The market as measured by the S&P 500 shed 1.53% last month. The dollar was down, gold up. There seems be a pattern here. Money is voting in real time and it’s leaving the stock market.  This looks to me like the opposite of a virtuous cycle. Instead, a vicious cycle is developing a loop of negative events that reinforce and worsen each other. I suspect as the quarter ends, there will be a steady drum beat of lowered earnings expectations.   Consumer confidence is falling at historic rates and business animal spirits are retreating with their tails between their legs. Yep, this looks like stagflation to me. One prediction- as the mood of the market sours, expect Trump to be playing more golf as there won’t be many moments of gloating in the immediate future. We are headed into extremely uncertain times, but you already know that.

Just remember there has never been a bear market in our lifetime that has ended without an explosion of insider buying.  There has never been a better time since 2008 to pay attention to Insider behavior.

Follow us on Twitter for real-time commentary and insider buying alerts at https://twitter.com/theinsidersfund

 How will you know if there is tsunami of insider buying.  Simple I will tell you-If you are a QUALIFIED INVESTOR and are interested in learning how you can be part of the Insiders Fund, schedule some time with me here. 

Finviz Chart

Name: Kecia Steelman
Position: President and CEO
Transaction Date: 03-20-2025  Shares Bought: 1,440 shares an Average Price Paid of $346.89  for Cost: $499,528

Company: Ulta Beauty Inc. (ULTA):

Ulta Beauty, Inc. is a leading specialty beauty retailer in the United States. Through its stores, shop-in-shops, website (Ulta.com), and mobile apps, the company offers a wide range of branded and private-label beauty products, including cosmetics, fragrances, haircare, skincare, bath and body products, professional hair products, and salon styling tools. Additionally, Ulta Beauty provides in-store beauty services, including hair, makeup, brow, and skincare treatments. Originally founded as ULTA Salon, Cosmetics & Fragrance, Inc., the company rebranded to Ulta Beauty, Inc. in January 2017. Established in 1990, it is headquartered in Bolingbrook, Illinois.

Kecia Steelman was appointed President and CEO of Ulta Beauty in January 2025 after holding several leadership roles since joining the company in July 2014. As CEO, she is responsible for shaping and executing Ulta Beauty’s long-term strategic vision while fostering and enhancing its company culture. Before joining Ulta Beauty, she held leadership positions at major retailers, including Family Dollar Stores from 2009 to 2014 and The Home Depot from 2005 to 2009. Ms. Steelman holds a degree from Kennedy Western University.

Opinion: Ulta has its finger on the pulse of the economy.  Women don’t skimp on beauty prep unless the economy is telling them something. The new CEO said it paid to take a cautious approach to the new year.  Damn right it is. Ulta just had its first down year over year quarter in 5 years.  Tariffs could have a big impact on selection.  Let’s see if any of these companies have already felt the impact before the storm.

Most cosmetic products are made in a handful of countries known for their strong beauty and skincare industries. Here are the main countries of origin:

1. South Korea

  • Famous for: K-beauty (Korean beauty) innovations, skincare, sheet masks, BB creams.
  • Known for cutting-edge formulations and trends.

2. France

  • Famous for: Luxury cosmetics and perfumes (e.g., Chanel, Dior, L’Oréal).
  • Long-standing reputation for high-quality, elegant beauty products.

3. United States

  • Famous for: A mix of drugstore and prestige brands (e.g., Estée Lauder, Revlon, Fenty Beauty). No evidence yet they have been a beneficiary from tarriffs yet
  • Huge domestic market and a trendsetter in makeup.

4. Japan

  • Famous for: High-tech skincare, gentle formulations, minimalist packaging.
  • Known for brands like Shiseido and SK-II.

5. China

  • Growing fast as both a manufacturer and consumer of beauty products.
  • Many Western brands manufacture products there for cost efficiency.

6. Italy

  • Especially known for: Color cosmetics (lipsticks, eyeshadows), luxury manufacturing.
  • A popular production hub for global brands.

7. Germany

  • Known for: Dermatological and pharmaceutical-grade skincare (e.g., Nivea, Dr. Hauschka).
  • Emphasis on clean, science-backed formulas.

