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Insider Buying Week 7-8-22

 

Curious how well insiders are doing with their buys? Scroll through the significant buys of the last year.

The market retraced some of last months loss, the S&P 500 rallying a little over 2.6% in front of the wave of upcoming quarterly earnings reports. The Fed minutes from last month were released and the long end of the yield lost some of its recent rally. I still believe we’ve seen the bottom in long term bonds for the Summer as the specter of recession gets worse with plunging consumer confidence.  West Texas crude made an attempt at stabilizing around $100 per barrel.  I read a frightening article about Russia’s military’s moves to capture a much needed source of oil in Libya that Europe is depending on in Foreign Policy, that reinforced my view that the war in Europe is the biggest existential threat in my lifetime.  I believe this is the Black Swan event that the market is mostly nervous about.  Everything reinforces my view that NATO needs to step in and get the job done before Russia unplugs their gas lines.

 

 

Name: Olson Ronald L
Position: Director
Transaction Date: 2022-07-05 Shares Bought: 2,410 Average Price Paid: $274.35 Cost: $661,183.00+
Company: Berkshire Hathaway Inc (BRK.A)
A holding company, Berkshire Hathaway Inc., owns subsidiaries involved in a range of commercial endeavors, including manufacturing, retailing, freight rail transportation, utilities and energy, insurance and reinsurance, and utilities. Berkshire Hathaway Energy, which includes regulated electric and gas utility; Manufacturing, which includes manufacturers of various products, including industrial, consumer, and building products; McLane Company, which is engaged in wholesale distribution; and Insurance, which includes GEICO, Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance Group. Burlington Northern Santa Fe, LLC, which operates the railroad system. Services and retailing comprise companies that offer a range of services like shared aircraft ownership programs, aviation pilot training, and the sale of electronic components, as well as a range of retailing businesses like car lots and furniture leasing.

In the Munger, Tolles & Olson LLP office in Los Angeles, Ronald L. Olson is a prominent partner. Since 1968, Olson has worked as a lawyer for the company. Olson combines corporate advising and litigation in his practice. He advises boards of directors and individual executives on various topics, such as transactions, corporate governance, and executive compensation. In California litigation, Olson is listed as one of Chambers USA’s Senior Statesmen. Olson serves on Western Asset Trusts, Provivi, and Berkshire Hathaway boards. He served as an Edison International director.

Opinion: Berkshire started out the year looking like a star and then its outperformance collapsed as the oil and gas market finally made a correction. This looks like a reasonable buy point for a new investor or someone that wants to add to what is basically an actively managed index fund.  I don’t believe Charlie and Warren are replaceable and I’m not optimistic about the long term outperformance of this behemoth.

 

Name: Vena Vincenzo J
Position: Director
Transaction Date: 2022-07-06 Shares Bought: 900 Average Price Paid: $230.04 Cost: $207,041.00
Company: FedEx Corp (FDX)
FedEx Corporation (FedEx) offers a variety of delivery, e-commerce, and business services through firms that operate independently and in competitive alliances under the FedEx name. FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services are among the company’s segments. The FedEx Express division provides various domestic and international shipping services for delivering packages and freight within the United States. The FedEx Ground division offers home delivery services through its FedEx Home Delivery service and small-package ground delivery services, including day-certain service, to any business address in the United States and Canada. Less-than-truckload (LTL) freight services are provided by the FedEx Freight division. The company’s operating segments are supported by the FedEx Services section, which offers services in sales, marketing, information technology, communications, customer service, technical support, billing and collection, and some back-office tasks.

In February 2013, Jim Vena was chosen to serve as executive vice president and chief operating officer, with a location in Montreal, Quebec. Mr. Vena’s duties in this position also include overseeing CN’s safety and sustainability programs and the company’s rail operations in Canada and the US. Mr. Vena started working with CN in 1977 as a brakeman and has since held various operational positions, including yardmaster, conductor, locomotive engineer, trainmaster, and superintendent. He has worked in marketing as well. He was appointed Vice-President of the Champlain area of CN at the start of 2005. In March 2006, he was appointed Vice-President, Operations for CN’s Eastern Region. Later, he was promoted to Senior Vice-President, Eastern Region, and in June 2007, he was named Senior Vice-President, Western Region. Since April 2009, Mr. Vena has been Senior Vice-President, Southern Region, prior to his most recent position.

