What a great time to be an insider. Every bear market since 2001 has only ended with a plethora, a tsunami of insider buying. Nothing like that has yet happened. Pay close attention to what Insiders are doing with their own money. Pay NO attention to buy-back announcements unless they are backed with real actions. Many buy-backs are more aspirational than real. Buy-backs are often just an attempt to keep the share count stable from all the share issuances.
Follow us on Twitter for real-time commentary and insider buying alerts at https://twitter.com/theinsidersfund
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.
Name: Oscar Munoz
Position: Director
Transaction Date: 04-03-2025 Shares Bought: 3,882 shares an Average Price Paid of $257.28 for Cost: $998,773
Company: Salesforce Inc. (CRM):
Salesforce, Inc., founded in 1999, is a global leader in customer relationship management (CRM) technology that assists organizations in strengthening their customer relationships. The company enables enterprises of all sizes and industries to use data, artificial intelligence, and trust to improve consumer engagement. Its AI-powered Customer 360 platform unifies sales, service, marketing, commerce, and IT operations, offering a single picture of each customer by combining data from multiple systems, applications, and devices. This one source of truth delivers smarter, more tailored, and automated customer encounters, hence increasing responsiveness, productivity, and overall corporate efficiency.
Oscar Munoz has been a Director of Salesforce, Inc. since January 2022, following his service on the company’s worldwide advisory board from December 2020 to December 2021. He formerly served as the CEO of United Airlines Holdings, Inc., from September 2015 until May 2020. Mr. Munoz also served as Executive Chairman of United’s Board of Directors for five years. In addition to his job at Salesforce, he is a board member of CBRE Group, Inc., Univision Holdings, Inc., and Archer Aviation, Inc., as well as a trustee of Fidelity’s Equity & High Income Fund. Mr. Munoz earned a B.A. from the University of Southern California and an MBA from Pepperdine University.
Opinion: Most insider buying signals prior to the April 2 Liberation Day announcement tariffs holds less significance. Salesforce is well-positioned to navigate an economic downturn, as its CRM technology is critical for many businesses managing their operations. While there are agile and often more affordable competitors, Salesforce is deeply entrenched, making it challenging and costly to switch. The implications of reciprocal taxation on software sales remain uncertain It is also noteworthy that Salesforce requires its Directors hold at least $400,000 worth of stock.
From Q1 press release, the Company’s GAAP tax provision is expected to be approximately 23.5% for the three months ended April 30, 2025 and approximately 23.5% for the year ended January 31, 2026. I think it’s safe to assume that some of the 35% or so that Salesforce sells abroad will have a higher tax regime. I’d be a nimbler here, maybe not a full-throated buyer but chances are patient investors get rewarded.
Name: Gary E. Dickerson
Position: President and CEO
Transaction Date: 04-03-2025 Shares Bought: 50,000 shares an Average Price Paid of $137.30 for Cost: $6,865,082
Company: Applied Materials Inc. (AMAT):
Applied Materials, Inc. is a worldwide leader in materials engineering solutions used in the production of virtually every advanced semiconductor and display in the world. The company designs, develops, manufactures, and services essential wafer and display fabrication equipment that supports the creation of cutting-edge technologies. Its tools are integral to a wide range of products, including personal computers, smartphones, artificial intelligence systems, data center servers, automobiles, connected devices, industrial machinery, and consumer electronics. With the most comprehensive portfolio in the semiconductor capital equipment industry, Applied Materials enables the integration and co-optimization of technologies across its product lines, allowing customers to enhance performance as chip and display fabrication grows increasingly sophisticated.
Gary Dickerson has served as President of Applied Materials, Inc. since June 2012 and became CEO and a member of the Board of Directors in September 2013. Under his leadership, the company has experienced substantial growth, with revenues increasing more than 3.5 times. He has overseen record-breaking profitability while significantly expanding the company’s innovation pipeline—adding over 8,500 new patents—and investing heavily in talent and job creation. Mr. Dickerson holds a Bachelor of Science in Engineering Management from the University of Missouri, Rolla, and an MBA from the University of Missouri, Kansas City.
Opinion: Semiconductor reshoring to the U.S is inevitable for national security purposes. AMAT is the leading tools company in the world but keep this fact in mind.
