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Koch C James: insider trades

Officer at Boston Beer Co Inc. No open-market purchases and 202 sales not made under a pre-set plan, reported from August 31, 2010 to November 9, 2020.

What happened after Koch C James’s sales?

After their sales, the shares moved +10.5% against the index over 12 months on average (a negative figure means selling was the right call); 44% 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

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
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 202 +7.3% +8.6% 42% 8 1.11 0.30 No reliable evidence
Sales, 12 months after the report 202 +10.5% +5.0% 44% 8 0.35 0.74 No reliable evidence
Sales, 12 months after the trade 202 +10.6% +5.0% 46% 8 0.32 0.76 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Boston Beer Co Inc SAM Chairman0202August 31, 2010November 9, 2020

Trades and what followed

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

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
November 9, 2020November 6, 2020 SAM Sale $2,100,500 +11.8%−81.5%−89.5%
November 6, 2020November 6, 2020 SAM Sale $1,580,052 +8.3%−82.6%−89.5%
November 6, 2020November 5, 2020 SAM Sale $2,077,544 +8.3%−82.6%−86.6%
November 5, 2020November 4, 2020 SAM Sale $8,748,262 −3.9%−89.5%−88.5%
May 11, 2020May 8, 2020 SAM Sale $967,680 +48.0%+73.9%+90.6%
May 8, 2020May 1, 2020 SAM Sale $5,107,300 +49.9%+81.4%+108.1%
March 2, 2020March 2, 2020 SAM Sale $1,443,934 +49.7%+145.8%+165.9%
March 13, 2017March 10, 2017 SAM Sale $1,854,985 −10.8%+6.1%+3.8%
March 10, 2017March 9, 2017 SAM Sale $2,077,244 −10.3%+3.9%−0.3%
March 9, 2017March 8, 2017 SAM Sale $1,974,884 −9.0%+3.8%−2.4%
March 8, 2017March 7, 2017 SAM Sale $1,006,720 −13.5%−0.3%−6.8%
November 4, 2016November 4, 2016 SAM Sale $68,217 −9.7%−15.3%−16.3%
October 31, 2016October 28, 2016 SAM Sale $788,063 −8.1%−9.9%−14.1%
October 28, 2016October 27, 2016 SAM Sale $1,089,724 −8.7%−8.7%−16.1%
December 7, 2015November 11, 2015 SAM Sale $2,516,149 −15.3%−31.1%−26.4%
November 16, 2015November 16, 2015 SAM Sale $2,501,781 −8.0%−28.8%−26.5%
November 16, 2015November 13, 2015 SAM Sale $2,437,147 −8.0%−28.8%−22.4%
November 12, 2015November 12, 2015 SAM Sale $2,490,245 −2.4%−22.4%−23.6%
November 10, 2015November 10, 2015 SAM Sale $2,522,305 −2.1%−26.4%−27.3%
November 9, 2015November 9, 2015 SAM Sale $2,326,282 −2.1%−27.3%−29.0%
November 9, 2015November 6, 2015 SAM Sale $2,298,601 −2.1%−27.3%−27.5%
November 6, 2015November 5, 2015 SAM Sale $2,335,819 −6.5%−29.0%−27.2%
November 5, 2015November 4, 2015 SAM Sale $2,376,721 −3.0%−27.5%−29.3%
November 4, 2015November 3, 2015 SAM Sale $2,413,601 −1.4%−27.2%−30.2%
August 18, 2015August 17, 2015 SAM Sale $1,875,320 −6.0%−23.6%−23.9%
August 17, 2015August 14, 2015 SAM Sale $1,884,800 −8.3%−26.0%−28.0%
August 14, 2015August 13, 2015 SAM Sale $1,891,410 −10.4%−23.9%−29.2%
August 13, 2015August 12, 2015 SAM Sale $1,862,059 −11.3%−28.0%−28.4%
