It was George Soros that said, “there is no amount of money too big to bet when you know you are right.” It’s the holy grail of investing. The trade that we are all looking for.  One where we can leverage up and bet the farm.  It’s the time when you shove all the chips onto the table and tell the croupier you’re betting it all on 00. There is no investor with more conviction than a corporate insider betting big on his own company’s stock. https://theinsidersfund.com/inside-information

Of course, betting the farm is the most dangerous type of behavior for an investor to have.  You would have never heard of George Soros if he was wrong. But he wasn’t. Soros managed to beg borrow and leverage every dollar he could to bet $20 billion on what he saw as the inevitable devaluation of the pound.  And if he was wrong, he would just be another broke belly up trader you’ve never heard of.  John Paulson made $9 billion betting against the triple AAA credits of the CMO market by shorting credit default swaps, selling them at par on huge leverage and then watching them go to zero.  If he was wrong, it would have been a complete loss of his and his investors’ money-$600 million down the drain, as the swaps have a finite life.

Traders wait a lifetime for that high conviction trade and many never find it and the few that do find it are mostly too timid to go for the brass ring.  It’s a proven statistic that the fear of loss greatly outweighs greed. Think Thinking Fast & Slow by Kahneman or Michael Lewis’s The Undoing Project if you want the proof.   We are always on the hunt for that ever-elusive high conviction trade. In this blog, we examine the companies that report earnings week ending November 1.  Stocks make explosive moves on earnings and if you really have the conviction and the cojones, you may make multiples of your investment in a single day.

One of the things we look at is the material nature of the buying. For example, a billionaire buying $100k of his company’s stock might be the equivalent of your or me buying $10 worth. That’s in part why we look at the % Change in holdings.  Take a look at VP  Donoghoe  at AbbVie.  He stepped up his ownership by 135% when he bought 7525 shares on August 29th. Director Austin bought $4.285 million more than doubling his holdings.  AbbVie insiders show conviction.  The companies with insiders who look like they have conviction besides AbbVie are AGNC, BG, CNX, CI, CYH, and MD.

We left out Beyond Meat because the insiders know its a hot IPO and the stock is going to go public at a far higher price than what they are paying for it.  Not much of a risk there.  We also don’t pay much attention to insider buys that involve less than $200k.  This is as much a qualitative screen as it is quantitative. It’s important what you pay. Many of these names have risen sharply in price since the insider buy.  Corteva was a spin-off from DowDupont. Several insiders bought shares.  Peter Lynch, the legendary portfolio manager of the best performing mutual fund of all time, the Magellan Fund, loved spin-offs.  The jury is out on this one but the chart looks like a good bounce could be had.

