Wealth Signal

Wealth Signal

Edition 042 Saturday 24 October 2026 Coverage 13 Mar 2025 – 23 Oct 2026 Core window 20–23 Oct

Anomaly Board

1 break · 3 tested, on pattern

Actions that break the actor’s own prior pattern. Comparison is to that person’s own filing history, not to a peer group.

01

Morris Goldfarb · Chairman and CEO, G-III Apparel Group, Ltd. (NASDAQ: GIII) — 11% holder, 52 years with the company, age 75

Two gifts dated 20 Oct 2026 · Form 4 filed 22 Oct, signed by him personally · Rule 10b5-1 box unchecked

He has never done this before on a Form 4. Two bona fide gifts of 35,000 shares each — 70,000 shares, about $2.09m at the $29.87 close of 23 October — into trusts for two grandchildren, with no pecuniary interest retained. His direct holding went 4,492,675 → 4,457,675.

The base rate. EDGAR full-text search across his entire filing record — 184 filings, earliest February 1996 — returns exactly one Form 4 of his containing the word “gift”: this one. The ten Forms 4 he filed between January 2024 and September 2026 contain none. His last Form 5 of any kind was 23 February 2017.

And the measurement caveat, stated up front. Bona fide gifts only became Form 4–reportable within two business days in April 2023; before that they went on an annual Form 5. So the airtight version of the claim is narrower than the headline: in the three and a half years since gifts have been Form 4 events, this is his first. That is still a break, and it is still his own record.

Tested and found on pattern — no anomaly claimed: Benoit Dageville’s Snowflake disposition of 21 October is the third identical 50,000-sale-plus-16,668-gift tranche of 2026 (29 Jul, 7 Oct, 21 Oct) — it carries section 02 on its structure, not its novelty. Kenneth Duda has filed 182 Forms 4 mentioning a GRAT, the earliest dated 15 December 2017; nothing about 20 October breaks a nine-year-old habit. Anthony Eisen’s Block drip has run 63 consecutive 6,000-share sessions out of 64 rows on his latest Form 144 — the one break, 41,000 shares on 5 August, sits three months outside the window and is reported in section 03 rather than promoted here. No domicile change, no new holdco, trust or foundation formation, no first-time share pledge, and no resignation-plus-disposal pair surfaced dated 20–23 October. EDGAR full-text returns nine Forms 4 in total containing “gift” filed 22–24 October — the three people below are drawn from a census of the window, not a sample of it.

02

The Log

three items

The “cash out” that is a quarter not cash — Snowflake’s co-founder has now run the same 66,668-share tranche three times Benoit Dageville · Snowflake Inc. (NYSE: SNOW)

Confirmed · Form 4 primary 10b5-1 checked Gift inside the plan
Who
Benoit Dageville, co-founder of Snowflake and a sitting director (the form reports him as director only, not officer or 10% owner).
What they did — 21 October 2026
Sold 50,000 common shares at $321.74 ($16,087,000) and made a gift of 16,668 shares. Both came out of the same vehicle, The Snow Trust UTA dated 9/10/19, where he is trustee. That holding went 2,368,211 → 2,351,543 on the gift and → 2,301,543 on the sale.
The document
Form 4, accession 0001821737-26-000017, period of report 21 October, filed 23 October, signed by Marie Reider as attorney-in-fact. The Rule 10b5-1 box is checked, and footnote F1 states that the gift as well as the sale was made under a plan he adopted on 3 April 2026.
Source: Forms 4 filed 2026. Share counts are identical across all three tranches; only the price moves. 16,668 / 66,668 = 25.0002%.
Tranche dateSoldWtd avgGiftedGift %
29 Jul 202650,000$280.0016,66825.00%
7 Oct 202650,000$333.4216,66825.00%
21 Oct 202650,000$321.7416,66825.00%

Consensus read

A founder-director continues routine programmatic diversification under a pre-set 10b5-1 plan. The figure that gets reported is the combined 66,668 shares “cashed out”, valued at the sale price — roughly $18.7m for the July tranche, roughly $21.5m for this one.

On this reading there is no information content. Plan sales are deliberately uninformative; that is what the plan is for. It is a fair reading and it is how every aggregator will log it.

Contrarian read

This is not a selling plan. It is a distribution schedule with a fixed 75/25 split, and a quarter of every tranche never becomes cash at all.

