“Davidson” submits:

Markets are composites of securities responding independently to market psychology as investors perceive return potential.

Periods during which insider is above the recent base level is bullish, but more often than not the buying in one issue is usually not repeated with every bout of insider buying. One assesses each issue in which insider activity is most positive and if it truly appears to be an investment opportunity.

Insiders are not equally gifted managers nor judges of value. What is surprising is that with equity markets in the US hitting record highs that insider bouts of activity have been fairly steady in pointing out securities discounting future expectations.