Symbol Company Insider Relation Date Shares Price Mkt Val % Chng
ABBV AbbVie Inc Austin Roxanne Schuh Dir 7/30/2019 65,000  $65.93  $4,285,593 124.7%
ABBV AbbVie Inc Austin Roxanne Schuh Dir 6/26/2019 11,500  $67.50  $776,250 28.3%
ABBV AbbVie Inc Rapp Edward J Dir 6/26/2019 7,500  $67.30  $504,750 32.4%
ABBV AbbVie Inc Chase William J VP 6/26/2019 30,400  $67.30  $2,045,920 21.8%
ABBV AbbVie Inc Donoghoe Nicholas VP 8/29/2019 7,525  $66.19  $498,057 135.2%
ABBV AbbVie Inc Gosebruch Henry O VP 7/29/2019 30,000  $67.28  $2,018,385 62.4%
ABBV AbbVie Inc Stewart Jeffrey Ryan VP 8/16/2019 15,552  $64.44  $1,002,169 30.4%
AGNC AGNC Investment Corp Kain Gary D CEO 5/24/2019 103,202  $16.93  $1,747,530 6.7%
AGNCM AGNC Investment Corp Kain Gary D CEO 5/24/2019 10,900  $25.14  $274,026 NEW
AMAG Amag Pharmaceuticals Inc Heiden William K CEO 5/9/2019 10,000  $10.70  $107,000 2.1%
AMAG Amag Pharmaceuticals Inc Bolgiano Elizabeth Scott VP 5/9/2019 5,000  $10.93  $54,650 7.2%
AMAG Amag Pharmaceuticals Inc Krop Julie VP 5/28/2019 10,000  $9.91  $99,100 14.0%
ARCC Ares Capital Corp Roll Penelope F CFO 8/6/2019 2,000  $18.36  $36,720 3.0%
ARCC Ares Capital Corp Kelly Daniel G Jr Dir 8/1/2019 6,000  $18.44  $110,640 24.5%
ARCC Ares Capital Corp Kelly Daniel G Jr Dir 6/10/2019 4,500  $18.01  $81,045 23.1%
ARCC Ares Capital Corp McKeever Steven B Dir 8/14/2019 5,425  $18.42  $99,929 28.0%
ARCC Ares Capital Corp McKeever Steven B Dir 5/13/2019 5,640  $17.52  $98,813 41.1%
ARCC Ares Capital Corp Torre Bates Ann Dir 5/15/2019 9,725  $17.61  $171,257 43.7%
ATI Allegheny Technologies Inc Wetherbee Robert S CEO 8/13/2019 5,000  $18.36  $91,800 4.6%
ATI Allegheny Technologies Inc Ball M Leroy Dir 8/13/2019 2,000  $18.18  $36,360 44.2%
ATI Allegheny Technologies Inc Davis Elliot S VP 8/14/2019 2,000  $17.53  $35,060 1.4%
ATI Allegheny Technologies Inc Harris Timothy J VP 8/14/2019 2,900  $17.80  $51,620 12.4%
ATI Allegheny Technologies Inc Kramer Kevin B VP 8/14/2019 2,500  $17.68  $44,208 2.6%
ATI Allegheny Technologies Inc Powers Elizabeth C VP 8/14/2019 2,000  $18.17  $36,340 2.6%
ATSG Air Transport Services Group Inc Coretz Robert K Dir 8/14/2019 10,000  $20.00  $200,000 8.0%
ATSG Air Transport Services Group Inc Coretz Robert K Dir 5/13/2019 25,000  $21.75  $543,750 25.0%
ATSG Air Transport Services Group Inc Johns Raymond E Jr Dir 8/8/2019 2,400  $20.74  $49,776 50.8%
ATSG Air Transport Services Group Inc Berger Michael L Officer 8/15/2019 1,000  $19.74  $19,740 4.0%
ATSG Air Transport Services Group Inc Berger Michael L Officer 5/10/2019 1,200  $22.22  $26,668 5.0%
BG Bunge Ltd Fribourg Paul J Dir 5/23/2019 19,750  $50.94  $1,006,132 0.5%