Pricing the gifted leg at the sale price overstates realised proceeds by exactly the size of the gift: $5.36m on 21 October, $4.67m on 29 July. The headline number is wrong by a quarter, in the same direction, every time.

The evidence that discriminates

  1. The gift is inside the plan. Footnote F1 puts the gift, not just the sale, under the 3 April 2026 10b5-1 plan. Someone who wants liquidity has no reason to pre-commit the timing of a gift; someone executing a transfer target does. This is the single field that separates the two readings, and it is in a footnote rather than a headline.
  2. Quantity is invariant to price across three executions. 50,000 / 16,668 at $280.00, $333.42 and $321.74 — a 19.1% price range with zero response in share count. A dollar-denominated plan varies quantity; a share-denominated transfer target does not.
  3. The ratio is exact, not approximate. 16,668 / 66,668 = 25.0002%. A rounding would not land there three times.

That the purpose is transfer rather than diversification is inference drawn from those three fields. The filing says none of it.

What would falsify me

A subsequent tranche that carries a sale with no accompanying gift, or that shifts the ratio away from 25%. Either kills the fixed-transfer-target reading and leaves plain diversification standing.

So would any disclosure that the plan is denominated in dollars rather than shares — that would make the invariant share counts a coincidence of three similar prices rather than a design.

Pattern vs his own history Sixty-four of his Forms 4 since 2021 mention a gift, so the gifting itself is long-running; what is new in 2026 is the fixed pairing. Separately, the same filing carries four grantor-retained annuity trusts all dated 13 March 2025 — The Selene GRAT No. 1 and No. 2 (he is trustee) and The Thira GRAT No. 1 and No. 2 (his spouse is trustee) — holding 358,087, 358,087, 391,913 and 391,913 shares. That is exactly 1,500,000 shares, split exactly in half between his side and hers. Those four counts are unchanged from his 8 October filing. Nineteen months after funding, no shares have moved out. Two live hypotheses: annuity payments are being satisfied in cash from outside the trusts, or these are longer-dated trusts with back-loaded annuities. The filing does not distinguish them. A future Form 4 showing a transfer out of Selene No. 1 or Thira No. 1 would.

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3

Goldfarb starts moving G-III to his grandchildren — at 9.8× earnings and in the bottom third of his own year Morris Goldfarb · G-III Apparel Group, Ltd. (NASDAQ: GIII)

Confirmed · two Forms 4, both sides Anomaly 01 No 10b5-1
Who
Morris Goldfarb, 75, chairman and chief executive of G-III Apparel Group, 52 years with the company, beneficial owner of 4,786,041 shares or 11% of the class as of the 16 April 2026 record date.
What they did — 20 October 2026
Two separate bona fide gifts of 35,000 shares each, into trusts for two of his grandchildren, with no pecuniary interest retained. Direct holding 4,492,675 → 4,457,675. At $29.87 the two gifts are worth about $2.09m combined — 1.56% of his direct stake.
The document
Form 4, accession 0000821002-26-000045, period 20 October, filed 22 October, signed by Goldfarb himself rather than an attorney-in-fact. The 10b5-1 box is unchecked. A companion Form 4, accession 0000821002-26-000046, filed the same day by Jeffrey David Goldfarb (EVP and director, 49), reports the receiving side of one leg: 35,000 shares acquired by the Ryan Gabriel Goldfarb 2009 Trust, described as a bona fide gift “from the reporting person’s father”. Both sides of the transfer are therefore on the public record, which is why this is marked confirmed rather than single-source.
What else the holdings table shows
Indirect positions after the gifts: Arlene Goldfarb 2012 Delaware Trust 200,000; Morris Goldfarb 2012 Delaware Trust 200,000; Goldfarb Family Partners, LLC 166,750; spouse 29,666; The Morris and Arlene Goldfarb Family Foundation 140,258.

Consensus read

Ordinary estate housekeeping. A 75-year-old chairman with a long tenure moves a rounding error — 1.56% of his direct position — to the next generation but one. Gifts are not sales; nobody received cash; the stake is intact.

On this reading it says nothing about G-III and should be logged and forgotten. That is a reasonable position and it is probably how it will be filed.

Contrarian read

The timing is a valuation call, not a calendar one, and the explanation that would normally cover a late-year gift does not exist in 2026.

