Read the “owned after” column, not the transaction line
Transfers completelyThis is the one mechanic in this edition that costs nothing and needs no structure. It is an analytical habit, not a vehicle. Whenever you read that a founder or executive “sold $Xm”, the question that settles it is what their position was the day before — which is almost always recoverable from the same filing and almost never quoted. Today it turned a reported 7% cut into a 30% increase.
THIS WEEK · Next time you see an insider-sale headline about a company you hold or follow, open the Form 4 itself and reconstruct the pre-transaction holding from row 1 before reading anyone’s interpretation. Ten minutes, no cost.