It was a generally positive month, marked by tariff moderations and largely favorable economic news regarding inflation. Trump, possibly feeling the pressure from the family’s market short, delivered a Friday surprise with the statement, “China not playing nice.” On the surface, there appear to be no groundbreaking revelations, but as always, one must delve deeply into the underlying details. There is an unexpected insight today: creativity often emerges when one is cornered. Consider the actions of the Ukrainians this weekend. Be sure to read the opinion on the large KKR purchase by the Chairman of the Board of Harvard.
On the international stage, geopolitics took center stage as Ukraine executed a bold, Mossad-like drone attack deep into Russian territory, destroying several strategic bombers. Meanwhile, at the Asian Defense Conference on Saturday, Pentagon Chief Pete Hegset warned that the U.S. was prepared to “fight and win” against China if deterrence failed, urging Asian allies to enhance military coordination and increase defense spending. Hegseth highlighted the threat of potential Chinese invasion of Taiwan—if not, it raises questions about the purpose of building massive landing crafts than for invasion. Perhaps the specter of global conflict might prompt Powell reconsider the Fed’s globally leading high short-term rates. Attention remains fixed on the30-year Treasury Bond rate, hovering around 5%, as there are factors at play beyond mere interest rates.
Name: Timothy R. Barakett
Position: Director
Transaction Date: 05-22-2025 Shares Bought: 35,000 shares an Average Price Paid of $117.92 for Cost: $4,127,319
Company: KKR & Co. Inc. (KKR):
KKR & Co. Inc. is a leading global investment firm specializing in alternative asset management, capital markets, and insurance solutions. The firm utilizes a disciplined investment approach aimed at generating strong returns by driving growth across portfolio companies and the communities in which it operates. KKR sponsors investment funds in private equity, credit, and real assets, while also maintaining strategic partnerships with hedge fund managers. Its insurance activities are conducted through Global Atlantic, which provides retirement, life, and reinsurance products.
Timothy R. Barakett joined the Board of Directors of KKR & Co. Inc. on March 13, 2025. He is the founder and Chief Executive Officer of TRB Advisors, a private investment firm and family office established in 2010. Prior to founding TRB Advisors, Mr. Barakett was the founder and CEO of Atticus Capital, a global investment management firm. He currently serves as Treasurer of Harvard University, a Fellow of the Harvard Corporation, and Chairman of the Board of Directors of the Harvard Management Company. Mr. Barakett earned a Bachelor of Arts in Economics from Harvard University in 1987 and an MBA from Harvard Business School in 1993.
Opinion: Well, Mr. Barakett has his work cut out for him at Harvard managing the largest slash and burn of the Harvard operating budget in history. Maybe KKR will do a buyout of Harvard? Now it gets interesting. Takeover the Harvard Company 503c that owns the school and bring it private. Since the Trump administration is slashing its funding to them and changing the way they tax University non-profits and slashing the Government funding there may not be a good reason to go private, then do the most outrageous IPO in history.
Name: David E. Rush
Position: Director
Transaction Date: 05-22-2025 Shares Bought: 1,000 shares an Average Price Paid of $213.66 for Cost: $213,660
Company: Eagle Materials Inc (EXP):
Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction materials and light building products, operating through its network of subsidiaries. The company’s core offerings—Portland Cement and Gypsum Wallboard—play a critical role in the construction and maintenance of roads, highways, and infrastructure nationwide. Headquartered in Dallas, Texas, Eagle Materials operates over 70 facilities across 21 states. Originally established in 1963 as a subsidiary of Centex Corporation, the company became independent in 2004 through a spin-off. Demand for its products is influenced by both economic cycles and seasonal factors.
David E. Rush joined the Board of Directors of Eagle Materials Inc. in May 2025. He is the retiring CEO of Builders FirstSource, the largest supplier of structural building products in the United States. Over his nearly 30-year career at Builders FirstSource, Mr. Rush held numerous senior leadership roles, including Vice President of the Strategic Management Office. He earned his undergraduate degree from the University of North Carolina at Charlotte.
Opinion: Probably a mandator new director buy. We can ignore this one.
Name: Dirkson R. Charles
Position: Director
Transaction Date: 05-27-2025 Shares Bought: $5,000.00 shares an Average Price Paid of $110 for Cost: $548,350
Company: Builders FirstSource Inc. (BLDR):
Builders FirstSource, Inc., together with its subsidiaries, manufactures and distributes building materials, manufactured components, and construction services to professional homebuilders, subcontractors, remodelers, and consumers across the United States. The company produces wood floor and roof trusses, wall panels, stairs, and engineered wood products under the Ready-Frame® brand. It also offers interior and exterior door units, as well as millwork products, including interior trim and custom architectural features such as detailed moldings, stair parts, and columns, marketed under the Synboard® brand. Founded in 1998, Builders FirstSource is headquartered in Irving, Texas.
