. The company focuses on creating a seamless experience through solutions that simplify customers’ lives while fostering personal relationships as neighbors and local business partners. Operating under the Sparklight brand and its affiliated businesses, Cable One emphasizes innovation, reliability, and customer satisfaction.
Wallace R. Weitz has served as an Independent Director of Cable One Inc. since June 30, 2015. He is the founder of Weitz Investment Management, Inc., which he established in 1983, and has held various leadership roles, including Chief Investment Officer, President, and Portfolio Manager. Additionally, Mr. Weitz has been a trustee of the Weitz Funds since 1986. His career began as a financial analyst in New York before relocating to Omaha, Nebraska, in 1973 to work for Chiles, Heider & Company. He holds a Bachelor of Arts in Economics from Carleton College.
Opinion: So broken and pathetic of a stock that it might go higher. This is a moribund industry and the stock is at levels not seen in 10 years or longer. It’s a large buy in a dog with fleas, so you have to wonder, WHY
I was thinking about buying Leaps on CABO but there are no options traded. It’s private equity takeout or a strategic asset buyer for a larger operator.
Name: Adam N. Satterfield
Position: EVP and CFO
Transaction Date: 02-28-2025 Bought 2,457 shares at $175.93 Cost: $432,260
Company: Old Dominion Freight Line Inc. (ODFL):
Old Dominion Freight Line, Inc. is a leading North American less-than-truckload (LTL) motor carrier, offering regional, interregional, and nationwide LTL services through a single, integrated, union-free network. Its service options, including expedited transportation, are supported by an extensive network of service centers across the continental United States. Through key partnerships, the company also extends LTL services across North America. In addition to core LTL services, it provides value-added offerings such as container drayage, truckload brokerage, and supply chain consulting. The majority of its revenue comes from transporting LTL freight, with demand closely tied to industrial production and the overall health of the U.S. economy.
Adam N. Satterfield was appointed Executive Vice President, Chief Financial Officer, and Assistant Secretary of Old Dominion Freight Line, Inc. on July 1, 2023. Previously, he served as Senior Vice President – Finance, Chief Financial Officer, and Assistant Secretary from January 2016. Before joining Old Dominion in 2004, he was an Audit Manager at KPMG LLP, a global accounting firm. Mr. Satterfield holds an undergraduate degree from North Carolina State University and a master’s degree in accounting from the University of North Carolina at Greensboro.
Opinion: Investors are swimming upstream on logistics. Overcapacity has been a problem for some time. All the truckers and freight company stocks look unhealthy. Trump Chaos 2.0 only makes this one harder.
Name: Frank D. Tsuru
Position: Director
Transaction Date: 02-28-2025 Shares Bought 2,000 shares an Average Price Paid of $156.51 for Cost: $313,020
Company: Diamondback Energy Inc. (FANG):
Diamondback Energy Inc. is an independent oil and gas company specializing in the acquisition, development, exploration, and production of unconventional onshore oil and gas reserves, primarily in the Permian Basin of West Texas. The Permian Basin is one of the most productive oil basins in the United States, known for its extensive production history, favorable operating environment, well-developed infrastructure, long-lived reserves, multiple producing horizons, enhanced recovery opportunities, and a diverse range of operators. Diamondback Energy’s operations focus on the horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin, as well as the Wolfcamp and Bone Spring formations in the Delaware Basin, both of which are key components of the broader Permian Basin, extending across West Texas and southeastern New Mexico.
Frank Tsuru has been a director of Diamondback Energy since July 2022. He is currently the Chief Executive Officer and a member of the Board of Directors of Momentum Midstream, LLC, a privately held midstream company he co-founded in 2004. Previously, he served as Chief Executive Officer and a member of the Board of Directors of Indigo Natural Resources, LLC, from 2016 until its acquisition by Southwestern Energy Company in 2021. In 2002, Mr. Tsuru founded Aka Energy, a midstream company focused on acquiring midstream assets from the Southern Ute Indian Tribe Reservation. He holds a Bachelor of Science degree in Petroleum Engineering from the University of Kansas.
Opinion: Class A player in the most desired basin in the U.S. There is only pain for oil shareholders. Natural Gas is where stock market rewards at the moment. I wonder though if the market makes two big a distinction between gaseous and oily plays. After all crude oil can be refined into natural gas. Often natural gas is a byproduct of drilling for crude oil.
- Name: Martin Tuchman
Position: Director
Transaction Date: 02-28-2025 Bought 2,200 at $128.79 for Cost: $283,338
Company: FTAI Aviation Ltd. (FTAI):
FTAI Aviation Ltd., a Cayman Islands-exempt corporation, specializes in leasing and selling aviation equipment. The company also develops and manufactures aftermarket components for aviation engines through a joint venture while handling repairs and distribution via maintenance facilities and exclusivity agreements. FTAI Aviation prioritizes assets that generate strong cash flows with potential for profit growth and asset appreciation. With deep industry expertise, strategic business and financial connections, and access to capital, the company is well-positioned to capitalize on acquisition opportunities within its sector.