So depending on the type of cosmetic (e.g., skincare vs. makeup) and the brand, the country of origin can vary—but South Korea, France, and the U.S. are the biggest names in the game.

 

 

 

 

Finviz Chart

Name: John T. Cahill 
Position: Director
Transaction Date: 03-21-2025  Shares Bought: 2,000 shares an Average Price Paid of $267.10 for Cost: $534,194

Company: Autodesk Inc. (ADSK):

Autodesk Inc. is a global leader in 3D design, engineering, and entertainment technology, serving industries such as architecture, engineering, construction, product design, manufacturing, media, and entertainment. Its products enable customers to visualize, simulate, and assess real-world performance early in the design process, helping to drive innovation, optimize designs, streamline manufacturing and construction, reduce costs, improve quality, and enhance sustainability. Autodesk’s software solutions are distributed worldwide through a combination of direct and indirect sales channels.

John T. Cahill joined Autodesk Inc.’s board of directors in December 2024. Previously, he served as Chairman and CEO of Kraft Foods Group from 2014 to 2015 and as Chairman from 2012 to 2014, overseeing the merger of H.J. Heinz Co. and Kraft Foods Group. He also held executive roles at The Pepsi Bottling Group, including Chief Financial Officer, Chief Operating Officer, and Chairman and CEO. Mr. Cahill holds a Bachelor of Arts from Harvard University and an MBA from Harvard Business School.

Opinion: It’s not often a blue chip SAS software stock becomes attractively priced.  When it does, there is usually an activist shareholder engaged. In this case on March 26 as reported by the Fly on the Wall Value, a significant stockholder of Autodesk with an ownership stake valued at more than $500M announced that it has delivered a letter to the Company’s shareholders. The letter said in part:Starboard Value intends to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of a slate of director nominees at the 2025 annual meeting of stockholders of Autodes a Delaware corporation….”Nominates Slate of Highly Qualified Director Candidates for Election at Autodesk’s 2025 Annual Meeting: Geoff Ribar, Christie Simons, and Jeff Smith Believes the Company’s Misleading Response Regarding TSR Performance and Investor Day Targets Underscores the Need for Change and Improved Accountability.

I think ADSK has been unduly penalized by Generative AI. As mentioned earlier, many of these graphical programs AIs can only take you t 90% of the solution.  Whether it’s knowing how to use the tool to get to you to the final objective and to splice in the traditional code with the new, Adobe, Autodesk, and almost every company are earnestly working on learning and adopting generative AI.  The commodification of AI is well under way.

  • Recurring Revenue Percentage: In fiscal year 2024, recurring revenue accounted for 98% of Autodesk’s total revenue, highlighting the effectiveness of its subscription-based model. ​investors.autodesk.com+1Thematic+1

  • Net Revenue Retention Rate: The net revenue retention rate has consistently remained within the range of 100% to 110% on a constant currency basis, indicating stable customer retention and expansion

These are stunningly good number for a SAS business as mature as Autodesk yet Starboard demands more.  According to Fly on the Wall

Starboard asserts that Autodesk has been underperforming financially, citing stagnant gross margins despite revenue growth and operating expenses that exceed those of comparable software companies. They advocate for significant improvements in operating margins, suggesting that Autodesk could achieve up to a 10% adjustment, thereby enhancing cash flow and shareholder value. ​Barron’s+3Reuters+3WSJ+3AEC Magazine

Additionally, Starboard has expressed dissatisfaction with Autodesk’s handling of an internal accounting investigation that delayed financial filings and led to the replacement of its CFO in 2024. They contend that the company’s response lacked accountability and transparency. ​WSJ+2LinkedIn+2Barron’s+2

In response, Autodesk has highlighted its strategic initiatives, including a restructuring plan announced in February 2025 that involves reducing its workforce by approximately 9% and reallocating resources toward cloud and artificial intelligence sectors. The company maintains that these actions position it to drive significant shareholder value. ​Reutersinvestors.autodesk.com

This situation underscores the ongoing dialogue between Autodesk and Starboard regarding the company’s strategic direction and financial management.

