Continuing the series on the greatest insider trades: On October 15, 2018, Citigroup (NYSE:C) reported Q3 2018 EPS of $1.73 on revenues of $18.39B, generally in line with expectations. Trading near $70, Citi has a market cap of $175 billion, and is one of the premiere U.S. financial institutions.
On Sunday, January 18, 2009, as the financial crisis intensified, the Las Vegas Sun ran an article entitled: “Las Vegas Sands: A big rise, a big fall.” The piece chronicled how Las Vegas Sands casino founder and CEO Sheldon Adelson’s personal fortune peaked in 2007 at $28 billion on the strength of his stake in Las Vegas Sands (NYSE:LVS) stock, making him the third richest man in America.
Baron Rothschild purportedly said: “Buy when there’s blood in the streets, even if the blood is your own.” During the financial crisis of 2008-09, investor blood flooded Wall Street – and main street. But for many prescient corporate insiders, buying during the market carnage earned them fortunes. And for investors who had the foresight – and nerve – to follow insiders into these ultra-contrarian investments, the worst of times turned into the best of times.