BG Bunge Ltd Winship Henry Ward IV Dir 5/22/2019 4,000  $51.40  $205,600 191.8%
BG Bunge Ltd Zachman Brian Officer 5/22/2019 10,000  $51.28  $512,777 68.4%
BYND Beyond Meat Inc Goldman Seth Chmn 5/6/2019 750  $25.00  $56,093 0.1%
BYND Beyond Meat Inc Lane Raymond J Dir 5/6/2019 29,442  $25.00  $2,201,967 13.0%
BYND Beyond Meat Inc Segal Ned D Dir 5/6/2019 5,000  $25.00  $373,950 NEW
BYND Beyond Meat Inc Thompson Donald Dir 5/6/2019 18,000  $25.00  $1,346,220 0.7%
BYND Beyond Meat Inc van Lengerich Bernhard Dir 5/6/2019 4,500  $25.00  $336,555 1.0%
BYND Beyond Meat Inc Waller Kathy N Dir 5/6/2019 500  $25.00  $37,395 NEW
BYND Beyond Meat Inc Ajami Dariush Officer 5/6/2019 2,000  $25.00  $149,580 96.0%
CFR Cullen/Frost Bankers Inc Alvarez Carlos Dir 8/16/2019 30,000  $85.08  $2,552,400 7.1%
CHD Church & Dwight Co Inc Farrell Matthew CEO 9/16/2019 7,000  $71.32  $499,268 5.0%
CHD Church & Dwight Co Inc Price Penry W Dir 9/16/2019 704  $71.01  $49,989 3.6%
CHD Church & Dwight Co Inc Saligram Ravichandra Krishnamurty Dir 9/16/2019 1,500  $71.81  $107,715 3.5%
CHD Church & Dwight Co Inc Spann Rick VP 9/16/2019 1,000  $72.07  $72,070 25.1%
CI Cigna Corp Cordani David CEO 9/9/2019 32,509  $155.17  $5,044,422 10.0%
CLR Continental Resources Inc Hamm Harold Chmn 6/6/2019 38,600  $38.76  $1,496,078 0.0%
CLR Continental Resources Inc Hamm Harold Chmn 5/16/2019 93,000  $42.71  $3,972,170 0.0%
CNX CNX Resources Corp Lanigan Bernard Jr Dir 5/31/2019 337,950  $7.39  $2,496,572 141.0%
CTVA Corteva Inc Page Gregory R Chmn 6/3/2019 2,000  $25.49  $50,980 12.5%
CTVA Corteva Inc Engel Klaus A Dir 8/30/2019 18,393  $30.00  $551,790 268.1%
CTVA Corteva Inc Fuerer Cornel B VP 6/3/2019 500  $24.84  $12,420 1.7%
CTVA Corteva Inc Glenn Timothy P VP 8/5/2019 6,500  $30.52  $198,361 9.5%
CXO Concho Resources Inc Schroer Brenda R CFO 8/15/2019 1,500  $69.67  $104,500 4.4%
CXO Concho Resources Inc Bridwell Tucker S Dir 8/5/2019 7,000  $70.32  $492,240 16.0%
CXO Concho Resources Inc Helms Susan J Dir 8/8/2019 700  $70.12  $49,084 15.8%
CXO Concho Resources Inc Merriman Gary A Dir 8/5/2019 2,000  $69.90  $139,800 10.1%
CXO Concho Resources Inc Puckett Mark B Dir 8/14/2019 2,000  $68.48  $136,960 6.6%
CXO Concho Resources Inc Harper Jack F Pres 8/7/2019 10,000  $65.40  $654,000 6.2%
CYH Community Health Systems Inc Smith Wayne T Chmn 8/27/2019 1,200,000  $1.99  $2,382,480 36.1%
CYH Community Health Systems Inc Smith Wayne T Chmn 5/3/2019 1,000,000  $3.37  $3,367,900 43.0%
CYH Community Health Systems Inc Dinkins Michael Dir 5/28/2019 4,000  $3.17  $12,672 22.2%
CYH Community Health Systems Inc Ely James S III Dir 5/17/2019 100,000  $3.20  $320,000 109.5%
CYH Community Health Systems Inc Fordham Benjamin C VP 8/27/2019 25,000  $1.85  $46,300 15.7%
CYH Community Health Systems Inc Fordham Benjamin C VP 8/8/2019 25,000  $2.29  $57,250 18.6%