In fiscal year 2024, Applied Materials (AMAT) generated approximately 84% of its total revenue from international markets. Out of its $27.18 billion in total revenue, about $4.3 billion (16%) came from the United States, indicating that the remaining $22.88 billion was derived from international sources. Applied Materials.
China has been a significant contributor to AMAT’s international revenue. In fiscal Q1 2025, sales to China accounted for approximately 31% of the company’s total revenue, down from about 45% in the same quarter the previous year. This decline is attributed to increased U.S. export restrictions on semiconductor manufacturing equipment.
Despite the recent decrease, China remains AMAT’s largest single-country market, contributing significantly to its international revenue.
Name: Toni Townes-Whitley
Position: Chief Executive Officer
Transaction Date: 03-28-2025 Shares Bought: 2,000 shares an Average Price Paid of $111.67 for Cost: $223,332
Company: Science Applications International Corp (SAIC):
Science Applications International Corporation (SAIC) is a top provider of technical, engineering, and enterprise IT services, especially to the United States government. The company specializes in managing large-scale, complicated projects and providing cutting-edge, innovative technological solutions to improve and secure digital environments. SAIC prioritizes enterprise and mission success by designing, developing, upgrading, integrating, and sustaining essential systems. Its extensive enterprise IT products meet a wide variety of IT infrastructure requirements. With a 50-year history, SAIC has established itself as a trusted partner in delivering mission-critical solutions.
Toni Townes-Whitley has been CEO of Science Applications International Corporation (SAIC) since October 2023. Prior to joining SAIC, she was President of Microsoft’s Regulated Businesses in the United States, where she oversaw both the public and regulated commercial sectors. Her previous leadership roles included President of CGI Federal and management positions at Unisys Corporation. Ms. Townes-Whitley received her bachelor’s degree in public policy and economics from Princeton University’s School of Public and International Affairs. She has executive education certificates from Wharton Executive Education, New York University, and the Performance Management Institute.
Opinion: This is not a large purchase. Considering DODGE could be taking a chopping block to their revenue, I’m cautious on this government contractor.
Name: John Rakolta Jr.
Position: Director
Transaction Date: 04-02-2025 Shares Bought: 28,080 shares an Average Price Paid of $71.30 for Cost: $2,002,104
Company: Agree Realty Corp (ADC):
Agree Realty Corporation is a fully integrated real estate investment trust specializing in the ownership, acquisition, development, and management of retail properties that are net leased to industry-leading tenants. Current Executive Chairman Richard Agree founded the company in 1971, and its common stock was listed on the New York Stock Exchange in 1994. The Operating Partnership owns the company’s assets and conducts all activities, either directly or indirectly. As the single general partner under the Operating Partnership’s limited partnership agreement, the company has all authority and discretion in managing and supervising its activities.
John Rakolta Jr. rejoined Agree Realty Corp.’s board of directors in February 2021. He previously served from 2011 until September 2019, when he stepped down to become the US Ambassador to the UAE. He is also the Chairman of Walbridge, a prominent US construction company where he began his career in 1971. Mr. Rakolta graduated from Marquette University with a Bachelor of Science in Civil Engineering in 1970, and in 1981, he finished Harvard Business School’s Smaller Company Management Program.
Opinion: Not a fan of low yielding retail REITs.
Name: Mitchell Jacobson
Position: Director, 10% Owner
Transaction Date: 04-07-2025 Shares Bought: 159,193 shares an Average Price Paid of $69.73 for Cost: $11,101,253
Company: MSC Industrial Direct Co Inc (MSM):
MSC is a major North American distributor of metalworking and maintenance, repair, and operations products and services. With over 80 years of experience pushing innovation in industrial product distribution, they assist manufacturing customers in addressing metalworking and MRO difficulties. The team of over 7,000 individuals contributes to the success of customers’ manufacturing processes by providing technical metalworking expertise, inventory management, and other supply chain solutions. They serve a wide range of customers in the United States, Canada, Mexico, and the United Kingdom, including individual machine shops, Fortune 1000 manufacturing companies, and government agencies like the General Services Administration and the Department of Defense.
