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Top Insider Trades 1/3/13: LYV, BFA, MKL, VNR

|Includes:Live Nation Entertainment, Inc. (LYV), MKL, VNR

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In a victory for common sense, the trading behavior of company executives, directors, and large shareholders in the stocks of firms they're registered "insiders" at have been proven profitable to monitor by both academic studies and (more importantly) the experience of professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Thursday, January 3, 2013 as ranked by dollar value.

Please note, however, that these are factual lists (with edits to remove some noise), not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

We should also point out that we are presently in a slow filing time for insiders because many companies still have their trading windows closed to their executives until their June quarter earnings are released.

But at, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular blog posts as the initial research tools they are meant to be, and click the links in the tables to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Liberty Media DIR,BO Live Nation Ent LYV JB* $15,000,003
Wilson Debora J DIR Markel MKL B $428,990
Pence Britt VP Vanguard Nat Res VNR JB* $328,186
McLean A A III DIR Independence Banc IEBS JB* $200,000
Hipp H Neel Jr DIR Independence Banc IEBS JB* $200,000
Aequitas Mgt BO Carepayment Tech CPYT JB* $151,918
Frost Phillip MD CEO,CB,BO Opko Health OPK B $149,683
Li Xinzhou PR,BO Novabay Pharm NBY B $144,000
Goldfarb Jeffrey BD,DIR G III Apparel GIII B $101,456
Waleski Anne G VP,CFO Markel MKL B $86,441
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes

Insider Sales
Filer Name Insider Titles Company Name Ticker Trans
Dollar Value
Brown Christina Lee BO Brown Forman BFB,BFA JS* $377,465,305
Brin Sergey F,DIR,BO Google GOOG AS $60,030,676
Salas Peter E DIR,BO Tengasco TGC JS* $17,243,954
Azoff Irving CB,DIR Live Nation Ent LYV JS*,S $15,000,004
Shriram Kavitark DIR Google GOOG AS $14,600,000
Cook Scott D CB,DIR Intuit INTU S $11,244,963
Zoley George C CB,CEO,DIR GEO GEO S $7,501,836
Bong Francis S Y DIR Aecom Tech ACM AS $3,779,592
Crowe James Q CEO,DIR Level 3 Comms LVLT S $2,919,939
Gross Karen VP,SEC Royal Gold RGLD S $2,407,297
Click to enlarge

Source: | Key to Insider Title and Trans Type Codes

Stocks: LYV, MKL, VNR