Screw theVIX, its become irrelvant until it doesn’. and it certainly doesn’t seem to matter now.The market did not look pretty last week, and Friday’s consumer sentiment confirmed it. People poll and say that want change but they don’t seem to want change fast. That’s why companies staying private r have more freedom to enact bold management, strategic, or financial maneuvers. We already know that markets don’t like uncertainty. Why should we think consumers want anything different?
Name: Inge G Thulin
Position: Director
Transaction Date: 2-06-2025 Shares Bought: 2,833 shares an Average Price Paid of $88.25 for Cost: $250,000
Name: Douglas Baker JR.
Position: Director
Transaction Date: 2-05-2025 Shares Bought:15,000 shares an Average Price Paid of $88.50. for Cost $1,327,500
Company: Merck & Co (MRK):
Merck & Co., Inc. is a global healthcare firm that provides innovative health solutions through prescription medicines such as biologic therapy, vaccines, and animal health products. The Company’s operations are primarily controlled on a product basis, with two operating segments: pharmaceutical and animal health, which are reportable. The Company principally offers its human health pharmaceutical products to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers, and other institutions. Human health vaccination products include preventive pediatric, adolescent, and adult immunizations. The Company principally sells human health vaccines to physicians, wholesalers, distributors, and government bodies.
Inge G. Thulin, a Swedish-American corporate executive, joined Merck & Co., Inc.’s Board of Directors in 2018. Thulin had a long career at 3M, beginning in 1979 and serving as Chairman, President, and CEO from 2012 to 2018, greatly increasing the company’s market worth. He later became Executive Chairman and retired in 2019. He has previously served on the boards of Chevron and The Toro Company and is known for his contributions to innovation and diversity. He studied economics and marketing at the University of Gothenburg in Sweden.
Douglas M. Baker, Jr. is a director of Merck & Co., Inc. since 2021. He started his career in brand marketing at Procter & Gamble before joining Ecolab Inc. in 1989, where he held several leadership positions, including Vice President and General Manager of Kay Chemical Co. He eventually became Ecolab’s Chairman and CEO, overseeing the company’s growth and environmental activities until his retirement in 2022. He received a Bachelor of Arts degree in English from the College of the Holy Cross.
Opinion: This is a table pounding buy, When do you get a change to buy a company like Merck with Keytruda and an Alzheimer drug coming from the lab. This looks like a rational chance to pick up a leading pharma. They claim to have 20 new assets with breakout potential of $50 billion revenue from these products.
In 2023, Keytruda accounted for 40% of the company’s pharmaceutical sales making it Merck & Co’s most successful product. Keytruda is on schedule to lose its patent protection in 2028, opening the door to biosimilar competition.
With the loss of exclusivity, Keytruda sales are forecasted to decrease to $27.4bn in 2029, a decline of 19% from $33.7bn in 2028 estimates. To offset a significant fall in revenue, Merck is strengthening its immunotherapy portfolio by building a pipeline of early-stage assets. In addition to this, in early 2024, the company entered a definitive agreement to acquire US Harpoon Therapeutics for $680m which will further advance its oncology portfolio.
Name: Craig W Klietermes
Position: CEO
Transaction Date: 1-24-2025 Shares Bought: 5000 shares an Average Price Paid of $71.35 for Cost: $250,000
Company: RLI Corp (RLI):
In 1965, RLI Corporation was established. The company runs operations through three insurance companies. Numerous insurance lines are written on an admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam by RLI Insurance Company, the main insurance company of RLI Corporation. Illinois is home to all of the insurance companies. The business doesn’t operate in any major overseas countries.
Craig Kliethermes has served as RLI Corp. ‘s president and chief executive officer Since January 2022, Prior roles included executive roles at John Deere Insurance Company and GE Insurance/Employers Reinsurance, as well as senior vice president and director of quantitative analysis at Lockton Companies. Board/trustee memberships include: American Academy of Actuaries member; Chartered Property & Casualty Underwriters Society member; director of Heart of Illinois Big Brothers Big Sisters; director of Maguire Academy of Insurance and Risk Management at Saint Joseph’s University; and a fellow of the Casualty Actuarial Society.
Opinion: I hate insurance companies. They are like banks, a black box with uncertain undisclosed risks and generally poor investments. It’s not to say that it’s a bad business. It can be a great one obviously. Look no further than Berkshire Hathaway but they are hard for the layman to understand much less invest in.
