Core Insights - The individual investor adopts a contrarian investment style, focusing on high-risk, illiquid options and shares, with a balanced portfolio of approximately 50% in each [1] - The investment strategy emphasizes buying stocks that have recently experienced sell-offs due to non-recurrent events, particularly when insiders are purchasing shares at lower prices [1] - Fundamental analysis is employed to assess the health of companies, their leverage, and to compare financial ratios with sector and industry averages [1] - Technical analysis is utilized to optimize entry and exit points, using multicolor lines for support and resistance levels on weekly charts [1] Investment Strategy - The investor's timeframe for holding positions typically ranges from 3 to 24 months [1] - A professional background check is conducted on each insider who purchased shares after a recent sell-off, indicating a thorough due diligence process [1] - The investor expresses a preference for stocks in the US but is open to owning shares in less stable markets, referred to as "banana republics" [1]

Core Insights - Monitoring insider trading activities, such as those of directors, CEOs, and CFOs, can provide valuable information for traders and long-term investors [1] Group 1 - Insiders include key executives like directors, CEOs, and CFOs [1] - Keeping track of insider share transactions can be beneficial for investment decisions [1]

Company Overview - ASA Gold and Precious Metals Limited focuses on investing in gold and other precious metals, operating as a closed-end fund that provides investors with exposure to the precious metals sector [1] Insider Activity - On October 27, 2025, Saba Capital Management purchased 28,500 shares of ASA at $44.08 per share, increasing its total holdings to 5,079,840 shares, indicating confidence in the company's future prospects [2] - Earlier, on October 20, Saba Capital acquired 11,566 shares at an average price of $50.10, totaling an investment of $579,456.60, which increased their ownership by 0.23% [4] Trading Volume and Market Activity - The recent insider buying activity has led to a significant increase in ASA's trading volume, which surged to approximately 193,931 shares, reflecting a 104% increase from the previous session [3] - ASA's stock is currently trading at $45.41, with a recent price change of $0.92, reflecting a 2.07% increase, and has fluctuated between $44.15 and $45.65 today [5] Historical Performance - Over the past year, ASA has experienced a high of $53.76 and a low of $19.37, with a market capitalization of approximately $857 million, highlighting the volatility and dynamic nature of investing in precious metals [5]

Core Thesis - Vermilion Energy Inc. (VET) is viewed positively due to recent insider buying, macroeconomic factors, and potential for strategic acquisitions, indicating management's confidence in the company's prospects [2][3][5] Insider Activity - A notable cluster of insider buying has been observed, including CAD 250,000 from VP of Business Development Lara Conrad, suggesting strong management conviction in Vermilion's future [2] - Independent director Stephen Larke's CAD 200,000 purchase and CEO Dion Hatcher's CAD 16,000 buy further support the notion that management believes the stock is undervalued [3] Strategic Acquisitions - Lara Conrad's previous experience with a significant acquisition at ARC Resources indicates that Vermilion may be preparing for strategic acquisitions, enhancing its growth potential [3] Macro Factors - The current Atlantic hurricane season has been unusually quiet, which historically correlates with colder winters in Europe, potentially increasing heating demand by 20-50% and benefiting Vermilion's natural gas operations in Europe [4] - The accelerating data center buildout in Canada is expected to provide structural support to domestic natural gas prices, positioning Vermilion to benefit from price appreciation in both European (TTF) and Canadian (AECO) markets [5] Financial Position - Despite a 3.70% depreciation in stock value since the last bullish thesis coverage, the company's strategic direction remains intact, with ongoing share buybacks and undervalued assets presenting a compelling investment opportunity [6]

Group 1 - The Insiders Forum focuses on small and mid-cap stocks that are being purchased by insiders, aiming to outperform the Russell 2000 benchmark over time [2][4] - The portfolio managed by Bret Jensen consists of 12-25 top stocks across various sectors that are attractively valued and have seen significant recent insider purchases [2][4] - The model portfolio has achieved double the return of its benchmark, the Russell 2000, since its launch [1][2]

Group 1 - Recent initial public offerings (IPOs) have seen significant insider buying activity [1]

