To The Moon

Corporate insiders are selling with one hand what they're buying with their other.In their personal accounts, they are selling shares of their companies at near-record rates. With their companies' cash, in contrast, they are repurchasing shares at a record rate. This schizophrenic behavior doesn't bode well for the market.Among all companies with any insider transactions so far in October, just 13% have experienced more insider buying than insider selling. That's the lowest insider buy ratio in at least a decade, according to the Seyhuns' analysis.In contrast to the insiders' stinginess in their personal portfolios is their eagerness to purchase their companies' shares with corporate cash. Rubin told Barron's that based on year-to-date buyback activity, corporations' announced buybacks have now exceeded $1 trillion and that "by the end of 2024, announced buybacks for the year will set a new record.". In contrast to the poor market timing exhibited by companies' repurchase decisions, in