August 12, 2015August 11, 2015 SAM Sale $1,863,816 −10.9%−29.2%−28.7%
August 11, 2015August 10, 2015 SAM Sale $1,887,547 −11.4%−28.4%−29.1%
August 10, 2015August 7, 2015 SAM Sale $1,870,808 −8.6%−28.7%−30.7%
August 10, 2015August 6, 2015 SAM Sale $1,869,078 −8.6%−28.7%−29.9%
June 29, 2015June 26, 2015 SAM Sale $672,280 −0.2%−32.4%−28.2%
June 26, 2015June 25, 2015 SAM Sale $120,000 +0.4%−30.6%−31.7%
June 25, 2015June 24, 2015 SAM Sale $1,061,970 −0.9%−28.2%−34.9%
June 24, 2015June 23, 2015 SAM Sale $1,231,476 −1.6%−31.7%−34.8%
June 23, 2015June 22, 2015 SAM Sale $1,241,772 −1.6%−34.9%−35.4%
June 22, 2015June 19, 2015 SAM Sale $1,254,921 +0.1%−34.8%−36.9%
June 19, 2015June 18, 2015 SAM Sale $1,274,050 −2.3%−35.4%−37.1%
June 18, 2015June 17, 2015 SAM Sale $1,258,132 −1.6%−36.9%−37.6%
June 17, 2015June 16, 2015 SAM Sale $1,251,725 −6.3%−37.1%−38.2%
June 16, 2015June 15, 2015 SAM Sale $1,247,030 −6.9%−37.6%−37.5%
May 15, 2015May 14, 2015 SAM Sale $505,205 −10.7%−42.6%−41.3%
May 14, 2015May 13, 2015 SAM Sale $2,002,022 −8.8%−41.7%−38.3%
May 13, 2015May 12, 2015 SAM Sale $1,989,900 −9.1%−41.3%−39.7%
May 12, 2015May 11, 2015 SAM Sale $2,018,965 −6.3%−38.3%−39.6%
May 11, 2015May 8, 2015 SAM Sale $2,000,912 −6.6%−39.7%−38.2%
May 8, 2015May 7, 2015 SAM Sale $1,991,190 −6.9%−39.6%−38.6%
May 7, 2015May 6, 2015 SAM Sale $2,037,431 −5.2%−38.2%−39.7%
April 23, 2015April 22, 2015 SAM Sale $1,304,306 −14.5%−41.4%−35.0%
April 22, 2015April 21, 2015 SAM Sale $1,317,371 −15.5%−40.7%−35.0%
April 21, 2015April 20, 2015 SAM Sale $1,305,082 −16.1%−35.0%−34.7%
April 21, 2015April 17, 2015 SAM Sale $1,296,878 −16.1%−35.0%−33.6%
April 17, 2015April 16, 2015 SAM Sale $1,314,264 −16.7%−34.7%−32.4%
April 16, 2015April 15, 2015 SAM Sale $1,321,074 −16.6%−33.6%−33.7%
April 15, 2015April 14, 2015 SAM Sale $1,322,894 −16.9%−32.4%−33.4%
April 14, 2015April 13, 2015 SAM Sale $1,337,629 −17.2%−33.7%−33.8%
April 13, 2015April 10, 2015 SAM Sale $1,354,230 −15.4%−33.4%−33.9%
April 10, 2015April 9, 2015 SAM Sale $1,362,520 −15.0%−33.8%−35.2%
March 13, 2015March 12, 2015 SAM Sale $2,418,264 −9.0%−31.8%−33.1%
March 13, 2015March 11, 2015 SAM Sale $2,341,800 −9.0%−31.8%−31.1%
March 12, 2015March 10, 2015 SAM Sale $2,317,597 −8.3%−31.4%−31.0%
March 10, 2015March 9, 2015 SAM Sale $1,997,042 −8.8%−31.1%−29.5%
March 9, 2015March 6, 2015 SAM Sale $2,327,442 −5.2%−31.0%−21.3%
March 6, 2015March 5, 2015 SAM Sale $2,339,402 −1.7%−29.5%−20.9%
March 5, 2015March 4, 2015 SAM Sale $2,353,676 −0.6%−21.3%−20.6%
March 4, 2015March 3, 2015 SAM Sale $2,331,480 −0.8%−20.9%−20.9%
November 18, 2014November 17, 2014 SAM Sale $2,339,148 +19.5%−19.9%−20.9%
November 17, 2014November 14, 2014 SAM Sale $2,364,322 +18.2%−20.8%−23.0%
November 17, 2014November 13, 2014 SAM Sale $2,369,999 +18.2%−20.8%−24.4%
November 13, 2014November 12, 2014 SAM Sale $2,395,262 +13.8%−23.0%−25.3%
November 12, 2014November 11, 2014 SAM Sale $2,375,865 +12.0%−24.4%−24.9%
