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Whitt Richard R III: insider trades

Chief executive, Officer at Markel Group Inc. No open-market purchases and 16 sales not made under a pre-set plan, reported from August 12, 2010 to November 1, 2019.

What happened after Whitt Richard R III’s sales?

After their sales, the shares moved 0.0% against the index over 12 months on average (a negative figure means selling was the right call); 50% 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 16 −0.1% −0.6% 63% 10 −0.13 0.90 No reliable evidence
Sales, 12 months after the report 16 0.0% +1.3% 50% 10 −0.20 0.85 No reliable evidence
Sales, 12 months after the trade 16 0.0% +1.8% 50% 10 −0.23 0.82 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
Markel Group Inc. MKL Co-Chief Executive Officer016August 12, 2010November 1, 2019

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 1, 2019November 1, 2019 MKL Sale $586,965 −1.2%−28.1%−28.2%
September 7, 2018September 5, 2018 MKL Sale $601,398 −3.4%−8.6%−8.7%
February 15, 2018February 13, 2018 MKL Sale $219,768 +0.7%−13.6%−13.0%
February 13, 2018February 9, 2018 MKL Sale $318,006 0.0%−14.3%−11.7%
August 25, 2017August 23, 2017 MKL Sale $627,558 −2.9%−4.3%−3.3%
May 20, 2016May 19, 2016 MKL Sale $192,564 −11.9%−20.4%−20.2%
February 18, 2016February 17, 2016 MKL Sale $421,000 +5.0%−13.1%−11.2%
August 12, 2015August 11, 2015 MKL Sale $174,042 −0.5%−0.7%−0.1%
February 19, 2015February 18, 2015 MKL Sale $149,750 +2.0%+21.7%+19.8%
November 12, 2014November 10, 2014 MKL Sale $140,462 +2.9%+20.7%+19.7%
August 15, 2014August 14, 2014 MKL Sale $192,117 +5.4%+28.7%+28.5%
May 28, 2014May 27, 2014 MKL Sale $125,800 −0.8%+9.9%+8.6%
December 3, 2013December 3, 2013 MKL Sale $111,600 −1.0%+5.7%+4.7%
February 29, 2012February 29, 2012 MKL Sale $81,902 +10.7%+4.2%+4.6%
December 5, 2011December 1, 2011 MKL Sale $39,504 −4.7%+8.6%+6.4%
August 12, 2010August 12, 2010 MKL Sale $65,900 −1.6%+3.4%+3.7%

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 Whitt Richard R III traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.