D Dominion Energy Inc/VA Szymanczyk Michael E Dir 9/13/2019 21,400  $78.85  $1,687,322 39.7%
DBD Diebold Nixdorf Inc Rutherford Jeffrey L CFO 5/2/2019 10,000  $9.12  $91,190 6.4%
DBD Diebold Nixdorf Inc Anton Arthur F Dir 8/28/2019 9,615  $10.40  $99,998 14.3%
DBD Diebold Nixdorf Inc Anton Arthur F Dir 5/2/2019 25,000  $9.01  $225,233 59.0%
DBD Diebold Nixdorf Inc Costello Ellen Dir 5/2/2019 3,000  $9.05  $27,150 10.2%
DBD Diebold Nixdorf Inc Greenfield Gary G Dir 6/13/2019 5,000  $9.13  $45,658 11.5%
DBD Diebold Nixdorf Inc Greenfield Gary G Dir 5/28/2019 5,000  $9.44  $47,224 12.9%
DBD Diebold Nixdorf Inc Heyden Olaf Robert VP 5/2/2019 20,000  $9.15  $183,012 14.3%
ECA Encana Corp Suttles Douglas James CEO 8/6/2019 16,000  $4.13  $66,123 8.7%
ECA Encana Corp Suttles Douglas James CEO 5/23/2019 25,000  $5.39  $134,678 15.7%
ECA Encana Corp Code Corey Douglas CFO 8/23/2019 10,000  $4.06  $40,640 23.5%
ECA Encana Corp Code Corey Douglas CFO 6/12/2019 10,000  $4.87  $48,700 30.8%
ECA Encana Corp Code Corey Douglas CFO 5/23/2019 10,800  $6.00  $64,800 41.5%
ECA Encana Corp McAllister Michael Gerard COO 5/13/2019 5,650  $6.52  $36,838 15.5%
ECA Encana Corp Fowler Fred J Dir 8/7/2019 25,000  $4.00  $99,998 100.0%
ECA Encana Corp Mayson Howard John Dir 8/1/2019 5,000  $4.50  $22,475 11.1%
ECA Encana Corp Nimocks Suzanne P Dir 6/17/2019 10,000  $4.77  $47,700 39.1%
ECA Encana Corp Shaw Brian Gordon Dir 9/4/2019 16,000  $4.45  $71,181 80.0%
ECA Encana Corp Waterman Bruce Gordon Dir 6/5/2019 50,000  $5.06  $253,000 25.0%
ECA Encana Corp Hill David Glen VP 6/12/2019 10,000  $4.82  $48,200 30.2%
EQT EQT Corp McNally Robert Joseph CEO 5/29/2019 13,572  $18.37  $249,318 6.8%
EQT EQT Corp McNally Robert Joseph CEO 3/29/2019 12,660  $20.80  $263,328 6.8%
EQT EQT Corp Cary A Bray Jr Dir 4/1/2019 1,205  $20.74  $24,992 2.6%
EQT EQT Corp MacCleary Gerald F Dir 4/1/2019 1,085  $20.74  $22,503 161.5%
EQT EQT Corp Rice Daniel J IV Dir 4/1/2019 1,025  $20.74  $21,259 0.5%
EQT EQT Corp Centofanti Erin R VP 3/29/2019 7,765  $20.83  $161,745 9.7%
FTAI A Fortress Transportation & Infrastructure Investors LLC Tuchman Martin Dir 9/6/2019 135,000  $25.76  $3,477,938 NEW
GE General Electric Co Culp Henry Lawrence Jr Chmn 8/12/2019 583,884  $8.56  $4,998,397 97.6%
GE General Electric Co Horton Thomas W Dir 8/12/2019 55,248  $9.02  $498,337 NEW
GE General Electric Co Lavizzo-Mourey Risa Jaunita Dir 5/23/2019 10,000  $9.75  $97,500 66.7%
GE General Electric Co Reynolds Paula G Rosput Dir 8/14/2019 10,000  $8.53  $85,300 63.3%
GE General Electric Co Seidman Leslie Dir 8/23/2019 6,500  $7.80  $50,700 NEW
GE General Electric Co Cox L Kevin VP 8/13/2019 105,600  $9.42  $994,752 9,688.1%
GE General Electric Co Strazik Scott VP 8/15/2019 34,836  $8.01  $279,036 30.9%
GE General Electric Co Timko Thomas S VP 8/19/2019 10,000  $8.83  $88,300 NEW
HY Hyster-Yale Materials Handling Inc Rankin Alfred M Jr Chmn 3/1/2019 39,948  $63.69  $2,544,440 5.8%