Martin Tuchman has served as a Director of Horizon Lines, Inc. since November 2011. He is the CEO of the Tuchman firm, which oversees investments in real estate, banking, and international shipping, and has led Kingstone Capital V, a private investment firm, since 2007. Since December 2008, he has also been Vice Chairman of First Choice Bank in Lawrenceville, New Jersey. In 1968, Mr. Tuchman played a key role in designing the modern standard for intermodal containers and chassis in collaboration with the American National Standards Institute. He holds a Bachelor of Science in Mechanical Engineering from the New Jersey Institute of Technology and an MBA from Seton Hall University.
Opinion: Smallish buy so I’m blitzing on this one.
Name: William M. Walker
Position: Chairman & CEO
Transaction Date: 03-06-2025 Bought 17,500 shares at $86.21 Cost: $1,508,671
Company: Walker & Dunlop Inc. (WD):
Walker & Dunlop, Inc. originates, provides, and services a broad range of multifamily and commercial real estate financing solutions for property owners and developers across the United States. The company operates through three segments: capital markets, servicing and asset management, and corporate. It offers various lending options, including first mortgage, second trust, supplemental, construction, mezzanine, preferred equity, and small-balance loans. Additionally, it provides construction and permanent financing for developers and owners of multifamily housing, affordable housing, senior housing, and healthcare facilities. Founded in 1937, Walker & Dunlop, Inc. is headquartered in Bethesda, Maryland.
William M. Walker has served as Chairman and CEO of Walker & Dunlop, Inc. since 2007. Having joined the company in 1981, he has played a key role in its growth and success. He is a board member of the United States Olympic and Paralympic Foundation and the Harvard Business School Board of Dean’s Advisors. His past board service includes St. Albans School, the Mortgage Bankers Association, and Children’s National Medical Center. He holds a Master of Business Administration from Harvard University and a bachelor’s degree from St. Lawrence University.
Opinion: Pretty large buy from the CEO. 3% dividend yield. I don’t see what else is attractive here. It’s a DC real estate holding play so I can see DOGE smeared all over the outside of the buildings.
Name: Michael Thawley
Position: Director
Transaction Date: 03-03-2025 Shares Bought: 1,200 shares an Average Price Paid of $81.02 for Cost: $97,224
Name: Robert S. Silberman
Position: Chairman
Transaction Date: 03-03-2025 Shares Bought: 10,528 shares an Average Price Paid of $80.7 for Cost: $849,610
Company: Strategic Education Inc. (STRA):
Strategic Education, Inc. is an education services company that delivers high-quality education through campus-based and online post-secondary programs, as well as job-focused training for high-demand industries. The company primarily operates through its wholly-owned subsidiaries, Capella University and Strayer University, both accredited post-secondary institutions in the United States, and Torrens University, an accredited post-secondary institution in Australia. Additionally, Strategic Education, Inc. manages the Education Technology Services segment, which develops and maintains corporate partnerships to create employee education benefits programs. These programs offer employees affordable, industry-relevant training, certifications, and degrees.
Michael Thawley joined Strategic Education Inc.’s Board of Directors in September 2022. His distinguished career includes serving as Australia’s Ambassador to the United States from 2000 to 2005 and as Secretary of the Prime Minister and Cabinet from 2014 to 2016. Additionally, he held the position of Vice Chairman at Capital Group International. Mr. Thawley was educated at Geelong Grammar School and the Australian National University.
Robert S. Silberman became CEO of Strategic Education Inc. in 2001 and held the position until 2013. He became Chairman of the Board in 2003 and has served as Executive Chairman since 2013. Mr. Silberman earned a Bachelor of Arts in History from Dartmouth College and a Master of Arts in International Economics from Johns Hopkins University’s School of Advanced International Studies.
Opinion: There might be something here with the Trump’s proposed abolition of the Department of Education. Silberman’s father has deep roots in Republican administrations so we can assume this connection is not lost on the son. This might be a beneficiary. I’m sure he has the inside track on changing policy. I think I’d give this a flyer, especially after Q1 sell off.
Trump cannot single-handedly eliminate the Department of Education—it would require Congress to pass a law. If it did happen, states would gain control, and funds might shift toward school choice programs rather than federal oversight and public schools. However, whether Congress would support such a drastic move is uncertain. If this were to happen, I think private schools like STRA might have a big jump in price. It’s a long way off and a long shot so you can assume the insider buying is more opportunistic than “insider knowledge” driven.
Name: William A. Wulfsohn
Position: Director
Transaction Date: 03-03-2025 Shares Bought: 2,530 shares an Average Price Paid of $79.43 for Cost: $200,958
Company: Modine Manufacturing Co (MOD):
Modine Manufacturing Company provides thermal management equipment and solutions across the United States, Italy, Hungary, China, the United Kingdom, and other regions. The company operates through two segments: Climate Solutions and Performance Technologies. It offers data center cooling solutions, including precision air conditioning units, computer room air conditioning and handler units, hybrid fan coils, fan walls, and liquid cooling solutions for high-density computing. Additionally, Modine provides replacement parts, maintenance services, and control solutions for both existing equipment and new building management systems. Established in 1916, the company is headquartered in Racine, Wisconsin.
William A. Wulfsohn has been a member of Modine Manufacturing Company’s Board of Directors since September 2022. Before joining Modine, he served as Chairman and CEO of Ashland Global Holdings from 2015 to 2019. Prior to that, he was President and CEO of Carpenter Technology Corporation from 2010 to 2014. Mr. Wulfsohn holds a Bachelor of Science in Chemical Engineering from the University of Michigan and an MBA from Harvard Business School.