Dirkson R. Charles has served as a Director of Builders FirstSource, Inc. since June 2022. He is the founder and Chief Executive Officer of Loar Group, Inc., an aerospace component manufacturing company established in January 2012. Prior to founding Loar Group, Mr. Charles held executive leadership roles, including Executive Vice President and Chief Financial Officer at K&F Industries and McKechnie Aerospace. He began his professional career in the mid-1980s at Arthur Andersen & Co., where he worked for five years. Mr. Charles holds a bachelor’s degree in Public Accounting and an MBA in Finance from Pace University, and is a Certified Public Accountant in the state of New York.
Opinion: Another big purchase at BLDR. They need rates to go down although I do feel like the bottom is in without some exogenous geopolitical event.
Name: Victor George Joseph
Position: President & COO
Transaction Date: 05-23-2025 Shares Bought: 15,000 shares an Average Price Paid of $59.95 for Cost: $899,252
Company: Mercury General Corp (MCY):
Mercury General Corporation, along with its subsidiaries, primarily provides personal automobile insurance across 11 states, with a strong emphasis on the California market. The company also offers additional coverage lines, including homeowners, commercial auto, commercial property, mechanical protection, and umbrella insurance. Its insurance products are predominantly distributed through independent agents who earn commissions on sales. To maintain market competitiveness, Mercury General emphasizes robust underwriting and claims management systems, along with strong relationships with its agent network.
Victor George Joseph was appointed President and Chief Operating Officer of Mercury General Corporation on January 1, 2024. Since joining the company in 2009, he has held several senior leadership roles, including Chief Underwriting Officer and Executive Vice President. In his current role, he oversees the company’s day-to-day operations, with most business units reporting directly to him. He is the son of George Joseph, the founder and Chairman of Mercury General. Victor holds a Bachelor of Arts in Economics from Harvard University and an MBA from the UCLA Anderson School of Management.
Opinion: Large purchase by the founder’s son.
Name: Andrew C. Teich
Position: Director
Transaction Date: 05-23-2025 Shares Bought: 9,925 shares an Average Price Paid of $25.19 for Cost: $250,011
Company: Sensata Technologies Holding plc (ST):
Sensata Technologies Holding plc is a multinational industrial technology company incorporated in England and Wales. It designs and delivers customized solutions for mission-critical applications that enhance safety, efficiency, electrification, connectivity, and environmental performance. With over a century of innovation, the company addresses complex technical and operational challenges through its two reportable segments: Performance Sensing and Sensing Solutions.
Andrew C. Teich has served as Chairman of the Board of Directors at Sensata Technologies Holding plc since June 2019. He brings nearly three decades of executive leadership experience, most notably as President and CEO of FLIR Systems, where he led significant global expansion and technological innovation. Teich is recognized for his expertise in international business, mergers and acquisitions, and product development, and he holds more than 50 patents. He earned a Bachelor of Science in Marketing from Arizona State University and completed the Advanced Management Program at Harvard Business School.
Opinion: I like the backdrop for this one. No matter how things pan out, there seems to be an inevitable uptick in domestic factory automation. Sensata will likely have the wind to its back. Note that Board member Teich is buying both stocks.
Name: Andrew C. Teich
Position: Director
Transaction Date: 05-22-2025 Shares Bought: 50,000 shares an Average Price Paid of $20.20 for Cost: $1,010,175
Company: Resideo Technologies Inc. (REZI):
Resideo Technologies Inc. is a global leader in designing, developing, and distributing technology-driven sensing and control products that enable homeowners and businesses to manage comfort, security, energy use, and smart living. The company holds leading positions in home heating, ventilation, safety and fire suppression, and security products. Serving both residential and commercial markets worldwide, Resideo capitalizes on growing demand for comfort, energy management, and safety solutions, driven by energy transitions and long-term investment trends in smart technologies.
Andrew C. Teich has been a member of Resideo Technologies Inc.’s Board of Directors since 2018. He served as Lead Independent Director from 2019 to 2023 and was appointed Chairman of the Board in November 2024. Prior to his role at Resideo, Teich was CEO and President of FLIR Systems Inc., a global leader in advanced imaging and sensing technologies for military, industrial, and commercial sectors. He retired in June 2017 after a 34-year tenure. Teich holds a Bachelor of Science in Marketing from Arizona State University and completed the Advanced Management Program at Harvard Business School.