Mr. Jacobson was appointed President and CEO in October 1995 and served until November 2003. He served as Chief Executive Officer until November 2005. Mr. Jacobson was named Chairman of the Board in January 1998 and became Non-executive Chairman on January 1, 2013. Mr. Jacobson previously served as President and CEO of Sid Tool Co., Inc., the parent firm and current wholly-owned and major operating subsidiary, from June 1982 until November 2005. Mr. Jacobson received an undergraduate degree from Brandeis University and a law degree from the New York University School of Law.
Opinion: This is a large purchase. I suppose if you believe manufacturing will benefit in the U.S. from recent tariff moves, this may be a good option. The company is navigating tariff uncertainties, with about 10% of its cost of goods tied to China. MSC has implemented small price increases and is working with suppliers to mitigate broader cost impacts. The majority of MSC’s revenue—approximately $3.63 billion, or 95%—was derived from the United States. The remaining revenue came from Canada and other international markets. The stock has not performed well but this is worth taking a shot, but I would not chase it up 11% from when Jacobson purchased it. It’s not the kind of stock that runs away on you in my opinion.
Name: Tilman J. Fertitta
Position: 10% Owner
Transaction Date: 04-04-2025 Shares Bought: 400,000 shares an Average Price Paid of $69.68 for Cost: $27,872,500
Company: Wynn Resorts Ltd (WYNN):
Wynn Resorts, Limited is a premier designer, developer, and operator of integrated resorts, offering luxury hotel accommodations, upscale retail areas, diverse dining and entertainment options, expansive meeting and convention facilities, and world-class gaming. The company places strong emphasis on guest experience, employee excellence, and community engagement. Leveraging its extensive design and operational expertise across multiple gaming jurisdictions, Wynn Resorts maintains a competitive edge within the global gaming and hospitality industry.
Fertitta is the Chairman, CEO, and sole owner of Landry’s, Inc., a conglomerate that operates over 600 properties, including well-known restaurant brands such as Morton’s The Steakhouse, Rainforest Café, Bubba Gump Shrimp Co., and Mastro’s Restaurants.
In December 2024, President-elect Donald Trump nominated Fertitta to serve as the U.S. Ambassador to Italy and San Marino. If confirmed, Fertitta plans to resign as CEO of Landry’s to assume the diplomatic role. As of February 2025, Forbes estimated his net worth at $10.8 billion, ranking him among the wealthiest individuals in the United States.
Opinion: Keep a $27 million purchase in perspective. I still love Wynn, but I think it’s dead money until later in the year or even later in 2026 when the market starts to anticipate the building of Wynn’s exclusive gambling oasis in the MidEast.
Name: Douglas W. William III
Position: Director
Transaction Date: 04-02-2025 Shares Bought: 7,500 shares an Average Price Paid of $69.44 for Cost: $520,822
Company: Dollar Tree Inc. (DLTR):
Dollar Tree, Inc. runs retail discount stores in the United States and Canada under the brand names Dollar Tree and Dollar Tree Canada. The company sells a wide variety of commodities, including consumables like domestic paper and cleaning supplies, food, confectionery, health and personal care items, and frozen and refrigerated foods. It also sells miscellaneous items such as toys, housewares, gifts, stationery, party supplies, greeting cards, soft products, and arts & crafts materials. Dollar Tree also offers seasonal merchandise for holidays such as Christmas, Easter, Halloween, and Valentine’s Day. The company was founded in 1986 and has its headquarters in Chesapeake, Virginia.
William W. Douglas III has served on the Dollar Tree Board of Directors since April 2016. Prior to this, he held the position of Executive Vice President at Coca-Cola Enterprises Inc. from May 2008 until June 2016. Mr. Douglas brings extensive financial and operational expertise to his board roles and currently sits on the boards of Coca-Cola Hellenic, Monster Beverage Corporation, and Dollar Tree. He earned his degree in accounting from the J.M. Tull School of Accounting at the University of Georgia.
Opinion: Conventional wisdom Dollar Stores do well in a recession.
Name: Robert Holmes Swan
Position: Director
Transaction Date: 04-04-2025 Shares Bought: 8,600 shares an Average Price Paid of $58.46 for Cost: $502,756
Company: NIKE Inc.(NKE):
Nike, Inc. is a global leader in the design, development, marketing, and distribution of athletic footwear, apparel, equipment, accessories, and services. As the world’s largest seller of athletic shoes and apparel, Nike markets its products through NIKE Direct—comprising company-owned retail stores and digital platforms—as well as through wholesale channels, including independent distributors, licensees, and sales representatives in nearly every country. The company also engages consumers through interactive digital experiences and services. Most Nike products are manufactured by independent contractors, with nearly all footwear and apparel produced internationally and equipment made both domestically and abroad.