He is fixing the transfer value of these shares near the bottom of their own year, which parks any recovery outside his estate at the cheapest point in the disclosed cycle.

The evidence that discriminates

  1. The deadline is gone, and it used to be the whole explanation. The two 2012-vintage vehicles sitting in his own holdings table were funded in the era of exemption-sunset urgency. That urgency no longer applies: the One Big Beautiful Bill Act set the federal estate, gift and GST exemption at $15m per person from 1 January 2026, permanent and indexed. There is no 2026 cliff to beat. “Year-end housekeeping” cannot explain an October date when there is no year-end.
  2. The price can. GIII closed at $29.87 on 23 October against a 52-week range of $24.61–$37.54 and a P/E of 9.81, after the 2 September guidance cut on a roughly $460m fiscal-2027 revenue hole from the Calvin Klein and Tommy Hilfiger licence roll-off, which took the stock down 9.79% to $29.02 that day. A gift is valued at its date-of-gift value. Every dollar of depression moves more shares per dollar of exemption consumed.
  3. The 10b5-1 box is unchecked and he signed it himself. No plan, no attorney-in-fact, no schedule. The date was chosen.

Points 1 and 3 are facts on the document and in statute. The link to valuation is inference: nothing in the filing states a motive, and a man of 75 beginning generation-skipping transfers needs no market reason at all.

What would falsify me

A second, larger gift at a materially higher price within the next two quarters, or a December repeat, would make this an annual programme rather than a valuation-timed act.

Disclosure of a pre-existing gifting schedule, or evidence that G-III’s insider window happened to be open only in that specific week for reasons unrelated to price, kills it outright.

Pattern vs his own history See the anomaly board for the base rate. One addition: he is not a man who never transacts. He filed two Forms 144 on 24 and 26 September 2024 and a Form 4 on 26 September 2024 alongside them. He has sold before. He had not gifted.

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3

A $7.8m “insider sale” at Arista in which the insider’s own share count did not move at all Kenneth Duda · Arista Networks, Inc. (NYSE: ANET)

Confirmed · Form 4 primary Three 10b5-1 plans, one date
Who
Kenneth Duda, co-founder, president and chief technology officer of Arista Networks, and a director.
What they did — 20 October 2026
Exercised 17,333 non-qualified options at $14.1463 (expiry 7 February 2029) and sold 17,333 shares across six weighted-average buckets from $177.9108 to $182.7925. Separately, a trust for one of his children sold 16,000 shares and his 501(c) foundation sold 10,000, both into the same six buckets on the same day. Total 43,333 shares, roughly $7.84m gross.
The document
Form 4, accession 0001596532-26-000248, period 20 October, filed 22 October by Isabelle Bertin-Bailly as attorney-in-fact. Three distinct Rule 10b5-1 plans, all dated 11 March 2026: his own (F1), one adopted for the benefit of his children (F8), and one entered into by the foundation where he and his spouse are co-trustees (F10). Holdings reported without transaction: GRAT KD 690,621, GRAT JD 692,104 (spouse trustee), family trust 81,927.
Source: Form 4 accession 0001596532-26-000248, Table I. Direct: 12,976 before the exercise, 30,309 after it, 12,976 after the sales. The exercise and the sale match to the share.
EntityShares soldGross (est.)Held after% of that holding
Direct (Duda)17,333$3.14m12,9760.0%
Children’s Trust16,000$2.89m1,154,918−1.37%
Foundation10,000$1.81m432,400−2.26%

Consensus read

Arista’s president and CTO sold roughly $7.8m of stock on 20 October. One more line in the running tech-insider-selling tally, mitigated by the fact that it ran under a 10b5-1 plan.

The mitigation is real and the number is arithmetically correct. The shares did change hands and the money is real.

Contrarian read

None of the $7.8m reduced his personal common-stock position, and the most interesting entity on the form is the foundation — which is being run on the same execution schedule as the family money rather than as an independent holder.

The headline counts an option conversion as a disposal, and counts two entities in which he disclaims beneficial ownership as him.