IMMU Immunomedics Inc Aghazadeh Behzad Chmn 6/26/2019 1,000,000  $13.55  $13,548,000 5.0%
IMMU Immunomedics Inc Aghazadeh Behzad Chmn 6/3/2019 1,535,539  $12.21  $18,743,250 8.3%
IMMU Immunomedics Inc Aghazadeh Behzad Chmn 5/13/2019 750,000  $15.11  $11,328,750 4.2%
INOV Inovalon Holdings Inc Dunleavy Keith R Chmn 5/10/2019 136,995  $13.41  $1,836,952 34.2%
KHC Kraft Heinz Co Lemann Jorge P Dir 9/16/2019 3,496,503  $28.60  $99,999,986 17,529.8%
KHC Kraft Heinz Co van Damme Alexandre Dir 9/18/2019 250,000  $28.45  $7,112,500 3,060.7%
LHX L3Harris Technologies Inc Hay Lewis III Dir 8/5/2019 9,800  $203.34  $1,992,732 187.5%
LXRX Lexicon Pharmaceuticals Inc Coats Lonnel CEO 9/17/2019 100,000  $3.11  $311,400 78.4%
LXRX Lexicon Pharmaceuticals Inc Coats Lonnel CEO 8/16/2019 40,000  $1.35  $54,028 45.7%
LXRX Lexicon Pharmaceuticals Inc Debbane Raymond Chmn 9/13/2019 300,515  $2.50  $752,339 6.9%
LXRX Lexicon Pharmaceuticals Inc Barker Samuel L Dir 8/2/2019 24,000  $1.18  $28,200 85.1%
LXRX Lexicon Pharmaceuticals Inc Sobecki Christopher J Dir 9/13/2019 124,249  $2.43  $302,472 952.5%
LXRX Lexicon Pharmaceuticals Inc Santini Alexander A VP 9/18/2019 4,500  $3.36  $15,115 31.8%
LXRX Lexicon Pharmaceuticals Inc Tessmer James F VP 8/2/2019 10,000  $1.14  $11,400 30.0%
MAC Macerich Co O’Hern Thomas E CEO 8/8/2019 10,000  $29.46  $294,576 13.0%
MAC Macerich Co O’Hern Thomas E CEO 5/23/2019 10,000  $38.40  $384,013 15.0%
MAC Macerich Co O’Hern Thomas E CEO 5/8/2019 10,000  $40.99  $409,850 17.6%
MAC Macerich Co Kingsmore Scott W CFO 5/30/2019 3,000  $37.14  $111,409 16.7%
MAC Macerich Co Hash Steve Dir 8/14/2019 5,000  $29.37  $146,834 42.1%
MAC Macerich Co Stephen Andrea M Dir 6/10/2019 40,000  $33.75  $1,350,184 241.3%
MAC Macerich Co Coppola Edward C Pres 8/7/2019 31,662  $30.70  $972,087 9.8%
MAC Macerich Co Coppola Edward C Pres 6/25/2019 8,500  $33.07  $281,106 2.6%
MAC Macerich Co Coppola Edward C Pres 5/24/2019 5,000  $38.46  $192,284 1.6%
MAC Macerich Co Coppola Edward C Pres 5/10/2019 5,000  $40.50  $202,500 1.6%
MAC Macerich Co Volk Kenneth VP 8/9/2019 3,000  $30.43  $91,280 32.1%
MD MEDNAX Inc Fernandez Michael B Dir 8/8/2019 500,000  $21.52  $10,760,600 498.6%
MDCO Medicines Co Denner Alexander J Dir 6/28/2019 50,000  $33.00  $1,650,000 1.2%
MDCO Medicines Co Denner Alexander J Dir 5/20/2019 516,000  $34.04  $17,566,704 14.2%
MGM MGM Resorts International Salem Paul J Dir 5/8/2019 800,000  $25.40  $20,322,240 NEW
MLNX Mellanox Technologies Ltd Sanghi Steve Dir 6/5/2019 20,000  $110.54  $2,210,884 336.1%
MTDR Matador Resources Company Lancaster David E CFO 8/7/2019 1,500  $14.91  $22,365 0.3%
MTDR Matador Resources Company Foran Joseph William Chmn 8/5/2019 16,000  $14.60  $233,520 0.3%
MTDR Matador Resources Company Parker Timothy E Dir 8/15/2019 3,584  $13.94  $49,961 17.4%
MTDR Matador Resources Company Posner David M Dir 8/8/2019 3,650  $15.05  $54,933 12.9%