Robert Swan, 64, has been a director since September 2022 and currently serves as an operating partner at Andreessen Horowitz. He previously held executive leadership roles at major corporations, including CEO and CFO of Intel Corporation, as well as key positions at eBay, Electronic Data Systems, TRW Inc., and Webvan Group. Swan began his career at General Electric. He currently sits on the boards of Micron Technology, Flexport, the American Heart Association, and Kearney, and has formerly served on the boards of Applied Materials, eBay, Intel, and the GoTo Group. He holds a bachelor’s degree in business administration from the University of Buffalo and an MBA from Binghamton University.
Opinion: Nike got slammed by Trump’s tariffs, but problems run deeper than that. Innovative brands like Lululemon and Vuori and others have been taking market share for some time.
Name: Karen Boone
Position: Director
Transaction Date: 03-03-2025 Shares Bought: 10,520 shares an Average Price Paid of $47.56 for Cost: $500,336
Company: CoreWeave Inc.(CRWV):
CoreWeave, Inc. operates a high-performance cloud platform designed to scale, support, and accelerate generative AI workloads. Founded in 2017 and headquartered in Livingston, New Jersey, the company delivers specialized infrastructure solutions tailored for enterprise-level computational demands. CoreWeave’s offerings include GPU and CPU computing, storage and networking services, managed services, and both virtual and bare metal servers. Its advanced platform features tools such as a fleet lifecycle controller, node lifecycle controller, tensorizer, and observability solutions. In addition to GenAI support, CoreWeave provides services for VFX and rendering, AI model training and inference, and centralized mission control. The company was formerly known as Atlantic Crypto Corporation until rebranding in December 2019.
Karen Boone joined the Board of Directors in January 2025. She most recently served as Interim Co-Chief Executive Officer and Co-President of Peloton Interactive, Inc. from May 2024 to January 2025. Earlier in her career, she spent over 15 years at Deloitte & Touche LLP, where she served as an Audit Partner until 2012. Ms. Boone currently sits on the boards of Peloton, Sonos, Inc., Rivian Automotive, Inc., and several private companies. She holds a Bachelor of Science in Business Economics from the University of California, Davis.
Opinion: I’d let the dust settle on this recent IPO.
Name: Timothy A. Springer
Position: Director, 10% Owner
Transaction Date: 04-09-2025 Shares Bought: 141,923 shares an Average Price Paid of $16.20 for Cost: $2,299,015
Company: Tectonic Therapeutic Inc. (TECX):
Tectonic Therapeutics, Inc. is a biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of G protein-coupled receptors. GPCRs are a large and diverse group of membrane receptors that play critical roles in many physiological processes, but targeting them with biologics has historically been challenging. Tectonic proprietary platform, GEODe™, overcomes these challenges by enabling the discovery of biologic therapies specifically designed to modulate GPCR function. The company targets areas with significant unmet medical needs—particularly those with few or no existing treatment options—where innovative medicines have the potential to dramatically improve patient outcomes and extend lives.
Timothy A. Springer, Ph.D., is a renowned immunologist, serial entrepreneur, and academic leader. He co-founded Tectonic Therapeutic Inc. in 2019 and currently serves as a director. Dr. Springer is widely recognized for founding several successful biotechnology companies, including LeukoSite, Scholar Rock, Morphic Therapeutic, and the Institute for Protein Innovation. He has been a director at Cartesian Therapeutics Inc. since June 2016 and a scientific advisor since December 2008. In academia, Dr. Springer earned his B.A. in Biochemistry from the University of California in 1971 and his Ph.D. in Molecular Biology and Biochemistry from Harvard University in 1976. He has been a faculty member at Harvard Medical School since 1977 and currently holds the position of Latham Family Professor in the Department of Biological Chemistry and Molecular Pharmacology.
Opinion: Lotto ticket but it’s a lot cheaper than it was a few months ago.