The evidence that discriminates

  1. His direct share count is identical before and after: 12,976. The exercise added 17,333, taking him to 30,309; the sale removed 17,333, taking him back to 12,976. The sale is matched to the exercise to the share. The economic event is converting a 2029 option into about $3.14m gross less $245,218 of strike — not a reduction in exposure. Any tally that uses $7.8m as “insider selling” is counting a conversion as a disposal, and 60% of the shares were not his to begin with.
  2. Three entities, one instruction set. The foundation’s sales ran under a plan “entered into on 11 March 2026 by the foundation” — the same date as both family plans — executing on the same day into the same six weighted-average prices, to four decimal places. Independent grantmaking does not synchronise to the hundredth of a cent.
  3. The sizing tells you which numbers are decisions. The trust sold a round 16,000 and the foundation a round 10,000; his own 17,333 is option-determined residue. Round numbers are targets.

What would falsify me

A Form 4 showing him selling shares not sourced from an option exercise, or his direct holding dropping below 12,976, falsifies the first claim immediately.

A foundation sale on a date the family accounts do not trade, or under a plan with a different adoption date, falsifies the second.

Pattern vs his own history EDGAR full-text returns 182 Forms 4 from Duda mentioning a GRAT, the earliest dated 15 December 2017. The structure is nine years old and the cadence is roughly monthly. Nothing about 20 October breaks it, which is exactly why it is in the log and not on the board.

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03

Where Consensus Is Right

tested and could not be overturned

Anthony Eisen is selling 6,000 Block shares a day and it means precisely what it looks like Anthony M. Eisen · Afterpay co-founder, director of Block, Inc. (NYSE: XYZ)

Confirmed · Form 144 primary Contrarian angle tested and dropped

What I went looking for. Fifty-nine Forms 144 between 3 August and 23 October 2026 — essentially one per trading day — is the kind of pattern that usually hides something: an acceleration, a quantity that flexes with price, a board departure the selling is front-running. I tested all three.

What the document says. Form 144 filed 23 October 2026, accession 0001950047-26-010380: 6,000 shares, aggregate market value $467,040, proposed sale date 23 October, Morgan Stanley Smith Barney Executive Financial Services, NYSE. The shares were acquired 31 January 2022 as restricted stock from the issuer — the day Block closed the Afterpay acquisition. Plan adoption date 2 March 2026. The notice carries a 64-row prior-sales table running 24 July to 22 October 2026.

The numbers that settle it. 63 of those 64 rows are exactly 6,000 shares. Gross proceeds per row run from $439,740 on 29 September to $510,720 on 28 August — $73.29 to $85.12 a share, a 16.1% price range with zero change in quantity. A discretionary seller varies size with price. This one does not vary at all. The plan was adopted in March and has been grinding since.

The one exception, reported rather than buried. 5 August 2026: 41,000 shares for $3,519,850, about 6.8× the daily unit. I could not attach a cause to it, and it sits almost three months outside the coverage window. It does not rescue a contrarian reading of October, and I am not going to pretend it does.

Verdict. The ordinary reading survives intact. This is mechanical liquidation of 2022 Afterpay rollover stock under a plan adopted on 2 March 2026, price-insensitive by construction, and it carries no information about Block. Roughly 419,000 shares in three months against 540,816,000 outstanding. Every aggregator that logs each daily notice as a fresh “insider sale” headline is manufacturing 63 events out of one decision taken in March — but the decision itself is as boring as it appears.

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04

What Repeats

one strong repeat · one weak one · one measurement note

Mirrored his-and-hers GRATs, laddered into vintages

Two founders, two companies, no connection between them, and the same architecture sitting in the holdings tables of filings made one day apart.

Source: Forms 4 accession 0001821737-26-000017 (filed 23 Oct 2026) and 0001596532-26-000248 (filed 22 Oct 2026), non-derivative holdings tables.
PersonTrustTrusteeShares
DagevilleSelene GRAT No. 1 (13 Mar 2025)Himself358,087
DagevilleThira GRAT No. 1 (13 Mar 2025)Spouse358,087
DagevilleSelene GRAT No. 2 (13 Mar 2025)Himself391,913
DagevilleThira GRAT No. 2 (13 Mar 2025)Spouse391,913
DagevilleTotal across four GRATs—1,500,000
DudaKenneth Duda Annuity TrustsHimself690,621
DudaJennifer Duda Annuity TrustsSpouse692,104

The shape is the point. Dageville’s four trusts hold exactly 1,500,000 shares, split exactly in half between his side and his spouse’s, and split again into two numbered vintages per side. Duda’s two sides are 690,621 and 692,104 — 0.21% apart.

