Finally, a busy week. I can’t extrapolate anything about the general market from these buys, but it’s clear that some insiders are sniffing out bargains. It would be nice to see an insider buying on good news but that’s not what it is this week. It’s more bargain basement stuff. Patience may be needed though as I doubt, we’ve seen the last of volatility. Let’s get into it.
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Name: Robert W. Scully
Position: Director
Transaction Date: 05-06-2025 Shares Bought: 13,250 shares an Average Price Paid of $113.49 for Cost: $1,503,733
Company: KKR & Co. Inc. (KKR):
KKR & Co. Inc. is a leading global investment firm that provides alternative asset management, capital markets, and insurance solutions. The firm employs a disciplined investment strategy focused on delivering strong returns by fostering growth in its portfolio companies and the communities in which it operates. KKR sponsors funds across private equity, credit, and real assets, and maintains strategic partnerships with hedge fund managers. Its insurance operations are managed through Global Atlantic, which offers retirement, life, and reinsurance products.
Robert W. Scully has served on the Board of Directors of KKR & Co. Inc. since July 15, 2010. Prior to joining KKR, he held several senior leadership roles at Morgan Stanley, including Co-President, Chairman of Global Capital Markets, Vice Chairman of Investment Banking, and member of the Chairman’s Office, before retiring in 2009. Earlier in his career, he served as a Managing Director at both Lehman Brothers and Salomon Brothers. Mr. Scully holds a Bachelor of Arts from Princeton University and an MBA from Harvard Business School, where he also served on the Board of Dean’s Advisors.
Opinion: Blue chip private equity grandfather and longtime board member plunks down $1.5 to buy buyout king, KKR. Although this is still a relatively small purchase for Scully, he did really well with his last buy on 2-12-21 of 26,000 shares at $48.13. A more favorable regulatory regime should help KKR’s vast portfolio of hedge funds, private equity, and credit.
Name: Joseph P. Adams Jr.
Position: CEO and Chairman
Transaction Date: 05-02-2025 Shares Bought: 3,000 shares an Average Price Paid of $94.54 for Cost: $283,620
Company: FTAI Aviation Ltd. (FTAI):
FTAI Aviation Ltd., a Cayman Islands-exempt corporation, specializes in leasing and selling aviation equipment. The company also develops and manufactures aftermarket components for aircraft engines through a joint venture, while managing repairs and distribution via maintenance facilities and exclusive agreements. FTAI Aviation focuses on assets that generate robust cash flows, with potential for profit growth and asset appreciation. By leveraging its industry expertise, strategic relationships, and access to capital, the company is well-positioned to pursue acquisition opportunities within the aviation sector.
Joseph P. Adams Jr. has served as the Chief Executive Officer of FTAI Aviation Ltd. since May 2015 and as Chairman of the Board since May 2016. Before joining FTAI Aviation, he was a Managing Director at Fortress Investment Group’s Private Equity Group, where he also served on its Management Committee. Mr. Adams previously held roles at Brera Capital Partners and Donaldson, Lufkin & Jenrette, focusing on the transportation sector. In 2002, he was appointed the first Executive Director of the Air Transportation Stabilization Board. He holds a Bachelor of Science in Engineering from the University of Cincinnati and an MBA from Harvard Business School.
Opinion: It is difficult to feel enthusiastic about growth of a company dedicated to maintaining, hauling, and trading aircraft parts, engines, and miscellaneous. However, such a service is valuable. The pertinent question remains: is it necessary to this of business as a public company, given the seemingly unnecessary costs and inconveniences associated with it?
Name: Paul C. Varga
Position: Director
Transaction Date: 05-02-2025 Shares Bought: 2,000 shares an Average Price Paid of $92.97 for Cost: $185,940
Company: Churchill Downs Inc (CHDN):
Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering platforms, and regional casino gaming properties across the United States. The company functions through three primary segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. The Live and Historical Racing segment manages live and pari-mutuel historical racing events at Churchill Downs Racetrack and at historical racing facilities located in Kentucky, Virginia, and New Hampshire. This segment also offers event-related services, including admissions, personal seat licenses, sponsorships, television rights, and various ancillary services, along with food and beverage operations. Founded in 1875, Churchill Downs Incorporated is headquartered in Louisville, Kentucky.
