Simmons Harold C: insider trades

Chief executive, Officer, 10% owner at 4 companies we cover. 256 open-market purchases and 1 sale not made under a pre-set plan, reported from January 26, 2010 to November 27, 2013.

Would copying Simmons Harold C’s purchases have beaten the S&P 500?

Buying each purchase the day after it was reported, an equal amount each, and holding it 12 months or until they reported a sale would have turned $10,000 on January 27, 2010 into $20,976 by November 2, 2026, +4.5% a year. The copy held shares only 29% of the time, so the fair comparison is the S&P 500 on those same days with Treasury bills otherwise: $26,657, +6.0% a year (the S&P 500 held throughout made $92,521, +14.2% a year). Beta against the index was 0.28. Twelve months after each report, the average purchase was +13.8% against the S&P 500 (median −10.7%), and 40% beat it: within what luck alone would produce (p = 0.58 over 4 years). Measured from the trade date, the insider’s own timing, the average was +15.0%. After their sales, the shares moved −32.6% against the index over 12 months on average (a negative figure means selling was the right call); 100% 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.

Copying Simmons Harold CS&P 500, same days investedS&P 500, held throughout $10,000 copying Simmons Harold C’s open-market purchases from January 27, 2010, before costs and taxes, marked weekly. Each purchase gets the same starting stake, bought at the close of the first trading day after the report and sold 12 months later or the day after a reported sale of that stock; uninvested money earns the Treasury bill rate. “Same days invested” holds the S&P 500 only on the days the copy held shares, Treasury bills otherwise.

Return a year, copying: +4.5%
S&P 500, same days invested: +6.0% (held throughout +14.2%)
Time in shares: 29%
Sharpe ratio (S&P 500): 0.24 (0.78)
Biggest drop (S&P 500): −76% (−34%)
Market sensitivity (beta): 0.28
Purchases copied: 256

Trade by trade

Simmons Harold C: 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	256	+8.0%	+2.5%	56%	4	1.11	0.35	No reliable evidence
Purchases, 6 months after the report	256	+10.6%	+4.9%	55%	4	0.79	0.49	No reliable evidence
Purchases, 12 months after the report	256	+13.8%	−10.7%	40%	4	0.63	0.58	No reliable evidence
Purchases, 12 months after the trade	256	+15.0%	−10.0%	40%	4	0.65	0.56	No reliable evidence
Sales, 3 months after the report	1	−11.7%	−11.7%	100%	1	—	—	Not enough years
Sales, 12 months after the report	1	−32.6%	−32.6%	100%	1	—	—	Not enough years
Sales, 12 months after the trade	1	−36.8%	−36.8%	100%	1	—	—	Not enough years

“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
Valhi Inc VHI	Chairman of the Board	185	0	March 25, 2010	November 27, 2013