Name: Guillermo Novo
Position: Chair of the Board and CEO
Transaction Date: 01-31-2025 Shares Bought: 31,294 shares an Average Price Paid of $64.24 for Cost $2,010,327
Name: Alessandra Faccin Assis
Position: SVP and GM, Life Sciences
Transaction Date: 01-31-2025 Shares Bought: 3,150 shares an Average Price Paid: $64 for Cost: $201,600
Company: Ashland Inc. (ASH):
A Delaware corporation is Ashland Inc. The terms “Ashland” and “Company” relate to Ashland Inc., its predecessors, and its consolidated subsidiaries, unless the context specifies otherwise. A global leader in specialty chemicals and materials, Ashland takes a proactive and thoughtful approach to sustainability. Architectural coatings, construction, energy, food and beverage, personal care, and medicines are just a few of the consumer and industrial areas that the company serves. Life Sciences, Personal Care, Specialty Additives, and Intermediates are Ashland’s reportable segments. Unallocated and Other includes corporate governance initiatives and some legacy issues.
Guillermo Novo joined Ashland’s Board of Directors in May 2019 and became Chief Executive Officer on December 31, 2019. Previously, he served as Versum Materials’ President and CEO, as well as a member of its Board of Directors. He earned an industrial engineering degree from the University of Central Florida and an MBA from the University of Michigan. Novo is also a member of the University of Central Florida’s College of Engineering and Computer Science advisory board.
Alessandra Faccin Assis began working as Senior Vice President and General Manager for Life Sciences and Intermediates in Ashland on June 4, 2024. She has extensive cross-cultural experience, having lived and worked in the United States, Singapore, and Brazil. Alessandra earned a Bachelor of Science in Business Administration from Fundação Getúlio Vargas and an Executive Master in Business Administration from the Universidade de São Paulo in Brazil. She can speak English, Spanish, and Portuguese fluently.
Opinion: This is bottom fishing in a momentum-based market. Good luck value investors, prepare yourself for more pain.
Name: Alfred F Kelly Jr
Position: Director
Transaction Date: 01-30-2025 Shares Bought: 12,000 shares an Average Price Paid: $50.66 for Cost: $607,920
Company: General Motors Co (GM):
General Motors Company became a Delaware corporation. The company creates, manufactures, and markets automobiles, trucks, crossovers, and auto parts in addition to offering software-enabled services and subscriptions globally. The two segments of GM North America and GM International, which manufacture and/or sell cars under the Buick, Cadillac, Chevrolet, and GMC brands, are how the automotive operations meet customer expectations. The global division responsible for developing autonomous car technologies is Cruise. Through General Motors Financial Company, Inc., they provide financing services for automobiles.
Alfred F. Kelly Jr. has served as General Motors Co.’s director since 2024, Alfred Kelly served as Visa Inc.’s chairman of the board from 2019 to 2024, and as CEO from 2016 to 2023. Before joining Visa, Kelly served as president and CEO of the New York-New Jersey Super Bowl Host Committee and as president of American Express until his resignation in 2010. He is a computer and information science bachelor’s degree holder.
Opinion: Trump, tariffs, confusion, no EV subsidies, loves American auto manufacturers. Let’s see how this works but my first impression is Trump’s agenda will be good for Silicon Valley, not Detroit. It’s where the money is, stupid.
Name: Michael George Rhodes
Position: Chief Executive Officer
Transaction Date: 01-27-2025 Shares Bought: 25,634 shares an Average Price Paid: $39.09 for Cost: $1,002,097
Company: Ally Financial Inc. (ALLY):
Ally Financial Inc. is a financial services company with assets. The company, which is committed to “Do It Right” and being a consistent ally for consumers and communities, includes the largest all-digital bank in the country as well as a market-leading auto lending and insurance company. Deposits, mortgage lending, point-of-sale personal finance, credit card products, stock brokerage, and investment advising are just a few of the many online banking options available to customers. The company decided to sell Ally Lending, its point-of-sale finance division, on December 31, 2023.
Michael Rhodes has served as Ally Financial’s CEO since April 2024, Rhodes served as President and CEO of Discover Financial Services before joining Ally. In his role as Head of Innovation, Technology, and Shared Services, Rhodes improved the bank’s capacity to handle cutting-edge technologies like cloud migration and artificial intelligence while also boosting operational resilience, security, and efficiency. Rhodes holds an MBA from the Wharton School of the University of Pennsylvania and a Bachelor of Science in Mechanical Engineering from Duke University.
