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Insider Weekends: Terry Considine Adds To His Aimco Stake


  • Aimco sees sustained insider buying by its co-founder and director Terry Considine.
  • Post spin-off performance of both Aimco and the spinco Apartment Income REIT is impressive.
  • Significant insider selling in the tech sector continues even as growth stocks pulled back recently.
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Joel Greenblatt had a lot of success investing in spinoffs and generated outsized returns for his hedge fund Gotham Capital from 1985 to 1994. We wrote the following about him in 2018:

Gotham Capita Returns 1985 - 19994

Gotham Capital Returns 1985 – 19994

Joel Greenblatt, the

This article was written by

Asif Suria profile picture

I am an entrepreneur and investor with a focus on event driven strategies including merger arbitrage, spinoffs, (legal) insider trading, buybacks and SPACs. I was one of the earliest contributors on Seeking Alpha and started publishing here in 2005. For more than a decade I have been writing every week about M&A and interesting insider transactions. My work has been mentioned in Barron's, Dow Jones, BNN Bloomberg and other publications.  

I have been an active investor for more than two decades and my background in technology has helped me built tools that inform my investing process, especially as it relates to event-driven strategies that require updated data and processes. The focus on my Inside Arbitrage service is to provide investors with the right combination of tools and analysis to help them take advantage of strategies that can perform well across market cycles.  

Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMH, CARS, AUD, SITC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Disclaimer: I hold long positions in American Homes 4 Rent (AMH), Cars.com (CARS), Audacy (AUD) and Site Centers (SITC). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (7)

William Apel profile picture
What exactly are folks looking at with AIV? A simple look at the portfolio and a mark to market gets you to $12-15. The knock on AIV management was its greed. Insider buying of this size, coupled with the current market for properties like the ones they own tell you everything you need to know.
Asif Suria profile picture
@William Apel Thank you for your comment. Could you elaborate on how you arrived at $12 to $15 as the fair value of their existing properties?
William Apel profile picture
@Asif Suria Take the NOI and apply current market cap rate for a multifamily complex in those areas.
@William Apel Much of their current holdings are under-development, so just looking at the underlying quarterly financials won't really spell out. It won't be picked up in current NOI given it isn't operating, and the asset/liabilities will likely only pick up WIP from construction and initial investments/costs. I came up with $12-15 valuation range, but it assumed some assets complete their refresh or construction and are stabilized by the end of next year. Definitely think there is considerable upside, but its a strange bird amongst publicly traded companies and even REITs in that it is a development company, and I don't think many folks know how to properly assess the given how much is currently under development. Long story short, the existing assets appear to be slightly under-valued, and there doesn't appear to be any value placed on development projects.
Interesting....thanks for the article
DPW looks interesting.
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