Paul C. Varga has served as a director of Churchill Downs Incorporated since 2020 and is a member of the Audit and Compensation Committees. He previously held the positions of Chairman and Chief Executive Officer at Brown-Forman Corporation from August 2007 until his retirement in December 2018. Mr. Varga holds a Bachelor of Business Administration in Finance from the University of Kentucky and an MBA from Purdue University.
Opinion: A record amount was bet at the Kentucky Derby this year. Is that enough to buy the stock?
Name: Michael Read
Position: EVP, International
Transaction Date: 05-09-2025 Shares Bought: 3,000 shares an Average Price Paid of $92.07 for Cost: $276,221
Company: Church & Dwight Co Inc (CHD):
Church & Dwight Co., Inc. develops, manufactures, and markets household, personal care, and specialty products. The company operates through three segments: Consumer Domestic, International, and Specialty Products Division. Its product portfolio includes cat litter, carpet deodorizers, laundry detergents, and baking soda-based items under the ARM & HAMMER brand; condoms, lubricants, and vibrators under the TROJAN brand; stain removers, cleaning agents, laundry detergents, and bleach alternatives under the OxiClean brand; toothbrushes under the SPINBRUSH brand; and home pregnancy and ovulation test kits under the FIRST RESPONSE brand. Established in 1846, Church & Dwight is headquartered in Ewing, New Jersey.
Michael Read has served as Executive Vice President of International at Church & Dwight Co., Inc. since October 2021. Prior to this role, he was the General Manager of the company’s Canadian division beginning in 2016. Before joining Church & Dwight, Mr. Read held senior management positions at Aryzta AG, Molson Coors, and Reckitt Benckiser.
Opinion: So, Read bought $276,221 worth of stock on the open market while Director price unloaded $1.365 Million at $93.13 the same day. Your choice.
Name: Pierre R. Breber
Position: Chief Operating Officer
Transaction Date: 05-06-2025 Shares Bought: 5,000 shares an Average Price Paid of $89.78 for Cost: $448,900
Company: Paccar Inc. (PCAR):
PACCAR Inc designs, manufactures, and distributes light-, medium-, and heavy-duty commercial trucks across the United States, Canada, Europe, Mexico, South America, Australia, and other global markets. The company operates through three primary segments: Truck, Parts, and Financial Services.The Truck segment focuses on the design, production, and distribution of trucks for both over-the-road and off-road transportation of commercial and consumer goods. These vehicles are sold through an extensive network of independent dealers under the Kenworth, Peterbilt, and DAF brands.PACCAR also manufactures and markets industrial winches under the Braden, Carco, and Gearmatic brand names. Founded in 1905, PACCAR Inc. is headquartered in Bellevue, Washington.
Pierre R. Breber spent 34 years at Chevron Corporation, where he held numerous senior executive roles across finance and operations. He most recently served as Chief Financial Officer from 2019 to 2024. Prior to that, he was Executive Vice President of Global Refining and Marketing from 2016 to 2018. From 2014 to 2015, Mr. Breber led Chevron’s trading, LNG marketing, pipeline, and shipping operations as Executive Vice President, and from 2011 to 2013, he served as Managing Director of Asia South Exploration and Production. His earlier roles included Treasurer, Controller, and Head of Investor Relations, reflecting a deep expertise in financial leadership. Mr. Breber holds both bachelor’s and master’s degrees in Mechanical Engineering from the University of California, Berkeley, and earned his MBA from Cornell University.
Opinion: You would expect an automotive parts company like Paccar to talk it in the gut with Trump’s tariffs. This buy makes sense and I’m going down the path.
Name: Jonathan E. Michael
Position: Director
Transaction Date: 05-01-2025 Shares Bought: 2,700 shares an Average Price Paid of $75.53 for Cost: $203,935
Company: SS&C Technologies Holdings Inc (SSNC):
SS&C Technologies Holdings, Inc., through its subsidiaries, provides software products and software-enabled services to the financial services and healthcare industries. The company operates a comprehensive technology stack that covers various business functions, including securities accounting, front-office functions such as trading and modeling, middle-office functions like portfolio management and reporting, back-office functions including accounting, performance measurement, reconciliation, reporting, processing and clearing, and compliance and tax reporting. Additionally, the company offers healthcare solutions such as claims adjudication, benefits management, care management, and business intelligence. Founded in 1986, SS&C Technologies Holdings, Inc. is headquartered in Windsor, Connecticut.
