The Dow had its’ best run in over 40 years. Major stock indexes extended a stunning October rally on Friday after tech giants Apple and Intel broke a streak of dismal third-quarter earnings reports. The Federal Reserve’s ongoing tightening campaign threatens to slow the economy down through at least next year. This may be a historic rally, but it is notably absent of insider buying.  The few buys that there were produced some handsome gains, notably from the issuance of the stub Biohaven and its spot secondary that closed the week, 46% higher.

All bear markets in the last 20 years have ended with a crescendo of insider buying. I wish I could say we were seeing it, but we’re not.  As you can see from the cadence of these reports and the lack of notable buying, we are nowhere near such a cathartic moment. One thing for certain, it’s not insider buying that’s making the market go up. The few purchases we highlight are acting well, though.  


Finviz Chart

Name: Teresa Finley
Position: Director
Transaction Date: 2022-10-24 Shares Bought: 1,380 Average Price Paid: $188.26 Cost: $259,799.00
Company: Union Pacific Corp (UNP)
The main operational division of Union Pacific Corporation is Union Pacific Railroad Company. The Union Pacific Railroad Company, one of the most well-known businesses in America, uses a rail to connect 23 states in the western two-thirds of the nation, serving as a vital link in the world’s supply chain. Bulk, Industrial, and Premium are among the several business lines of the railroad. In addition to operating between all significant West Coast and Gulf Coast ports and eastern gateways, connecting with Canada’s rail networks, and serving all six significant Mexico gateways, Union Pacific also provides service to many of the U.S. population centers that are experiencing the fastest growth. Union Pacific adds value to its community by delivering goods in a way that is secure, dependable, economical with fuel, and considerate of the environment.

Teresa Finley was elected to the board of directors of Union Pacific Corporation, with effect from February 4. For United Parcel Service, Inc. (UPS), Finley held the position of Chief Marketing & Business Services Officer from 2015 to 2017. She previously held key positions in UPS business divisions and served as treasurer, vice president of finance, corporate controller, CFO of UPS International, and vice president of investor relations. Following her more than 30-year career at UPS, Teresa has extensive experience in transportation logistics, according to Lance Fritz, chairperson, president, and chief executive officer of Union Pacific. Teresa’s knowledge of key growth strategies, product innovation, pricing, and finance will be extremely helpful as Union Pacific continues to provide the clients with cutting-edge supply chain solutions.

Opinion: I’d like to get more excited about this purchase. After all, railroads are the low-cost transportation mode even in a cyclical downturn. UNP chart shows diminished expectations, but it doesn’t do a good job of explaining how the massive long-term debt will be paid down, especially in a cyclical downturn like we may be entering.


Finviz Chart

Name: Matthew III Thornton
Position: Director
Transaction Date: 2022-10-21 Shares Bought: 1,215 Average Price Paid: $123.78 Cost: $150,398.00
Company: Crown Castle Inc (CCI)
Crown Castle Inc’s infrastructure primarily supports small-cell networks and fiber solutions. The assets owned by the corporation, including the towers, fiber, and tiny cells, are collectively referred to as “communications infrastructure,” and the users of that infrastructure are referred to as “tenants.” Towers and Fiber comprise small cells and fiber solutions and comprise the operational segments. The primary activity is to grant long-term contracts under different names, such as leases, licenses, sublet agreements, and service contracts, access to the shared communications infrastructure, including physical space or capacity. to connect more tenants to the shared communications infrastructure in order to raise site rental income. This will minimize the incremental operational expenses, leading to considerable additional cash flows. For the purposes of U.S. federal income taxation, the corporation is a REIT. The business has built up a premier portfolio of towers over the past 20 years through purchases from major wireless carriers or their forerunners. More recently, the company expanded its communications infrastructure presence by making large investments in the fiber industry, both via acquisitions and new small cell and fiber development. It aims to offer a complete solution to allow wireless tenants to increase coverage and capacity for wireless networks through the product offerings of towers and small cells.

Mr. Thornton was appointed to the Board. From May 2018 until his resignation in November 2019, Mr. Thornton held the positions of Executive Vice President and Chief Operating Officer of FedEx Freight Corporation, a division of FedEx Corporation. Since joining FedEx Corporation in November 1978, Mr. Thornton has held a number of management positions with the business, including Senior Vice President, U.S. Operations of FedEx Corporation (“FedEx Express”), a subsidiary of FedEx, from September 2006 to May 2018, Senior Vice President, Air, Ground and Freight Services of FedEx Express from July 2004 to September 2006, and Vice President – Regional Operations (Central Region), FedEx Express, from April 1998 to July 2004. Mr. Thornton is a member of the board of trustees of Nuveen funds and the board of directors at the publicly traded Sherwin-Williams Company, where he manages about 150 portfolios. Additionally, Mr. Thornton belongs to The Executive Leadership Council.

