Netflix (NFLX): $1,156.49
Market Cap: $492.17B
Enterprise Value: $501.22B
Jockey, not the Horse
My thinking on following insider transactions has evolved over the years. What started out as a way to discover new ideas and companies that I would have not otherwise come across, started to change into a realization that the jockey was more important than the horse. Instead of focusing on management purchases or even cluster buys, I started paying more attention to independent directors who have been on the board for a long time and especially the ones that have an investing background. This helped distill some of the signal from the noise of numerous insider transactions.