Jonathan E. Michael has served as a director of SS&C Technologies Holdings, Inc. since April 2010. In November 2022, he was appointed the company’s Lead Independent Director. Mr. Michael previously served as President and CEO of RLI Corp., a publicly traded specialty insurance company, where he held several senior positions, including President and Chief Operating Officer, Senior Vice President, and Chief Financial Officer. He joined RLI Corp. in 1982 and retired as CEO at the end of 2021. Prior to his tenure at RLI Corp., Mr. Michael worked at the accounting firm Coopers & Lybrand. He holds a Bachelor’s degree from Ohio Dominican University.
Opinion: Small buy, bigger seller Director Samkow unloads 18,900 at $77.43.
Name: J. Erik Fyrwald
Position: Chief Executive Officer
Transaction Date: 05-08-2025 Shares Bought: 25,000 shares an Average Price Paid of $73.97 for Cost: $1,849,254
Company: International Flavors & Fragrances Inc (IFF):
International Flavors & Fragrances Inc. is a leading global developer and manufacturer of innovative solutions for the food, beverage, health and biosciences, scent, and pharmaceutical industries. The company also offers complementary products such as natural health ingredients. Its solutions are widely used across consumer goods sectors, serving manufacturers of dairy, meat, beverages, snacks, savory and sweet products, baked goods, and grain-based items. Additional applications include personal care products, soaps and detergents, cleaning agents, perfumes, dietary supplements, food safety solutions, infant, elderly, and animal nutrition, functional foods, pharmaceuticals, and oral care. International Flavors & Fragrances holds a strong global position in the Food & Beverage, Home & Personal Care, and Health & Wellness sectors, with recognized expertise in taste, texture, scent, nutrition, enzymes, cultures, soy protein, pharmaceutical excipients, and probiotics.
Mr. Fyrwald has served as Chief Executive Officer and member of the Board of Directors since February 6, 2024. He joined from Syngenta, where he held the role of Chief Executive Officer beginning in 2016. Prior to Syngenta, he was CEO of Univar Solutions from May 2012 to May 2016 and served as Chairman and CEO of Nalco from 2008 until its merger with Ecolab Inc. in 2011. Following the merger, he was appointed President of Ecolab. Mr. Fyrwald earned a Bachelor of Science degree in Chemical Engineering from the University of Delaware in 1981 and completed the Advanced Management Program at Harvard Business School in 1998.
Opinion: I don’t know how the MAHA movement will impact anything much less an international conglomerate like IFF. It’s a slow grower, !5-to 4% annual growth with steady margins and EBITDA growth of 5-10%. That’s all in with tariffs as they have a global footprint and can move manufacturing around. The sale of the pharma business should result in leverage being brought down to less than 3X.
Name: Michael Sean Hanley
Position: Director
Transaction Date: 05-05-2025 Shares Bought: 3,500 shares an Average Price Paid of $57.01 for Cost: $199,535
Company: LyondellBasell Industries N.V. (LYB):
LyondellBasell Industries N.V. is a multinational, independent chemical corporation, incorporated as a Naamloze Vennootschap under Dutch law on October 15, 2009. The company operates globally across the petrochemical value chain and is recognized as a market leader in multiple product categories. Its chemical operations primarily consist of large-scale processing facilities that convert substantial volumes of liquid and gaseous hydrocarbon feedstocks into plastic resins and various chemicals. These chemical products often serve as fundamental building blocks for other chemicals and polymers. Plastics produced by the company are utilized in both high-volume and specialized applications. Customers rely on these plastics and chemicals to manufacture a broad range of everyday items, including food packaging, home furnishings, automotive components, and paints and coatings.
Michael S. Hanley has served as an independent director on the Board of LyondellBasell Industries N.V. since November 30, 2018. He brings more than 30 years of senior management and financial expertise, including previous roles as Chief Financial Officer of Alcan and Senior Vice President of Operations and Strategy at the National Bank of Canada. Mr. Hanley holds a Bachelor of Business Administration from HEC Montréal and is a Chartered Professional Accountant.
