Never a dull moment in the Trump show. Insiders like most investors are on the sidelines watching the show.
Name: Kirk L. Johnson
Position: Executive Vice President
Transaction Date: 06-16-2025 Shares Bought: 5,300 shares an Average Price Paid of $94.24 for Cost: $499,472
Company: ConocoPhillips (COP):
ConocoPhillips is an independent exploration and production company headquartered in Houston, Texas, with operations across 13 countries. The company maintains a diverse, low-cost-of-supply portfolio that includes resource-rich unconventional plays in North America, conventional assets in North America, Europe, Africa, and Asia, liquefied natural gas (LNG) projects, Canadian oil sands, and a range of global exploration opportunities.
Kirk L. Johnson has served as Executive Vice President of Global Operations and Technical Functions at ConocoPhillips since October 2008, overseeing the company’s global production, refining, supply, and technical teams. He began his career in the oil and gas industry with BP in 1997 and joined ConocoPhillips in 2008 following its acquisition of Burlington Resources. Throughout his tenure, he has held several key leadership roles, including Senior Vice President of Lower 48 Assets & Operations, Vice President of Corporate Planning & Development, and President of ConocoPhillips Canada. Mr. Johnson holds a Bachelor of Science degree in Chemical Engineering from the Colorado School of Mines, earned in 1997.
Opinion: Citi Corp analysts bangs the drum on June 11th according to Fly on the Wall–Citi lowered the firm’s price target on ConocoPhillips to $115 from $140 and keeps a Buy rating on the shares. ConocoPhillips’s underperformance since early 2024 has the stock back to four-year lows versus the U.S. energy index, in effect eroding all the gains of the company’s “transformative” acquisitions, the analyst tells investors in a research note. The firm believes this presents a “value-opportunity to own an energy equity that can remain resilient and differentiated in an environment where OPEC’s new strategy is likely to test business models for many.” Citi still sees “substantial upside” in ConocoPhillips shares.
Name: Robert S. Trauber
Position: CEO
Transaction Date: 06-18-2025 Shares Bought: 10,000 shares an Average Price Paid of $41.38 for Cost: $413,750
Name: Thomas Caldecot Chubb III
Position: CEO and President
Transaction Date: 06-18-2025 Shares Bought: 6,500 shares an Average Price Paid of $40.12 for Cost: $260,774
Company: Oxford Industries Inc (OXM):
Oxford Industries, Inc. is a leading branded apparel company that designs, sources, markets, and distributes products through a portfolio of lifestyle brands, including Tommy Bahama, Lilly Pulitzer, Johnny Was, Southern Tide, TBBC, Duck Head, and Jack Rogers. The company’s business strategy emphasizes delivering excellence across its brand portfolio to achieve long-term, profitable growth. Its lifestyle brands are built around distinct and compelling identities that foster emotional connections with consumers—enhancing brand loyalty, supporting premium pricing, and unlocking licensing opportunities. Success in the apparel industry depends on factors such as brand reputation, perceived value, design innovation, consumer preferences, pricing, product quality, marketing effectiveness, fulfillment capabilities, and customer service. Oxford Industries also prioritizes anticipating fashion trends and evolving consumer demands to deliver compelling seasonal collections alongside its core product offerings.
Robert S. Trauber has served as Chief Executive Officer of Johnny Was, a wholly owned subsidiary of Oxford Industries, Inc., since the brand was acquired in 2022. Prior to the acquisition, he led Johnny Was through its independent growth phase, guiding its expansion and strategic direction. Mr. Trauber began his career in apparel retail, holding various leadership roles before advancing to executive positions. He holds a bachelor’s degree from an accredited university.
Thomas Caldecot “Tom” Chubb III has served as Chief Executive Officer, President, and Chairman of Oxford Industries, Inc. since January 1, 2013. He previously held the roles of President beginning in 2009 and Executive Vice President starting in 2004. Mr. Chubb began his career with Oxford as a summer intern in 1988 and was appointed to the Board of Directors in June 2012. He holds a Bachelor of Arts in Economics from the University of North Carolina at Chapel Hill and a Juris Doctor from the University of Georgia.