Opinion: As previously mentioned, I like the backdrop for Sensata, the person who counts thinks Rezi is 5x the opportunity based on the money he spend purchasing Resideo Technologies. Note that Board member Teich is buying both stocks.
Name: John Lowe
Position: President and CEO
Transaction Date: 05-22-2025 Shares Bought: 12,500 shares an Average Price Paid of $20.09 for Cost: $251,172
Company: CPI Card Group Inc. (PMTS)
CPI Card Group Inc. is a leading payments technology company specializing in a broad range of secure payment card and digital solutions. The company holds a strong leadership position in the U.S. market for debit and credit card manufacturing, personalization, and SaaS-based instant issuance services. CPI also offers secure packaging solutions and is a major producer of prepaid debit cards—branded by major payment networks but not tied to traditional bank accounts. Serving thousands of customers through both direct and indirect channels, CPI is known for cultivating long-term, trusted partnerships that support the evolving needs of the payments ecosystem.
John Lowe was appointed President and Chief Executive Officer of CPI Card Group Inc. in January 2024. He joined the company in 2018 as Chief Financial Officer and subsequently held key leadership roles, including Senior Vice President and General Manager of Secure Card, as well as Executive Vice President of End-to-End Payment Solutions. Prior to CPI, Lowe served as Chief Financial Officer at SquareTwo Financial Corporation and began his career at Deloitte. He holds a Bachelor of Science degree in Accounting and Finance from Virginia Polytechnic Institute and State University. He is also a Certified Public Accountant in Colorado and a Chartered Financial Analyst charterholder.
Opinion: The payments spot is a tough playground to duke it out in. I think I’ll pass on this one.
Name: Gregory L. Summe
Position: Director
Transaction Date: 05-23-2025 Shares Bought: 30,000 shares an Average Price Paid of $12.50 for Cost: $375,000
Company: Avantor Inc. (AVTR):
Avantor, Inc. is a leading global provider of mission-critical products and services for customers in the biopharma, healthcare, education, government, advanced technologies, and applied materials industries. With operations spanning the Americas, Europe, Asia, the Middle East, and Africa, Avantor delivers an extensive portfolio that includes high-purity chemicals and reagents, laboratory supplies, formulated silicone materials, customized excipients, single-use assemblies, process chromatography resins and columns, analytical sample preparation kits, microbiology and educational products, clinical trial kits, and fluid handling components. Founded in 1904, Avantor is headquartered in Radnor, Pennsylvania.
Mr. Summe has served on the Board of Directors since May 2020. He currently 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 leadership roles include Managing Director and Vice Chairman of Global Buyouts at The Carlyle Group, and 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: Summe has been a steady buyer in this name. Avantor’s profitability has faced challenges. In Q1 CY2025, revenues fell 5.9% year-on-year to $1.58 billion, missing estimates. The adjusted operating margin decreased by 1.1 percentage points over the last five years and 3 percentage points on a two-year basis. It would be remiss not to own some considering how low AVTR stock is trading at with the price already reflecting the financial challenges and the dim expectations for medical research under the anti-science perception of the RFK. It would be one of the stocks that posts double digit moves if he is replaced.
Name: Richard Carucci
Position: Director
Transaction Date: 05-23-2025 Shares Bought: 50,000 shares an Average Price Paid of $12.05 for Cost: $602,500
Name: Abhishek Dalmia
Position: EVP, Chief Operating Officer
Transaction Date: 05-23-2025 Shares Bought: 50,000 shares an Average Price Paid of $11.78 for Cost: $589,000
Name: Bracken Darrell
Position: President & Chief Executive Officer
Transaction Date: 05-23-2025 Shares Bought: 85,840 shares an Average Price Paid of $11.73 for Cost: $1,006,903
Company: V F Corp (VFC):
V.F. Corporation, headquartered in Denver, Colorado, was founded in 1899 and is a global leader in branded lifestyle apparel, footwear, and accessories. Operating through three segments—Outdoor, Active, and Work—the company designs, sources, markets, and distributes products across the Americas, Europe, and Asia Pacific. Its portfolio includes renowned brands such as The North Face, Timberland, Smartwool, Icebreaker, and Altra, offering high-performance outdoor gear, footwear, merino wool and natural fiber-based apparel, and accessories for men, women, and children.
Mr. Carucci has served as Chair of the Board of V.F. Corporation since June 2023. He previously held the role of Independent Director at Kontoor Brands, Inc. from 2019 to 2021. Prior to that, he was President of Yum! Brands, Inc. from 2012 to 2014, and served as Chief Development Officer and Executive Vice President of Yum! Restaurants International, Inc. beginning in 2004. Mr. Carucci earned his undergraduate degree from Brown University in 1979 and an MBA from the Haas School of Business at the University of California, Berkeley in 1984.