MTDR Matador Resources Company Stewart Kenneth L Dir 5/24/2019 5,000  $17.76  $88,800 15.4%
MTDR Matador Resources Company Hairford Matthew V Pres 8/7/2019 1,500  $14.85  $22,275 0.4%
MTDR Matador Resources Company Hairford Matthew V Pres 6/7/2019 2,000  $16.78  $33,560 0.6%
MTDR Matador Resources Company Adams Craig N VP 8/14/2019 2,000  $14.11  $28,220 1.4%
MTDR Matador Resources Company Adams Craig N VP 6/5/2019 1,000  $16.00  $16,000 0.7%
MTDR Matador Resources Company MacAlik Robert T VP 8/8/2019 1,500  $14.95  $22,425 3.1%
MTDR Matador Resources Company Robinson Bradley M VP 8/9/2019 2,000  $15.34  $30,680 0.7%
MTDR Matador Resources Company Robinson Bradley M VP 6/7/2019 5,000  $16.76  $83,800 1.7%
NEWM New Media Investment Group Inc Reed Michael E Chmn 8/30/2019 250,000  $8.78  $2,195,000 66.2%
NLY Annaly Capital Management Inc Keyes Kevin Chmn 5/6/2019 300,000  $9.62  $2,887,470 30.5%
NLY Annaly Capital Management Inc Fallon Katherine Beirne Dir 6/7/2019 2,780  $8.97  $24,936 21.6%
NLY Annaly Capital Management Inc Hamilton Thomas Edward Dir 5/17/2019 90,000  $9.47  $852,291 36.0%
NLY Annaly Capital Management Inc Finkelstein David L Officer 5/13/2019 100,000  $9.56  $955,660 33.3%
NLY Annaly Capital Management Inc Green Anthony C Officer 5/14/2019 50,000  $9.56  $478,000 49.5%
NMRK Newmark Group Inc Gosin Barry M CEO 5/10/2019 562,284  $7.71  $4,337,684 25.4%
OLN Olin Corp Alderman Heidi S Dir 8/21/2019 2,000  $16.69  $33,374 NEW
OLN Olin Corp Bunch C Robert Dir 8/7/2019 10,000  $17.85  $178,490 150.0%
OLN Olin Corp Shipp Earl L Dir 8/6/2019 250  $17.92  $4,479 2.9%
OLN Olin Corp Smith Vince J Dir 8/12/2019 5,000  $17.00  $85,000 15.5%
OLN Olin Corp Sutton Scott McDougald Dir 8/23/2019 15,000  $15.66  $234,882 50.0%
OLN Olin Corp Sutton Scott McDougald Dir 5/3/2019 15,000  $20.86  $312,831 100.0%
OLN Olin Corp Vermillion Teresa M Officer/Treas 8/7/2019 830  $18.01  $14,949 38.4%
PENN Penn National Gaming Inc Fair William J CFO 5/13/2019 11,000  $19.54  $214,940 30.6%
PENN Penn National Gaming Inc Handler David A Dir 8/7/2019 40,000  $17.51  $700,400 28.6%
PENN Penn National Gaming Inc Reibstein Saul Dir 8/14/2019 3,000  $17.30  $51,900 8.6%
PENN Penn National Gaming Inc Scaccetti Jane Dir 8/8/2019 2,500  $17.73  $44,325 8.1%
PENN Penn National Gaming Inc Snowden Jay A Pres 5/13/2019 10,875  $19.51  $212,171 11.6%
PS Pluralsight Inc Crittenden Gary L Dir 9/13/2019 14,600  $17.11  $249,771 NEW
PS Pluralsight Inc Maudlin Timothy I Dir 8/9/2019 30,000  $16.58  $497,445 118.9%
PS Pluralsight Inc Stewart Bonita C Dir 9/12/2019 6,000  $17.15  $102,911 120.0%
PS Pluralsight Inc Terrell Karenann K Dir 9/12/2019 31,500  $17.10  $538,609 NEW
PS Pluralsight Inc Onion Frederick Dir/>10% Own 9/12/2019 30,000  $17.19  $515,829 2.1%
RMAX RE/MAX Holdings Inc Liniger David L Chmn 6/3/2019 353,711  $31.41  $11,109,178 NEW