Kronos Worldwide Inc KRO	Chairman of the Board	29	1	January 26, 2010	February 27, 2013
Compx International Inc CIX	—	23	0	March 22, 2010	June 20, 2012
NLI Holdings, Inc. NL	Chairman of the Board & CEO	19	0	July 7, 2010	May 17, 2012

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
November 27, 2013	November 27, 2013	VHI	Purchase	$44,460	−31.2%	−77.2%	−77.7%
November 8, 2013	November 8, 2013	VHI	Purchase	$34,000	−32.0%	−81.7%	−82.8%
November 6, 2013	November 6, 2013	VHI	Purchase	$104,436	−32.9%	−84.5%	−84.0%
November 4, 2013	November 4, 2013	VHI	Purchase	$36,040	−31.7%	−82.9%	−83.5%
October 22, 2013	October 22, 2013	VHI	Purchase	$39,730	−27.8%	−84.3%	−82.5%
February 27, 2013	February 25, 2013	KRO	Sale	$1,725,000	−11.7%	−32.6%	−36.8%
February 7, 2013	February 7, 2013	VHI	Purchase	$78,414	−7.2%	−46.8%	−47.0%
February 6, 2013	February 6, 2013	VHI	Purchase	$23,492	−4.9%	−47.0%	−42.5%
February 5, 2013	February 5, 2013	VHI	Purchase	$30,042	−3.3%	−42.5%	−37.9%
February 4, 2013	February 4, 2013	VHI	Purchase	$78,248	−3.9%	−37.9%	−35.8%
February 1, 2013	February 1, 2013	VHI	Purchase	$73,790	−2.3%	−35.8%	−34.5%
February 1, 2013	February 1, 2013	KRO	Purchase	$96,250	−17.7%	−39.6%	−38.1%
January 31, 2013	January 31, 2013	VHI	Purchase	$156,003	−4.6%	−34.5%	−30.3%
January 30, 2013	January 30, 2013	VHI	Purchase	$164,920	−4.3%	−30.3%	−30.2%
January 29, 2013	January 29, 2013	VHI	Purchase	$63,485	−3.7%	−30.2%	−31.0%
January 28, 2013	January 2, 2013	KRO	Purchase	$1,983,800	−13.7%	−35.7%	−30.4%
January 22, 2013	January 22, 2013	VHI	Purchase	$24,360	−2.7%	−30.7%	−34.4%
January 17, 2013	January 17, 2013	VHI	Purchase	$67,455	−2.4%	−29.7%	−28.0%
January 16, 2013	January 16, 2013	VHI	Purchase	$59,200	+1.9%	−28.0%	−24.0%
January 15, 2013	January 15, 2013	VHI	Purchase	$30,620	+4.3%	−24.0%	−24.5%
January 14, 2013	January 14, 2013	VHI	Purchase	$58,800	+3.5%	−24.5%	−23.4%
January 11, 2013	January 11, 2013	VHI	Purchase	$29,200	+3.7%	−23.4%	−22.3%
January 8, 2013	January 8, 2013	VHI	Purchase	$20,419	+2.6%	−19.1%	−14.5%
January 4, 2013	January 4, 2013	VHI	Purchase	$51,800	+9.7%	−9.1%	−2.5%
December 31, 2012	December 28, 2012	VHI	Purchase	$102,894	+17.1%	−0.3%	−13.5%
December 27, 2012	December 27, 2012	VHI	Purchase	$76,217	+13.2%	−13.5%	−14.9%
December 26, 2012	December 26, 2012	VHI	Purchase	$51,580	+14.3%	−14.9%	−12.4%
December 21, 2012	December 21, 2012	VHI	Purchase	$25,134	+14.8%	−11.2%	−10.5%
December 20, 2012	December 20, 2012	VHI	Purchase	$24,700	+15.1%	−10.5%	−10.3%
December 18, 2012	December 18, 2012	VHI	Purchase	$24,700	+21.5%	−9.4%	−5.7%
December 12, 2012	December 12, 2012	VHI	Purchase	$23,930	+25.9%	+1.9%	+1.5%
December 11, 2012	December 11, 2012	VHI	Purchase	$71,502	+27.2%	+1.5%	−0.6%
December 3, 2012	December 3, 2012	VHI	Purchase	$40,817	+30.6%	−8.2%	−9.4%