Opinion: Director Hanley buys more lower on the down staircase. All things petrochemicals have been bad investments under Trump. It’s completely ironic. Alternative energy has been even worse. The only thing that has worked has been electricity generation like nuclear for the enormous AI factories and data warehouses.
Name: Samit Hirawat
Position: EVP,Chief Med.Offr.,Drug Dev.
Transaction Date: 04-25-2025 Shares Bought: 4,250 shares an Average Price Paid of $47.58 for Cost: $202,215
Company: Bristol Myers Squibb Co (BMY):
Bristol-Myers Squibb Company, incorporated in Delaware in August 1933 as the successor to a New York corporation founded in 1887, adopted its current name following a 1989 merger. The company operates within a single business segment focused on the global discovery, development, licensing, manufacturing, marketing, distribution, and sale of biopharmaceutical products. Its strategy combines the scale and resources of a traditional pharmaceutical company with the agility and innovation characteristic of the biotechnology sector. Bristol-Myers Squibb is committed to developing transformational medicines for patients with serious conditions, with a primary focus on oncology, hematology, neuroscience, and other therapeutic areas that offer the potential for significant clinical impact and shareholder value.
Dr. Samit Hirawat serves as Executive Vice President, Chief Medical Officer, and Head of Development at Bristol Myers Squibb, a role he has held since 2019. He is responsible for overseeing early- and late-stage product development across all therapeutic areas, with a focus on accelerating asset progression from proof-of-concept to commercialization through advanced clinical trial design and operations. Dr. Hirawat earned his Bachelor of Medicine and Bachelor of Surgery degrees from Sawai Man Singh Medical College in India and completed his residency in internal medicine and training in medical oncology at North Shore University Hospital in New York.
Opinion: Pittance of insider buys, almost an insult to shareholders who have been suffering for a decade with nothing to show but a paltry increase in dividends. Bristol-Myers Squibb (BMY) pays an annual dividend of $2.48 per share, with a dividend yield of 5.35%. The most recent quarterly payment of $0.62 per share was paid on Thursday, May 1, to investors who owned the stock before the ex-dividend date of Friday, April 4. BMY has grown its dividend for 17 consecutive years, with an average annual increase of 2.08%. The company currently pays out 92.88% of its earnings and 50.69% of its cash flow as dividends.
Name: Martin Roper
Position: Director
Transaction Date: 05-08-2025 Shares Bought: 15,000 shares an Average Price Paid of $33.10 for Cost: $496,500
Company: MGP Ingredients Inc (MGPI):
MGP Additives, Inc. manufactures and distributes distilled spirits, branded spirits, and food additives worldwide. The company operates through three segments: Distillery Solutions, Branded Spirits, and Ingredient Solutions. The Distillery Solutions segment processes corn and other grains—such as barley, wheat, barley malt, and milo—into food-grade alcohol and distillery co-products, including dried distillers’ grain. It also provides food-grade alcohol for beverage applications, including bourbon, rye, and other whiskeys, as well as grain neutral spirits like vodka and gin. The company was founded in 1941 and is headquartered in Atchison, Kansas.
Martin Roper was appointed as an independent director to the Board of Directors of MGP Ingredients, Inc. on April 14, 2025. He brings extensive leadership experience in the beverage industry, having served as Chief Executive Officer of The Boston Beer Company from 2001 to 2018. Mr. Roper currently serves as Chief Executive Officer and board member of The Vita Coco Company, and he also sits on the boards of Fintech and Bionutritional Research Group, Inc. He holds a BA, MA, and MEng from Trinity Hall, Cambridge, and an MBA from Harvard University.
Opinion: You might think there is some opportunity in a stock that has fallen from $120 in 2023 to its sad price today of $32.89. That hasn’t kept 10% owner Karen Seaberg from regularly selling shares.
Name: Christopher O. Blunt
Position: Chief Executive Officer
Transaction Date: 05-09-2025 Shares Bought: 10,000 shares an Average Price Paid of $30.80 for Cost: $307,953
Company: F&G Annuities & Life Inc. (FG):
F&G Annuities & Life, Inc., together with its subsidiaries, provides annuity and life insurance products in the United States. Its offerings include fixed indexed annuities, registered index-linked annuities, multi-year guarantee annuities, immediate annuities, indexed universal life insurance, pension risk transfer solutions, and institutional funding agreements. These products are distributed through independent agents, banks, and broker-dealers to retail annuity and life insurance consumers, as well as institutional clients. Founded in 1959, the company is headquartered in Des Moines, Iowa, and operates as a subsidiary of Fidelity National Financial, Inc.