Insider Buying Summary - Recent insider buying activity indicates confidence in stock performance, with notable purchases from executives at Archrock and ALX Oncology Holdings [1] Archrock (AROC) - Jason C. Rebrook, an insider at Archrock, purchased 10,000 shares at $24.17 each, totaling an investment of $241,670 [2] - Following the purchase, AROC experienced a high of $24.77, reflecting a gain of approximately 2.5% at the peak of trading [2] - Despite this, Archrock's stock was down about 0.4% on the day of the report [2] ALX Oncology Holdings (ALXO) - CEO Jason Lettmann acquired 92,233 shares for $99,352, at a price of $1.08 each, marking his first purchase in the past year [3] - ALX Oncology Holdings saw a significant increase, trading up about 20.6% on the day of the report [3] - Lettmann's investment was up approximately 30.0% at the peak of trading, with ALXO reaching a high of $1.40 [3]

Insider Buying Trends - Insider buying has been below normal in 13 of the past 15 months, with August showing only 26% of purchases compared to sales [3] - Historically, the highest ratio of buys to sells was 2.01 in October 2008 during the Great Recession, indicating that insider buying can signal future recovery [4] Eastman Chemical - Eastman Chemical Co. (EMN) executives, including CEO Mark Costa and CFO McLain William Thomas Jr., made significant purchases of shares on August 27, totaling approximately $502,000 and $252,000 respectively [5] - The stock has fallen 24% this year, impacted by high tariffs on imported materials, yet it has shown profitability for over 30 years [6] - Current valuation is attractive, trading at about nine times earnings and less than one times revenue, suggesting potential for recovery [6] Eli Lilly - Eight executives at Eli Lilly (LLY) bought shares in August, including CEO David Ricks and CFO Lucas Montarce, who spent over $1 million and nearly $495,000 respectively [7] - The stock price has decreased from a high of $942 to around $755, but it trades at a high valuation of 49 times recent earnings and over 12 times revenue, indicating it may be overvalued [8] United Parcel Service - United Parcel Service Inc. (UPS) shares have dropped more than 31% this year, with CEO Carol Tome purchasing over $1 million in August [9] - Despite competitive pressures, UPS maintains a strong return on equity of over 34% and trades for less than 13 times earnings, suggesting potential for future gains [10] First Citizens BancShares - At First Citizens BancShares Inc. (FCNCA), CEO Frank Holding Jr. invested over $1 million in August, alongside four other insiders [11] - The bank has shown improving profits and has consistently achieved a return on assets of 1.0% or better, with the stock trading at a reasonable valuation of 12 times recent earnings [12] Performance of Insider Buying Stocks - Stocks recommended based on insider buying have returned an average of 8.9% over 12 months, underperforming the S&P 500 Total Return Index by 1.8 percentage points [13] - Stocks to avoid despite insider buying have lagged the index by 24 percentage points, while those with ambiguous comments on insider buying have outperformed the index by 14.2 percentage points [14]

Core Insights - Insider buying activity is closely monitored by investors as it may indicate long-term company prospects [1][5] - Recent insider purchases have been made by CEOs of Church & Dwight (CHD), Eli Lilly (LLY), and Viatris (VTRS) [1][7] Church & Dwight (CHD) - The CEO of Church & Dwight purchased approximately 5,500 shares for a total cost of just over $500,000 in mid-August [2] - Despite a 10% decline in share price in 2025, insider buying activity has been noted as a positive sign [2] Eli Lilly (LLY) - Eli Lilly's shares have decreased by 5% in 2025, underperforming the S&P 500 [4] - Following a period of selling, insiders have begun to buy shares after the company's earnings report [4][5] Viatris (VTRS) - Viatris CEO Scott Smith acquired 22,000 shares at a total cost of approximately $220,000 [6] - The company's shares have lagged the S&P 500 by about 12% in 2025, yet insider buying has been observed at discounted prices [6]

Gentlemen, thank you very much for being here with us both. Now, if let's start maybe Frank with you. This market, it is pulling back right now, but in the guise of all-time highs, it's fairly small.Has it been surprising to you just how resilient the market has been over the course of the last, say, 6 to 12 months. >> Tom, thanks a lot for having me. Well, I think it has been, but if you think about how this has come back, it's typical.you see a very big volatility event, but you have excessive buying at t ...