About this page
Insider trades reported on SEC Form 4: when the people who run a company buy or sell its shares with their own money.
How to read it
- Form 4
- The form a company insider (officer, director or owner of more than 10%) must file with the SEC within two business days of buying or selling the company's shares.
- Buy (P) and Sell (S)
- Open-market purchases and sales. Gifts, option exercises and automatic tax withholding are left out because they say little about what the insider thinks.
- Value
- Shares times price, as reported on the filing.
- 10b5-1
- A trade made under a plan set up in advance. Planned sales are common and usually say less than an unplanned purchase.
- Late filing
- A Form 4 filed more than two business days after the trade.
- Vs. S&P 500
- How the stock did after the trade minus how the overall market did in the same weeks.
A real example
In January 2016, when bank stocks were falling, JPMorgan Chase CEO Jamie Dimon bought 500,000 JPMorgan shares with his own money, worth about $26 million. His Form 4 made the purchase public within days, and investors read it as a strong sign of confidence.
Explain it like I'm 13
If the coach of a team bets his own allowance that his team will win, that tells you something. A Form 4 is the note a company boss must hand in whenever he buys or sells his own company's shares, so everyone can see it.
Data from public SEC filings and congressional reports. Information, not investment advice. Check every number against the filing linked on the page.
Who Bought Before the Market Did?
People ranked by how the stocks they bought did in the months after each purchase, compared with the S&P 500. Only people with at least three measurable purchases are included.
How to read this: "Vs. S&P 500" is the average of (the stock's change minus the S&P 500's change) over the same weeks. A score of +5.0 means the stocks bought did 5 percentage points better than the index, on average. It measures timing, not profit, and a few lucky trades can put anyone near the top. How we measure it
Insiders who beat the market after buying, 1 month later
| # | Insider | Purchases measured | Beat the index | Vs. S&P 500 |
|---|---|---|---|---|
| 1 | Lipen Yuan | 3 | 3 of 3 | +487.5% |
| 2 | Chang Liu | 4 | 4 of 4 | +66.2% |
| 3 | David F. Bailey | 3 | 3 of 3 | +47.4% |
| 4 | James Cacioppo | 6 | 6 of 6 | +30.1% |
| 5 | Neil S. Subin | 8 | 8 of 8 | +28.4% |
| 6 | Anthony R. Horton | 3 | 3 of 3 | +23.1% |
| 7 | Red Oak Partners, LLC | 8 | 8 of 8 | +21.8% |
| 8 | Gareth Neville Genner | 6 | 5 of 6 | +17.7% |
| 9 | Steven I. Sarowitz | 3 | 3 of 3 | +14.5% |
| 10 | David Meniane | 3 | 2 of 3 | +12.5% |
| 11 | Michael Huffaker | 3 | 2 of 3 | +12.5% |
| 12 | Eric L. Oliver | 4 | 4 of 4 | +11.9% |
| 13 | Michael Picchi | 3 | 3 of 3 | +11.4% |
| 14 | George P. Sakellaris | 5 | 5 of 5 | +10.9% |
| 15 | Shaker Sadasivam | 3 | 2 of 3 | +10.0% |
| 16 | Paine Schwartz Food Chain Fund V Gp, Ltd. | 17 | 7 of 17 | +8.3% |
| 17 | Brandon Satoren | 4 | 4 of 4 | +8.3% |
| 18 | Liane Rae Teplitsky | 4 | 4 of 4 | +8.2% |
| 19 | Adar1 Capital Management, LLC | 3 | 3 of 3 | +7.3% |
| 20 | Joseph Wm Foran | 4 | 2 of 4 | +6.7% |
| 21 | Tor Olav Troim | 3 | 3 of 3 | +6.5% |
| 22 | Goldentree Asset Management LP | 13 | 12 of 13 | +6.5% |
| 23 | Shih-Yao David Lin | 64 | 32 of 64 | +6.1% |
| 24 | Mark S. Peek | 3 | 3 of 3 | +5.3% |
| 25 | John Mazarakis | 5 | 5 of 5 | +5.0% |
Insiders who lagged the market after buying, 1 month later
| Insider | Purchases measured | Beat the index | Vs. S&P 500 |
|---|---|---|---|
| De Angoitia Alfonso | 3 | 0 of 3 | −59.6% |
| Bruce McAnally | 6 | 0 of 6 | −56.7% |
| Robert W. Walker | 4 | 1 of 4 | −40.4% |
| Jack Jiajia Huang | 3 | 0 of 3 | −29.8% |
| Milton C. Ault III | 12 | 0 of 12 | −22.9% |
| Anthony Li Hsieh | 6 | 0 of 6 | −22.3% |
| Jeffrey Richart Geygan | 3 | 0 of 3 | −21.1% |
| Hrt Financial LP | 13 | 2 of 13 | −21.1% |
| Len Sturm | 4 | 0 of 4 | −18.5% |
| Jeffrey E. Kelter | 5 | 0 of 5 | −15.9% |
| Jay W. Roth | 9 | 0 of 9 | −14.4% |
| Mink Brook Asset Management LLC | 12 | 0 of 12 | −13.6% |
| Kenneth S. Courtis | 4 | 0 of 4 | −13.0% |
| Ramiro Guerrero | 4 | 0 of 4 | −13.0% |
| Amir F. Heshmatpour | 3 | 1 of 3 | −11.5% |
Not investment advice. Based on SEC Form 4 filings and STOCK Act reports; weekly prices from SEC fails-to-deliver data; the S&P 500 is measured with the SPY ETF. Dividends are not included.