Chris Blunt joined F&G in 2019, bringing over three decades of experience across the insurance, investment management, and wealth management sectors. Prior to F&G, he served as Chief Executive Officer of Blackstone Insurance Solutions. He also held multiple senior leadership roles during a nearly 13-year tenure at New York Life. Mr. Blunt currently serves on the Board of Trustees of the YMCA Retirement Fund and is Vice Chairman on both the LIMRA and LOMA Boards.
Opinion: I keep thinking that annuities should be a good choice when the Fed drops rates, but they never do as Trump tariff uncertainty spoils their playbook.
Name: Shandell Szabo
Position: Director
Transaction Date: 05-02-2025 Shares Bought: 11,731 shares an Average Price Paid of $21.30 for Cost: $249,870
Company: Magnolia Oil & Gas Corp (MGY):
Magnolia Oil & Gas Corporation is an independent energy company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquids. The company’s operations are primarily located in South Texas, with key assets concentrated in the Karnes and Giddings areas, targeting the Eagle Ford Shale and Austin Chalk formations. Magnolia emphasizes delivering shareholder value through steady, moderate annual production growth, supported by a disciplined and efficient capital allocation strategy. The company aims to maintain strong pre-tax margins and generate stable free cash flow, enabling the return of capital to shareholders via dividends and share repurchases.
Shandell M. Szabo has served as an independent director of Talos Energy, Inc. since February 2023. She is a member of the Compensation Committee and the Safety, Sustainability, and Corporate Responsibility Committee, and also serves as Co-Chair of the Technical Committee. Prior to joining Talos, Ms. Szabo was on the board of EnVen Energy Corporation, a private deepwater Gulf of Mexico operator acquired by Talos in February 2023. She holds both a Bachelor of Science and a Master of Science in Environmental Science with a concentration in Geology from the University of Michigan and Texas Christian University, respectively. Ms. Szabo is a licensed professional geologist in Texas.
Opinion: Hope springs eternal in the oil patch. If you were to ask me what worker exhibits eternal optimism has regardless of how misplaced it can be, it has to be the oil and gas wildcatter.
Name: Parvinderjit S. Khanuja
Position: Director
Transaction Date: 05-05-2025 Shares Bought: 21,000 shares an Average Price Paid of $15.02 for Cost: $315,420
Company: Select Medical Holdings Corp (SEM):
Select Medical Holdings Corporation, founded in 1996 and headquartered in Mechanicsburg, Pennsylvania, operates a network of critical illness recovery hospitals, inpatient rehabilitation hospitals, and outpatient rehabilitation clinics across the United States. The company operates through three primary segments: Critical Illness Recovery Hospital, Rehabilitation Hospital, and Outpatient Rehabilitation. The Critical Illness Recovery Hospital segment treats patients with conditions such as heart failure, infectious diseases, respiratory failure, pulmonary disease, post-surgical complications requiring extended recovery, renal disease, neurological disorders, and trauma. The Rehabilitation Hospital segment provides comprehensive therapy and rehabilitation services for patients recovering from brain and spinal cord injuries, strokes, amputations, neurological disorders, orthopedic conditions, pediatric congenital or acquired disabilities, and cancer.
Parvinderjit Singh Khanuja, M.D. has served as a director since November 2021. With over 30 years of experience as a medical oncologist, Dr. Khanuja brings extensive clinical and leadership expertise to the Board. He is the founding and managing partner of Ironwood Physicians, PC, the largest cancer treatment center in the Phoenix, Arizona metropolitan area, comprising over 100 healthcare providers. Dr. Khanuja is a Diplomate of the Subspecialty Board of Medical Oncology and Hematology and a Fellow of the American College of Physicians. He also serves on the Board of Directors of the Five Rivers Foundation, an organization focused on social initiatives and scholarship programs. Dr. Khanuja earned his medical degree from Christian Medical College in Ludhiana, India, and completed his fellowship at Wayne State University School of Medicine in Detroit.