Opinion: The sharp 28% drop in MOD share price started on 1-24-25. I have yet to find an economic reason for this steep sell off which is very disconcerting to an investor like me. As the reader should know, I use a multitude of tools for research. The most informative this time was from GROK “might have been impacted by shifts in investor confidence in these sectors. For instance, a “DeepSeek-induced selloff” is referenced in some analyses, implying a market reaction to developments related to AI or technology stocks—possibly a correction in the hyped-up data center or hyperscaler growth narrative that Modine benefits from. This event reportedly led to a 30.2% drop at some point, which could align with the January 22 pivot and extend to January 24.”
Modine Manufacturing Company has experienced significant growth in its data center business in recent years. In fiscal year 2024, data center revenues increased by 69% compared to the prior year. In the third quarter of fiscal year 2025, data center revenues surged by 176%, contributing an additional $106 million compared to the same period in the previous year. facilitiesdive.com+1biztimes.com+1prnewswire.com+1investors.modine.com+1finance.yahoo.com
According to available data, data center cooling products accounted for approximately 24.16% of Modine’s total revenue. Given the company’s total revenue of $2.4 billion in fiscal year 2024, this suggests that data center cooling products contributed around $579 million to the overall revenue. I’d be a big buyer with another insider buy. For now a place holder buy is all I can recommend.
Name: Richard J. Mark
Position: Director
Transaction Date: 03-06-2025 Bought: 7,160 shares $69.81 : $499,840
Company: Sempra (SRE):
Sempra is a California-based holding company with energy infrastructure investments across North America. The company develops, operates, and invests in energy infrastructure while also providing electricity and gas services to customers. Sempra was established in 1998 through the merger of Enova Corporation and Pacific Enterprises, the parent companies of California’s regulated utilities: San Diego Gas & Electric, founded in 1881, and Southern California Gas Company, established in 1867. Sempra Infrastructure’s portfolio includes investments in the United States and Mexico, with a focus on LNG, energy networks, and low-carbon solutions.
Richard J. Mark joined Sempra’s board of directors on August 21, 2023. He is the former chairman and president of Ameren Illinois, bringing 20 years of experience in electric and gas utility operations, customer service, public policy, and regulation. Mr. Mark has extensive knowledge of innovative utility technology, as well as safety and reliability programs. He holds a Bachelor of Science from Iowa State University and a Master of Science from National Louis University.
Opinion: On February 25, Sempra reported Q4 earnings and cut FY25. Immediately it seems the entire cast of Wall Street characters turned against them dowgrading them to neutral to sell. God forbid env Goldman Sachs removed them from the US Conviction list. This is promising.
Name: Harry T. McMahon
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 8,064 shares an Average Price Paid of $58.3 for Cost: $470,131
Company: Parsons Corp (PSN):
Parsons is a leading provider of solutions and services for complex security challenges, expanding global infrastructure demands, and digital transformation. For over 80 years, the company has addressed its clients’ most difficult issues, enabling a safer, smarter, and more connected world through innovation, a commitment to excellence, and a mission-driven workforce. Parsons has built a reputation as a trusted provider of integrated solutions, leveraging deep industry expertise to meet evolving customer needs. With a strong legacy of success, the company continues to develop cutting-edge solutions tailored to both current and future challenges.
Harry T. McMahon has been a director of Parsons Corporation since June 2018. With 32 years of investment banking experience, he specializes in providing strategic and financial solutions to organizations and institutions worldwide. He currently serves as an independent director in both for-profit and non-profit sectors, including California Resources Corporation, where he chairs the Compensation Committee; Cottage Health System, one of California’s largest hospital networks; Claremont McKenna College, where he served as Board Chair for eight years; and the Henry R. Kravis Leadership Institute. Mr. McMahon holds a Bachelor of Arts degree and an honorary doctorate from Claremont McKenna College, as well as an MBA from the University of Chicago Booth School of Business.
Opinion: Watch out below. DODGE is Coming. In fiscal year 2023, Parsons reported total revenue of $5.4 billion, a 30% increase from the previous year. The Federal Solutions segment, which primarily serves U.S. Government agencies such as the Department of Defense, intelligence agencies, and other federal entities, contributed $2.8 billion to that total—representing over half of the company’s revenue (approximately 52%).
Name: Vivek Shah
Position: Chief Executive Officer
Transaction Date: 03-04-2025 Shares Bought: 12,636 shares an Average Price Paid of $39.56 for Cost: $499,880
Company: Ziff Davis Inc. (ZD):
Ziff Davis, Inc. is a vertically focused digital media and internet company with a portfolio of leading brands across technology, commerce, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. The company’s digital media division specializes in publishing credible editorial content and providing tools to assist consumers in these industries. Additionally, Ziff Davis offers services for both consumers and businesses. Its connectivity business collects and analyzes data to generate actionable broadband network insights, delivering solutions that enhance network performance for enterprises reliant on broadband infrastructure.
Vivek Shah has served as CEO of Ziff Davis Inc. since January 1, 2018. He played a key role in the acquisition of Ziff Davis while it was privately held and later facilitated its sale to J2 Global, which rebranded as Ziff Davis in 2021. Under his leadership, Ziff Davis has continued to expand its portfolio of top brands across technology, commerce, gaming and entertainment, connectivity, health and wellness, cybersecurity, and martech. Shah holds a Bachelor of Arts in Political Science from Tufts University.