Opinion: We bought this name and the moment some insiders began buying the stock firmed up.  REITs are internet rate sensitive, and it’s not a surprise that Crown Castle sold off hard as rates soared higher. The fundamentals. of cell phone tower leasing are good. The moment rates stabilize, CCI should turn profits. We decided to write short-dated covered calls while this plays out.


Finviz Chart

Name: Robert W Stallings
Position: Director
Transaction Date: 2022-10-21 Shares Bought: 14,900 Average Price Paid: $55.85 Cost: $832,192.00
Company: Texas Capital Bancshares Inc (TCBI)
Texas Community Bancshares, Inc. was established in March 2021 to take over as the holding company for Mineola Community Bank, S.S.B. after Mineola Community Mutual Holding Company underwent a “Conversion” from a mutual holding company to a stock holding company. When making commercial real estate loans, Texas Capital Bancshares Inc. takes into account a number of variables. The business assesses the borrower’s credentials and financial situation, including their credit history, profitability, and level of experience, as well as the worth and condition of the assets used as collateral for the loan. When assessing the borrower’s suitability, the organization looks at the borrower’s financial resources, expertise in owning or managing similar property, and payment history with other financial institutions. The net operating income of the mortgaged property, excluding debt service and depreciation, the loan amount to the mortgaged property’s appraised value, and the debt service coverage ratio are all taken into account when assessing the property as the loan’s security.

Stallings, Robert William Texas Capital Bancshares, Inc., Independent Director Robert William Stallings, the founder of ING Pilgrim Capital Corp., is a businessman who has led five different firms and is Chairman & Chief Executive Officer of Stallings Capital Group, Inc. Texas Capital Bancshares, Inc., MGA Insurance Co., Inc., Texas Capital Bank NA, and Crescent Realty, Inc. are all on Mr. Stallings’ board of directors. Mr. Stallings has previously served as Trust Manager at Crescent Real Estate Holdings LLC, Executive Chairman and Chief Strategic Officer at GAINSCO, Inc., Chairman and Chief Executive Officer of Resource Bank, NA (Dallas, Texas), Chairman of ING Pilgrim Capital Corp., and Chief Executive Officer of Pilgrim Capital Corp. Johnson & Wales University, Inc. awarded Robert William Stallings an undergraduate degree.

Opinion: Stalling has been a fan of TCBI. TCBI had a big miss on Oct.18th earnings and Stalling used the occasion to scoop up $800k more in stock. He’s not the only fan. Chief Risk Officer Fans used the occasion to buy 14,900 shares at $55.85.  Banks have been poor performers, but TCBI has outperformed its peers and the S&P 500.


Finviz Chart

Name: Daniel J Cancelmi
Position: CFO
Transaction Date: 2022-10-26 Shares Bought: 11,000 Average Price Paid: $43.07 Cost: $473,770.00
Company: Tenet Healthcare Corp (THC)
A diverse provider of healthcare services, Tenet Healthcare Corporation, is based in Dallas, Texas. On December 31, 2021, it operated an extensive care network that included 60 hospitals and 535 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, imaging centers, off-campus emergency departments, and micro-hospitals. This was done through subsidiaries, partnerships, and joint ventures, including USPI Holding Company. Additionally, the business runs Conifer Health Solutions, LLC, a division of Conifer Holdings, which offers value-based care and revenue cycle management services to hospitals, health systems, physician practices, employers, and other clients. The business lines are divided into three distinct reportable operating segments for financial reporting purposes: hospital operations, ambulatory care, and conifer. The ongoing COVID-19 pandemic had a big impact on all three business areas in 2021 and is still impacting it today.

Executive vice president and chief financial officer at Tenet Healthcare are Daniel Cancelmi. Cancelmi’s responsibilities in this position include managing the company’s accounting, investor relations, and financial operations. Cancelmi formerly held the positions of senior vice president and chief financial officer at Tenet. He has also held the positions of senior vice president, controller, and chief accounting officer. In these capacities, he was accountable for the company’s accounting standards and procedures, SEC financial reporting, accounts payable, government reimbursement from the Medicare and Medicaid programs, payroll, risk management finance, capital and property activities, as well as accounts payable. Cancelmi joined Tenet as CFO of the old Tenet facility in Philadelphia, Hahnemann University Hospital. He moved to Tenet’s corporate headquarters in Dallas in 1999, where he worked in a number of financial roles, including vice president and assistant controller. Cancelmi started his professional career with PricewaterhouseCoopers, where he spent more than nine years in various roles in Pittsburgh and New York City, including in the company’s national accounting and SEC unit.