SCPL Sciplay Corp Wilson Joshua J CEO 5/7/2019 6,000  $16.00  $96,000 NEW
SCPL Sciplay Corp Cody Michael D CFO 5/7/2019 1,000  $16.00  $16,000 NEW
SCPL Sciplay Corp Cottle Barry L Chmn 8/9/2019 10,000  $10.34  $103,400 200.0%
SCPL Sciplay Corp Cottle Barry L Chmn 5/7/2019 5,000  $16.00  $80,000 NEW
SCPL Sciplay Corp Marchetti Michael F Dir 8/6/2019 20,000  $10.27  $205,400 NEW
SCPL Sciplay Corp Penske Jay Dir 5/7/2019 60,000  $16.00  $960,000 NEW
SCPL Sciplay Corp Pinson M Mendel Dir 8/5/2019 10,000  $10.26  $102,600 200.0%
SCPL Sciplay Corp Pinson M Mendel Dir 5/7/2019 5,000  $16.00  $80,000 NEW
SCPL Sciplay Corp Townsend Frances F Dir 5/7/2019 15,000  $16.00  $240,000 NEW
TCF TCF Financial Corp Provost David T CEO 6/13/2019 10,100  $39.19  $395,789 10.7%
TCF TCF Financial Corp Klaeser Dennis L CFO 6/13/2019 10,018  $39.15  $392,205 20.3%
TCF TCF Financial Corp Torgow Gary Chmn 6/13/2019 10,100  $39.19  $395,789 10.7%
TCF TCF Financial Corp Shafer Thomas C Officer/Dir 6/13/2019 6,380  $39.12  $249,611 25.3%
TEN Tenneco Inc Hollar Jason M CFO 8/7/2019 60,000  $9.44  $566,280 576.7%
TEN Tenneco Inc Letham Dennis J Dir 8/7/2019 10,000  $9.26  $92,600 26.9%
TEN Tenneco Inc Guo Peng VP 8/7/2019 140,000  $9.32  $1,305,206 101.1%
TEN Tenneco Inc Smith Brandon B VP 8/9/2019 20,000  $9.48  $189,600 278.2%
USX US Xpress Enterprises Inc Peterson Eric A CFO 8/29/2019 25,000  $4.09  $102,178 11.7%
USX US Xpress Enterprises Inc Fuller Max L Chmn 8/30/2019 71,915  $4.30  $309,328 10.1%
USX US Xpress Enterprises Inc Braman Edward Hall Dir 5/7/2019 7,500  $6.15  $46,108 100.0%
USX US Xpress Enterprises Inc Connors Philip Dir 5/14/2019 1,000  $5.99  $5,990 23.8%
USX US Xpress Enterprises Inc Rickel John C Dir 8/20/2019 20,000  $3.62  $72,454 92.2%
USX US Xpress Enterprises Inc Rickel John C Dir 5/7/2019 7,500  $5.91  $44,293 52.8%
USX US Xpress Enterprises Inc Grear Jason Officer 8/29/2019 7,262  $4.12  $29,940 344.5%
W Wayfair Inc Kumin Michael Andrew Dir 8/23/2019 29,000  $109.75  $3,182,611 16.3%
W Wayfair Inc Kumin Michael Andrew Dir 5/14/2019 3,000  $141.04  $423,120 1.7%
WMB Williams Companies Inc Armstrong Alan S CEO 8/7/2019 10,000  $23.47  $234,653 1.4%
WMB Williams Companies Inc Chandler John D CFO 8/7/2019 10,000  $23.24  $232,396 13.7%
WMB Williams Companies Inc Bergstrom Stephen W Dir 8/23/2019 10,000  $22.99  $229,863 22.2%
WMB Williams Companies Inc Chazen Stephen I Dir 8/5/2019 10,000  $23.93  $239,300 21.9%
WMB Williams Companies Inc Chazen Stephen I Dir 5/20/2019 10,000  $27.33  $273,275 28.0%
WMB Williams Companies Inc Creel Michael A Dir 8/14/2019 10,000  $23.22  $232,191 22.5%
WMB Williams Companies Inc Wilson Terrance Lane VP 8/8/2019 4,000  $23.60  $94,400 10.1%
WOW WideOpenWest Inc Elder Teresa L CEO 8/27/2019 9,447  $5.29  $49,978 0.9%
WOW WideOpenWest Inc Fish Richard Edward Jr CFO 8/27/2019 1,000  $5.19  $5,195 0.4%
WOW WideOpenWest Inc Marcus Jeffrey A Chmn 9/10/2019 77,217  $5.75  $444,060 0.3%