November 27, 2012	November 27, 2012	VHI	Purchase	$72,239	+24.5%	−3.8%	−6.2%
November 26, 2012	November 26, 2012	VHI	Purchase	$47,900	+27.8%	−6.2%	−3.9%
November 21, 2012	November 21, 2012	VHI	Purchase	$31,402	+20.9%	−1.6%	−1.0%
November 20, 2012	November 20, 2012	VHI	Purchase	$24,000	+20.5%	−1.0%	+2.6%
November 16, 2012	November 16, 2012	VHI	Purchase	$71,380	+22.6%	+5.7%	+9.7%
November 16, 2012	November 15, 2012	VHI	Purchase	$31,814	+22.6%	+5.7%	+5.5%
November 14, 2012	November 14, 2012	VHI	Purchase	$51,191	+28.7%	+5.5%	+8.3%
November 13, 2012	November 13, 2012	VHI	Purchase	$71,560	+28.1%	+8.3%	+10.6%
November 13, 2012	November 12, 2012	VHI	Purchase	$128,831	+28.1%	+8.3%	+9.1%
November 9, 2012	November 9, 2012	VHI	Purchase	$46,900	+30.8%	+9.1%	+14.8%
November 8, 2012	November 8, 2012	VHI	Purchase	$70,556	+36.2%	+14.8%	+16.3%
November 6, 2012	November 6, 2012	VHI	Purchase	$72,297	+27.0%	+15.6%	+24.5%
November 5, 2012	November 5, 2012	VHI	Purchase	$48,000	+24.9%	+24.5%	+20.0%
November 1, 2012	November 1, 2012	VHI	Purchase	$50,780	+26.0%	+21.7%	+16.9%
October 31, 2012	October 31, 2012	VHI	Purchase	$25,320	+18.2%	+16.9%	+21.7%
October 25, 2012	October 25, 2012	VHI	Purchase	$76,217	+22.8%	+23.0%	+23.6%
October 24, 2012	October 24, 2012	VHI	Purchase	$48,686	+21.7%	+23.6%	+25.4%
October 23, 2012	October 23, 2012	VHI	Purchase	$73,500	+25.4%	+25.4%	+29.6%
October 22, 2012	October 22, 2012	VHI	Purchase	$67,099	+25.0%	+29.6%	+38.2%
October 19, 2012	October 19, 2012	VHI	Purchase	$143,587	+25.6%	+38.2%	+38.5%
October 17, 2012	October 17, 2012	VHI	Purchase	$48,800	+27.2%	+36.4%	+41.8%
October 16, 2012	October 16, 2012	VHI	Purchase	$194,865	+31.1%	+41.8%	+37.7%
October 12, 2012	October 12, 2012	VHI	Purchase	$123,380	+23.5%	+39.0%	+29.4%
October 11, 2012	October 11, 2012	VHI	Purchase	$123,393	+14.9%	+29.4%	+28.1%
October 11, 2012	October 10, 2012	VHI	Purchase	$189,549	+14.9%	+29.4%	+33.9%
September 24, 2012	September 24, 2012	VHI	Purchase	$24,000	+9.3%	+42.4%	+50.6%
September 7, 2012	September 7, 2012	VHI	Purchase	$25,100	−5.9%	+42.8%	+43.5%
September 6, 2012	September 6, 2012	VHI	Purchase	$25,000	−5.5%	+43.5%	+46.8%
September 4, 2012	September 4, 2012	VHI	Purchase	$49,390	−2.5%	+45.3%	+42.3%
August 31, 2012	August 31, 2012	VHI	Purchase	$25,484	−2.6%	+42.3%	+38.3%
August 30, 2012	August 30, 2012	VHI	Purchase	$25,400	−4.5%	+38.3%	+39.6%
August 29, 2012	August 29, 2012	VHI	Purchase	$76,796	−5.7%	+39.6%	+39.2%
August 27, 2012	August 27, 2012	VHI	Purchase	$53,243	−7.0%	+37.1%	+38.3%
August 24, 2012	August 24, 2012	VHI	Purchase	$71,214	−7.1%	+38.3%	+35.2%
August 23, 2012	August 23, 2012	VHI	Purchase	$131,240	−7.2%	+35.2%	+36.9%
August 22, 2012	August 22, 2012	VHI	Purchase	$127,680	−7.3%	+36.9%	+38.7%
