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  • Writer's pictureStephen H Akin

Insider Selling

In recent weeks stock sales by corporate insiders has picked up.

I'm sure that everyone's heard about all of the high profile sellers of stock to pay tax bills.

Just yesterday Robert Frank of CNBC News had a great article on the subject.

CEOs and insiders sell a record $69 billion of their stock, and the year isn’t over yet.

So how do we know what they are up to?

One of the greatest tools that we have available here in the United States is the Electronic Data Gathering, Analysis and Retrieval system at the Securities Exchange Commission.

Investopedia defines it this way:

EDGAR — Electronic Data Gathering, Analysis and Retrieval — is the electronic filing system created by the Securities Exchange Commission to increase the efficiency and accessibility of corporate filings. The system is used by all publicly traded companies when submitting required documents to the SEC. Corporate documents are time-sensitive, and the creation of EDGAR has greatly decreased the time it takes for corporate documents to become publicly available.

The EDGAR database can be searched using the company ticker symbol. EDGAR’s Companies & Other Filers Search will list a company's filings with the most recent filings shown first. Most of the filings made through EDGAR are available for download or can be viewed for free.

Documents that are accessed using EDGAR and filed with the SEC include quarterly and annual corporate reports and financial statements. Annual Reports (Form 10-K) include company history, audited financial statements, a description of products and services, and an annual review of the organization, its operations, and the company’s markets. Quarterly Reports Form 10 Q include unaudited financial statements and information about the company’s operations in the previous three months.

This source is a real treasure trove of information. As a research geek, I use the information a lot in portfolio management and for getting a feel for the financial conditions in general.

Another resource that the SEC offers is Investment Adviser Public Disclosure website. You can search for an Investment Adviser firm on this website and view the registration or reporting form ("Form ADV") that the adviser filed.

This website will also search FINRA's BrokerCheck system and indicate whether an entity is a Brokerage firm. Investment advisers file Form ADV to register with the SEC and/or the states. Some advisers that do not have to register with the SEC or the states ("Exempt Reporting Advisers") must nonetheless complete some of the questions in Form ADV for purposes of reporting to the SEC and/or the states.

Form ADV contains information about an investment adviser and its business operations. Additionally, it contains disclosure about certain disciplinary events involving the adviser and its key personnel.

Akin Investments, llc is a FINRA CRD access organization. We may be found on the BrokerCheck system ID#281450.

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