WOW WideOpenWest Inc Marcus Jeffrey A Chmn 3/12/2019 1,507,754  $9.27  $13,984,117 5.2%
WOW WideOpenWest Inc Brunick David Officer 8/23/2019 9,500  $5.13  $48,766 7.8%
WOW WideOpenWest Inc Martin Donald Craig Officer 8/26/2019 10,000  $5.26  $52,576 2.5%
WTI W&T Offshore Inc Krohn Tracy W Chmn 8/8/2019 158,988  $4.16  $661,565 0.3%
WTI W&T Offshore Inc Krohn Tracy W Chmn 7/10/2019 215,300  $4.63  $997,140 0.5%
WTI W&T Offshore Inc Boulet Virginia Dir 6/7/2019 7,000  $4.34  $30,380 3.4%
WTI W&T Offshore Inc Katz Stuart B Dir 5/7/2019 10,000  $5.10  $51,000 4.4%
WTI W&T Offshore Inc Ghauri Shahid VP 8/6/2019 7,850  $4.19  $32,906 98.1%
WTI W&T Offshore Inc Williford William J VP 8/26/2019 10,000  $4.12  $41,200 16.3%

Insiders sell stock for many reasons, but they generally buy for just one – to make money. THE INSIDERS FUND invests in companies at or near prices that management has been willing to invest significant amounts of their own money in.  After all, who knows a business better than the people running it?  You’ve always heard the best information is inside information.  This is as close to “insider information” that an ordinary investor is likely to see- and it’s entirely legal.  Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing any transaction, buy, sell, exercise, or any other with 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to the Washington Service as they provide a way to manage and make sense of the vast realms of data.

As a rule, we only look at material amounts of money, $200 thousand or more, as anything less could just be window dressing. The bar is different from selling because the natural state of management is to be sellers. This is because most companies provide significant amounts of management compensation packages as stock. Therefore, with selling, we analyze for unusual patterns, 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 is horrendously poor.  I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money we are trying to read the tea leaves on.

Of course, unintuitive as it may seem, insiders can also be wrong about their Company’s prospects, they can easily be wrong about how much others will value them, and in many cases, maybe most cases have no more idea what the future may hold than  you or I. In short, you can lose money following them.  We have and we curse aloud, what were they thinking!  Needless to say, past good fortune is no guarantee of future success. We may own positions, long or short, in any of these names and are under no obligation to disclose that. We welcome your comments on our analysis.

This blog is solely for educational purposes and the author’s own amusement.  Investing with The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise.  To learn more about our strategy, visit our website.

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