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Salzman Gerald L: insider trades

Chief executive at Daily Journal Corp. No open-market purchases and 17 sales not made under a pre-set plan, reported from June 10, 2020 to December 22, 2020.

What happened after Salzman Gerald L’s sales?

After their sales, the shares moved −12.3% against the index over 12 months on average (a negative figure means selling was the right call); 94% 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 17 −0.9% +0.1% 47% 1 — — Not enough years
Sales, 12 months after the report 17 −12.3% −14.7% 94% 1 — — Not enough years
Sales, 12 months after the trade 17 −12.5% −14.1% 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

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Daily Journal Corp DJCO Chief Executive Officer017June 10, 2020December 22, 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
December 22, 2020December 22, 2020 DJCO Sale $2,750,952 −20.2%−30.6%−22.3%
December 14, 2020December 11, 2020 DJCO Sale $540,000 +3.3%−7.3%−6.6%
December 10, 2020December 9, 2020 DJCO Sale $337,016 +0.1%−6.6%−1.5%
November 16, 2020November 12, 2020 DJCO Sale $81,510 +20.2%+9.5%−3.9%
November 10, 2020November 9, 2020 DJCO Sale $626,630 +3.3%−8.0%−5.8%
November 6, 2020November 5, 2020 DJCO Sale $66,920 +17.3%−5.8%−5.1%
November 4, 2020November 3, 2020 DJCO Sale $417,760 +9.8%−5.1%−18.8%
November 2, 2020October 30, 2020 DJCO Sale $28,100 +3.9%−18.8%−15.7%
October 26, 2020October 23, 2020 DJCO Sale $74,760 +11.6%−10.7%−6.9%
October 22, 2020October 21, 2020 DJCO Sale $197,400 +10.9%−6.9%−12.2%
August 27, 2020August 26, 2020 DJCO Sale $370,500 −7.7%−14.7%−15.9%
August 25, 2020August 24, 2020 DJCO Sale $96,096 −9.6%−15.9%−19.1%
August 21, 2020August 20, 2020 DJCO Sale $978,000 −9.5%−19.1%−22.5%
August 13, 2020August 12, 2020 DJCO Sale $799,952 −10.5%−22.1%−15.0%
August 11, 2020August 10, 2020 DJCO Sale $1,948,002 −5.8%−15.0%−14.3%
June 18, 2020June 16, 2020 DJCO Sale $89,490 −15.7%−16.1%−14.1%
June 10, 2020June 8, 2020 DJCO Sale $27,075 −16.1%−15.4%−13.3%

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 Salzman Gerald L traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.