Very little insider buying the last two weeks but there is a bunch of selling. This market makes nervous but at the same time greedy. With stocks making new highs, it’s dangerous for a money manager to sit out. I still find opportunity but it’s in a narrow crack I am looking through. The RSP equal weighted S&P 500 index has failed to keep up with the capitalization weighted S&P 500. The divergence has started, and I expect it to broaden. Investors are looking for exposure to AI and some Web 3.0 Stable coin crypto ideas. But it’s really AI. Everything is AI, though and it is picking up flotsam and jetsam, like Energy and Electricity.
As tariffs get incorporated into the price of all goods, expect the consumer to retrench. Since 70% of the economy is consumer related, I expect this to eventually start to move the market. When does this happen? Perhaps scary old October. It does have a spooky past. Or perhaps September. It does have a reputation for cruelty.
At any rate we try to keep to our lane and report on notable insider buying not the macro. But don’t kid yourself. The macro is important,
Name: Brian Grass
Position: Chief Executive Officer
Transaction Date: 07-15-2025 Shares Bought: 10,000 shares an Average Price Paid of $21.47 for Cost: $214,700
Name: Tracy Scheuerman
Position: Chief Financial Officer
Transaction Date: 07-15-2025 Shares Bought: 10,000 shares an Average Price Paid of $20.13 for Cost: $201,300
Company: Helen of Troy Ltd (HELE):
Helen of Troy Limited is a global consumer products company offering a wide array of innovative and trusted brands across the United States, Canada, Europe, the Middle East, Africa, Asia Pacific, and Latin America. The company operates through two primary segments: Home & Outdoor and Beauty & Wellness. The Home & Outdoor segment includes food storage solutions, kitchen tools for food preparation, baking essentials, home organization products, cleaning and bath accessories, infant and toddler items, and coffee preparation tools and appliances. It also offers insulated beverageware such as bottles, tumblers, mugs, lunch containers, soft coolers, outdoor kitchenware, and related accessories. Founded in 1968, Helen of Troy is headquartered in El Paso, Texas.
Brian L. Grass has been with Helen of Troy Limited since 2006 and was appointed Interim Chief Executive Officer in May 2025. Prior to this role, he served as Chief Financial Officer beginning in September 2023, a position he also held from 2014 to 2021. During his tenure at the company, he has also served as Assistant CFO and Vice President. Before joining Helen of Troy, Mr. Grass spent seven years at KPMG and six years in financial leadership roles at Tenet Healthcare. He holds a Bachelor of Science in Industrial Management from Purdue University.
Tracy Scheuerman has served as Interim Chief Financial Officer of Helen of Troy since May 2025, bringing over two decades of experience with the company. She originally joined Helen of Troy in March 2004 following its acquisition of OXO International, where she held the position of Controller. Over the years, she advanced to Vice President of Finance and Supply Chain for the Housewares division in 2008, and was later promoted to Senior Vice President of Finance and Operations in 2015. Prior to her time at OXO, Ms. Scheuerman worked at KPMG for two years and spent six years at Borden Inc. in finance and internal audit roles. She holds a Bachelor’s degree in Accounting from Kent State University, where she was active in Beta Alpha Psi and the Accounting Society.
Opinion: Bottom fishing is fine if you have low expectations. You can make money with value stocks or you can wind up trapped up on the bottom of the ocean floor.
Name: John Cox
Position: CEO & President
Transaction Date: 07-14-2025 Shares Bought: 100,000 shares an Average Price Paid of $9.11 for Cost: $911,000
Company: Dyne Therapeutics Inc. (DYN):
Dyne Therapeutics Inc. is a clinical-stage biotechnology company dedicated to developing innovative therapies for genetically driven neuromuscular diseases. Its proprietary FORCE™ platform enables the creation of targeted treatments designed to overcome the challenges of delivering therapeutics to muscle tissue and the central nervous system. These therapies combine a disease-specific payload, a linker, and an antigen-binding fragment to directly address the genetic causes of various conditions. The platform supports multiple types of payloads, including oligonucleotides and enzymes, and is engineered to modulate key disease-related functions. Dyne focuses on diseases with significant unmet medical need and clear clinical and regulatory pathways.
John Cox has served as President, Chief Executive Officer, and Director of Dyne Therapeutics Inc. since March 25, 2024. He brings extensive leadership experience in the biotechnology sector, having previously held CEO roles at Bioverativ and Repertoire Immune Medicines. Earlier in his career, he held various commercial and technical positions at Biogen. Mr. Cox holds a Bachelor of Science in Biology from Arizona State University, a Master of Science in Cell Biology from California State University, and an MBA from the University of Michigan.
Opinion: This is a brutal market for small cap biotech. I would need more insider buying, more confirmation that there was some there in Dyne besides a money pit.
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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,