Opinion: Sorry, not for me. Just too many other exciting names to follow.
Name: Paul Sagan
Position: Director
Transaction Date: 03-03-2025 Shares Bought: 31,620 shares an Average Price Paid of $31.76 for Cost: $1,004,251
Name: Bancel Stephane
Position: Chief Executive Officer
Transaction Date: 03-03-2025 Shares Bought: 160,314 shares an Average Price Paid of $31.22 for Cost: $5,004,318
Company:
Moderna is a leader in messenger RNA (mRNA) medicine, advancing mRNA technology to enhance disease treatment and prevention. By integrating science, technology, and healthcare, the company has developed medications with unprecedented speed and efficiency, including one of the first and most effective COVID-19 vaccines. Its mRNA platform supports the creation of treatments across various areas, including respiratory virus vaccines, latent and other virus vaccines, oncology therapies, and rare disease treatments. With a globally focused team and a commitment to innovation, Moderna aims to responsibly shape the future of human health through groundbreaking mRNA-based therapies.
Paul Sagan joined Moderna Inc.’s Board of Directors in June 2018. He is a Senior Advisor and Executive in Residence at General Catalyst, a venture financing firm specializing in internet software, services, and infrastructure companies. Previously, he served as a Managing Director at the firm, where he played a key role in developing its growth equities investment practice. A fellow of the American Academy of Arts and Sciences since 2008, he was named Ernst & Young’s Technology Entrepreneur of the Year in 2009 and recognized by the World Economic Forum as a Global Leader for Tomorrow in 1996. Mr. Sagan is a graduate of Northwestern University’s Medill School of Journalism and is a life trustee of the university.
Stéphane Bancel has served as Moderna’s CEO since October 2011 and has been a member of the board of directors since March 2011. Prior to joining Moderna, he was the CEO of bioMérieux SA, a French diagnostics company, for five years. In addition to his role at Moderna, he serves on the boards of Generate: Biomedicines and Indigo and is a Venture Partner at Flagship Pioneering. Mr. Bancel holds a Master of Engineering degree from École Centrale Paris, a Master of Science in Chemical Engineering from the University of Minnesota, and an MBA from Harvard Business School. He was named Chevalier of the Legion d’honneur in 2022, France’s highest honor, and was elected to the United States National Academy of Engineering in 2024.
Opinion: Moderna Inc. (MRNA): Wow, wow, wow. The homeroom pick for the week. MRNA vaccines hold the promise to all kinds of medical breakthroughs in treading such deadly illnesses as Covid to personalized cancer vaccines. Moderna’s tangible book value is $28 with about $14 B in current assets. This was the treasure from this week’s hunt.
Name: John W. Childs
Position: Director
Transaction Date: 03-04-2025 Shares Bought: 32,700 shares an Average Price Paid of $30.47 for Cost: $996,238
Company: Biohaven Ltd. (BHVN):
Biohaven is a biopharmaceutical company dedicated to discovering, developing, and commercializing life-changing treatments in key therapeutic areas such as immunology, neuroscience, and oncology. Leveraging its proven drug development expertise and multiple proprietary platforms, the company is building an innovative portfolio of therapies. Biohaven’s extensive clinical and preclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders, extracellular protein degradation for immunological diseases, TRPM3 antagonism for migraine and neuropathic pain, TYK2/JAK1 inhibition for neuroinflammatory disorders, glutamate modulation for OCD and spinocerebellar ataxia, myostatin inhibition for neuromuscular and metabolic conditions, and cancer-targeting antibodies and antibody-drug conjugates.
John W. Childs has served as a director of Biohaven Ltd. since October 2022. He is Chairman and Partner at J.W. Childs Associates, L.P., a private equity firm he co-founded in 1995. Before establishing J.W. Childs Associates, he was Senior Managing Director at the Thomas H. Lee Company from 1991 to 1995, where he was responsible for originating, evaluating, negotiating, and managing leveraged buyout transactions for the THL funds. Mr. Childs holds a B.A. from Yale University and an M.B.A. from Columbia University.
Opinion: An old fave is back. Reassuring to see insiders buy after the stock has taken such a beating recently. We bought a little too.
Name: Eric M. Demarco
Position: President & CEO
Transaction Date: 03-03-2025 Shares Bought: 9,500 shares an Average Price Paid of $26.35 for Cost: $250,322
Company: Kratos Defense & Security Solutions Inc. (KTOS):
Kratos Defense & Security Solutions Inc. is a technology, hardware, product, systems, and software company serving the defense, national security, and commercial sectors. The company makes significant internal investments in research and development, as well as capital, to rapidly design, develop, and deploy systems and solutions that meet mission-critical demands. Kratos prioritizes affordability as a core technological principle, focusing on proven, cutting-edge approaches rather than unproven, bleeding-edge technologies. Recognized as an innovative and disruptive force within the industry, Kratos specializes in pre-designed hardware products and systems to facilitate efficient, large-scale, and cost-effective manufacturing.