Opinion: Some insider buying is more meaningful than others. We put insider buying by the CFO right up there at the top of the pecking order. The CFO understands the finances of the company better than anyone. They also tend to be frugal and value buyers by definition.  When a stock drops 30% on a short-term earnings disappointment and the CFO is buying- that’s the best setup.

Citi analyst Jason Cassorla lowered the firm’s price target on Tenet Healthcare to $76 from $99 and keeps a Buy rating on the shares. The analyst updated his model to reflect the Q3 miss and updated guidance. The analyst says that although there are still inherent near-term risks given the COVID-dominated backdrop, he continues to believe there is “significant upside at these levels” amid Tenet’s “historically low discounted valuation.”


Finviz Chart

Name: Timothy Spence
Position: CEO
Transaction Date: 2022-10-21 Shares Bought: 7,763 Average Price Paid: $32.29 Cost: $250,690.00
Company: Fifth Third Bancorp (FITB)

Name: James C. Leonard
Position: CFO
Transaction Date: 2022-10-21 Shares Bought: 3,893 Average Price Paid: $32.16 Cost: $125,179.00
Company: Fifth Third Bancorp (FITB)
Fifth Third Bancorp (the “Bancorp” or “Fifth Third”), an Ohio corporation established in 1975, has chosen to be treated as a financial holding company (“FHC”) under the Gramm-Leach-Bliley Act of 1999 (“GLBA”) and regulations of the Board of Governors of the Federal Reserve System (“the “FRB”). Fifth Third Bancorp is a bank holding company (“BHC”) as defined by the Bank Holding Company Act of 1956, as amended (“the BHCA. The Bancorp is an indirect holding company for Fifth Third Bank, National Association (the “Bank”), with its corporate headquarters in Cincinnati, Ohio. In addition to operating 2,322 Fifth Third-branded ATMs and 1,117 full-service banking centers throughout the states of Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina, and South Carolina as of December 31, 2021, Fifth Commercial banking, branch banking, consumer lending, and wealth & asset management are the four primary industries run by The Bancorp.

Tim Spence, who oversees Fifth Third’s retail, mortgage, and consumer loans, is executive vice president and president of Consumer Bank. Tim oversees the operations of the Bank’s marketing, payments, strategy, and digital solutions. He is in charge of the Bank’s Payments & Commerce Solutions business as well as corporate strategy, innovation, brand awareness, decision analytics, corporate development, and financial-technology alliances departments. Tim started working with Fifth Third as chief strategy officer in 2015. Tim formerly served as a senior partner at Oliver Wyman’s Financial Services practice area, where he provided leaders at the leading financial institutions in the world with strategy, innovation, and performance improvement advice. He also led the Midwest area of that company in the United States. Tim previously had a number of managerial positions at two early-stage technology companies before joining Oliver Wyman.

Jamie Leonard is Fifth Third Bancorp’s executive vice president and chief financial officer. She is in charge of accounting, finance, treasury, business planning and analysis, corporate tax, and investor relations. Jamie formerly held the position of chief risk officer, where she oversaw the Company’s governance and risk management strategy as well as its interactions with important regulatory bodies. Before that, he served as Fifth Third’s treasurer, managing the company’s capital management, investor relations, fundraising, and liquidity.

Opinion: The stock chart tells the story here. The Company reported EPS of 91c; versus consensus of 98c. Tangible book value shrank to $13.87 per share from $17.10 in the previous quarter.

Finviz Chart

Name: Gary Torgow
Position: Director
Transaction Date: 2022-10-25 Shares Bought: 16,835 Average Price Paid: $14.75 Cost: $248,385.00
Company: Huntington Bancshares Inc (HBAN)
A multi-state diversified regional bank holding corporation with its headquarters in Columbus, Ohio, Huntington Bancshares Inc. was established under Maryland law in 1966. The business has been meeting the financial needs of its clients through the Bank for more than 150 years. It offers full-service consumer and commercial banking services, mortgage banking services, auto, boat, equipment, and inventory lending, investment management, trust and brokerage services, insurance products and services, and other financial goods and services through its subsidiaries. By the end of 2021, Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin will host the majority of its 1,092 full-service branches and private client group offices. Various other states also operate specific financial services and other activities. The corporate office in Columbus, Ohio, offers services for international banking. Foreign banking operations are not substantial overall or with any one nation.

