Steinhardt Michael H: insider trades

Director at Wisdomtree, Inc. No open-market purchases and 32 sales not made under a pre-set plan, reported from February 6, 2012 to March 12, 2018.

What happened after Steinhardt Michael H’s sales?

After their sales, the shares moved −11.4% against the index over 12 months on average (a negative figure means selling was the right call); 66% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

Steinhardt Michael H: trades against the S&P 500 afterwards
Measured	Trades counted	Average vs S&P 500	Median	Went the right way	Years	t-statistic	p-value	Evidence
Purchases, 3 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 6 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the report	0	—	—	—	—	—	—	Not enough years
Purchases, 12 months after the trade	0	—	—	—	—	—	—	Not enough years
Sales, 3 months after the report	32	+0.6%	+5.0%	41%	5	0.65	0.55	No reliable evidence
Sales, 12 months after the report	32	−11.4%	−27.3%	66%	5	0.24	0.82	No reliable evidence
Sales, 12 months after the trade	32	−10.8%	−27.3%	63%	5	0.31	0.77	No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

Company	Title on the latest filing	Purchases	Sales	First report	Latest report
Wisdomtree, Inc. WT	—	0	32	February 6, 2012	March 12, 2018

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

Reported	Traded	Company	Trade	Value	3 months after report	12 months after report	12 months after trade
March 12, 2018	March 9, 2018	WT	Sale	$855,203	+13.6%	−29.5%	−30.2%
March 9, 2018	March 7, 2018	WT	Sale	$1,759,096	+13.5%	−29.3%	−28.3%
March 7, 2018	March 5, 2018	WT	Sale	$4,490,899	+14.2%	−27.5%	−27.0%
March 5, 2018	March 1, 2018	WT	Sale	$1,164,459	+11.5%	−27.1%	−26.0%
March 1, 2018	February 27, 2018	WT	Sale	$1,612,526	+10.5%	−25.9%	−23.5%
November 24, 2015	November 20, 2015	WT	Sale	$10,686,472	−38.4%	−56.0%	−57.7%
August 20, 2015	August 18, 2015	WT	Sale	$125,050	−1.3%	−60.8%	−62.9%
August 12, 2015	August 10, 2015	WT	Sale	$15,900,057	−12.8%	−62.0%	−63.2%
August 10, 2015	August 6, 2015	WT	Sale	$10,765,102	−17.7%	−64.0%	−63.2%
August 6, 2015	August 4, 2015	WT	Sale	$18,216,089	−19.9%	−63.1%	−65.6%
March 13, 2015	March 11, 2015	WT	Sale	$2,738,171	+0.9%	−42.3%	−38.6%
March 11, 2015	March 9, 2015	WT	Sale	$177,395	+7.2%	−36.4%	−32.8%
March 9, 2015	March 5, 2015	WT	Sale	$5,763,196	+3.2%	−34.8%	−29.1%
March 5, 2015	March 3, 2015	WT	Sale	$2,908,034	+5.2%	−31.1%	−29.0%
March 3, 2015	February 27, 2015	WT	Sale	$7,938,344	+10.8%	−27.0%	−28.3%
February 27, 2015	February 25, 2015	WT	Sale	$1,030,377	+9.4%	−29.7%	−30.6%
February 25, 2015	February 23, 2015	WT	Sale	$5,295,693	+14.7%	−29.3%	−29.3%
February 23, 2015	February 19, 2015	WT	Sale	$12,007,073	+8.8%	−30.3%	−31.6%
February 19, 2015	February 17, 2015	WT	Sale	$4,227,311	+4.8%	−30.4%	−27.5%
December 9, 2014	December 5, 2014	WT	Sale	$6,399,001	+37.2%	+21.0%	+17.7%
March 17, 2014	March 13, 2014	WT	Sale	$168,850	−23.5%	+34.0%	+34.0%
March 11, 2014	March 7, 2014	WT	Sale	$167,765	−27.5%	+30.5%	+20.2%
March 6, 2014	March 4, 2014	WT	Sale	$10,960,143	−25.5%	+20.2%	+10.3%
March 3, 2014	February 28, 2014	WT	Sale	$8,871,588	−30.9%	+10.3%	+9.9%
February 28, 2014	February 26, 2014	WT	Sale	$12,597,024	−32.3%	+13.7%	+13.9%
February 26, 2014	February 24, 2014	WT	Sale	$3,005,002	−36.3%	+8.3%	+10.9%
November 25, 2013	November 22, 2013	WT	Sale	$540,000	−0.2%	−13.0%	−8.7%
November 21, 2013	November 19, 2013	WT	Sale	$6,586,530	−0.6%	−8.7%	+0.7%
November 18, 2013	November 18, 2013	WT	Sale	$3,940,712	+7.7%	+0.7%	+0.1%
December 18, 2012	December 14, 2012	WT	Sale	$4,113,127	+52.8%	+134.7%	+133.3%
November 16, 2012	November 15, 2012	WT	Sale	$59,556,392	+31.8%	+84.9%	+90.2%
February 6, 2012	February 2, 2012	WT	Sale	$32,868,335	+26.4%	+35.9%	+48.0%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Steinhardt Michael H traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.