Eric M. DeMarco has served as President and CEO of Kratos Defense & Security Solutions, Inc. since April 2004. He joined the company in November 2003 when it operated as Wireless Facilities, Inc., a provider of commercial wireless communications system infrastructure. DeMarco played a key role in transforming the company from a commercial communications business—through asset sales and divestitures—into a leading national security-focused technology, product, and systems supplier for the United States and its allies. He is a member of the Aerospace Industries Association’s Executive Board and Board of Governors. DeMarco earned a Bachelor of Science in Business Administration and Finance, summa cum laude, from the University of New Hampshire.
Opinion: You don’t hear much about Kratos any more. It even seems they lost their race to be the “loyal wingman” to the likes of Anduril and General Atomic in the Airforce’s quest for expendable UAVs. Stock acts well and the long time CEO is buying. Maybe Anduril will scoop them up before they go public? I like it but I can’t commit big money in any defense stock except HII.
Name: Jeffrey W. Nolan
Position: Director
Transaction Date: 03-05-2025 Shares Bought: 10,000 shares an Average Price Paid of $23.39 for Cost: $233,947
Company: Murphy Oil Corp (MUR):
Murphy Oil Corporation is an oil and gas exploration and production company operating in the United States, Canada, and internationally. The company focuses on the exploration, development, and production of crude oil, natural gas, and natural gas liquids. Originally known as Murphy Corporation, it changed its name to Murphy Oil Corporation in 1964. Founded in 1950, the company is headquartered in Houston, Texas.
Jeffrey W. Nolan has served as a director of Murphy Oil Corporation since August 1, 2012. Before retiring, he was President and CEO of Loutre Land and Timber Company, a natural resource firm specializing in timberland and mineral property management. Mr. Nolan holds an undergraduate degree from Southern Methodist University and a graduate degree from Tulane Law School.
Opinion: Murphy oil insiders continue to buy. Oil stocks act horribly yet this is the drill baby drill President Trump. No one, and I mean no one but ME has an explanation why oil stocks might work with lower prices. Stay tuned for the reveal. It’s an idea in the works that I have only shared with one of our LPs, an oil and gas engineer, an industry retired executive. Hint, think how Trump would ban Chevron from the Venezuela oil franchise. The only way lower prices work is if you cut off the supply of oil produced outside the US., either through executive orders or military intervention of the oil markets. Then drill baby drill might work because there will be a floor on prices. Meanwhile oil executives buy.
Name: Teresa Finley
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 14,388 shares an Average Price Paid of $21.12 for Cost: $303,866
Name: Herbert K Parker
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 14,612 shares an Average Price Paid of $20.81 for Cost: $304,128
Name: Jeffrey A. Fielkow
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 2,500 shares an Average Price Paid of $20.78 for Cost: $51,950
Name: Daniel P. Tredwell
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 5,000 shares an Average Price Paid of $20.67 for Cost: $103,350
Company: Trimas Corp (TRS):
TriMas Corporation operates through its TriMas Packaging, TriMas Aerospace, and Specialty Products groups, designing and manufacturing a diverse range of products for the consumer, aerospace and defense, and industrial sectors. The company emphasizes its well-known brand names, innovative product technologies, customer-approved processes, strong cash flow generation, long-term growth potential, and sustainability commitment. Headquartered in Bloomfield Hills, Michigan, TriMas employs approximately 3,900 people and serves customers across 37 manufacturing and service locations in 13 countries.
Teresa M. Finley has been a director of TriMas Corporation since February 1, 2020. She is a retired Chief Marketing & Business Services Officer and a former member of the Management Committee at United Parcel Service (UPS), a global package delivery and logistics services provider. Over her 30-year tenure at UPS, she held various leadership roles, including Treasurer & Vice President of Finance, Corporate Controller, and Vice President of Investor Relations. Ms. Finley earned her Bachelor of Science in Finance from Marquette University in Milwaukee, Wisconsin.
Herbert K. Parker joined TriMas Corporation’s board of directors in 2015 and has served as Chairman since May 2024. He is the former CFO and Executive Vice President of Operational Excellence at Harman International. In addition to his finance and accounting expertise, Mr. Parker has extensive experience in restructuring, mergers and acquisitions, information technology, and compliance, which he managed at Harman before its acquisition by Samsung Electronics. He holds a Bachelor of Science degree in Accounting from Lee University.
Jeffrey A. Fielkow was appointed to TriMas Corporation’s board of directors on March 8, 2023. With over three decades of global commercial experience, he brings significant executive leadership expertise in the packaging industry, particularly in sustainability. In addition to his board role, Mr. Fielkow initially serves on the Governance and Nominating Committee. He holds a Bachelor of Arts degree in Political Science and International Relations from the University of Wisconsin-Madison and a Master of Business Administration from Marquette University in Wisconsin.
Daniel P. Tredwell has served as a Director of TriMas Corporation since at least 2012. With extensive experience in private equity and capital markets, he is currently the Managing Member of CoveView Advisors LLC and CoveView Capital LLC. Before founding CoveView, he was a Managing Member at Heartland Industrial Partners, L.P., a leveraged buyout firm. Mr. Tredwell holds an undergraduate degree from Miami University, a graduate degree from the University of Pennsylvania, and an additional graduate degree from The Wharton School at the University of Pennsylvania.
Opinion: A few smallish buys. Same story. Q4 miss and weak 2025 guide.
