Episodes
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New SEC disclosures are giving investors edge. This episode, Ben shares how sweeping changes to rule 10b5-1 have played out in the last year, giving investors more data, context, and insights related to corporate insider activity. Learn material nuances of the rule change, what it means, and hear three real-world examples, including opportunistic activity from JPMorgan Chase (JPM) CEO Jaime Dimon, Rivian (RIVN) Founder RJ Scaringe, and Shockwave Medical (SWAV) CEO Doug Godshall.
Edited, mixed, and scored by Calvin Marty.
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Investors who can source conflict, mixed messages, or negative data points in their research process are at an advantage. In this episode, Ben shares a few hidden signals — revealed in insider selling activity, buyback programs, and earnings call sentiment — that can fuel short ideas. Examples include Snowflake (SNOW), Palo Alto Networks (PANW), PayPal (PYPL), and Skechers (SKX). Finally, Ben opens the mailbag and shares a recent question he got from a client regarding the opportunistic timing of one executive’s resignation announcement.
Edited, mixed, and scored by Calvin Marty. -
Missing episodes?
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How should investors interpret insider selling? There are a lot of data points: timing, size, past behavior, company culture, 10b5-1 context, and more. What’s signal? What’s noise?
In this episode, Ben shares 6 truths about insider selling. He weaves in illustrative examples of recent insider selling from Meta Platforms (META) CEO Mark Zuckerberg, PlanetLabs (PL) CEO Ashley Johnson, Netflix (NFLX) CEO Spencer Newman, Build-a-Bear Workshop (BBW) CEO Sharon John, Former General Electric (GE) CEO Jeffrey Immelt, and more.
Plus, Ben answers a great question he got recently from a VerityData hedge fund client: “If an insider targets a specific price, is that always bad?“
Edited, mixed, and scored by Calvin Marty.
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This month, Ben looks back at the year in insider buying and selling activity. From the long list of insiders active in 2023, Ben selects a shortlist of the best-performing execs and directors. These six insiders displayed well-timed and opportunistic behavior that should put them on the radar of investors wanting to generate ideas, manage risk, and have more edge in 2024.
Edited, mixed, and scored by Calvin Marty.
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What does a modern earnings workflow look like? This month, Ben and guests discuss the challenge of absorbing torrential amounts of information during earnings — from the press release to the 10-K/Q disclosure to the call transcript. Plus, go behind the scenes with the VerityData analyst developing genAI tools (including AI-generated transcript summaries) designed to help analysts stay on top of it all.
Edited, mixed, and scored by Calvin Marty.
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Ben and guests look back at a handful of this year's winning investment ideas and analyze intriguing ideas from the recent past. Plus, what does it mean when insiders at a company suddenly stop selling stock? Listen for the signals.
Edited, mixed, and scored by Calvin Marty.
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Ben and guests dive into popular insider datasets — corporate buybacks, insider buying & selling, stock-based compensation — and share recent examples where multiple factors came together for a differentiated view. Plus, the errors of sell-side short research. Tickers mentioned: THC, MMS, IBP, CVGW, IMGN
Edited, mixed, and scored by Calvin Marty.
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Ben and Senior Analyst Max Magee discuss benefits and drawbacks for investors who want to take advantage of recent changes to Form 144s. With the changes, investors are getting more data around insider intent to sell, but how should you include it in your mosaic?
Edited, mixed, and scored by Calvin Marty.
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Ben and Senior Analyst Ali Ragih, CFA, discuss how investors can take advantage of the new buyback data that will become available once SEC's new buyback disclosure requirements come into effect. Ben dives into a recent example where one company capitalized on its 10b5-1 plan, sending valuation signals to any investors who were paying attention.
Edited, mixed, and scored by Calvin Marty.
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Ben and Senior Analyst Ali Ragih talk about equity gifts by corporate insiders, why they are important transactions, and how to incorporate them into your analysis when screening for investment ideas. Plus, how banking insiders signaled with company stock purchases in the wake of the SVB Financial meltdown.
Edited, mixed, and scored by Calvin Marty.
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Ben is joined by Analyst & 10b5-1 Expert C. Max Magee to discuss Rule 10b5-1 — what it is, how it provides institutional investors with unique insights, and which of the SEC’s many changes you should pay attention to. Finally, Ben shares recent examples of corporate insider activity to highlight how the SEC may or may not actually curtail certain behaviors.
Edited, mixed, and scored by Calvin Marty.
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This month Ben talks about a truly strange insider trend that happened; discusses how investors can include company stock buybacks in fundamental analysis (with guest Ali Ragih, CFA), and covers the curious case of Coupa Software — where a huge payday for the CEO may have offered insight into an upcoming M&A deal.
Edited, mixed, and scored by Calvin Marty.