Opinion: SEM fell 21% with a slightly below consenus earnings miss for Q1. According to Fly on the Wall RBC Capital lowered the firm’s price target on Select Medical to $19 from $23 but keeps an Outperform rating on the shares. Shares have declined over 20% since the company posted weaker Q1 results last week and modestly lowered its guidance range, primarily due to CIRH margin pressure caused by the high-cost outlier threshold, but while the higher threshold represents a formidable reimbursement headwind, RBC believes lower acuity expected in next few quarters should limit the impact for the balance of the year, the analyst tells investors in a research note. SEM sees FY 2025 EPS $1.09-$1.05.
Name: Olsen Geir
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 18,230 shares an Average Price Paid of $13.59 for Cost: $247,746
Company: PRA Group Inc (PRAA):
PRA Group, Inc. is a global financial services company operating across the Americas, Europe, and Australia. Its primary business involves the purchase, collection, and management of portfolios consisting of nonperforming loans. These accounts typically represent delinquent obligations owed by individuals to original credit issuers. Nonperforming loans are acquired at a discount to their face value within two key segments: Core and Insolvency. The Core segment focuses on acquiring and collecting nonperforming loans from credit originators that have chosen not to pursue, or have been unsuccessful in recovering, the full outstanding amounts. The Insolvency segment involves acquiring and managing nonperforming accounts where the debtor is in bankruptcy or a comparable legal process.
Geir Olsen rejoined the Board of Directors of PRA Group, Inc. in June 2023, having previously served from 2016 to 2020. He was Chief Executive Officer and a board member of Aktiv Kapital AS, a leading European consumer debt purchaser, from September 2011 until its acquisition by PRA Group in 2014. Following the acquisition, he served as CEO of PRA Group Europe until January 2016. Olsen currently serves on the boards of several companies, including Avida Finans AB, FIRST Fondene AS, Huma AS, Molo Finance, and Pexip Holding ASA. He holds a master’s degree in economics from the Norwegian School of Economics and an MBA from the University of California, Los Angeles.
Opinion: PRA reported a big Q1 earnings miss mainly attributed to collection shortfalls in the U.S. Insiders have a poor record buying this stock so I would think twice about following.
Name: Jonathan M. Peacock
Position: Director
Transaction Date: 04-28-2025 Shares Bought: 8,091 shares an Average Price Paid of $12.81 for Cost: $103,646
Name: Gregory L. Summe
Position: Director
Transaction Date: 05-07-2025 Shares Bought: 25,000 shares an Average Price Paid of $12.00 for Cost: $300,000
Company: Avantor Inc. (AVTR):
Avantor, Inc. delivers mission-critical products and services to customers in the biopharma, healthcare, education, government, advanced technologies, and applied materials sectors across the Americas, Europe, Asia, the Middle East, and Africa. The company provides a broad range of materials and consumables, including high-purity chemicals and reagents, laboratory products and supplies, formulated silicone materials, customized excipients, single-use assemblies, process chromatography resins and columns, analytical sample preparation kits, educational and microbiology products, clinical trial kits, and fluid handling tips. Founded in 1904, Avantor is headquartered in Radnor, Pennsylvania.
Mr. Summe has served on the Board since May 2020, where he chairs the Nominating and Governance Committee and is a member of the Compensation and Human Resources Committees. He is the Managing Partner of Glen Capital Partners, an investment fund. His previous roles include Managing Director and Vice Chairman of Global Buyouts at The Carlyle Group, as well as Senior Advisor at Goldman Sachs Capital Partners. Mr. Summe holds an MBA with distinction from The Wharton School of the University of Pennsylvania, a master’s degree in electrical engineering from the University of Cincinnati, and a bachelor’s degree in electrical engineering from the University of Kentucky, where he was inducted into the Hall of Distinction.
Opinion: All things biotech and pharma are in the dumps as the Government shuts off the money supply to vast amounts of medical research. Private sector will eventually stabilize but this could be a painful period.