Finviz ChartName: Tilman J. Fertitta
Position: 10% Owner
Transaction Date: 03-21-2025  Shares Bought: 16,500 shares an Average Price Paid of $83.73 for Cost: $1,381,502Company: Wynn Resorts Ltd (WYNN):Wynn Resorts Limited is a leading designer, developer, and operator of luxury integrated resorts featuring high-end hotels, retail spaces, fine dining, entertainment, convention facilities, and world-class gaming. The company is known for its commitment to exceptional customer experiences, employee engagement, and community support. Wynn Resorts leverages its expertise in design and operations across multiple gaming jurisdictions to maintain a competitive edge in the industry.

Opinion: Tilman knows his competitors and this investment is like a fellow hedge fund manager investing funds with another manager.  Perhaps he sees the same thing we highlighted about Wynn getting the only gambling casino resort in the MidEast.   Although that’s very bullish, it’s still quite a way off.  We sold long dated puts far below the market as a way to put a marker down.

Finviz ChartName: Christopher O. Blunt 
Position: Chief Executive Officer
Transaction Date: 03-25-2025  Shares Bought: 10,000 shares an Average Price Paid of $35.65 for Cost: $356,450Company: F&G Annuities & Life Inc. (FG):F&G Annuities & Life, Inc. provides annuity and life insurance products in the U.S., including fixed indexed annuities, registered index-linked annuities, multi-year guarantee annuities, immediate annuities, indexed universal life insurance, pension risk transfer solutions, and institutional funding agreements. The company distributes its products through independent agents, banks, and broker-dealers, serving both retail and institutional clients. Founded in 1959, F&G Annuities & Life, Inc. is headquartered in Des Moines, Iowa, and operates as a subsidiary of Fidelity National Financial, Inc.Chris Blunt joined F&G in 2019, bringing over 33 years of experience in insurance, investing, and wealth management. Before F&G, he was CEO of Blackstone Insurance Solutions and spent nearly 13 years in leadership roles at New York Life. He currently serves on the YMCA Retirement Fund’s Board of Trustees, as well as the LIMRA and LOMA Boards, where he chairs the Finance Committee.

Opinion: Stock has performed well recently after the most recent buy. Annuities and fixed income are starting to look attractive in a stagflation scenario.

 

Finviz ChartName: Paul W. Hobby 
Position: Director
Transaction Date: 03-19-2025  Shares Bought: 10,000 shares an Average Price Paid of $24.17 for Cost: $241,700

Company: Flowco Holdings Inc. (FLOC):Flowco Holdings Inc. is a leading provider of production optimization, artificial lift, and methane abatement solutions for the oil and gas industry. The company delivers a comprehensive range of equipment and technology solutions designed to enhance operational efficiency, maximize profitability, and extend the economic lifespan of production processes. Flowco operates through two primary business segments: Production Solutions and Natural Gas Technologies. Its core technologies include high-pressure gas lift, conventional gas lift, plunger lift, and vapor recovery unit solutions.Paul W. Hobby joined Flowco Holdings Inc.’s board of directors on January 15, 2025, as a Class III director, with his term set to expire at the company’s third annual stockholder meeting following its IPO. Before joining Flowco, he held several senior leadership roles in the energy and media sectors, including serving as CEO of Alpheus Communications and founding Genesis Park, a private equity firm. Mr. Hobby holds a Bachelor of Arts from the University of Virginia and a Juris Doctorate from the University of Texas School of Law.

Opinion: This is way too confusing for me.  Why do we need another publicly traded oil and gas supplier.

 

Finviz ChartName: Curt Begle 
Position: President and CEO
Transaction Date: 02-11-2025  Shares Bought: 23,786 shares an Average Price Paid of $21.08 for Cost: $501,297Name: Carl J. Rickertsen
Position: Director
Transaction Date: 02-27-2025  Shares Bought: 20,000 shares an Average Price Paid of $20.33 for Cost: $406,532Company:

Magnera Corp (MAGN):Magnera Corporation is a global manufacturer and supplier of nonwoven and related products, catering primarily to consumer-oriented markets such as healthcare, personal care, and infection prevention. The company specializes in producing a diverse range of healthcare and hygiene products, including infant diapers, medical garments, wipes, dryer sheets, face masks, and filters. Additionally, Magnera Corporation develops industrial solutions such as corrosion protection, wire wrapping, and filtration materials. The company is headquartered in Charlotte, North Carolina.Curtis L. Begle has been a director at Magnera Corporation since November 2024, following the merger of Berry Global’s Health, Hygiene, and Specialties Division with Glatfelter. Over his career, he has held key sales and leadership positions, including serving as President of Berry’s Rigid Closed Top Division from 2009 to 2014 and President of the Engineered Materials Division from 2014 to 2018. Mr. Begle has also been actively involved with the Flexible Packaging Association, serving on its Board of Directors and Executive Committee since 2016, and as Chairperson from 2019 to 2021. He holds a bachelor’s degree from the University of Evansville and an MBA from the University of Southern Indiana.Carl J. Rickertsen is a director of Magnera Corporation. He is a recognized expert in management buyouts and mergers, with extensive experience in mergers and acquisitions, capital markets, finance, corporate strategy, governance, executive compensation, and regulatory compliance. With over 20 years of experience serving as a director of public corporations, Mr. Rickertsen brings deep industry knowledge and leadership expertise. He earned a Bachelor of Science in Industrial Engineering with distinction from Stanford University and an MBA from Harvard Business School.

Opinion:  I want to watch this spinoff merger combo for a while, but two insider buys of this size is promising.

 

Finviz ChartName: Jean Jacques Bienaime
Position: Director
Transaction Date: 03-25-2025  Shares Bought: 7,800 shares an Average Price Paid of $7.78 for Cost: $60,684Name: Clay B. Siegall
Position: President and CEO
Transaction Date: 03-26-2025  Shares Bought: 137,100 shares an Average Price Paid of $7.29 for Cost: $999,459

Company: Immunome Inc. (IMNM):Immunome Inc. is a clinical-stage oncology company dedicated to developing targeted therapies that enhance cancer treatment outcomes. The firm is advancing a pipeline of innovative therapies, including antibody-drug conjugates, with a team experienced in designing, developing, and commercializing cutting-edge cancer treatments. Immunome focuses on identifying novel or underexplored targets to drive the next generation of breakthrough cancer medicines. The company aims to translate its preclinical and clinical assets into approved pharmaceuticals for commercialization.Jean-Jacques Bienaimé joined Immunome Inc.’s board in November 2023. He has been the CEO and a board member of BioMarin Pharmaceutical Inc., a biotechnology company specializing in genetic research, since May 2005 and has served as chairman of the board since June 2015. Additionally, Bienaimé sits on the boards of Incyte Corporation, the Biotechnology Innovation Organization, and the Pharmaceutical Research and Manufacturers of America. He holds an MBA from the Wharton School of the University of Pennsylvania and an economics degree from the École Supérieure de Commerce de Paris.Clay B. Siegall, Ph.D., has served as Immunome Inc.’s President & CEO since October 2023. Before this, he was the CEO of Morphimmune, a biotechnology company focused on targeted oncology treatments, where he led its merger with Immunome. Dr. Siegall co-founded Seattle Genetics in 1998 and served as its CEO, playing a key role in the development of antibody-drug conjugates for cancer treatment. He holds a Bachelor of Science in Zoology from the University of Maryland and a Ph.D. in Genetics from George Washington University.

Opinion: The CEO bought a million dollars’ worth. That’s brave in a world where RFK is running amok at HHS and payment reimbursement is at question not to mention the science. 

 

Finviz ChartName: A.Russell Kirk
Position: Director
Transaction Date: 03-25-2025  Shares Bought: 50,000 shares an Average Price Paid of $7.73 for Cost: $386,300
Transaction Date: 03-17-2025  Shares Bought: 40,000 shares an Average Price Paid of $7.64 for Cost: $305,630

Company: Armada Hoffler Properties Inc. (AHH):Armada Hoffler Properties, Inc. is a vertically integrated, self-managed real estate investment trust (REIT) with over 40 years of experience in developing, building, acquiring, and managing high-quality retail, office, and multifamily properties, primarily in the Mid-Atlantic and Southeastern United States. In addition to owning and operating its property portfolio, the company engages in property development and construction both for itself and through joint ventures with unaffiliated partners. It also invests in development projects via real estate finance agreements and provides general construction and development services to third-party clients.A. Russell Kirk has been a director at Armada Hoffler Properties, Inc. since its IPO in 2013. He plays a key role in strategic planning, including acquisitions, development, and investment decisions. Additionally, he assists in forming alliances and joint ventures, developing exit strategies, and securing financial commitments from lenders. Before joining Armada Hoffler in 1983, Mr. Kirk spent eleven years as a partner at Kaufman & Canoles, specializing in real estate finance law. He holds a bachelor’s degree from the University of Virginia and a law degree from Washington and Lee University, where he was elected to the Order of the Coif.