Name: David D. Smith
Position: Executive Chairman, 10% Owner
Transaction Date: 04-03-2025 Shares Bought: 258,113 shares an Average Price Paid of $14.40 for Cost: $3,717,918
Transaction Date: 04-08-2025 Shares Bought: 185,145 shares an Average Price Paid of $13.40 for Cost: $2,481,355
Company: Sinclair Inc. (SBGI):
Sinclair Broadcast Group, LLC is a subsidiary of Sinclair, Inc., a Maryland-based corporation formed in 2022. Originally established as Sinclair Broadcast Group, Inc. in 1986, the company transitioned to a limited liability company structure in 2023. Sinclair is a diversified media company with a broad national presence, primarily focused on delivering high-quality programming through its portfolio of local television stations. Prior to its deconsolidation, Sinclair also operated internet platforms and regional sports networks. Its content portfolio includes third-party network programming, syndicated series, and original productions such as local news, sports, and entertainment created by the company and its owned networks.
David D. Smith has served as Executive Chairman of Sinclair, Inc. since January 2017 and has held the position of Chairman of the Board since September 1990. Prior to his current role, he was the company’s President and CEO from 1988 to January 2017. Smith founded Comark Communications, Inc., a producer of high-power UHF television transmitters, and acted as an officer and director there until 1986. In addition to his work with Sinclair, he serves on the boards of MileOne Autogroup, Inc. and Keyser Investment Group, Inc., and is a partner in Gerstell Development, LP. He holds a Bachelor of Science degree in Electrical Engineering from the University of Maryland.
Opinion: Sinclair looks like a table thumping buy with a 7% yield. Sinclair has had declining revenues until the last two quarters. Local media might be in secular decline, but there may be a limit to the decline and Sinclair may have plateaued. I also think short rates are likely to go substantially lower if Trump is able to stop the bleeding of the U.S. budget deficit. A recession would also see the FED dropping interest rates but this would negatively impact Sinclair’s advertising revenues.
Name: Timothy A. Springer
Position: Director, 10% Owner
Transaction Date: 04-09-2025 Shares Bought: 149,075 shares an Average Price Paid of $10.21 for Cost: $1,522,517
Company: Cartesian Therapeutics Inc. (RNAC):
Cartesian Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing mRNA cell therapies for the treatment of autoimmune diseases. Its lead product candidate, Descartes-08, is an autologous mRNA CAR-T therapy targeting B cell maturation antigen (BCMA). Descartes-08 is currently in Phase 2b clinical trials for generalized myasthenia gravis and systemic lupus erythematosus, and it has received rare pediatric disease designation for juvenile dermatomyositis. The company is also advancing Descartes-15, another autologous anti-BCMA mRNA CAR-T therapy, being developed to treat autoimmune conditions such as relapsed/refractory multiple myeloma. Cartesian Therapeutics is headquartered in Frederick, Maryland.
Timothy A. Springer, Ph.D., has served on the board of directors of Cartesian Therapeutics since June 2016 and as a scientific advisor since December 2008. He is the Latham Family Professor at Harvard Medical School and a renowned immunologist and entrepreneur. Dr. Springer founded LeukoSite, a biotechnology company later acquired by Millennium Pharmaceuticals in 1999. He has received numerous prestigious awards, including the Crafoord Prize, the Meritorious Career Award from the American Association of Immunologists, the Stratton Medal from the American Society of Hematology, and the Basic Research Prize from the American Heart Association. Dr. Springer is also a member of the National Academy of Sciences and holds a Ph.D. from Harvard University.
Opinion: Another lotto ticket.
Name: Joshua G. James
Position: Founder and CEO, 10% Owner
Transaction Date: 04-04-2025 Shares Bought: 77,300 shares an Average Price Paid of $6.50 for Cost: $502,172
Name: Daniel David III
Position: Director
Transaction Date: 04-04-2025 Shares Bought: 120,000 shares an Average Price Paid of $6.44 for Cost: $772,452
Company: Domo Inc. (DOMO):
Domo Inc. thinks that people and data are an organization’s most significant assets in the cloud. Its cloud-native platform provides current AI and data solutions, allowing enterprises to run data-driven operations in real time—in minutes or seconds rather than weeks or months. The Domo platform is designed to transform business management across all departments, from marketing and operations to HR, finance, IT, product development, and supply chain. It enables users to create and deploy AI-powered data solutions that produce measurable business value. It effortlessly collects, saves, prepares, organizes, analyzes, visualizes, automates, and distributes data throughout an organization.