November 12, 2014November 10, 2014 SAM Sale $2,334,224 +12.0%−24.4%−25.9%
November 10, 2014November 7, 2014 SAM Sale $2,320,131 +11.6%−24.9%−21.8%
November 7, 2014November 6, 2014 SAM Sale $2,303,420 +11.6%−25.9%−24.2%
November 6, 2014November 5, 2014 SAM Sale $1,745,410 +15.9%−21.8%−22.2%
November 5, 2014November 4, 2014 SAM Sale $1,231,242 +17.0%−24.2%−19.2%
August 15, 2014August 15, 2014 SAM Sale $457,468 +9.0%−8.5%−7.5%
August 15, 2014August 14, 2014 SAM Sale $911,936 +9.0%−8.5%−5.4%
August 14, 2014August 13, 2014 SAM Sale $910,240 +10.0%−7.5%−6.4%
August 13, 2014August 12, 2014 SAM Sale $909,331 +12.2%−5.4%−7.4%
August 12, 2014August 11, 2014 SAM Sale $927,366 +10.8%−6.4%−8.7%
August 11, 2014August 8, 2014 SAM Sale $919,059 +10.7%−7.4%−10.1%
May 19, 2014May 16, 2014 SAM Sale $663,862 −3.6%+1.9%+1.7%
May 16, 2014May 15, 2014 SAM Sale $440,000 −3.3%+0.1%+3.7%
May 15, 2014May 14, 2014 SAM Sale $68,100 −2.9%+1.7%+4.4%
May 14, 2014May 13, 2014 SAM Sale $688,620 −1.1%+3.7%−2.8%
May 13, 2014May 12, 2014 SAM Sale $689,727 +0.2%+4.4%−5.6%
May 12, 2014May 9, 2014 SAM Sale $69,000 −2.1%−2.8%−1.9%
May 9, 2014May 8, 2014 SAM Sale $702,183 −3.7%−5.6%−6.4%
May 9, 2014May 7, 2014 SAM Sale $700,943 −3.7%−5.6%−7.5%
November 18, 2013November 15, 2013 SAM Sale $241,392 −9.4%−12.7%−9.6%
November 15, 2013November 14, 2013 SAM Sale $483,097 −8.9%−10.5%−8.0%
November 14, 2013November 13, 2013 SAM Sale $484,059 −9.5%−9.6%−8.5%
November 13, 2013November 12, 2013 SAM Sale $482,248 −10.4%−8.0%−7.5%
November 12, 2013November 11, 2013 SAM Sale $480,841 −11.0%−8.5%−7.4%
November 12, 2013November 8, 2013 SAM Sale $240,958 −11.0%−8.5%−7.7%
August 19, 2013August 16, 2013 SAM Sale $1,021,746 +8.9%−12.2%−8.2%
August 16, 2013August 15, 2013 SAM Sale $1,030,913 +8.3%−10.9%−8.6%
August 15, 2013August 14, 2013 SAM Sale $1,062,962 +9.5%−8.2%−10.6%
April 18, 2013April 17, 2013 SAM Sale $478,210 −1.2%+18.3%+25.9%
April 18, 2013April 16, 2013 SAM Sale $965,830 −1.2%+18.3%+25.8%
April 16, 2013April 15, 2013 SAM Sale $950,109 +4.4%+25.9%+26.9%
April 16, 2013April 12, 2013 SAM Sale $934,310 +4.4%+25.9%+32.2%
April 12, 2013April 11, 2013 SAM Sale $927,176 +4.4%+26.9%+35.0%
April 11, 2013April 10, 2013 SAM Sale $924,361 +8.4%+32.2%+35.0%
April 10, 2013April 9, 2013 SAM Sale $921,179 +10.0%+35.0%+34.9%
April 10, 2013April 8, 2013 SAM Sale $929,310 +10.0%+35.0%+31.8%
April 8, 2013April 5, 2013 SAM Sale $927,168 +11.0%+34.9%+30.2%
April 5, 2013April 4, 2013 SAM Sale $936,959 +8.8%+31.8%+31.4%
April 4, 2013April 3, 2013 SAM Sale $948,517 +8.1%+30.2%+31.9%
April 3, 2013April 2, 2013 SAM Sale $967,805 +7.8%+31.4%+30.3%
April 2, 2013April 1, 2013 SAM Sale $955,033 +7.0%+31.9%+31.2%
December 3, 2012November 30, 2012 SAM Sale $847,050 +27.9%+76.8%+79.9%
November 30, 2012November 29, 2012 SAM Sale $853,212 +29.3%+77.8%+84.6%
November 29, 2012November 28, 2012 SAM Sale $846,000 +31.5%+79.9%+86.6%
November 29, 2012November 27, 2012 SAM Sale $847,200 +31.5%+79.9%+87.6%
