Lavine Bruce I: insider trades

Officer, Director at Wisdomtree, Inc. No open-market purchases and 24 sales not made under a pre-set plan, reported from February 6, 2012 to August 9, 2017.

What happened after Lavine Bruce I’s sales?

After their sales, the shares moved +14.4% against the index over 12 months on average (a negative figure means selling was the right call); 33% 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

Lavine Bruce I: 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	24	−3.7%	−11.6%	63%	5	0.07	0.95	No reliable evidence
Sales, 12 months after the report	24	+14.4%	+8.3%	33%	5	−0.03	0.98	No reliable evidence
Sales, 12 months after the trade	24	+19.4%	+12.4%	33%	5	0.19	0.86	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	Vice Chairman	0	24	February 6, 2012	August 9, 2017

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
August 9, 2017	August 7, 2017	WT	Sale	$197,602	+25.1%	−29.9%	−34.9%
August 7, 2017	August 3, 2017	WT	Sale	$103,917	+22.1%	−32.2%	−33.8%
December 18, 2015	December 16, 2015	WT	Sale	$173,600	−29.4%	−36.6%	−37.2%
November 25, 2015	November 24, 2015	WT	Sale	$874,691	−37.5%	−55.9%	−53.2%
August 10, 2015	August 6, 2015	WT	Sale	$493,100	−17.7%	−64.0%	−63.2%
August 6, 2015	August 4, 2015	WT	Sale	$1,533,000	−19.9%	−63.1%	−65.6%
May 28, 2015	May 26, 2015	WT	Sale	$721,970	−3.1%	−41.8%	−43.3%
December 16, 2014	December 15, 2014	WT	Sale	$643,050	+45.4%	+9.1%	+18.6%
August 20, 2014	August 18, 2014	WT	Sale	$265,000	+37.7%	+87.8%	+127.1%
August 18, 2014	August 15, 2014	WT	Sale	$252,500	+41.8%	+120.2%	+134.5%
August 15, 2014	August 13, 2014	WT	Sale	$262,500	+45.8%	+127.1%	+124.1%
February 28, 2014	February 26, 2014	WT	Sale	$761,292	−32.3%	+13.7%	+13.9%
February 26, 2014	February 24, 2014	WT	Sale	$462,030	−36.3%	+8.3%	+10.9%
February 14, 2014	February 13, 2014	WT	Sale	$301,259	−38.1%	+4.5%	+9.3%
February 13, 2014	February 11, 2014	WT	Sale	$758,500	−38.8%	+8.4%	+8.1%
February 11, 2014	February 7, 2014	WT	Sale	$823,300	−36.1%	+4.6%	+9.1%
August 13, 2013	August 13, 2013	WT	Sale	$492,400	+3.3%	−36.3%	−34.8%
March 18, 2013	March 8, 2013	WT	Sale	$651,100	+10.8%	+5.5%	+37.0%
June 6, 2012	June 4, 2012	WT	Sale	$804,148	−14.0%	+44.8%	+55.3%
June 1, 2012	May 30, 2012	WT	Sale	$906,034	−13.6%	+55.3%	+61.0%
May 29, 2012	May 24, 2012	WT	Sale	$583,260	−9.7%	+61.0%	+63.2%
May 23, 2012	May 21, 2012	WT	Sale	$1,492,221	−7.6%	+63.2%	+55.9%
May 18, 2012	May 16, 2012	WT	Sale	$1,295,500	−13.6%	+55.9%	+54.4%
February 6, 2012	February 2, 2012	WT	Sale	$4,174,488	+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 Lavine Bruce I traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.