Why it is built this way is inference, not disclosure: mirroring doubles the number of independent bets that the asset beats the hurdle rate, and laddering into separate vintages means one bad funding date does not take down the whole transfer. Neither filing explains itself, and I am reading structure, not stated intent.

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The spring-2026 plan cohort — noted, not claimed

Eisen’s Block plan was adopted 2 March 2026. All three of Duda’s plans were entered 11 March 2026. Dageville’s was adopted 3 April 2026. Three unrelated people inside five weeks. That is almost certainly nothing more than the ordinary post-Q4-earnings open window plus the standard cooling-off period, and I have no evidence otherwise. It is here because it is a repeat, not because it is a finding.

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3

Measurement note: the “surge in insider gifting” has a denominator problem

The statistic that circulates — insider gifts up sharply since 2023 — is substantially an artifact of a reporting-rule change, not a behaviour change. Until the December 2022 Rule 10b5-1 amendments took effect in April 2023, an insider’s bona fide gift was reportable on Form 5, due 45 days after the issuer’s fiscal year end: once a year, in a form almost nobody reads and most aggregators do not ingest. Since then it has been a Form 4, due in two business days, syndicated within the hour.

Goldfarb’s own record shows the shape of it: 184 filings since February 1996, six Form 5s between 2008 and 2017, and a first Form 4 gift in October 2026. Was he gifting through those nine Form-5-free years? The record cannot say, because for most of them there was no filing obligation that would have shown it at this resolution. Any count of insider gifts that spans April 2023 is measuring the rule, not the people. That is also why the anomaly board above states its claim in the narrow, defensible form rather than the dramatic one.

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05

Transferable To You

Ontario · private company · one individual

GRATs — the headline mechanic in today’s log

Does not transfer
0
3

A grantor-retained annuity trust arbitrages a US gift-tax valuation against a statutory IRS hurdle rate. Canada has neither. There is no federal gift tax here and no §7520 rate, so there is nothing to arbitrage — the mechanic is not harder in Canada, it is structurally absent.

It is worse than absent. Gifting appreciated property in Canada triggers a deemed disposition at fair market value, so the transfer is a taxable event to you on day one rather than a deferral. And a Canadian trust faces the 21-year deemed disposition rule, which is a clock a GRAT does not have. Reading about Selene No. 1 and Thira No. 2 is reading about a tool that does not exist in your jurisdiction.

Fixing value at a trough — the logic behind Goldfarb’s October date

Transfers, different wrapper
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3

The reasoning survives the border even though the vehicle does not. Goldfarb is fixing a transfer value while the price is in the bottom third of its year. The Canadian analogue is an estate freeze: exchange your common shares in the operating company for fixed-value preferred shares and issue new common to a family trust, so future growth accrues outside your own hands at a value you set today.

The timing logic is identical and it points the same way: you want to freeze low. For a private Ontario company that means a defensible valuation at the moment of the freeze — which, unhelpfully, is easiest to defend when the business has just had a bad year, and hardest to justify emotionally for exactly the same reason.

Multiplying the lifetime capital gains exemption

Transfers — and has no US analogue
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3

This one runs the other way: it is a Canadian advantage with no equivalent in any of today’s filings. The lifetime capital gains exemption on qualified small business corporation shares is $1.25m in 2026, and a properly constituted family trust can allocate a gain across several beneficiaries so that more than one exemption is available on an eventual sale.

The constraint is time, not money. The QSBC tests — including a 24-month asset-use test — mean the structure has to exist years before a sale, not at the term sheet. A trust set up the month a buyer appears does nothing.

Duda’s cashless-exercise discipline

Transfers as a habit, not a structure
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3

The useful part of Duda’s filing is bookkeeping, not tax planning. He sized the sale to the exercise exactly, so the transaction that reads as a $7.8m sale changed his exposure by zero. He separated “I am converting an instrument” from “I am reducing my position” and the filing shows which one happened.

For a private-company founder the equivalent is refusing to let a liquidity event quietly double as a de-risking decision. If you take money out of the company, know and record which of the two you just did, because the number alone will not tell you later.