In June 2021, Mr. Torgow was appointed to the position of chairman of Huntington Bank’s board of directors. From September 2016 until the TCF merger in June 2021, he served as executive chairman of TCF (formerly known as Chemical Financial Corporation) and as Talmer Bancorp Inc.’s executive chairman until its merger with Chemical Financial Corporation in August 2019. Mr. Torgow developed and served as chairman of the Sterling Group, a Michigan-based real estate, development, and investment firm, before joining Talmer. Both DTE Energy Company and Blue Cross Blue Shield of Michigan include Mr. Torgow as a director. He is a member of the executive board of Business Leaders of Michigan, a trustee for the Community Foundation for Southeast Michigan, and the board of trustees for Beaumont Health. Mr. Torgow serves on the Skillman Foundation’s boards and the Detroit Regional Partnership.

Opinion: Stephens analyst Terry McEvoy downgraded Huntington Bancshares to Equal Weight from Overweight with a price target of $16, up from $15. While the analyst previously felt that Huntington would generate better-than-peer deposit trends and lower deposit betas as rates rose, McEvoy now sees shares as fairly valued with some premium in anticipation of a positive message at the upcoming Investor Day on November 10, the analyst tells investors in a research note.

There is a step up in insider buying at regional banks. Net interest margins are on the upswing but bank CEOs are guiding lower on revenue and earnings expectations as they expect a looming recession will cut into loan growth and raise charge offs.


Finviz Chart

Name: John W Childs
Position: Director
Transaction Date: 2022-10-25 Shares Bought: 3,900,000 Average Price Paid: $10.50 Cost: $40,950,000.00
Company: Biohaven Ltd.(BHVN)

Name: Vlad Coric
Position: CEO
Transaction Date: 2022-10-25 Shares Bought: 853,380 Average Price Paid: $10.50 Cost: $8,960,490.00
Company:  Biohaven Ltd. (BHVN)

Name: Gregory Bailey
Position: Director
Transaction Date: 2022-10-25 Shares Bought: 200,000 Average Price Paid: $10.50 Cost: $2,100,000.00
Company:  Biohaven Ltd. (BHVN)

Name: Matthew Buten
Position: CFO
Transaction Date: 2022-10-25 Shares Bought: 142,857 Average Price Paid: $10.50 Cost: $1,499,999.00
Company: Biohaven Ltd. (BHVN)

Name: Julia P Gregory
Position: Director
Transaction Date: 2022-10-25 Shares Bought: 9,523 Average Price Paid: $10.50 Cost: $99,992.00
Company: Biohaven Ltd. (BHVN)
Biohaven Ltd was introduced as a brand-new publicly listed business. As per the acquisition agreement with Pfizer (PFE) in May 2022, Biohaven has now formally started operating as a distinct, independent business. Vlad Coric, M.D., the company’s Chairman and Chief Executive Officer, established it with a little over $257.8 million in cash and no debt. Successful medication development and commercialization have a history at Biohaven. With a Prescription Drug User Fee Act goal date set for the first quarter of 2023, Biohaven’s New Drug Application proposal for zavegepant nasal spray was filed with the FDA and accepted for evaluation. Pfizer will now solely market and develop the Biohaven CGRP business internationally following its acquisition for a total price of around $13 billion, which includes the repayment of existing debt. Pfizer owns about 3% of the newly formed spinoff business Biohaven. Promoting a Wide Range of Innovative Candidates: Biohaven intends to advance a wide range of unique product candidates that are in the early and late stages of development that are intended to treat neurological and neuropsychiatric illnesses, particularly uncommon diseases with unmet medical needs. Treatments for epilepsy, pain and mood disorders, obsessive-compulsive disorder, spinocerebellar ataxia, and spinal muscular atrophy will focus on therapeutic development. The following are some important clinical development initiatives now under progress that make use of these exclusive technological platforms: For SCA and OCD, glutamate modulation is used; for diabetes and weight reduction, myostatin inhibition and neuromuscular illnesses are used.

