DAL

Insider Buying Week 04-18-25 Quiet after the Flip Flop

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What a great time to be an insider. Every bear market since 2001 has only ended with a plethora, a tsunami of insider buying. Nothing like that has yet happened but this is where you will hear about it first, IF it happens. Name: John B. Hess Position: Director Transaction Date: 04-15-2025  Shares Bought: 3,904 shares an Average Price Paid of $511.68 for Cost: $1,997,584 Company: Goldman Sachs Group Inc (GS): Goldman Sachs is a prominent global financial institution providing a broad spectrum of financial services to a diverse client base, including corporations, financial institutions, governments, and individual investors. The … Read more

Insider Buying Week 07-19-24 Trump Survives Assassination Attempt but Republican Convention Kills Trump Rally

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The assassination attempt on Trump failed, but the Republican Convention succeeded in killing the Trump stock market rally.  The week started on a positive note with almost a providential feel but began unraveling as market participants grappled with what a second-term Trump Presidency might really look like. Trump’s acceptance speech landed like a lead balloon on an increasingly nervous market. It didn’t help that Goldman Sachs said a 10% market correction might be underway.  Israel struck targets in Yemen in retaliation for a lethal Houthi drone attack in Tel Aviv. Tensions escalated as the threat of a broader war in … Read more

Insider Buying Week 05-03-24 Insiders are Putting their Toes back in the Water

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At least half of the quarterly earnings are behind us, and the blackout window is opening. This week, insider buying has steadily picked up. We have some large insider buys this week in Marquis names. There could be some gems here, and I’m giving you my first crack at them.  Meanwhile, if it weren’t for the massive amount of Government spending already added to the cake from Covid handouts, the Inflation Reduction Act, and Infrastructure Acts ,the Fed’s high-interest rate regime would already be bringing the economy to its knees, in my opinion. You can be an insider, too– by … Read more

Insider Buying Week 11-03-23 Insider Buying offers Clues as to where Bargains might Await

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The difference between the 10-year Treasury Bond yield and the S&P 500 dividend yield is the largest it’s been since 2007.  The spread between interest earned on Treasury Bills and dividends reached levels not seen in 40 years. ~5% money market rates and an S&P 500 dividend yield of 1.52% cannot coexist indefinitely. This is not a condition for equilibrium. Something must give. Great amounts of money will be made in getting this right. In the immortal words of Dylan, the poet laureate, “Something is happening here; But you don’t know what it is.” The market changed its narrative last week from higher for longer … Read more

Insider Buying Week 10-20-23 – Next week may be the spookiest in some time.

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So far, 3rd quarter earnings haven’t done anything to dispel the gloom. The S&P 500 lost 2.39% last week. That’s hardly a surprise. What’s a bigger surprise is that the market is hanging on to any gains at all this year. We’ll find out how lopsided investment returns are when the tech giants report earnings this coming week. The entire S&P 500 now hangs on Microsoft, Google, Alphabet, Meta, and Amazon as the broader market is a veritable dumpster fire. It seems like a tall order that investors continue to bid these stocks higher just because they have a lot … Read more

Getting the big things right-Insider Buying Week 1-20-23

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Following insider behavior closely was not a very successful strategy last year. They got a lot of things wrong.  Not too surprising when you look closely at it. Insiders may know their companies far better than anyone else, but their macro crystal ball might not be better than yours or mine.  Last year had two black swan events, a proxy war between the West and Russia over the invasion of Ukraine and rapidly rising interest rates.  The investment strategy that shined last year was global macro. After many years of relative underperformance global macro rose to the top.  Getting these … Read more

Insider Buying Week 7-15-22

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  Curious how well insiders are doing with their buys? Scroll through the significant buys of the last year. The market seems like it’s stabilizing, although, behind the scenes, the war in Europe is the 800-pound gorilla threatening to take a turn for the worse. Interest rates have stopped rising in spite of all the tough talk from the Fed. At least the long part of the yield curve is stable, although many economists and market pundits say that’s because the curve is inverting, sending classic recessionary signals. There’s no question that consumers are slowing down their spending binge but … Read more

Ugly Ugly and then some Ugly week 4-29-22

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  Curious how well insiders are doing with their buys? Scroll through the significant buys of the last year. If you thought last week was ugly, this Friday took the cake. We’re now testing the lows set this year and if you’re not nervous about the market, you’re in denial. The S&P 500 Index slumped on Friday, capping its biggest monthly decline since March 2020. According to Bloomberg, the benchmark gauge closed down 3.6%. All 11 major industry groups declined, with the consumer discretionary, real estate, and information technology sectors leading losses. The tech-heavy Nasdaq 100 Index fell 4.5%, closing … Read more