Everything else in today’s log

Does not transfer
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3
  • Rule 10b5-1 plans and Form 144 drips presuppose a liquid public stock and a US insider-trading regime. Neither applies to a private Ontario corporation.
  • Delaware trusts and 501(c) foundation sleeves presuppose US domicile and a US charitable-deduction regime. The Canadian charitable structures are different enough that the analogy misleads more than it helps.
  • The generation-skipping transfer tax, which is the whole reason Goldfarb’s gifts go to grandchildren’s trusts rather than his son’s, does not exist in Canada at all.

FIRST STEP THIS WEEK — one hour with your accountant, two questions, answers in writing: (1) do Rocky Software’s shares qualify as QSBC today, and (2) if not, what is the shortest path to qualifying. This is the only item on the page where delay has a cost: the asset-use test looks back 24 months, so the answer takes two years to change once you start.

This page is information assembled from public filings, not financial, tax or legal advice. Nothing here is a recommendation to buy, sell or hold any security. Estate freezes, family trusts, QSBC qualification and LCGE multiplication are all highly fact-specific and carry attribution, GAAR and valuation risk if done wrongly; confirm anything tax- or structure-related with a licensed Canadian accountant and a tax lawyer before acting on it.

06

Sources

primary documents first
  1. Form 4 — Dageville Benoit / Snowflake Inc., accession 0001821737-26-000017Period 21 Oct 2026 · filed 23 Oct 2026 · primary document
  2. Form 4 — Dageville Benoit / Snowflake Inc., accession 0001821737-26-000016Period 7 Oct 2026 · filed 8 Oct 2026 · comparison tranche
  3. Form 4 — Goldfarb Morris / G-III Apparel Group, accession 0000821002-26-000045Period 20 Oct 2026 · filed 22 Oct 2026 · primary document
  4. Form 4 — Goldfarb Jeffrey David / G-III Apparel Group, accession 0000821002-26-000046Period 20 Oct 2026 · filed 22 Oct 2026 · receiving side of the gift
  5. Form 4 — Duda Kenneth / Arista Networks, accession 0001596532-26-000248Period 20 Oct 2026 · filed 22 Oct 2026 · primary document
  6. Form 144 — Eisen Anthony M. / Block, Inc., accession 0001950047-26-010380Notice dated 23 Oct 2026 · includes the 64-row prior-three-months table
  7. EDGAR submissions index — Morris Goldfarb (CIK 0001007772)Retrieved 24 Oct 2026 · 184 filings, earliest 14 Feb 1996; Form 5 history
  8. EDGAR submissions index — Benoit Dageville (CIK 0001821737)Retrieved 24 Oct 2026 · Form 4 cadence 2025–2026
  9. EDGAR full-text search — Forms 4 containing “gift”, filed 22–24 Oct 2026Nine hits · the census behind the window’s item selection
  10. EDGAR full-text search — Duda Forms 4 mentioning a GRAT182 hits, earliest 15 Dec 2017 · base rate for the pattern line
  11. EDGAR full-text search — Eisen Forms 144, 1 Aug to 24 Oct 202659 hits · approximately one per trading day
  12. G-III Apparel Group — DEF 14A proxy statement, FY2026Filed 11 Jun 2026 · Goldfarb age 75, 52 years’ service, 4,786,041 shares / 11% as of 16 Apr 2026
  13. Benzinga — G-III faces a $460 million sales hole as Calvin Klein, Tommy Hilfiger exit bites2 Sep 2026 · shares down 9.79% to $29.02
  14. StockAnalysis — GIII quote and 52-week rangeRetrieved 23 Oct 2026, 12:21 ET · $29.87, range $24.61–$37.54, P/E 9.81, 42.88m shares
  15. Webull — “Is Snowflake Stock a Buy After a Co-Founder Cashed Out 66,600 Shares?”Covering the 29 Jul 2026 tranche · cited as evidence of the consensus framing, valuing 66,668 shares at the $280.00 sale price
  16. Morgan Lewis — New $15 million federal estate and gift exemption becomes law (OBBBA)Aug 2025 · $15m per person from 1 Jan 2026, permanent and indexed
  17. Lifetime capital gains exemption on QSBC shares, 2026 — the $1.25m figureCanadian figure used in section 05
  18. G-III Apparel Group — Form 10-K, fiscal year ended 31 Jan 2026Share count and licence-transition background