Opinion: Success investing in stagnant brands like Tommy Bahama will be illusive.
Name: John Paulson
Position: Director
Transaction Date: 06-13-2025 Shares Bought: 3,564,059 shares an Average Price Paid of $5.94 for Cost: $21,170,510
Company: Bausch Health Companies Inc. (BHC):
Bausch Health Companies Inc. is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures, and markets a broad portfolio of branded, generic, and over-the-counter medications, along with cosmetic medical devices. The company’s primary therapeutic areas include gastroenterology, hepatology, neurology, and dermatology.
John Alfred Paulson joined the Board of Directors of Bausch Health Companies Inc. in June 2017 and was appointed Chairperson in June 2022. He has also served as Chair of Bausch & Lomb since May 2022. Paulson is the Founder, President, and Portfolio Manager of Paulson & Co., an investment management firm established in 1994 that specializes in global mergers, event-driven arbitrage, and credit strategies. He earned a Bachelor’s degree in Finance from New York University’s Stern School of Business in 1978 and an MBA from Harvard Business School in 1980, where he was recognized as a Baker Scholar.
Opinion: This one is worth watching. I mentioned it in last week’s post. Paulson could by the company so I wonder what is up with this large purchase.
Name: Daniel R. Lee
Position: Chief Executive Officer
Transaction Date: 06-13-2025 Shares Bought: 276,300 shares an Average Price Paid of $4.75 for Cost: $1,312,425
Company: Full House Resorts Inc. (FLL):
Full House Resorts, Inc. owns, leases, operates, develops, manages, and invests in casinos and other hospitality and entertainment properties across the United States. The company operates through three segments: Midwest & South, West, and Contracted Sports Wagering. Its portfolio includes American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Rising Star Casino Resort in Rising Sun, Indiana; Bronco Billy’s Casino and Chamonix Casino Hotel in Cripple Creek, Colorado; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa, and Casino in Incline Village, Nevada. The company also offers online sports wagering services. Founded in 1987, Full House Resorts, Inc. is headquartered in Las Vegas, Nevada.
Daniel R. Lee has served as President, Chief Executive Officer, and Director of Full House Resorts, Inc. since his appointment in November 2014. He began his career in the 1980s as a securities analyst specializing in gaming and finance, later advancing to executive roles at Mirage Resorts and serving as CEO of Pinnacle Entertainment. He also co-founded Creative Casinos. Mr. Lee holds a Bachelor of Science and an MBA from Cornell University’s School of Hotel Administration, as well as a Doctor of Business Administration in International Business from United States International University in San Diego.
Opinion: Beaten down casino operator popped in this CEO’s large purchase. This looks like a bottoming process to me.
Name: Christopher W. Hamm
Position: Director
Transaction Date: 06-18-2025 Shares Bought: 77,176 shares an Average Price Paid of $3.67 for Cost: $283,236
Company: Amplify Energy Corp. (AMPY):
Amplify Energy is an independent oil and gas company engaged in the acquisition, development, exploitation, and production of oil and natural gas properties. Operations are conducted through OLLC and its wholly owned subsidiaries. The company’s asset portfolio primarily consists of producing oil and natural gas properties located in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas/North Louisiana, and the Eagle Ford Shale. Most of these properties are situated within large, mature oil and gas reservoirs.
Christopher W. Hamm has served on the Board of Directors of Amplify Energy Corp. since its formation in May 2017. He formally joined the board on August 6, 2019, was named Lead Director in April 2020, and appointed Chairman in January 2021, in accordance with the company’s governance framework. Mr. Hamm brings over 34 years of experience as a founder, CEO, investor, advisor, and director for both public and private companies. He is currently the Chairman and CEO of Axys Capital and Axys Data, both of which he founded. Previously, he served as the head of Memorial Investment Advisors and Memorial Funds, and held senior roles at CIBC Oppenheimer, PaineWebber, and Howard Weil Labouisse & Friederichs.
Opinion: Another insider buying an oil and gas play. Yawn.
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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,