Name: Gregory T. Lucier
Position: Director
Transaction Date: 03-03-2025 Shares Bought: 15,142 shares an Average Price Paid of $16.51 for Cost: $249,994
Company: Dentsply Sirona Inc. (XRAY):
Dentsply Sirona is the world’s largest diversified manufacturer of professional dental products and technologies, with a 138-year legacy of innovation and service to the dental industry. The company is dedicated to advancing oral health and continence care globally. Dentsply Sirona designs, manufactures, and markets comprehensive solutions, including technologically advanced dental equipment powered by cloud-enabled technologies, dental products, and healthcare consumables in urology and enterology, all under a portfolio of globally recognized brands.With a strong commitment to research and development, Dentsply Sirona continues to pioneer new, innovative, and commercially successful products.
Mr. Lucier has served as Non-Executive Chairman of the Dentsply Sirona Board of Directors since January 1, 2024. He is the CEO of Corza Health, a life sciences company, a role he has held since 2018. With over 35 years of experience in the healthcare sector, Mr. Lucier previously served as Chairman and CEO of NuVasive, a global leader in minimally invasive spine and orthopedic surgery. He also held the position of Chairman and CEO at Life Technologies. Additionally, he is a member of the Board of Directors at Maravai Lifesciences Holdings, Inc. Mr. Lucier holds a Bachelor’s degree in Industrial Engineering from Penn State University and a Master of Business Administration from Harvard Business School.
Opinion: This company has been a wealth destroyer, largely a result of private equity. As a whole the only one private equity enriches are the principals of the PE firm. I think the investors in P.E. are bag holders.
Name: Peter R. Huntsman
Position: Chairman, President & CEO
Transaction Date: 03-03-2025 Shares Bought: 30,000 shares an Average Price Paid of $16.11 for Cost: $483,405
Company: Huntsman Corp (HUN):
Huntsman Corporation is a global producer of organic chemical products, operating through three primary business segments: polyurethanes, performance products, and advanced materials. The company supplies a diverse portfolio of chemicals and chemical formulations to customers worldwide, primarily serving industrial and building product manufacturers. Huntsman’s products are used in various applications, including adhesives, aerospace, automotive, coatings, construction, consumer goods, electronics, insulation, power generation, and refining. Many of its solutions contribute to energy efficiency, such as high-quality insulation for buildings and lightweight materials for aircraft and automobiles.
Mr. Huntsman is the Chairman of the Board, President, Chief Executive Officer, and Director of Huntsman Corporation. He has been a director since 1994 and has served as chairman of the board since 2018. Before becoming CEO in 2007, he held the roles of President and Chief Operating Officer since 1994. Mr. Huntsman began his career at Olympus Oil before joining Huntsman Polypropylene Corporation in 1987 as a Vice President, later advancing to Senior Vice President and General Manager. He has also served as Senior Vice President of Huntsman Chemical Corporation and Huntsman Packaging Corporation, a former subsidiary of the company.
Opinion: Peter Huntsman has overseen a gigantic family wealth destruction. There has to be a lot of unhappy folks in the Huntsman family office. It’s a great thing his father gave away so much money to the Huntsman Cancer center as shareholders don’t seem likely to get any of that.
Name: Paul Kim
Position: CFO and Treasurer
Transaction Date: 03-05-2025 Shares Bought: 100,000 shares an Average Price Paid of $15.96 for Cost: $1,596,470
Company: Fulgent Genetics Inc. (FLGT):
Fulgent Genetics Inc. is a technology-driven company with two primary divisions: laboratory services and pharmaceutical development. The laboratory services segment provides advanced diagnostic testing and expert data interpretation by qualified physicians. The pharmaceutical development division focuses on creating drug candidates for various cancers, utilizing a proprietary nanoencapsulation and targeted therapy platform. This platform is designed to enhance the therapeutic window and optimize the pharmacokinetic properties of both new and existing cancer treatments.
Paul Kim has been the Chief Financial Officer of Fulgent Genetics Inc. since January 2016. Prior to joining Fulgent, he served as CFO of Cogent, Inc., a publicly traded biometric identity services company, from 2004 to 2011. His previous roles include CFO of JNI Corporation, a publicly traded storage area network technology company, from 2002 to 2003, as well as Vice President of Finance and Corporate Controller at JNI from 1999 to 2002. Mr. Kim holds a B.A. in Economics from the University of California, Berkeley, and is a Certified Public Accountant.
Opinion: This name interests me tremendously. Unfortunately its already jumped over 16% from the purchase price of $15.96. I am putting it on my watch list.
Name: Robert Crisci
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 20,000 shares an Average Price Paid of $14.08 for Cost: $281,600
Company: MasterBrand Inc. (MBC):
MasterBrand, Inc. designs, manufactures, and distributes residential cabinetry in the United States and Canada. The company offers a range of cabinetry solutions, including stock, semi-custom, and premium cabinets for kitchens, bathrooms, and other living spaces. Its products serve both remodeling and new construction markets and are distributed through dealers, retailers, and builders. Originally known as United Cabinet Incorporated, MasterBrand, Inc. was founded in 1954 and is headquartered in Beachwood, Ohio.
Robert Crisci joined MasterBrand Inc.’s board of directors on December 9, 2022. He 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 located facilities. Previously, he served as Executive Vice President and Chief Financial Officer of Roper Technologies, Inc. from 2017 to 2023. His career includes extensive experience in investment banking, consulting, and finance. Mr. Crisci holds an AB in economics from Princeton University and an MBA from Columbia Business School.