November 28, 2012November 26, 2012 SAM Sale $856,462 +27.9%+84.6%+81.7%
November 26, 2012November 23, 2012 SAM Sale $344,295 +28.8%+87.6%+83.6%
November 26, 2012November 21, 2012 SAM Sale $850,995 +28.8%+87.6%+83.7%
November 21, 2012November 20, 2012 SAM Sale $861,546 +29.8%+83.6%+81.6%
November 20, 2012November 19, 2012 SAM Sale $845,268 +30.6%+83.7%+86.0%
November 19, 2012November 16, 2012 SAM Sale $1,009,672 +23.7%+81.6%+80.9%
November 16, 2012November 15, 2012 SAM Sale $999,748 +24.8%+86.0%+81.9%
November 15, 2012November 14, 2012 SAM Sale $1,010,276 +24.1%+80.9%+82.5%
November 14, 2012November 13, 2012 SAM Sale $672,660 +27.6%+81.9%+84.4%
September 12, 2012September 12, 2012 SAM Sale $617,706 +28.7%+108.1%+101.3%
September 12, 2012September 11, 2012 SAM Sale $322,230 +28.7%+108.1%+97.9%
September 11, 2012September 10, 2012 SAM Sale $307,140 +26.9%+101.3%+96.9%
September 10, 2012September 7, 2012 SAM Sale $304,674 +9.1%+97.9%+96.9%
September 7, 2012September 6, 2012 SAM Sale $309,528 +7.8%+96.9%+100.8%
September 6, 2012September 5, 2012 SAM Sale $306,513 +10.0%+96.9%+99.7%
September 5, 2012September 4, 2012 SAM Sale $307,726 +10.4%+100.8%+97.2%
September 4, 2012August 31, 2012 SAM Sale $309,488 +9.3%+99.7%+96.8%
August 31, 2012August 30, 2012 SAM Sale $307,059 +8.6%+97.2%+93.9%
August 29, 2012August 29, 2012 SAM Sale $302,070 +8.6%+93.9%+92.8%
August 29, 2012August 28, 2012 SAM Sale $302,660 +8.6%+93.9%+90.0%
August 28, 2012August 27, 2012 SAM Sale $299,097 +8.3%+92.8%+93.1%
August 27, 2012August 24, 2012 SAM Sale $301,514 +11.0%+90.0%+86.8%
August 24, 2012August 23, 2012 SAM Sale $303,882 +11.7%+93.1%+84.8%
August 23, 2012August 22, 2012 SAM Sale $312,054 +12.0%+86.8%+85.5%
August 23, 2012August 21, 2012 SAM Sale $641,662 +12.0%+86.8%+81.6%
August 21, 2012August 20, 2012 SAM Sale $635,220 +11.3%+85.5%+76.0%
June 5, 2012June 4, 2012 SAM Sale $521,018 −12.9%+15.8%+17.3%
June 4, 2012June 1, 2012 SAM Sale $523,900 −11.1%+19.6%+18.1%
June 1, 2012May 31, 2012 SAM Sale $523,736 −11.7%+17.3%+19.4%
May 31, 2012May 30, 2012 SAM Sale $529,051 −11.8%+18.1%+18.7%
May 30, 2012May 29, 2012 SAM Sale $536,238 −9.6%+19.4%+17.6%
May 29, 2012May 25, 2012 SAM Sale $527,258 −11.3%+18.7%+14.3%
May 25, 2012May 24, 2012 SAM Sale $532,160 −12.2%+17.6%+13.2%
May 24, 2012May 23, 2012 SAM Sale $522,225 −11.6%+14.3%+14.9%
May 24, 2012May 22, 2012 SAM Sale $529,110 −11.6%+14.3%+14.0%
May 22, 2012May 21, 2012 SAM Sale $524,707 −9.7%+14.9%+15.6%
April 13, 2012April 13, 2012 SAM Sale $238,999 +11.8%+40.1%+39.1%
April 12, 2012April 12, 2012 SAM Sale $307,902 +11.7%+39.1%+40.8%
April 11, 2012April 11, 2012 SAM Sale $306,660 +14.4%+40.8%+39.2%
April 10, 2012April 10, 2012 SAM Sale $306,462 +12.4%+39.2%+34.9%
April 9, 2012April 9, 2012 SAM Sale $305,520 +12.2%+34.9%+32.4%
April 5, 2012April 5, 2012 SAM Sale $307,039 +14.0%+32.4%+33.4%
April 4, 2012April 4, 2012 SAM Sale $313,147 +22.9%+33.4%+33.4%
April 3, 2012April 3, 2012 SAM Sale $319,380 +25.8%+33.4%+34.2%