Opinion: Of course if we dip into a global recession due to the collapse of German industries dependent on Russia natural gas, FedEx will be a big loser along with just about everything but Treasuries and perhaps U.S based utilities.  One June 29th, FedEx Corp. said it would boost sales and profit by targeting “high-value” customers and improving efficiency, but the new three-year plan didn’t generate enough investor enthusiasm to maintain a recent rally in the stock.

The courier expects earnings per share to increase as much as 19% annually through 2025, FedEx said Wednesday in the first strategic outlook under new Chief Executive Officer Raj Subramaniam. The plan also calls for annual sales growth of up to 6%, even as package demand begins to slow following torrid growth early in the pandemic.

This large $1M purchase by the CEO is his first open market purchase in three years. Last month the head of the largest division in the company bought 13,128 shares at $76.45 and a month earlier, a Director, Hachigian bought 10,000 a $70.19.  Prior tot hs

Name: Ketchum John W
Position: CEO
Transaction Date: 2022-07-01 Shares Bought: 12,909 Average Price Paid: $78.33 Cost: $1,011,162.00
Company: Nextera Energy Inc (NEE)
NextEra Energy, Inc., through its subsidiaries, generates, transmits, distributes, and sells electric power to retail and wholesale customers in North America. The company generates electricity through wind, solar, nuclear, and fossil fuel, such as coal and natural gas. It also develops, constructs, and operates long-term contracted assets focusing on renewable generation facilities, electric transmission facilities, and battery storage projects; and owns, constructs, manages, and operates electric generation facilities in wholesale energy markets. As of December 31, 2020, the company operated approximately 28,400 megawatts of net generating capacity. It serves approximately 11 million people through approximately 5.6 million customer accounts in Florida’s east and lower west coasts with approximately 76,200 circuit miles of transmission and distribution lines and 673 substations. The company was formerly known as FPL Group, Inc. and changed its name to NextEra Energy, Inc. in 2010. NextEra Energy, Inc. was founded in 1925 and is headquartered in Juno Beach, Florida.

As of year-end 2018, John W. Ketchum served as president and chief executive officer of NextEra Energy Resources. NextEra Energy Resources is the world’s largest producer of renewable energy from the sun and wind. A growth-oriented limited partnership established by NextEra Energy (NYSE: NEE) to buy, manage, and own contracted renewable energy projects, Mr. Ketchum also serves as president and a member of the board of directors for NextEra Energy Partners, LP. Before this, he worked for NextEra Energy, Inc., the parent business of NextEra Energy Resources and a prominent provider of sustainable energy, as executive vice president, finance, and chief financial officer. In addition, Mr. Ketchum held the positions of chief financial officer and a member of the board of directors of NextEra Energy Partners, as well as executive vice president, finance, and chief financial officer of Florida Power & Light Company company’s rate-regulated electric utility subsidiary. Having worked in business, finance, and law, Mr. Ketchum joined NextEra Energy in 2002. He was formerly NextEra Energy’s senior vice president of finance.