Name: Anthony M. Aisquith
Position: Chief Operating Officer
Transaction Date: 05-06-2025 Shares Bought: 72,482 shares an Average Price Paid of $12.29 for Cost: $890,985
Company: OneWater Marine Inc. (ONEW):
OneWater Marine Inc. is a leading recreational marine retailer in the United States. The company offers new and pre-owned recreational boats and yachts, along with a wide range of nautical products such as parts and equipment. It provides boat repair and maintenance services, as well as ancillary offerings including indoor and outdoor storage and marina services. Additionally, the company facilitates boat financing, insurance, and extended service contracts through third-party lenders and insurance providers. OneWater Marine also offers rentals of boats and personal watercraft. Founded in 2014, the company is headquartered in Buford, Georgia.
Mr. Aisquith has served on the Board of Directors of OneWater Marine Inc. since May 2020 and has been the company’s President and Chief Operating Officer since 2008. He brings over 25 years of experience in the boating industry, having previously held several senior management roles at MarineMax prior to joining OneWater. From 2003 to 2008, he served as Vice President, and from 2000 to 2008, he was Regional President overseeing operations across Georgia, the Carolinas, Texas, and California. Earlier in his career, Mr. Aisquith held various managerial and sales positions in the marine sector. Prior to entering the marine industry in June 1985, he spent a decade in automotive retail.
Opinion: This guy knows when the stock is cheap. Strong buy here when the consumer gets over tariff anxieties and the Fed eventually drops rates.
Name: Linda Findley
Position: President and CEO
Transaction Date: 05-07-2025 Shares Bought: 104,520 shares an Average Price Paid of $7.19 for Cost: $751,278
Name: Francis K. Lee
Position: EVP & CFO
Transaction Date: 05-07-2025 Shares Bought: 7,200 shares an Average Price Paid of $7.12 for Cost: $51,263
Company: Sleep Number Corp (SNBR):
Sleep Number is a wellness technology company that designs, manufactures, markets, and distributes innovative sleep solutions aimed at enhancing health and well-being through improved sleep. Its smart beds deliver personalized experiences that promote physical, mental, and emotional benefits. These beds integrate adjustable firmness, embedded digital sensors, and responsive “sense and do” technology that automatically adjusts to ensure comfort. Active temperature balancing further contributes to an optimal sleep environment. With personalized sleep insights, regular feature updates, and broad accessibility, Sleep Number’s products support improved sleep health and overall wellness.
Linda A. Findley became the President and CEO of Sleep Number Corporation on April 7, 2025. She brings extensive experience in leading consumer businesses that blend digital and physical products, with a strong background in operations management, organizational transformation, marketing strategy, and global expansion. Prior to joining Sleep Number, she served as President, CEO, and Director of Blue Apron Holdings, Inc. from 2019 to 2024. Her career also includes roles as Chief Operating Officer at Etsy, Inc., senior leadership positions at Evernote Corp., and global marketing and customer service leadership at Alibaba.com Ltd. Ms. Findley holds a Master’s degree in Journalism from the University of North Carolina at Chapel Hill and a Bachelor’s degree in Corporate Communications from Elon University.
Francis K. Lee has served as the Executive Vice President and Chief Financial Officer of Sleep Number Corporation since August 14, 2023. In this role, he is responsible for overseeing the company’s financial strategy, which focuses on driving long-term, profitable growth and enhancing shareholder value. Prior to joining Sleep Number, Mr. Lee was the Chief Financial Officer at Wyze Labs from 2021 to 2023, where he played a key role in expanding the company’s business model to include a software-based recurring revenue stream, which significantly improved cash flow and profitability. Mr. Lee holds a Bachelor’s degree from the Massachusetts Institute of Technology and an MBA from the Kellogg School of Management at Northwestern University.
Opinion: Great bed, we own two of them and have lost a lot of money on the stock which doesn’t add to a good sleep. Linda Findley is the new CEO and this is a pretty decent purchase showing confidence and team, but I’d like to know what the board was thinking when they awarded her several hundred thousand RSU’s after she ran Blue Apron into the ground. Maybe Blue Apron was never a workable idea but that’s what you get paid the big bucks for. I don’t see Stadium Capital a 10% plus shareholder adding to this purchase either.
Name: Douglas A. Pertz
Position: Director
Transaction Date: 05-08-2025 Shares Bought: 70,000 shares an Average Price Paid of $6.17 for Cost: $431,900
Name: Richard L. Burke Jr.