Opinion: I think this is just part of the new home housing malaise.
Name: More Avery
Position: Chairman of the Board
Transaction Date: 03-04-2025 Shares Bought: 30,000 shares an Average Price Paid of $13.7 for Cost: $411,000
Company: Solaredge Technologies Inc. (SEDG):
SolarEdge Technologies, Inc. is a leading developer of advanced inverter solutions that have transformed the way power is harvested and managed in photovoltaic (PV) systems. The company’s direct current (DC) optimized inverter system enhances power generation while reducing the cost of energy produced by PV systems, thereby improving return on investment. This system also offers advanced safety features, greater design flexibility, seamless integration with SolarEdge storage solutions, and enhanced operation and maintenance capabilities through remote module-level monitoring.
Avery More has been a member of SolarEdge Technologies Inc.’s board of directors since 2006 and was elected Chairman in November 2024. As the sole seed investor in SolarEdge through his investment firm, ORR Partners, Mr. More participated in all subsequent funding rounds leading up to the company’s public offering in March 2024. Since 1994, he has been actively involved in venture capital investments through various funds, including ORR Partners, More Family Investments, Savin Rosen Funds, Menlo Ventures, and Innoventions Capital.
Opinion: I’ve lost so much money following insiders here that I don’t think I’ll ever recoup this by averaging down.
Name: William J. Quinn
Position: Director
Transaction Date: 03-05-2025 Shares Bought: 250,000 shares an Average Price Paid of $12.1 for Cost: $3,024,525
Company: Permian Resources Corp (PR):
Permian Resources Corporation is an independent oil and gas company focused on generating long-term returns through the responsible acquisition, optimization, and development of high-yield crude oil and liquids-rich natural gas assets. The primary objective is to maximize shareholder value by leveraging a high-quality asset base and advanced technological expertise to develop oil and natural gas resources in a sustainable and efficient manner. With an emphasis on disciplined production growth, the company prioritizes capital-efficient asset development, enhanced return rates, long-term free cash flow generation, and maintaining a strong, flexible balance sheet.
Mr. Quinn has served as a Director since September 2022. He is the founding and managing partner of Pearl Energy Investments. Before establishing Pearl in 2015, he was the Managing Partner of Natural Gas Partners, where he co-managed the investment portfolio and played an active role in all aspects of the investment process. Mr. Quinn holds a Bachelor of Science in Economics with honors from the University of Pennsylvania’s Wharton School and an MBA from Stanford Graduate School of Business.
Opinion: Large buy with a lot of conviction trading at near tangible book.
Name: Erik D. Ragatz
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 165,000 shares an Average Price Paid of $12.25 for Cost: $2,021,250
Name: Kenneth W. Alterman
Position: Director
Transaction Date: 03-03-2025 Shares Bought: 25,000 shares an Average Price Paid of $11.88 for Cost: $297,000
Company: Grocery Outlet Holding Corp. (GO):
Grocery Outlet Holding Corp. is a retail company specializing in consumables and fresh products, sold through independently operated stores across the United States. Its stores feature a diverse selection of products, including dairy and deli items, produce, floral, fresh meat, seafood, groceries, general merchandise, health and beauty care, frozen foods, beer and wine, and ethnic products. Founded in 1946, the company is headquartered in Emeryville, California.
Erik D. Ragatz has been a director of Grocery Outlet Holdings Corp. since 2014. He is a Senior Advisor at Hellman & Friedman LLC, a private equity firm, where he has worked since 2001. He is currently the Chairman and a member of the Board of Directors of Snap One Holdings Corp. He also serves on several boards and board committees of private H&F portfolio companies, including At Home Group, Inc., where he is Executive Chairman and a member of the compensation committee; Mr. Ragatz has an MBA from the Stanford Graduate School of Business and a Bachelor of Arts from Stanford University.
Mr. Alterman has been a director since 2011. Now retired, he most recently served as an Executive Advisor for Savers, Inc., a retail thrift store network, from January 2017 to January 2022. From January 2004 to January 2017, he was the President, Chief Executive Officer, and Director of Savers, Inc., after previously serving as Vice President and General Manager from December 2002 to December 2003. His deep understanding of the discount market, combined with extensive experience in corporate strategy development, industry trend analysis, and business operations oversight, contributed to his decision to join Grocery Outlet’s board. Kenneth W. Alterman holds a Bachelor of Science degree from Clarkson University.
Opinion:
Name: George P. Sakellaris
Position: President, CEO and 10% Owner
Transaction Date: 03-04-2025 Shares Bought: 125,000 shares an Average Price Paid of $9.734 for Cost: $1,216,750
Company: Ameresco Inc. (AMRC):
Ameresco is a premier energy solutions provider focused on helping customers reduce costs, enhance resilience, and achieve net-zero decarbonization as part of the global energy transition. The company offers a comprehensive portfolio of smart energy efficiency solutions, infrastructure modernization, and the development, construction, and operation of distributed energy resources. Ameresco’s core services include the design, financing, construction, and installation of tailored solutions that drive measurable cost and energy savings while improving facility operations, energy security, and sustainability.