Opinion: The Chairman and CEO has bought $2,05,00 worth of NEE over the last two month. Notabby this last purchase of 12,900 shares were bought at a substantially lower prices $78.33 versus  than his previous price of $90.29,  Insiders buying into falling knives is a vote of confidence and one we’re likely to investigate further. All of these purchases were made under 105-1 plans which allow insiders to buy and sell stock without earnings blackout restrictions. 10b5-`

 

On October 27, 2020, NextEra Energy completed a 4-for-1 forward stock split. As of October 27, 2020, shareholders hold 4 shares of NEE for every 1 share previously held. As a result, NextEra Energy has adjusted their price per share to accommodate the increase in the company’s outstanding shares. Ketchum is an active trader using the 10b5-1 tax loophole which allow corporates insiders to avoid earnings induced blackout periods. For whatever you want to make out it, Ketchum has turned from a seller using these plans to a buyer in his first open market purchase in three years.  If you want to get educated on these important loopholes how insiders can buy and sell stock with impurity, avoid earnings blackout and in some cases in receipt of material insider information, start with this Harvard aw school article.  

Something may be up here. but it is very hard to know what. 10b-1 plans are notorious for the ease of creation, the lack of transparency, and the abuse of insider buying and selling that they enable. There are no disclosure requirements for these plans. A public announcement by any person of the adoption of a Rule 10b5‐1 plan is not required. A company may choose to disclose the existence of certain Rule 10b5‐1 plans in order to reduce the negative public perception of insider stock transactions. A company making such disclosure generally will disclose the existence of a plan but not the specific details. SEC, Chairman, Gary Ginsler has proposed long over due and sorely needed changes to 10B5-1 but these are far from a done duck. They have to go out to the public for review and there are many in corporate America that like their loopholes just like it is.

What we can take away from this behavior is that insiders are getting more bullish, turning from basically option collectors and selling stock for tax purposes to now outright buyers.  So what has happened?  Nextra bills itself as the greenest of the green power producers in the U.S. , Byrd projects about 40% growth in large-scale U.S. solar deployments in 2022-24, while projecting that rooftop solar will continue its roughly 20% growth rate, primarily limited by labor availability rather than equipment availability. Morgan Stanley remains Overweight AES Corp. (AES) and Sunrun (RUN), adding that his 2023-24 U.S. solar deployment projection that “could generate significant EBITDA growth for developers and suppliers” skews “especially bullish” for AES, NextEra Energy (NEE), Array Technologies (ARRY) and Shoals Technologies (SHLS).  The company intends to help lead the decarbonization of the U.S. economy, a more than $4 T market opportunity, by significantly increasing low-cost renewable energy deployment.

 

Utility stocks, though, have a unique relationship with interest rates, capital investments, and their local governing municipalities, and states regulators. All of these thing have have huge determinant in their share price.  Utilities by many as considered secure dividend producing stock, recession immune with slowly increasing dividends as they operate as regulated monopolies and for the most part allowed to recoup their cost of good by raising the price to the rate payer, (you and I)  They are impacted by interest rates, though, and if rates go higher the utility stocks should at some point go down in price with the inverse relationship that all income investments.

Unlike bonds, though, the interest is not fixed and utilities that are growing, building power plants, grid improvements, etc. will make capital investments that their regulatory body will allow them to earn an agreed rate of return on these capital investments. If utilities can make the case to spend taxpayer dollars by beefing up the grid and building new power plants handle the increased demand of the growing EV fleets or just the digital transformation of our lives, they can change from a steady 2-3% historic electricity growth pattern to something more like 5-8% growers with dividends rising at a faster clip than they have in the past, electric utilities may get a whole new investor group going after them. This is a big part of our thesis that we have written extensively on in the blog.

 

 

 

Name: Buffett Warren E
Position: 10% Owner
Transaction Date: 2022-07-05 Shares Bought: 12,042,470 Average Price Paid: $57.94 Cost: $697,777,947
Company: Occidental Petroleum Corp (OXY)
Occidental Petroleum Corporation is an energy company. The Company conducts oil and gas exploration and production activities in the United States, the Middle East, and Africa. Within the United States, it has operations in Texas, New Mexico, and Colorado and offshore operations in the Gulf of Mexico. The Company’s business segments include Oil and Gas, chemicals, Midstream, and Marketing. The Oil and Gas segment explores, develops, and produces oil and condensate, natural gas liquids (NGL), and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream and Marketing segment purchases, markets, gathers, processes, transports, and stores oil, condensate, NGL, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity, and invests in entities that conduct similar activities. The Midstream and Marketing segment purchases, markets, gathers, processes, transports, and stores oil, condensate, NGL, natural gas, carbon dioxide (CO2), and power.

