AFL: Japan Post Holdings sells $18.7M stake; Berkshire trims position by $1B this quarter

Japan Post exits $18.7M AFL stake near 52-week high

Japan Post Holdings sold $18.7M of AFL on Thursday. Discretionary. Not a pre-planned trade under a 10b5-1. The stock sits near the top of its 52-week range at $110.70, with a ceiling at $119. This is the third straight quarter Japan Post has trimmed its Aflac position, always discretionary, always near the high end of the range. Here's the pattern: 18 sales in two years.

Zero purchases. $30.3M out the door, all of it timed when the stock trades within 10% of its 52-week high. They didn't sell when AFL sat at $97 in August. They waited. Insurance giant selling an insurance stock, quarter after quarter, only when the price cooperates. The trimming is methodical.

NKE director buys $173K at 52-week low amid turnaround doubts

Board member John Rogers bought $173K of Nike at $43, right at the 52-week low. The stock is down 47% from its peak as the company struggles with inventory bloat and fierce competition from On and Hoka. This was a pre-planned 10b5-1 purchase, but the timing looks prescient given the price level.

Horizon Kinetics adds TPL at $410 near YTD lows

Horizon Kinetics added $402 to their TPL position in a discretionary buy. The asset manager has made 24 consecutive purchases over two years without a single sale. TPL trades 25% below its 52-week high as the royalty-based business model faces questions about Permian production growth rates.

Broadcom ISG President dumps $10.6M near all-time high

Broadcom's Chief Technology Officer just dumped $10.6M in a discretionary sale, offloading nearly a third of his position. No 10b5-1 plan, so this was an active decision. The stock sits 10% off its recent high as AI infrastructure hype cools.

Dover refinances $1.5B credit facility, extends maturity to 2030

Dover refinanced $1.5B in debt with a new five-year revolving credit facility, replacing its 2020 agreement. The industrial conglomerate locked in committed credit through 2030 while trading near all-time highs. Standard liquidity move that extends runway for M&A and working capital needs.

Camden Property Trust enters material agreement, issues Reg FD disclosure

Camden Property Trust signed a new $800 million unsecured revolving credit facility to replace its existing line while extending the maturity to 2030. The REIT is refinancing at a time when apartment fundamentals remain solid but financing costs have been elevated. Trading near the bottom of its 52-week range, the company is locking in long-term liquidity at current rates rather than waiting for potential cuts.

Paramount Skydance names new officers following merger completion

Paramount Skydance completed its merger and installed David Ellison as CEO while Jeff Shell took over as president. The new leadership team brings operational experience from Oracle and NBCUniversal to a studio trading near its 52-week lows after years of streaming losses. The combination gives Paramount access to Skydance's proven film franchises and Ellison's deep-pocketed tech connections at a time when traditional media needs both content hits and distribution leverage.

Market Context