August 21, 2012	August 21, 2012	VHI	Purchase	$124,194	−4.5%	+38.7%	+44.4%
August 20, 2012	August 20, 2012	VHI	Purchase	$50,600	+0.8%	+44.4%	+41.3%
August 17, 2012	August 17, 2012	VHI	Purchase	$49,060	−2.5%	+41.3%	+46.2%
August 15, 2012	August 15, 2012	VHI	Purchase	$95,556	+0.5%	+44.8%	+48.2%
August 14, 2012	August 14, 2012	VHI	Purchase	$72,700	+2.4%	+48.2%	+46.3%
August 13, 2012	August 13, 2012	VHI	Purchase	$23,900	+2.2%	+46.3%	+44.5%
August 10, 2012	August 10, 2012	VHI	Purchase	$63,338	+1.1%	+44.5%	+38.5%
August 9, 2012	August 9, 2012	VHI	Purchase	$73,404	−2.1%	+38.5%	+39.1%
August 8, 2012	August 8, 2012	VHI	Purchase	$92,030	−4.0%	+39.1%	+49.4%
August 7, 2012	August 7, 2012	VHI	Purchase	$47,960	+3.3%	+49.4%	+49.8%
August 6, 2012	August 6, 2012	VHI	Purchase	$23,180	+6.1%	+49.8%	+38.1%
August 2, 2012	August 2, 2012	VHI	Purchase	$50,661	+7.6%	+46.4%	+39.5%
July 31, 2012	July 31, 2012	VHI	Purchase	$37,796	+12.2%	+40.5%	+46.1%
July 30, 2012	July 30, 2012	VHI	Purchase	$45,360	+9.7%	+46.1%	+27.3%
July 27, 2012	July 27, 2012	VHI	Purchase	$23,590	+6.0%	+27.3%	+17.8%
July 25, 2012	July 25, 2012	VHI	Purchase	$30,714	+6.5%	+17.1%	+11.0%
July 24, 2012	July 24, 2012	VHI	Purchase	$58,000	+5.9%	+11.0%	+0.8%
July 23, 2012	July 23, 2012	VHI	Purchase	$58,750	+1.5%	+0.8%	−11.8%
July 20, 2012	July 20, 2012	VHI	Purchase	$22,779	−4.6%	−11.8%	−8.0%
July 19, 2012	July 19, 2012	VHI	Purchase	$25,151	+0.8%	−8.0%	−16.3%
July 18, 2012	July 18, 2012	VHI	Purchase	$22,940	−9.4%	−16.3%	−6.0%
July 2, 2012	July 2, 2012	VHI	Purchase	$12,131	−14.8%	−17.8%	−16.3%
June 29, 2012	June 29, 2012	VHI	Purchase	$51,155	−14.5%	−16.3%	−12.1%
June 28, 2012	June 28, 2012	VHI	Purchase	$26,300	−8.3%	−12.1%	−18.7%
June 20, 2012	June 20, 2012	VHI	Purchase	$13,390	−12.2%	−15.9%	−19.1%
June 20, 2012	June 20, 2012	CIX	Purchase	$12,261	+18.2%	−4.0%	−3.8%
June 19, 2012	June 19, 2012	VHI	Purchase	$26,450	−13.1%	−19.1%	−20.5%
June 19, 2012	June 19, 2012	CIX	Purchase	$11,532	+20.7%	−3.8%	−2.8%
June 18, 2012	June 18, 2012	VHI	Purchase	$13,198	−13.2%	−20.5%	−22.9%
June 14, 2012	June 14, 2012	VHI	Purchase	$13,245	−13.9%	−22.7%	−18.5%
June 13, 2012	June 13, 2012	VHI	Purchase	$26,750	−15.0%	−18.5%	−17.3%
June 11, 2012	June 11, 2012	VHI	Purchase	$13,500	−14.1%	−6.1%	−6.3%
June 5, 2012	June 5, 2012	VHI	Purchase	$52,200	−17.9%	−7.7%	−4.4%
June 1, 2012	June 1, 2012	VHI	Purchase	$81,444	−17.7%	−12.8%	−10.8%
May 31, 2012	May 31, 2012	VHI	Purchase	$28,300	−16.6%	−10.8%	−14.7%
May 30, 2012	May 30, 2012	VHI	Purchase	$256,507	−17.7%	−14.7%	−11.4%
May 29, 2012	May 29, 2012	VHI	Purchase	$31,411	−15.6%	−11.4%	−16.9%
May 25, 2012	May 25, 2012	VHI	Purchase	$32,475	−21.2%	−16.9%	−26.5%
May 24, 2012	May 24, 2012	VHI	Purchase	$48,936	−26.7%	−26.5%	−28.7%
May 23, 2012	May 23, 2012	VHI	Purchase	$31,476	−28.0%	−28.7%	−22.0%