Abhishek Dalmia joined V.F. Corporation in March 2024 as Executive Vice President and Chief Strategy, Transformation, and Digital Officer. He was promoted to Executive Vice President and Chief Operating Officer on April 3, 2025. In this role, he is responsible for overseeing the company’s business strategy, enterprise transformation, digital technology initiatives, and global supply chain operations. Mr. Dalmia brings extensive leadership experience from prior roles at Boston Consulting Group, Lululemon, Dell Technologies, General Electric, and Citigroup. He holds a Bachelor of Commerce with Honors from St. Xavier’s College in Kolkata and an MBA in Marketing and Finance from the Indian Institute of Management, Lucknow.
Bracken Darrell was appointed Chief Executive Officer of V.F. Corporation in June 2023. Prior to joining VF, he served as President and CEO of Logitech International S.A. for a decade, beginning in January 2013, where he led a successful transformation of the company’s portfolio and brand. Earlier in his career, Mr. Darrell held leadership positions at global companies including Procter & Gamble, where he began in brand management and gained recognition for revitalizing the Old Spice brand. He has also served on the Board of Directors for Life Biosciences, an anti-aging biotechnology company, and as a trustee of Hendrix College. Mr. Darrell holds a Bachelor of Arts from Hendrix College and an MBA from Harvard Business School.
Opinion: The market sentiment for retailers with tariff challenges is so bad that this might be a price bottom with the burst of insider buying.
Name: Motor Corp Toyota
Position: Director, 10% Owner
Transaction Date: 05-22-2025 Shares Bought: 49,701,790 shares an Average Price Paid of $5.03 for Cost: $250,000,004
Company: Joby Aviation Inc. (JOBY):
Joby Aviation, Inc. is a vertically integrated air mobility company developing an electric vertical takeoff and landing aircraft intended to offer air transportation services in the United States and Dubai. The company plans to launch an aerial ridesharing service, supported by an app-based platform that enables customers to book flights. Founded in 2009, Joby Aviation is headquartered in Santa Cruz, California.
JoeBen Bevirt is the founder and Chief Executive Officer of Joby Aviation Inc., a company he established in 2009. Since its inception, he has led the development of cutting-edge electric propulsion and vertical flight technologies. Prior to founding Joby Aviation, Bevirt co-founded Velocity11, a company specializing in high-performance robotic laboratory equipment, which was later acquired by Agilent Technologies. He also founded Joby Inc., the creator of the widely popular Gorillapod flexible camera tripod. Bevirt holds a Bachelor of Science in Mechanical Engineering from the University of California, Davis, and a Master of Science in Mechanical Engineering from Stanford University.
Opinion: Everything will change when the Uber of aviation finally gets off the ground. Will they make any money for years? Does it really matter that much with deep pocketed Toyota as a major investor? Go Joby, go Archer. ACHR . Down with traffic jams to the airports.
Flying cars or eVTOLs – are coming for sure. According to JPMorgan’s latest insight is clear: the long-term runway looks promising, but near-term turbulence is hard to avoid. Does anyone expect Boeing, Airbus, or numerous others to sit still?
Name: Richard Campbell-Breeden
Position: Director
Transaction Date: 05-23-2025 Shares Bought: 75,000 shares an Average Price Paid of $4.10 for Cost: $307,500
Company: Arq Inc. (ARQ):
Arq, Inc. is an environmental technology company focused on delivering advanced purification solutions through innovative consumable products for air, water, and soil treatment. Leveraging proprietary technology, Arq specializes in the production of activated carbon and complementary chemical solutions designed to remove harmful contaminants such as mercury, PFAS, and other pollutants. The company serves key markets including coal-fired power generation, industrial processing, water treatment, and soil remediation, aligning its offerings with evolving environmental regulations. Arq operates within the advanced purification technologies sector, with a commitment to environmental sustainability and regulatory compliance.
Richard M. Campbell-Breeden has served on the Board of Directors of Arq Inc. since February 1, 2023, coinciding with the company’s acquisition of Arq Limited’s subsidiaries. He brings extensive experience in global investment banking, having spent nearly three decades at Goldman Sachs in senior leadership roles, including Vice Chairman of Investment Banking for Asia Pacific Ex Japan. Mr. Campbell-Breeden is also the founder of Omeshorn Capital Advisors Ltd., and currently sits on the boards of Julius Baer Group and Bank Julius Baer & Co. Ltd. He holds a Bachelor of Science in Mechanical Engineering from the University of Bristol and an MBA from INSEAD.
Opinion: I don’t think the environment is first of mind in the new Trump administration- but hey, who isn’t for clean water, clean air?
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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,
