Self-taught corporate governance analyst
Canada
Joined October 2018
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$YEXT with a hero grant to its CEO. Stock would need to triple before hitting the lowest rung. The vesting is seemingly bulletproof, so no gaming it with a sale.
I think the board is using this as a signal more than anything. I’m not buying it…
It's time to catch the $CPRT falling knife. CEO, Jay Adair, was just granted 20MM options with price hurdles from $26-$52/share. This will mark the 3rd time that Copart has done this (GFC and Covid-19). This time is different since the market is nearing all-time highs. (1/4)
Wondering when to catch the Copart $CPRT falling knife? Just wait for the gigantic option grant.
April 2009 (financial crisis) - 2MM options for the CEO. 2MM for the President.
June 2020 (Covid-19) - 1MM options for the CEO.
The stock is down ~40% from the highs, but no grant.
The Regeneron $REGN grant on Sep 30th is one for the ages. Millions of PSUs on a stock currently at $735/share...could potentially be worth billions to the CEO and CSO.
Last time they did something like this, the stock doubled in ~4 years. (1/7)
sec.gov/ix?doc=/Archives/edg…
If you’ve done the work on Danaher $DHR and were waiting on the sidelines, I think now’s the time. New CEO got lots of options, same with the current CFO, other execs got RSUs, and the Rales brothers got a shit-ton of options/RSUs.
Lots of pressure to get the timing right.
Looks like Workday $WDAY started their sale process shortly after I wrote up the massive grants to their CEO. Definitely not a coincidence.
55% return in ~6 months, not bad.
unlearningcfa.substack.com/p…
$40 million one-time cash payment for $TSN chairman. He didn’t even have the decency to take it in RSUs.
Ripe for an activist…if only he didn’t have super-voting shares. Crummy business and crummy board.
sec.gov/ix?doc=/Archives/edg…
Inspired by @AndrewRangeley recent series on governance dark arts, I thought I’d write up a potential spring-load with $LXU.
Not as much torque given they’re RSUs, but the timing is very fishy nonetheless. Earnings are tomorrow after the close.
$LXU is flat on the day. Downside was importantly protected, but no upside to be seen.
Onto the next one.