May 23, 2012	May 22, 2012	VHI	Purchase	$49,367	−28.0%	−28.7%	−21.8%
May 18, 2012	May 18, 2012	VHI	Purchase	$88,743	−23.6%	−19.9%	−20.4%
May 17, 2012	May 17, 2012	NL	Purchase	$18,403	−7.7%	−32.1%	−27.2%
May 10, 2012	May 10, 2012	VHI	Purchase	$150,994	−25.1%	−19.6%	−26.9%
May 9, 2012	May 9, 2012	VHI	Purchase	$60,600	−30.4%	−26.9%	−28.8%
May 7, 2012	May 7, 2012	VHI	Purchase	$29,580	−36.7%	−25.1%	−24.1%
May 4, 2012	May 4, 2012	CIX	Purchase	$39,556	0.0%	−18.9%	−18.8%
May 1, 2012	May 1, 2012	VHI	Purchase	$142,806	−34.8%	−20.2%	−23.0%
April 30, 2012	April 30, 2012	VHI	Purchase	$16,050	−35.1%	−23.0%	−26.0%
April 26, 2012	April 26, 2012	VHI	Purchase	$188,938	−35.8%	−24.5%	−22.8%
April 25, 2012	April 25, 2012	VHI	Purchase	$119,443	−35.0%	−22.8%	−23.2%
April 24, 2012	April 24, 2012	VHI	Purchase	$42,854	−34.5%	−23.2%	−25.8%
April 23, 2012	April 23, 2012	VHI	Purchase	$105,849	−36.0%	−25.8%	−24.5%
April 20, 2012	April 20, 2012	VHI	Purchase	$106,665	−32.6%	−24.5%	−22.5%
April 18, 2012	April 18, 2012	VHI	Purchase	$53,000	−26.0%	−19.8%	−23.9%
April 17, 2012	April 17, 2012	VHI	Purchase	$204,925	−34.8%	−23.9%	−17.3%
April 16, 2012	April 16, 2012	VHI	Purchase	$43,826	−32.6%	−17.3%	−21.1%
April 13, 2012	April 13, 2012	VHI	Purchase	$102,992	−35.1%	−21.1%	−20.9%
April 12, 2012	April 12, 2012	VHI	Purchase	$66,010	−33.8%	−20.9%	−20.2%
April 11, 2012	April 11, 2012	VHI	Purchase	$192,300	−32.2%	−20.2%	−18.1%
April 9, 2012	April 9, 2012	VHI	Purchase	$198,973	−17.3%	−16.4%	−19.4%
March 1, 2012	March 1, 2012	VHI	Purchase	$152,282	−23.1%	−26.1%	−28.0%
February 29, 2012	February 29, 2012	VHI	Purchase	$18,860	−22.3%	−28.0%	−28.6%
February 24, 2012	February 24, 2012	VHI	Purchase	$87,000	−13.2%	−27.6%	−30.0%
February 22, 2012	February 22, 2012	VHI	Purchase	$120,132	−17.9%	−30.4%	−30.4%
February 22, 2012	February 22, 2012	KRO	Purchase	$2,229,000	−16.1%	−31.4%	−31.9%
February 21, 2012	February 21, 2012	VHI	Purchase	$230,500	−19.3%	−30.4%	−30.2%
February 16, 2012	February 16, 2012	VHI	Purchase	$34,827	−18.0%	−27.9%	−26.8%
February 16, 2012	February 16, 2012	KRO	Purchase	$2,913,750	−21.1%	−35.6%	−36.3%
February 13, 2012	February 13, 2012	VHI	Purchase	$46,170	−10.4%	−23.8%	−27.0%
February 9, 2012	February 9, 2012	VHI	Purchase	$121,989	−19.0%	−26.3%	−24.6%
February 8, 2012	February 8, 2012	VHI	Purchase	$136,712	−12.8%	−24.6%	−23.2%
February 3, 2012	February 3, 2012	VHI	Purchase	$43,400	−8.9%	−26.8%	−26.4%
February 2, 2012	February 2, 2012	VHI	Purchase	$217,640	−7.9%	−26.4%	−27.1%
January 26, 2012	January 26, 2012	VHI	Purchase	$139,451	−12.4%	−32.4%	−28.0%
January 24, 2012	January 24, 2012	KRO	Purchase	$1,704,489	−5.5%	−28.8%	−25.2%
January 19, 2012	January 19, 2012	VHI	Purchase	$119,800	−14.8%	−33.4%	−32.3%
January 18, 2012	January 18, 2012	KRO	Purchase	$105,000	−0.6%	−24.0%	−20.8%