Insider Buying week 12-03-21 -Let me Count the Ways I Hate SPACS

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Curious how well insiders are doing with their buys? Click on this link or image above to scroll the significant buys of the last year. I’ve been monitoring insider behavior and how it impacts stock prices for about as long as anyone out there I haven’t seen much that shocks me or changes my perception of the usefulness of this information.  Now I have.  Normally significant insider buying will put a floor on a down-trending stock.  That’s changed with SPACS.  No matter how encouraging the news is or robust the insider buying is, when you have big shareholders waiting in … Read more

Insider Buying Picks Up Dramatically Week 8-06-21

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For trade, details click on this link to the trades.  Name Sachs Bruce I Position: Director Shares Bought: 15,000 Average Price Paid: $197.91, Cost: $2,968,650 Company: Vertex Pharmaceuticals Inc. (VRTX) Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has multiple approved medicines that treat the underlying cause of cystic fibrosis (CF) – a rare, life-threatening genetic disease – and has several ongoing clinical and research programs in CF. Beyond CF, Vertex has a robust pipeline of investigational small molecule medicines in other serious diseases where it has … Read more

Insider Buys Week Ending May 1, 2020

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Our pick of the week, EDI Stone Harbor Emerging Market VP bought 100,837 at $5.88 yielding over 15%. Combined with the discount to NAV, the distribution rate for EDI as of May 1 was 27%.  The Stone Harbor Emerging Markets Total Income Fund (EDI) is not for the faint of heart. It’s down 38%YTD and it’s five year return is -5.5%. It’s a managed portfolio of Emerging Markets Debt (sovereign and corporate debt in both hard and local currency) combined with an ability to invest in Emerging Markets Equity, structured to maximize total return. The largest purchase last week was … Read more

What were insiders buying during this historic market sell-off?

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This was a week like none other- well, that’s not quite correct, a week like only 4 others in terms of market losses since 1945.  The Coronavirus put the stock market into intensive care. It remains to be seen if the general population follows it into the sick ward. The Dow  closed Friday, 357 points, or 1.4%, lower, on its seventh day in the red. At its worst, the index was down nearly 1,086 points. It dropped 3,583 points this week, including its worst one-day point drop in history on Thursday. On a percentage basis, Thursday’s 4.4% slump was the worst performance since … Read more

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The esteemed Ned Davis research letter might give The Insiders Fund an unexpected push toward the finish. As readers of our blog should know we’ve been pretty keen on the undervalued airline sector.  We especially like Delta here with its recent pullback in price.  We also own American Airlines and United Airlines.  We know we are in good company with Warren Buffett, Delta’s largest shareholder. I keep thinking he is going to buy Delta as one final hurrah.  That’s what an Investor Business Daily article said back in April. With the recent pullback, it might be more likely. The analyst, … Read more

No Time For Heroes

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  The Insiders Fund, went 80% to cash last Wednesday in part market-driven, in part disillusioned with the likelihood of a China trade deal.  The Fund had a great run up this year, over 24%, and now many stocks appear grossly over-valued.  The “cloud” software stocks seem to have nothing but clouds themselves supporting their valuations.  To top it off Uber went public at an $85 billion dollar valuation. This is for a company that has never made money, maybe never will as the drivers are estimated to be making less than minimum wage after factoring the cost of their … Read more

Time to buy more airlines $DAL,$UAL,$LUV

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I think the Trump admistration will eventually throw US carriers a big bone with some sanctions against the Gulf carriers and other state owned airlines plus some insider buying, low valuations, strong cash flow, Buffett long term sponsorship,and low fuel prices long term.   DAL and LUV are clearly the best run companies.

Notes from Enercom 2012

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First of all men’s suits are back in force.  Everyone is wearing a suit.  My big takeway besides men’s haberdashery is that every single company presenting (and there are a lot of them- just about every oil and gas company you never heard of plus a few majors like APA, APC, Petrobras, etc.) is talking about how they have aggressively switched away from drilling for natural gas to oily liquids.  Everyone is bragging about how fast they are making the transition.  Considering it is currently against the law to export raw crude from the U.S, there will undoubtedly be a … Read more