George P. Sakellaris founded Ameresco Inc. in April 2000 and has served as its Chairman, President, and CEO since its inception. Under his leadership, Ameresco has expanded into a leading energy efficiency and renewable energy company, growing into a publicly traded organization with over 1,000 employees and more than 70 local offices across North America and the United Kingdom. Mr. Sakellaris holds a Bachelor of Science in Electrical Engineering from the University of Maine, as well as a Master of Science in Electrical Engineering and an MBA from Northeastern University.
Opinion:
Name: John T. Treace
Position: Chief Executive Officer 10% Owner
Transaction Date: 03-04-2025 Shares Bought: 60,000 shares an Average Price Paid of $8.7344 for Cost: $524,064
Company: Treace Medical Concepts Inc. (TMCI):
Treace Medical Concepts, Inc. is a medical technology business focused on improving the surgical treatment of bunions and other midfoot deformities. The business invented and developed the Lapiplasty 3D Bunion Correction System, which combines instruments, implants, and surgical approaches to treat all three planes of a bunion deformity while addressing the underlying cause, allowing patients to return to active lifestyles. Treace Medical Concepts has invented the Adductoplasty Midfoot Correction System, which is designed for reproducible surgical correction of the midfoot. To further its expansion in the foot and ankle sector, the business has created the SpeedPlate Rapid Compression Implants, a new fixation platform with broad adaptability across Lapiplasty and Adductoplasty operations, as well as other conventional bone fusion treatments of the foot.
John T. Treace is the founder and CEO of Treace Medical Concepts, Inc., which he established in January 2014. Before founding the company, Mr. Treace served as Senior Vice President of U.S. Sales and Global Marketing at Wright Medical Group, Inc., a medical device firm acquired by Stryker Corporation in November 2020. During his 12-year tenure at Wright, he held several senior leadership roles, including Vice President of Biologics and Extremities and Director of Biologics Marketing. His previous experience also includes serving as Marketing Director for Xomed Surgical Products, Inc. and Medtronic Xomed, Inc. Mr. Treace holds a Bachelor’s Degree in Business Administration.
Opinion: Bunion surgery is a niche but its one that has worked for recent shareholders.
Name: Zvi Limon
Position: Chairman of the Board
Transaction Date: 03-03-2025 Shares Bought: 250,000 shares an Average Price Paid of $2.83 for Cost: $707,500
Company: Taboola.com Ltd. (TBLA):
Taboola.com Ltd., along with its subsidiaries, operates an artificial intelligence-driven algorithmic platform across Israel, the United States, the United Kingdom, Germany, and other regions. The company provides Taboola, a platform that integrates with websites, devices, and mobile applications to recommend editorial content and advertisements from the open web. Founded in 2006, Taboola is headquartered in New York, NY.
Zvi Limon has served as Chairman of the Board of Taboola.com Ltd. since 2018. He co-founded Magma Venture Partners in the late 1990s and continues to serve as its General Partner. His career began as a management consultant with Bain & Co. in London and Shaldor Ltd. in Israel. Zvi also serves on the boards of various commercial and public companies. He holds an MBA from INSEAD and a BA in Economics and Business Administration from Bar Ilan University.
Opinion: Still have no idea why anyone would buy this stock.
Name: W. Benjamin Moreland
Position: Director
Transaction Date: 02-28-2025 Shares Bought: 800,000 shares an Average Price Paid of $1.26 for Cost: $1,008,000
Name: Scott Wells
Position: Chief Executive Officer
Transaction Date: 02-28-2025 Shares Bought: 50,000 shares an Average Price Paid of $1.26 for Cost: $63,000
Company: Clear Channel Outdoor Holdings Inc. (CCO):
Clear Channel Outdoor Holdings, Inc. is a leading provider of out-of-home advertising solutions, offering advertisers innovative and effective ways to engage large audiences in high-traffic public locations. The company connects advertisers with millions of consumers each month through its extensive portfolio, which includes roadside billboards, street furniture, and airport displays. This dynamic advertising platform enhances accessibility for advertisers, enabling measurable and data-driven campaigns.
W. Benjamin Moreland has served as Chairman of the Board of Directors at Clear Channel Outdoor Holdings, Inc. since May 2019. Previously, he was the CEO of Crown Castle International Corp., a leading provider of wireless infrastructure in the United States, where he also held the role of Executive Vice Chairman. Moreland spent 15 years at Chase Manhattan Bank and its predecessors, primarily focusing on corporate finance and real estate investment banking. He is a former member and Chairman of the Wireless Infrastructure Association’s board of directors and a former executive board member of the National Association of Real Estate Investment Trusts. Moreland holds a B.B.A. from The University of Texas at Austin and an M.B.A. from The University of Houston.
Scott Wells has served as the CEO of Clear Channel Outdoor Holdings, Inc. since January 3, 2022. He also leads Clear Channel Outdoor Americas, overseeing all aspects of the company’s operations in the United States. Wells joined Clear Channel Outdoor Americas as CEO in March 2015 and has extensive experience in business growth, restructuring, and revitalization. Wells holds a B.S./B.A. from Virginia Tech and an M.B.A. from the Wharton School of Business. He serves as Chairman of both the Outdoor Advertising Association of America and the Achievement Network, a nonprofit organization dedicated to education.
Opinion: Perhaps a private equity buy? I see no growth but I suppose at some price it cash flows nicely, currently 5.42 TTM.
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Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. 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. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT and Microsoft Copilot now. I find the footnotes research very helpful in eliminating errors from AI hallucinations.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
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Prosperous Trading,