Daniel has been on the Board of Directors since April 2019. He is the founder and fund manager of Twenty Acre Capital, which he has led from its launch in April 2019. Prior to that, from January 2011 until April 2019, Mr. Daniel was a Managing Director and senior investor at BlackRock, where he oversaw investments in a variety of technology businesses. Previously, he worked as a special circumstances analyst and global hedge fund sales director for UBS. Mr. Daniel graduated from the University of Pennsylvania’s Wharton School with a B.S. in Finance and an M.B.A. He is also a CFA charterholder.
Joshua G. James started Domo Inc. in 2010, and he served as its CEO until 2022. In March 2023, he returned to the post and was made director. Before creating Domo, Mr. James co-founded Omniture in 1996 and served as CEO until the company was acquired by Adobe in 2009. Mr. James, known for his influence in the technology and entrepreneurial sectors, has advised Utah Governors Jon Huntsman, Gary Herbert, and Spencer Cox on business and innovation issues. He studied entrepreneurship at Brigham Young University for three and a half years before leaving to launch his own business venture.
Opinion: DOMO has rebounded sharply from this purchase price but I am still concerned its squarely in the bulls’ eyes of giant competitors in business intelligence. AI disruption is very real here and I have no interest in seeing my wallet get any more disrupted.
Name: Joel D. Anderson
Position: Chief Executive Officer
Transaction Date: 03-28-2025 Shares Bought: 1,586,088 shares an Average Price Paid of $2.97 for Cost: $4,717,461
Company: Petco Health & Wellness Company Inc. (WOOF):
Petco Health & Wellness Company, Inc. is a health and wellness company that strives to improve the lives of dogs, pet parents, and Petco partners in the United States, Mexico, and Puerto Rico. The company offers a variety of services, including veterinarian care, grooming, training, telehealth, Vital Care membership programs, pet health insurance, and veterinary services via Vetco mobile clinics. Petco also provides pet consumables, supplies, and services via its internet platforms. The company’s proprietary brands include WholeHearted, Reddy, and Well & Good. Petco was founded in 1965 and has its headquarters in San Diego, California.
In July 2024, Joel D. Anderson was appointed CEO and member of Petco’s Board of Directors. In addition to directing Petco, he sits on the audit and pay committees of the Sprouts Farmers Market Board of Directors. Joel is a major supporter of creating a healthy business culture and developing leadership at all levels of an organization. He has a Master of Business Administration from Harvard Business School and a bachelor’s degree in political science and public communication from St. Olaf College.
Opinion: Maybe it’s gotten so bad, its good. People take care of their pets in good times and bad. The stock reacted strongly from this purchase but I don’t know how the long-term dynamics get changed.
Name: David A. Ramsay
Position: Director
Transaction Date: 03-31-2025 Shares Bought: 150,000 shares an Average Price Paid of $2.78 for Cost: $416,250
Company: Savara Inc (SVRA):
Savara Inc. is a clinical-stage biopharmaceutical startup focused on uncommon respiratory illnesses. Molgramostim, its lead product candidate, is an inhaled granulocyte-macrophage colony-stimulating factor that is intended to treat autoimmune pulmonary alveolar proteinosis. Molgramostim is now in Phase 3 development and intends to meet the unmet requirements of individuals with this rare lung condition. Savara Inc. is headquartered in Langhorne, Pennsylvania.
Mr. Ramsay joined Savara Inc.’s Board of Directors in April 2017. He previously served on the Board of Directors of Mast Therapeutics, Inc. and now consults both publicly traded and privately held biotechnology companies. Mr. Ramsay is also a board member at Exuma Biotech, Inc., and previously sat on the board of La Jolla Pharmaceutical Company until its acquisition in 2022. He earned a B.S. in Business Administration from the University of California, Berkeley, and an M.B.A. with a dual major in Finance and Strategic Management from The Wharton School at the University of Pennsylvania.
Opinion: Another lotto ticket. This is a horrific period for biotech with the RFK anti science agenda. I recommend buying a basket of biotech stocks with insider buying that have enough capital to survive at least three years of uncertainty.
Follow us on Twitter for real-time commentary and insider buying alerts at https://twitter.com/theinsidersfund
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 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.
You can be an insider, too– by clicking here
Prosperous Trading,
