Insider Buying Week 11-8-19

Ticker Company Insider Relation Shares Price Mkt Val Ending % Chng
ARCC Ares Capital Corp Bartlett Steve Dir 14,719  $18.35  $270,116 27,276 117.2%
CACC Credit Acceptance Corp Booth Kenneth CFO 1,250  $410.61  $513,262 16,806 8.0%
CADE Cadence BanCorporation Evans Joseph W Dir 20,000  $15.74  $314,800 456,290 4.6%
CHK Chesapeake Energy Corp Martin R Brad Dir 250,000  $0.85  $213,000 1,297,818 23.9%
DAIO Data I/O Corp Delafield John D Dir 128,446  $3.62  $464,512 721,355 21.7%
DBD Diebold Nixdorf Inc  $462,990
FSRVU Finserv Acquisition Corp Einbinder Lee CEO 665,000  $10.00  $6,650,000 665,000 NEW
GLPI Gaming & Leisure Properties Inc Demchyk Matthew VP 5,000  $41.40  $207,000 47,500 11.8%
KNSL Kinsale Capital Group Inc Bensinger Steven J Dir 2,900  $86.75  $251,575 25,968 12.6%
LILA Liberty Latin America Ltd Paddick Brendan J Dir 194,688  $19.13  $3,724,381 599,796 48.1%
LILAK Liberty Latin America Ltd Paddick Brendan J Dir 349,376  $18.79  $6,566,242 1,299,593 36.8%
LMNX Luminex Corp Loewenbaum G Walter II Chmn 81,657  $18.00  $1,469,434 2,059,100 4.1%
LYV Live Nation Entertainment Inc Kahan James S Dir 4,500  $61.54  $276,925 87,321 5.4%
MCD McDonald’s Corp  $751,528
MGM MGM Resorts International Meister Keith A Dir 79,000  $29.43  $2,324,867 20,642,696 0.4%
OFIX Orthofix Medical Inc Matricaria Ronald A Dir 20,000  $42.27  $845,306 134,100 17.5%
OPK Opko Health Inc Frost Phillip Chmn 350,000  $1.49  $520,520 220,671,633 0.2%
PRTS US Auto Parts Network Inc Kanen David Dir/>10% Own 220,000  $1.82  $399,762 5,625,933 4.1%
RAPT RAPT Therapeutics Inc Wong Brian Russell CEO 25,000  $12.00  $300,000 480,000 5.5%
RYAM Rayonier Advanced Materials Inc Boynton Paul G Chmn 100,000  $3.63  $363,400 601,565 19.9%
SFNC Simmons First Natl Corp Makris George A Jr Chmn 10,000  $23.99  $239,900 415,845 2.5%
STC Stewart Information Services Eppinger Frederick H CEO 11,316  $40.61  $459,593 19,018 146.9%
TCF TCF Financial Corp Opperman Vance K Dir 10,000  $40.05  $400,500 75,272 15.3%
TTS Tile Shop Holdings Inc Kamin Peter H Chmn 700,086  $1.65  $1,153,742 6,641,631 11.8%
VIRT Virtu Financial Inc Cifu Douglas A CEO 20,000  $16.24  $324,812 255,000 8.5%
ZVO Zovio Inc Clark Andrew S CEO 150,000  $2.58  $386,505 896,485 20.1%

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.

If you would like to hear more about how you can get involved with the Insiders Fund, please schedule some time on my calendar

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