📊 Weekly Filing: 54 trades, 83% selling, $114M moved

One buyer walked through the wreckage this week. While 45 insiders were heading for the exits across every major sector, Horizon Kinetics Asset Management put money into Texas Pacific Land five separate times between Monday and Thursday. Five discretionary purchases. $2,582 total. The stock dropped 15.8% by Friday.

Those aren't typos. Five trades, one share at a time, adding up to less than $3,000. The position they're building now holds 3.46 million shares. These five purchases added exactly 0.000145% to their stake. TPL trades at 64 times earnings with a 60% net margin, the kind of valuation that suggests the market expects perfection. The stock just missed estimates by 50% last quarter and sits 31% below its 52-week high with an RSI of 24, deep in oversold territory. Horizon Kinetics filed a disclosure on Thursday, the same day they bought their last shares. They've now bought TPL 20 times in the past twelve months, selling zero. Every discretionary purchase during a 16% weekly collapse telegraphs one message: they think the bottom is in.

The selling was relentless everywhere else. Information technology led the exodus with $42.4M walking out across eight companies. Monolithic Power's general counsel moved $20.6M across two transactions, the stock up 12% by Friday. AMD's CTO sold $741K with the stock climbing 10.6%. Teradyne's Mercedes Johnson unloaded $195K on Tuesday in a pre-planned sale, and by Friday she'd left $48K on the table as TER jumped 15.5%. Broadcom added another $14.8M in scheduled sales across three executives. Not a single technology insider bought anything. The 30-day pattern is worse: 77 sells totaling $440M against 4 buys worth $10.6M. The ratio tells you everything about what people who run these companies think of current valuations.

Consumer discretionary wasn't far behind. Twelve insiders at ten companies sold $19.6M, led by Airbnb co-founder Joseph Gebbia moving $7.3M with the stock up 3.2%. DoorDash's Tang sold $3.5M as DASH dropped 2.5%. eBay's president unloaded $4.1M. Carvana, Lululemon, Starbucks, Ulta, Williams-Sonoma, Wynn, and Darden all saw executives reduce positions. The sector produced exactly one buyer: Nike director Robert Swan, who put $500K into NKE at $42.69 on Thursday. The stock gained 3.1% by Friday. Nike trades at 22 times earnings, down 35% from its high. Swan's purchase stands out not because of the dollar amount but because he was the only consumer discretionary insider willing to buy anything while his peers were selling $19.6M.

Financials told a similar story with one notable exception. Goldman Sachs bought back $3.4M of its own stock this week. Discretionary, not scheduled. The stock barely moved, down 0.2% by Friday. Goldman reports earnings April 13, four days from now. The company trades at 17 times earnings and sits near its highs with technical indicators showing strength. That's $3.4M placed by people who've seen the quarter's numbers and filed the trade anyway. Meanwhile, Japan Post Holdings unloaded $25.9M of Aflac across four separate transactions. That's their 17th trade in the past month, all of them sells, all of them in AFL. When one institution executes 17 consecutive sales of the same position over 30 days, you stop calling it portfolio rebalancing and start calling it an exit.

Two tiny purchases deserve mention because of the names attached. Nike director John Rogers bought $173K on Friday at $44. 3M's president bought $1,822 on Wednesday at $149.17, up 0.8% by Friday. Both buys were discretionary. Both amounts are rounding errors relative to these executives' net worth. But Rogers sits on Nike's board while the company navigates a 35% drawdown, and the 3M president just put his own money behind a company trading at 24 times earnings with earnings due April 21. Scale matters, and these purchases don't move markets. Direction matters too, and these two walked in while everyone else walked out.

The week's numbers: 54 trades, 45 sells, 9 buys. $109.8M in selling against $4.1M in buying. Every major sector skewed sell-side, most of them by margins exceeding 95%. Communication services, consumer staples, energy, industrials, and information technology each registered zero discretionary buying. The 30-day rolling totals show the same pattern stretched across a month: energy saw $2.2B in selling against $10K in buying. Technology produced $441M in sells against $10.6M in buys.

Goldman Sachs reports April 13. The company just bought back $3.4M of its own stock. Kinder Morgan reports April 15 after its president sold $203K this week. 3M's president bought $1,822 ahead of the company's April 21 earnings. Southwest reports April 22 following a director's $4,478 sale. When executives trade ahead of earnings, the filing is facts. What happens when the numbers come out turns those facts into a story. Monday's Daily Filing will tell you whether the buying from Horizon Kinetics, Nike, Goldman, and 3M was early or prescient.