Markets are still flirting with historical highs. And today NVDA presents its 3Q earnings, which is highly anticipated, as they are the poster child of AI. Investors have been betting on this market despite concentration, high interest and wars among other factors. What about insiders? If you look at the chart below, executives have been net sellers of this rally. As a matter of fact, the ratio of sellers to buyers is at the highest level of the last 20 years. The irony here is that the shares are cheap enough to be bought back at corporate level, but rich enough to sell them at personal level. And this indicator is a good predictor of inflection points. The bottom line is that executives are witnessing first hand how difficult it has become to beat expectations and the financial engineering necessary to satisfy investors. It’s getting frothy.
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