Opinion: Can Ally do well without General Motors doing well? The stocks were very closely correlated until last year when GM raced ahead. Perhaps this is a pickup trade. It seems they would be a beneficiary of lower short-term rates but then so would GM.
Name: Claiborne P Deming
Position: Director
Transaction Date: 02-04-2025 Shares Bought: 100,000 shares an Average Price Paid: $26.51 for Cost: $2,651,415
Company: Murphy Oil Corp (MUR):
Murphy Oil Corporation is a global oil and gas exploration and production firm with onshore and offshore operations and assets. Murphy’s exploration and production activities are reported under three geographic segments: the United States, Canada, and all other countries. The Corporate section also contains interest income, interest expense, foreign exchange effects, corporate risk management activities, and administrative costs that are not allocated to the Exploration and Production sectors. The company’s headquarters are in Houston, Texas.
Claiborne P. Deming is an American attorney and business leader who has been with Murphy Oil Corporation since 1979, beginning as a staff attorney. Following his term as CEO, he was appointed Chairman of the Board in 2012, a post he still holds today. Aside from his work at Murphy Oil, Deming is a senior advisor to TPH Partners, an energy private equity firm, and has participated in a variety of philanthropic endeavors, most notably supporting education programs in Arkansas. He graduated from Tulane University with a Bachelor of Arts in 1976 and a Juris Doctor in 1979.
Opinion: This entire stock market group of energy producers still trades like an industry on life support. I’m ready to throw the tile in on oil and gas. That alone is the most bullish thing I can say about the group.
Name: P. Kent Hawryluk
Position: President & CEO
Transaction Date: 02-04-2025 Shares Bought: 50,000 shares an Average Price Paid: $10.69 for Cost: $534,500
Company: MBX Biosciences Inc. (MBX):
MBX Biosciences, Inc., a clinical-stage biopharmaceutical business, specializes in the research and development of precision peptide therapeutics for the treatment of endocrine and metabolic disorders. Its principal product candidate is MBX 2109, a parathyroid hormone peptide prodrug that is currently in Phase 2 clinical trials as a potential long-acting hormone replacement therapy for persistent hypoparathyroidism. Furthermore, it is working on MBX 4291, a lead obesity product candidate that is in new drug-enabling trials. It is intended to be a long-acting and extremely powerful GLP-1 and glucose-dependent insulinotropic polypeptide receptor co-agonist prodrug for treating obesity and co-morbidities.
P. Kent Hawryluk is President and CEO of MBX Biosciences, Inc., a position he has held since January 2020. He co-founded the business in 2018. He has a bachelor’s degree from Princeton University, a master’s degree in biology from Purdue University, and an MBA from Northwestern University. Before joining MBX, Kent was the Chief Business Officer at Avidity Biosciences and co-founded Marcadia Biotech, which was later bought by Roche. He has over 20 years of experience as an entrepreneur, leader, and investor in the life sciences industry.
Opinion: I like this one because I like Hawryluk’s track record. Patience is required on development biotech’s so if I’m buying it’s a nibble not a gobble.
Name: Nik Mittal
Position: Director
Transaction Date: 02-04-2025 Shares Bought: 100,000 shares an Average Price Paid: $6.1434 for Cost: $614,340
Company: Jetblue Airways Corp (JBLU):
In August 1998, JetBlue was incorporated in Delaware, and on February 11, 2000, it began operations. The company believes that its competitive cost structure and unique product and culture allow it to compete in the high-value locations it serves effectively. They think that by continuing to set themselves apart from other airlines, they will be able to draw in a wider range of passengers and spur further expansion. Their main goal is to deliver positive outcomes for crew members, consumers, and stockholders.
Nik Mittal joined the JetBlue Airways Board of Directors in August 2022. He co-founded Molecule Ventures in 2020, which focuses on global carbon markets, and is also a partner in Plankton Energy. He has previously worked as a partner at JANA Partners, Harbert Management, and Baker Street Capital, as well as in investment banking at Donaldson, Lufkin & Jenrette. He earned a bachelor’s degree from the University of North Carolina at Chapel Hill, an MBA and J.D. from New York University, and a certification in sustainable finance from Columbia University.
Opinion: This is a bet that the merger between Jet Blue and Spirit is back on with a merger friendlier new FTC Chair and Republicans firmly in charge. Count me int.
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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.
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,