January 12, 2012	January 12, 2012	VHI	Purchase	$119,500	−20.0%	−42.3%	−41.6%
January 3, 2012	December 30, 2011	KRO	Purchase	$179,961	+4.6%	−16.4%	−3.5%
December 29, 2011	December 29, 2011	KRO	Purchase	$179,967	+23.3%	−3.5%	−4.3%
December 28, 2011	December 28, 2011	KRO	Purchase	$266,250	+25.8%	−4.3%	−1.3%
December 15, 2011	December 15, 2011	VHI	Purchase	$173,296	−18.8%	−55.1%	−50.6%
December 12, 2011	December 12, 2011	VHI	Purchase	$577,500	−21.6%	−53.1%	−53.7%
December 12, 2011	December 12, 2011	NL	Purchase	$62,505	−0.7%	−24.4%	−24.3%
November 28, 2011	November 25, 2011	KRO	Purchase	$1,818,000	+10.1%	−32.7%	−34.1%
November 28, 2011	November 23, 2011	NL	Purchase	$121,300	+3.0%	−32.5%	−31.9%
November 23, 2011	November 23, 2011	KRO	Purchase	$2,997,868	+14.7%	−34.1%	−32.5%
November 18, 2011	November 18, 2011	KRO	Purchase	$1,921,000	+0.8%	−39.5%	−36.4%
November 17, 2011	November 17, 2011	VHI	Purchase	$563,750	−8.2%	−50.5%	−51.0%
November 16, 2011	November 16, 2011	VHI	Purchase	$290,000	−8.5%	−51.0%	−51.2%
October 26, 2011	October 26, 2011	KRO	Purchase	$157,960	−1.8%	−50.8%	−44.2%
October 20, 2011	October 20, 2011	VHI	Purchase	$11,600	−14.2%	−56.8%	−57.6%
October 4, 2011	October 4, 2011	CIX	Purchase	$62,500	+3.9%	−10.4%	−13.2%
October 3, 2011	October 3, 2011	CIX	Purchase	$32,350	+3.1%	−13.2%	−8.2%
September 30, 2011	September 30, 2011	VHI	Purchase	$433,974	+3.3%	−63.0%	−61.8%
September 29, 2011	September 29, 2011	VHI	Purchase	$1,033,231	+0.2%	−61.8%	−56.1%
September 26, 2011	September 26, 2011	CIX	Purchase	$17,950	−1.1%	−2.6%	−2.0%
September 23, 2011	September 23, 2011	NL	Purchase	$325,572	+6.4%	−29.3%	−34.7%
September 23, 2011	September 23, 2011	CIX	Purchase	$12,325	+2.1%	−2.0%	−3.0%
September 22, 2011	September 22, 2011	VHI	Purchase	$1,381,467	+9.7%	−55.6%	−58.9%
September 22, 2011	September 22, 2011	NL	Purchase	$242,333	+3.0%	−34.7%	−30.5%
September 22, 2011	September 22, 2011	KRO	Purchase	$173,000	−3.8%	−38.5%	−35.4%
September 22, 2011	September 22, 2011	CIX	Purchase	$32,288	+0.8%	−3.0%	−9.2%
September 21, 2011	September 21, 2011	NL	Purchase	$62,500	+6.8%	−30.5%	−30.1%
September 21, 2011	September 21, 2011	CIX	Purchase	$75,438	+4.5%	−9.2%	−9.6%
September 20, 2011	September 20, 2011	CIX	Purchase	$25,428	+9.5%	−9.6%	−6.5%
September 19, 2011	September 19, 2011	VHI	Purchase	$31,870	+4.6%	−53.0%	−53.0%
September 19, 2011	September 19, 2011	NL	Purchase	$186,415	+5.9%	−28.4%	−33.3%
September 19, 2011	September 16, 2011	VHI	Purchase	$710,186	+4.6%	−53.0%	−52.1%
September 19, 2011	September 16, 2011	KRO	Purchase	$299,489	−11.3%	−33.2%	−35.1%
September 14, 2011	September 14, 2011	VHI	Purchase	$550,000	−1.9%	−54.0%	−56.8%
September 14, 2011	September 14, 2011	KRO	Purchase	$663,289	−16.8%	−35.0%	−34.3%