Position: Director
Transaction Date: 05-08-2025 Shares Bought: 18,382 shares an Average Price Paid of $5.73 for Cost: $105,314
Company: Vestis Corp (VSTS):
Vestis Corporation provides uniform rentals and workplace supplies across the United States and Canada. The company offers a wide range of uniform options, including shirts, pants, outerwear, gowns, scrubs, high-visibility garments, particulate-free garments, and flame-resistant garments, along with shoes and accessories. Additionally, it provides workplace supplies such as managed restroom services, first-aid supplies, safety products, floor mats, towels, and linens. Vestis Corporation serves industries such as manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanrooms. Founded in 1936, the company is headquartered in Roswell, Georgia.
Douglas A. Pertz has been serving as Vice Chairman of Vestis Corp. since 2023. Prior to this role, he was the Executive Chairman of The Brink’s Company until his retirement in May 2023. Mr. Pertz has also held the positions of President and CEO at several public companies, including Recall Holdings, IMC Global, and Culligan Water Technologies. He currently serves on the board of directors for Advance Auto Parts and Vital Records Control. Mr. Pertz holds an undergraduate degree from Purdue University.
Richard L. Burke Jr. has served as a director of Vestis Corporation since September 2023. Previously, he was the Chairman and CEO of Advanced Disposal Services, Inc. from 2012 to 2020. Prior to that, Mr. Burke was the President and CEO of Veolia Environmental Services North America Corporation. He is also an Operating Partner at Energy Capital Partners and serves as a Director of Sierra Lake Acquisition Corp. Mr. Burke holds a Bachelor of Arts in History from Randolph-Macon College.
Opinion:
Name: David M. Mott
Position: Director
Transaction Date: 05-02-2025 Shares Bought: 381,377 shares an Average Price Paid of $4.22 for Cost: $1,610,936
Company: Ardelyx Inc. (ARDX):
Ardelyx Inc. is a biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative, first-in-class medicines that address significant unmet medical needs. The company has developed a proprietary platform to uncover novel biological mechanisms and pathways, leading to the creation of potent, targeted therapeutics with fewer side effects and reduced potential for drug-drug interactions compared to traditional systemically absorbed treatments. Ardelyx’s lead discovery, tenapanor, is a minimally absorbed, first-in-class oral small-molecule therapy. It is approved as an adjunct treatment to lower serum phosphorus in patients with chronic kidney disease on dialysis who are unable to achieve control with phosphate binders or are intolerant to any dose of binder therapy.
David Mott has served on the Board of Directors of Ardelyx Inc. since March 2009 and has held the role of Chairperson since March 2014. He is currently a private investor through Mott Family Capital. From September 2008 to February 2020, Mr. Mott was a General Partner at New Enterprise Associates (NEA), where he led the firm’s healthcare investing practice, focusing on venture capital and growth equity opportunities. Earlier in his career, he worked as a Vice President in the healthcare investment banking division of Smith Barney, Harris, Upham & Co., Inc. Mr. Mott holds a Bachelor of Arts in Economics and Government from Dartmouth College.
Opinion: If there is a sector worse than oil and gas, it’s pharma and biotech. Director Mott is buying, CEO Raab is selling. That kind of cancels things out in my mind.
Name: Kurt Hallead
Position: VP-Treasurer & IR
Transaction Date: 05-05-2025 Shares Bought: 76,131 shares an Average Price Paid of $2.74 for Cost: $208,599
Company: Tetra Technologies Inc (TTI):
TETRA Technologies, Inc., along with its subsidiaries, operates as an energy services and solutions company. The company operates through two segments: Completion Fluids & Products and Water & Flowback Services. The Completion Fluids & Products segment manufactures and markets clear brine fluids, additives, and related products and services to the oil and gas industry. These are used in well drilling, completion, and workover operations across the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa. TETRA Technologies, Inc. was incorporated in 1981 and is headquartered in The Woodlands, Texas.
Kurt Hallead has served as Vice President of Investor Relations and Treasurer at TETRA Technologies, Inc. since March 2025. With over 30 years of experience in the energy industry, he has held several key positions, including Head of Global Energy at The Benchmark Company and Managing Director and Head of Global Energy Research at RBC Capital Markets. Mr. Hallead holds a Bachelor of Arts in Finance from Michigan State University and a Master of Science in Sports Management from Northwestern University.
Opinion: More pain in the oil patch. I don’t think we should add to it.
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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 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,