April 3, 2012April 2, 2012 SAM Sale $319,290 +25.8%+33.4%+32.8%
April 2, 2012March 30, 2012 SAM Sale $320,340 +22.5%+34.2%+33.1%
March 29, 2012March 29, 2012 SAM Sale $313,050 +16.2%+33.1%+34.3%
March 29, 2012March 28, 2012 SAM Sale $312,748 +16.2%+33.1%+39.1%
March 27, 2012March 27, 2012 SAM Sale $317,790 +18.8%+39.1%+38.9%
March 26, 2012March 26, 2012 SAM Sale $312,270 +17.8%+38.9%+37.0%
March 26, 2012March 23, 2012 SAM Sale $302,100 +17.8%+38.9%+40.6%
March 23, 2012March 22, 2012 SAM Sale $300,060 +14.7%+37.0%+43.4%
March 22, 2012March 21, 2012 SAM Sale $115,212 +15.4%+40.6%+47.2%
March 21, 2012March 20, 2012 SAM Sale $100,900 +16.2%+43.4%+46.9%
March 21, 2012March 19, 2012 SAM Sale $50,115 +16.2%+43.4%+49.6%
October 12, 2010October 11, 2010 SAM Sale $133,460 +27.8%+18.6%+19.8%
October 12, 2010October 8, 2010 SAM Sale $133,220 +27.8%+18.6%+22.2%
October 8, 2010October 7, 2010 SAM Sale $132,600 +26.3%+19.8%+20.5%
October 7, 2010October 6, 2010 SAM Sale $133,440 +26.5%+22.2%+18.7%
October 5, 2010October 5, 2010 SAM Sale $133,960 +33.5%+18.7%+13.2%
October 5, 2010October 4, 2010 SAM Sale $132,460 +33.5%+18.7%+10.2%
October 4, 2010October 1, 2010 SAM Sale $134,000 +29.4%+13.2%+8.2%
September 30, 2010September 30, 2010 SAM Sale $134,000 +32.2%+8.2%+7.3%
September 30, 2010September 29, 2010 SAM Sale $135,120 +32.2%+8.2%+6.0%
September 29, 2010September 28, 2010 SAM Sale $135,080 +33.4%+7.3%+5.8%
September 28, 2010September 27, 2010 SAM Sale $136,360 +33.0%+6.0%+4.9%
September 27, 2010September 24, 2010 SAM Sale $136,300 +33.1%+5.8%+7.3%
September 24, 2010September 23, 2010 SAM Sale $134,240 +32.3%+4.9%+6.8%
September 22, 2010September 22, 2010 SAM Sale $135,240 +33.1%+6.8%+6.6%
September 22, 2010September 21, 2010 SAM Sale $137,400 +33.1%+6.8%+4.4%
September 22, 2010September 20, 2010 SAM Sale $138,220 +33.1%+6.8%+1.7%
September 17, 2010September 17, 2010 SAM Sale $136,920 +28.1%+1.7%+5.0%
September 17, 2010September 16, 2010 SAM Sale $136,640 +28.1%+1.7%+5.3%
September 16, 2010September 15, 2010 SAM Sale $136,180 +29.8%+5.0%+5.6%
September 15, 2010September 14, 2010 SAM Sale $135,140 +28.6%+5.3%+8.5%
September 13, 2010September 13, 2010 SAM Sale $135,960 +14.1%+8.5%+8.8%
September 13, 2010September 10, 2010 SAM Sale $134,860 +14.1%+8.5%+11.2%
September 10, 2010September 9, 2010 SAM Sale $135,280 +12.2%+8.8%+8.2%
September 9, 2010September 8, 2010 SAM Sale $135,800 +13.3%+11.2%+7.5%
September 8, 2010September 7, 2010 SAM Sale $135,060 +13.1%+8.2%+9.1%
September 7, 2010September 3, 2010 SAM Sale $137,140 +14.3%+7.5%+6.5%
September 7, 2010September 2, 2010 SAM Sale $135,040 +14.3%+7.5%+4.7%
September 1, 2010September 1, 2010 SAM Sale $133,020 +9.6%+4.7%+5.1%
August 31, 2010August 31, 2010 SAM Sale $131,820 +9.7%+5.1%+6.2%
August 31, 2010August 30, 2010 SAM Sale $132,380 +9.7%+5.1%+6.0%

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 Koch C James traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.