September 14, 2011	September 13, 2011	VHI	Purchase	$474,833	−1.9%	−54.0%	−58.3%
September 9, 2011	September 9, 2011	NL	Purchase	$64,888	−10.8%	−35.2%	−32.8%
September 8, 2011	September 8, 2011	VHI	Purchase	$288,749	+0.4%	−58.2%	−57.3%
September 6, 2011	September 6, 2011	NL	Purchase	$11,542	−5.1%	−31.0%	−33.1%
August 24, 2011	August 23, 2011	VHI	Purchase	$43,299	−3.2%	−52.7%	−48.8%
August 22, 2011	August 22, 2011	NL	Purchase	$125,000	−6.0%	−29.9%	−26.9%
August 18, 2011	August 18, 2011	VHI	Purchase	$869,000	+8.9%	−48.5%	−49.9%
August 15, 2011	August 15, 2011	VHI	Purchase	$21,360	+9.5%	−48.4%	−52.0%
August 10, 2011	August 10, 2011	NL	Purchase	$60,000	−2.8%	−26.0%	−21.3%
August 9, 2011	August 9, 2011	VHI	Purchase	$302,206	+21.1%	−42.7%	−38.4%
August 9, 2011	August 9, 2011	NL	Purchase	$125,000	+3.8%	−21.3%	−25.9%
August 8, 2011	August 8, 2011	VHI	Purchase	$676,620	+37.1%	−38.4%	−31.8%
August 8, 2011	August 8, 2011	CIX	Purchase	$22,706	+7.2%	−18.8%	−19.0%
August 4, 2011	August 4, 2011	VHI	Purchase	$273,000	+40.6%	−34.2%	−44.2%
July 27, 2011	July 27, 2011	VHI	Purchase	$114,144	+14.9%	−45.5%	−44.6%
July 1, 2011	July 1, 2011	VHI	Purchase	$43,340	+18.3%	−25.8%	−23.0%
June 27, 2011	June 27, 2011	VHI	Purchase	$351,067	+13.9%	−23.1%	−20.2%
June 23, 2011	June 23, 2011	VHI	Purchase	$275,196	+14.8%	−19.8%	−18.4%
June 13, 2011	June 13, 2011	CIX	Purchase	$55,567	+13.6%	−19.2%	−18.7%
June 8, 2011	June 8, 2011	VHI	Purchase	$655,250	+35.7%	−14.4%	−9.1%
June 2, 2011	June 2, 2011	VHI	Purchase	$52,516	+46.0%	−5.5%	−5.5%
May 31, 2011	May 27, 2011	CIX	Purchase	$27,293	+18.5%	−0.9%	−0.1%
May 20, 2011	May 20, 2011	VHI	Purchase	$200,000	+39.5%	+16.7%	+13.2%
May 16, 2011	May 16, 2011	VHI	Purchase	$216,687	+53.8%	+35.8%	+40.5%
May 10, 2011	May 10, 2011	VHI	Purchase	$35,603	+44.1%	+45.0%	+47.9%
May 5, 2011	May 5, 2011	VHI	Purchase	$315,500	+39.7%	+56.8%	+62.9%
May 4, 2011	May 4, 2011	VHI	Purchase	$155,250	+55.3%	+62.9%	+62.7%
May 4, 2011	May 4, 2011	CIX	Purchase	$14,950	+1.0%	−12.4%	−19.1%
April 28, 2011	April 28, 2011	VHI	Purchase	$44,243	+76.6%	+67.7%	+66.8%
March 15, 2011	March 15, 2011	CIX	Purchase	$30,564	−6.1%	−0.5%	+2.3%
March 14, 2011	March 14, 2011	VHI	Purchase	$126,995	+121.1%	+148.0%	+152.3%
March 3, 2011	March 3, 2011	VHI	Purchase	$145,200	+80.8%	+125.5%	+138.4%
March 2, 2011	March 2, 2011	VHI	Purchase	$47,621	+84.2%	+138.4%	+138.3%
February 25, 2011	February 25, 2011	VHI	Purchase	$138,588	+87.0%	+140.0%	+153.6%
February 24, 2011	February 24, 2011	VHI	Purchase	$34,265	+91.7%	+153.6%	+161.1%
February 23, 2011	February 23, 2011	VHI	Purchase	$24,649	+85.1%	+161.1%	+157.3%
February 23, 2011	February 22, 2011	VHI	Purchase	$99,861	+85.1%	+161.1%	+163.0%
February 18, 2011	February 18, 2011	VHI	Purchase	$44,145	+76.2%	+163.0%	+159.3%