President and Chief Executive Officer of Occidental Petroleum Corporation and member of Occidental’s board of directors since 2015. Ms. Hollub has worked at Occidental for almost 30 years, holding several managerial and technical positions. She was most recently president and chief operating officer of Occidental Petroleum, overseeing the company’s oil and gas, chemical, and midstream activities. She was previously the company’s senior executive vice president and president of Oxy Oil and Gas, where she was in charge of operations in the US, the Middle East, and Latin America. Ms. Hollub is the chair of the US-Colombia Business Council in the United States. She is a member of the American Petroleum Institute and the Khalifa University for Science and Technology in Abu Dhabi’s boards of directors.

Opinion:  Buffet is knocking on the door of being a 20% owner of Occidental. I believe at the 20% threshold GAAP will allow him to consolidate OXY’s considerable earnings on the Berkshire income statement.  In the context of financial accounting, the term consolidate often refers to the consolidation of financial statements wherein all subsidiaries report under the umbrella of a parent company. Consolidation also refers to the union of smaller companies into larger companies through mergers and acquisitions (M&A). There is some talk this is the whale that he has been hunting with his cash hoard and will buy the whole company.  I for one think, he’s happy with consolidating for now as this steady continuous buying only drives higher the price he would have to pay for the whole company.

Knowing Buffett as I do, I don’t think he cares much about accounting games and for a fact is an outspoken opponent of adjust earnings that paint a prettier picture, ignoring things like stock compensation, amortization, etc. I think Buffett has just come to the conclusion that fossil fuels will power our world far longer that the market is betting on.  OXY is the largest stakeholder in the Permian basin play, America’s most productive oil basin.  OXY is the best performing major in the best performing sector of the market this year, the oil and gas group.

 

Name: Milikin Maurice Anthony
Position: Chief Supply Chain Officer
Transaction Date: 2022-07-05 Shares Bought: 12,979 Average Price Paid: $35.96 Cost: $466,725.00
Company: Keurig Dr Pepper Inc (KDP)
With annual revenue is a leading beverage company in North America. KDP is a market leader in soft drinks, specialty coffee and tea, water, juice, juice drinks, and mixers, as well as the #1 single-serve coffee brewing machine in the United States and Canada. Keurig®, Dr. Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®, Bai®, Mott’s®, CORE®, and The Original Donut Shop® are among the Company’s more than 125 owned, licensed, and partner brands, which are designed to meet almost any customer demand, at any moment. KDP can bring its line of hot and cold beverages to practically every point of purchase for consumers, thanks to its extensive sales and distribution network. The Company is committed to sourcing, producing, and distributing its beverages responsibly through its Drink Well. The company, formerly Dr Pepper Snapple Group, is one of North America’s largest beverage companies, with more than 125 owned, licensed, and partner brands. It owns the top single-serve coffee system in the US (Keurig) and one of the US’s leading soft drinks (Dr. Pepper).

With more than 30 years of experience in supply chain management, Milikin joins KDP. He most recently served as Anheuser-Busch InBev’s Chief Procurement, Sustainability, and Circular Ventures Officer. In that role, he was responsible for overseeing 70 manufacturing facilities, a significant environmental agenda, and the global procurement budget for one of the biggest brewers in the world.

Opinion: This idea doesn’t work for me. I applaud the level of insider buying at the company but I can’t put a logical reason to buy it together.

 

Name: Tholen Steven W
Position: CFO
Transaction Date: 2022-07-01 Shares Bought: 10,000 Average Price Paid: $24.65 Cost: $246,500.00
Company: HighPeak Energy Inc. (HPK)
Oil, gas, and natural gas liquids reserves are acquired, explored, developed, and produced by HighPeak Energy, Inc., an independent oil and gas firm in the West Texas Midland Basin. The business had around 64,213 MBoe of proven reserves as of December 31, 2021. The corporate headquarters of HighPeak Energy, Inc. are in Fort Worth, Texas, and it was founded in 2019.