Opinion: REITS are one of the better investments in a stagflationary world. 7.47% dividend yield based on Friday’s close looks very promising.  As of September 30, 2024, Armada Hoffler’s stabilized operating property portfolio maintained a high occupancy rate of 95.4%. This includes retail properties at 96.2% occupancy, office properties at 94.7%, and multifamily properties at 95.3%

 

 

Finviz ChartName: William C. Martin 
Position: Chief Strategy Officer
Transaction Date: 03-20-2025  Shares Bought: 27,150 shares an Average Price Paid of $7.55 for Cost: $204,983

Name: Eric Singer 
Position: President and CEO
Transaction Date: 03-20-2025  Shares Bought: 47,638 shares an Average Price Paid of $7.51 for Cost: $357,561

Company: Immersion Corp (IMMR):Immersion Corporation is a leading licensing firm specializing in the development, advancement, and expansion of cutting-edge haptic technology. These technologies enable users to engage with digital content through touch, enhancing their overall interactive experience. As a global leader in haptics, Immersion focuses on innovation to deliver high-quality intellectual property and technology that elevate user interactions. Its solutions are designed to simplify the creation of premium haptic experiences, broaden accessibility, and optimize performance. While its core business currently revolves around mobility, gaming, and automotive applications, the company recognizes significant opportunities in emerging sectors such as virtual and augmented reality, wearables, and the industrial Internet of Things.William C. Martin joined Immersion Corporation’s board of directors in August 2019 and has served as Chief Strategy Officer since December 2021. He brings extensive experience as a board member, investor, and entrepreneur. Throughout his career, he has held board positions at several public companies, including Bankrate, Inc., Salary.com, Inc., and Vitesse Semiconductor Corp., all of which were acquired in 2009, 2010, and 2015, respectively.Mr. Singer has been a member of Immersion Corporation’s Board of Directors since March 2020 and has served as Executive Chairman since August 2020. He has also been a director at A10 Networks, a cloud security company specializing in application controllers and firewalls, since July 2019, and has held the role of lead independent director since September 2021. Previously, Mr. Singer served on the boards of Quantum Corporation, a video data storage and management firm, and Numerex Corp., a provider of managed machine-to-machine enterprise solutions supporting the Internet of Things. He holds a B.A. from Brandeis University.

Opinion:  None just yet

Finviz ChartName: Krishna Vaddi
Position: CEO
Transaction Date: 03-25-2025  Shares Bought: 675,000 shares an Average Price Paid of $0.69  for Cost: $467,438

Company:

Prelude Therapeutics Inc (PRLD): Prelude Therapeutics Incorporated is a clinical-stage precision oncology company committed to drug discovery excellence, aiming to develop breakthrough cancer treatments for underserved patient populations. By integrating deep expertise in cancer biology and medicinal chemistry with strong clinical development capabilities, the company has built an efficient drug discovery engine. This approach enables the identification of promising biological targets and the development of novel chemical entities for clinical trials. Prelude Therapeutics believes its strategy has the potential to deliver more effective and precisely targeted cancer therapies.Kris Vaddi, Ph.D., is the founder and CEO of Prelude Therapeutics and has served on its Board of Directors since 2016. Before establishing Prelude, he was the CEO of Orsenix, LLC, a clinical-stage biotechnology company, from 2014 to 2016. Prior to that, Dr. Vaddi held various leadership roles at Incyte Corporation, starting as a Founding Scientist and Executive Director in 2002 and later serving as a Senior Advisor from 2015 to 2016. He earned his BVSc in Veterinary Medicine from APAU in India and a Ph.D. in Pharmacology and Toxicology from the University of Florida.

Opinion:  Too small of a developmental biotech for me

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If you are a QUALIFIED INVESTOR and are interested in learning how you can be part of the Insiders Fund, schedule some time with me here.

This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE.  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 and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use.  Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions.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 othersOf 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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