February 16, 2011	February 16, 2011	VHI	Purchase	$39,675	+73.0%	+158.3%	+163.6%
February 16, 2011	February 15, 2011	VHI	Purchase	$108,170	+73.0%	+158.3%	+154.9%
February 7, 2011	February 7, 2011	NL	Purchase	$208,000	+31.1%	+11.8%	+15.8%
January 24, 2011	January 21, 2011	NL	Purchase	$23,139	+11.9%	+16.0%	+15.6%
January 24, 2011	January 21, 2011	CIX	Purchase	$48,396	+4.4%	+17.7%	+21.8%
December 10, 2010	December 10, 2010	CIX	Purchase	$14,386	+9.8%	+23.2%	+21.5%
November 12, 2010	November 11, 2010	NL	Purchase	$55,084	+22.2%	+26.2%	+19.7%
October 29, 2010	October 29, 2010	CIX	Purchase	$10,447	+15.6%	+37.2%	+23.6%
October 6, 2010	October 6, 2010	NL	Purchase	$18,050	+10.8%	+47.9%	+41.7%
September 30, 2010	September 30, 2010	CIX	Purchase	$13,000	−13.9%	+8.8%	−3.1%
September 23, 2010	September 23, 2010	CIX	Purchase	$15,534	−25.6%	−5.9%	−8.9%
September 10, 2010	September 9, 2010	KRO	Purchase	$38,945	+11.5%	+11.7%	+21.1%
August 27, 2010	July 22, 2010	KRO	Purchase	$28,972	+26.5%	+36.1%	+185.0%
August 24, 2010	August 20, 2010	CIX	Purchase	$15,254	−14.5%	+10.2%	+31.3%
August 23, 2010	August 23, 2010	VHI	Purchase	$419,318	+18.3%	+196.9%	+184.1%
August 16, 2010	August 12, 2010	VHI	Purchase	$74,637	+38.8%	+237.1%	+234.8%
July 21, 2010	July 19, 2010	VHI	Purchase	$94,785	+24.2%	+285.2%	+318.4%
July 21, 2010	July 19, 2010	KRO	Purchase	$52,133	+70.7%	+185.0%	+185.9%
July 20, 2010	July 16, 2010	NL	Purchase	$56,448	+26.5%	+136.9%	+162.1%
July 9, 2010	July 7, 2010	NL	Purchase	$278,756	+29.4%	+151.1%	+167.4%
July 9, 2010	July 7, 2010	KRO	Purchase	$163,192	+90.3%	+197.1%	+231.5%
July 9, 2010	July 7, 2010	CIX	Purchase	$56,172	−14.5%	+0.9%	+6.7%
July 7, 2010	July 2, 2010	VHI	Purchase	$1,393,980	+38.9%	+276.5%	+303.6%
July 7, 2010	July 2, 2010	NL	Purchase	$395,282	+20.6%	+156.9%	+177.5%
June 30, 2010	June 28, 2010	VHI	Purchase	$26,523	+47.5%	+263.0%	+246.2%
June 25, 2010	June 23, 2010	KRO	Purchase	$40,000	+84.4%	+191.2%	+164.4%
June 22, 2010	June 18, 2010	KRO	Purchase	$13,096	+84.5%	+164.4%	+158.1%
June 21, 2010	June 17, 2010	VHI	Purchase	$37,365	+33.5%	+206.0%	+177.9%
June 15, 2010	June 11, 2010	KRO	Purchase	$22,590	+94.6%	+182.1%	+190.5%
May 28, 2010	May 26, 2010	KRO	Purchase	$35,350	+60.1%	+200.8%	+199.9%
May 25, 2010	May 21, 2010	KRO	Purchase	$17,600	+75.0%	+199.9%	+218.8%
May 4, 2010	April 30, 2010	KRO	Purchase	$16,971	+74.5%	+220.2%	+216.8%
March 25, 2010	March 23, 2010	VHI	Purchase	$75,624	−19.6%	+20.3%	+3.9%
March 22, 2010	March 18, 2010	CIX	Purchase	$106,590	+76.1%	+67.8%	+37.1%
March 19, 2010	March 17, 2010	KRO	Purchase	$28,081	+33.7%	+269.4%	+276.9%
January 29, 2010	January 27, 2010	KRO	Purchase	$30,310	+11.6%	+170.0%	+177.1%
January 26, 2010	January 22, 2010	KRO	Purchase	$25,710	−0.7%	+177.1%	+181.6%

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