From 2011 to 2014, Mr. Tholen worked as the company’s co-founder and executive vice president of finance for Fieldco Construction Services, Inc., which offered oilfield construction services to customers in East Texas and Western Louisiana. From 2009 through 2013, Mr. Tholen held the positions of founder and president of SDL&T Energy Partners, a global provider of equity and debt finance for energy firms and projects. Mr. Tholen served as senior vice president and chief financial officer of Harvest Natural Resources, Inc. from 2001 to 2008; this E&P firm has assets in the US, Venezuela, Indonesia, Gabon, and Russia. Mr. Tholen worked for the independent natural gas and oil business Penn Virginia Corporation as vice president and chief financial officer from 1995 to 2000. Mr. Tholen worked for the independent natural gas company Cabot Oil & Gas Corporation in North America from 1990 to 1995 as its treasurer and manager of business administration. Mr. Tholen received his Bachelor of Science in Physics from St. John’s University in 1971 before earning his MBA in Finance from The University of Denver’s Daniels School of Business in 1979.

Opinion:  There are a lot of better oil and gas companies with similar looking charts.

 

Name: Carey Robert
Position: Director
Transaction Date: 2022-06-30 Shares Bought: 175,000 Average Price Paid: $6.45 Cost: $1,128,295.00
Company: Beyond Air Inc. (XAIR)

Name: Lisi Steven A.
Position: CEO/Chairman
Transaction Date: 2022-06-30 Shares Bought: 73,000 Average Price Paid: $6.63 Cost: $483,698.00
Company: Beyond Air Inc. (XAIR)
Beyond Air, Inc. is a clinical-stage medical device and biopharmaceutical company developing a revolutionary NO Generator and Delivery System that uses NO generated from ambient air and delivers precise amounts of NO to the lungs for the potential treatment of respiratory conditions including serious lung infections, pulmonary hypertension and gaseous NO for the treatment of solid tumors. The Beyond Air NO Delivery System can generate up to 400 ppm of NO for delivery either continuously or for a fixed amount of time and has the ability to either titrate the dose on demand or maintain a constant dose. The Company is currently applying its therapeutic expertise to develop treatments for pulmonary hypertension in various settings and treatments for lower respiratory tract infections that are not effectively addressed with current standards of care. Beyond Air is advancing its revolutionary NO Generator and Delivery System in clinical trials for treating bronchiolitis and severe lung infections such as nontuberculous mycobacteria (NTM) and COVID-19.

Mr. Carey joined the Board of Directors of Beyond Air in February 2019. He has a long and successful career in the biopharmaceutical and healthcare investment banking industries. He’s worked on a follow-on, debt, and private placements for biotech and specialty pharma companies. He has advised on mergers, acquisitions, and strategic partnership transactions worth more than $10 billion. Mr. Carey co-founded and served as President and Chief Operating Officer of ACELYRIN, INC., a biopharmaceutical company focused on investing in, developing, and commercializing life-changing medical therapies in 2020. Mr. Carey worked at JMP Securities for almost 11 years as the Managing Director and Head of the Life Sciences Investment Banking Group.

Steven Lisi has served on their Board since January 2017 and on the Board of Beyond Air Ltd., Their wholly-owned subsidiary, since June 2016. Mr. Lisi was previously Senior Vice President of Business and Corporate Development at Avadel Pharmaceuticals (AVDL) where he was instrumental in restructuring the company, raising $121 million and transforming it from $100 million enterprise value to $1 billion in three years. Before his position at Avadel, Mr. Lisi spent 18 years investing in the global healthcare industry at SAC Capital, Millennium Management, and Deerfield Management, amongst others.