The chairman and partner of the private equity company J.W. Childs Associates, L.P. is Mr. John W. Childs. 1995 saw the co-founding of J.W. Childs Associates. Mr. Childs served as Senior Managing Director of the Thomas H. Lee Company from 1991 to 1995 before creating J.W. Childs Associates. He was in charge of initiating, researching, negotiating, and overseeing leveraged buyout transactions for the THL funds in this position. Prior to joining THL, worked for seventeen years. Mr. Childs worked for the Prudential Insurance Company of America, where he performed a number of senior roles in the investment sector before rising to the rank of Senior Managing Director in charge of the Capital Markets Group. In addition to serving as a director of Kosta Browne, Esselte, Mattress Firm, WS Packaging, and SIMCOM, he is now chairman of Sunny Delight. He served as Chairman of the Board of CHG Healthcare Services prior to its sale.

The Chief Executive Officer of Biohaven Pharmaceuticals is Dr. Vlad Coric. Dr. Coric has more than 50 peer-reviewed papers and is also an Associate Clinical Professor of Psychiatry at Yale School of Medicine. He formerly held the positions of Director of the Yale Obsessive-Compulsive Disorder Research Clinic and Chief of the Yale Clinical Neuroscience Research Unit. He has held the position of president of the American Psychiatric Association’s district chapter in Connecticut, which has 800 members. Dr. Coric has more than 15 years of expertise in drug research and clinical development at Bristol-Myers Squibb and Yale School of Medicine. Dr. Coric has experience working in cancer, neurology, virology, oncology, and immuno-oncology within the pharmaceutical business. Dr. Coric most recently served as the immuno-oncology indication lead for glioblastoma and neuro-oncology. At the Yale Psychiatry Residency Training Program, where he also held the positions of program-wide chief resident for the Yale Department of Psychiatry and chief resident on the PTSD team at the West-Haven Connecticut Veterans Administration Hospital, Dr. Coric finished his residency training. Dr. Coric obtained his medical degree at Wake Forest University School of Medicine in North Carolina.

Dr. Bailey has worked in the healthcare industry for the past 15 years as an executive, entrepreneur, and investor. He has served on the boards of directors for 16 publicly traded businesses and is presently the board chairman at Portage Biotech Inc. He served as Medivation Inc.’s previous funder and director. The managing director of Gilford Securities Inc., managing director of Knightsford Bank Corp., senior managing director positions at Viscogliosi Brothers and the LXV Prosperity Fund, founder and general manager of the ABN Private Equity Fund, co-founder of EuroAmerican Mercantile Bancorp, and co-founder and CEO of V-Fund Investments, Ltd. are just a few of the previous positions held in the investment and financial services industry. After earning his medical degree from the University of Western Ontario, Dr. Bailey worked as an emergency department physician for eleven years.

Mr. Buten, a former managing director of Foresite Capital, has more than 20 years of experience investing in the healthcare sector. He also has more than 15 years of expertise as an adviser in investment banking and transaction structuring for businesses with both small and big capitalizations. Previously, Mr. Buten worked as a healthcare portfolio manager at Catapult/Millennium Partners. He was a co-founder and co-manager of Sapphire Capital and a partner at Argus Partners before joining Catapult/Millennium, two healthcare-focused funds. As a Managing Director and Head of Healthcare Investment Banking for Needham and Company and as a Director in Investment Banking at Smith Barney, he began his early career in investment banking with a focus on mergers and acquisitions, equity and debt financings, and spin-offs. Mr. Buten graduated with a Bachelor of Science in Economics (B.S.E.) from the University of Pennsylvania’s Wharton School. From 2009 until July 2012, Ms. Gregory held the positions of president and chief executive officer of Five Prime Therapeutics, Inc., and from 2000 to 2008, she held the positions of executive vice president, corporate development, and chief financial officer at Lexicon Pharmaceuticals, Inc. She oversaw deals for various strategic collaborations while working for Five Prime and Lexicon, including those with GlaxoSmithKline, Human Genome Sciences, Genentech, Inc., Bristol-Myers Squibb Company, and Takeda Pharmaceutical Company Limited. From November 2013 until April 2016, Ms. Gregory led ContraFect Corporation as its CEO. From April 2014 to March 2016, she sat on the board of directors of the company. From July 2012 until November 2013, she held the positions of Executive Vice President and Chief Financial Officer of ContraFect before being named CEO. Isometry Advisors, Inc., a biotechnology finance and management consulting company, is likewise led by Ms. Gregory as chairman and CEO.

Opinion: We’ve been blogging about Biohaven for some time. The stock is up 46% since the spot secondary. Insiders have been rewarded handsomely but remember they can’t sell stock and keep those profits because of the short-swing rule. That doesn’t mean you can’t. With no products ready for market and no revenues, this kind of return doesn’t happen often.


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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.

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 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