Opinion:  This is a classic insider buying trip down the down escalator.  Insiders have as close to perfect information as any buyer but they don’t always have pure motives.  Insiders have been accumulating Beyond Air for the last several years occasionally interrupted by tax sales or other sales where they usually seemed to go out of their way to explain the purpose of their sale.  It was only last week that the stock was flirting’s with all time lows and then boom, Chairman Lis buys 73000 at $6.62 for $483K and then on June 30th, after  FDA approved The company has received LungFit pulmonary hypertension premarket application approval for the treatment of persistent pulmonary hypertension of the newborn and a phased launch is underway, Kaplan tells investors in a research note. The analyst says this will allow Beyond Air to optimize its supply chain and tailor its service approach. He believes the approval de-risks the LungFit platform and is the “best in class” nitric oxide generator and delivery system on the market.   The stock soared 65% last week. The FDA news was announced  after the market close on the 28th but it was only until after the CEO bought more stock combined with analysts touting their upgrades did the stock move.  Investors doing their homework would have easily have been able to dive in here before the big move making the kind of money that would make someone’s year.

 

Name: Gove Sue
Position: CEO
Transaction Date: 2022-07-01 Shares Bought: 50,000 Average Price Paid: $4.61 Cost: $230,500.00
Company: Bed Bath & Beyond Inc. (BBBY)
Bed Bath & Beyond’s culture is customer-centric. Its commitment to customer service is supported by significant investments to strengthen its foundation for future growth. Today, their eCommerce businesses are rapidly growing to meet their customer’s ever-evolving needs. They strive to better engage with their customers wherever and however they express their life interests and travel through their life stages. They also recognize that they are people-powered and continuously strive to foster a culture that supports diversity and equity of all types. They are listening and constantly evolving, with concrete goals to create an ever more equitable, inclusive work environment where all their people feel at home and thrive. Bed Bath & Beyond’s family of companies has contributed to its evolution. As they continue to expand, differentiating themselves across all channels, brands, and locations in which they operate, they can better serve their customers.

Since 2014, Ms. Gove has provided clients with advice on important challenges affecting the retail business as the creator of Excelsior Advisors, LLC, a retail consulting and advising company. From March 2017 to March 2019, she worked as a Senior Advisor for the international professional services company Alvarez & Marsal. Before starting her consulting career, Ms. Gove worked in the retail sector for more than 30 years, holding positions of increasing responsibility in finance, operations, and strategy. She eventually became president and CEO of Golfsmith International Holdings, Inc., and chief operating officer of Zale Corporation. Ms. Gove has also held board positions with several publicly-traded companies in the retail sector, giving our Board tremendous leadership expertise and a range of viewpoints.

Opinion: Insiders have been consistently over optimistic About the fate of Bed Bath and Beyond. The company just replaced the CEO with temporary CEO Sue Gove. This what I would call a perfunctory purchase and doesn’t interest me. I don’t believe BBBY is beyond help but they haven’t shown the ability to get the train back on the tracks.

 


 

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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 who has any experience at all in the stock market 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 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.

“Typos Modus Operandi” if you can’t figure out what I meant
you shouldn’t be reading my emails anyway. In other words, the typos are free.

We publish a subscription newsletter called The Insiders Report.  We offer a free 30-day trial so you have nothing to lose by trying it out. Be sure to carefully read the TERMS OF SERVICE.

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 and options. 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. Also planned sales that just pop up out of nowhere are basically sales and are seeking cover under the Sarbanes Oxley corporate welfare clause. 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, 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.

No one tracks and understands insider behavior better than us. We’ve been doing it religiously since 2001 when I quit being an insider myself and devoted myself full time to managing my personal investments. 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.  THE INSIDERS FUND invests in companies at or near prices that management has been willing to invest significant amounts of their own money in.  If you would like to hear more about how you can get involved with the Insiders Fund, please schedule some time on my calendar. 

Prosperous Trading,

Harvey Sax

The Insiders Fund was the 4th best long-short equity fund in the world in 2019

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