Hello Tony T.

Thank you for the information regarding Jean Lafleur’s sale of 451,000 shares (presumably for $20,295). I believe I speak for everyone here: Unquestionably, we appreciate and profit from being informed and kept up-to-date. So what I’m about to say should not be taken as diminishing in the slightest degree my high regard for the information you’re generously sharing with us.

I encourage you—the opposite of discourage you—to keep up the good work. What I suggest is that nobody should get carried away (one way or the other) with Insider Trading Information. I’m interested to know what’s going on (as I believe everyone, here, is). But that’s, pretty much, as far as it goes.

I’m not about to become greatly enthused or greatly discouraged by Insider Trading, no matter its source or its volume. That’s because I put greater trust in statistical evidence than trust in trying to understand what might be the motivation behind one Insider’s one particular decision.

The most exhaustive Insider Trading Study that comes up from a Google Search is
“Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective.”

It was appeared in “The Review of Economics and Statistics, May 2003,” pages 453 to 471. It was published by “The President and Fellows of Harvard College and the Massachusetts Institute of Technology.”

The Study cites 52 Reference Sources and employs advanced mathematical formulas.
The statistically valid sample was “897,495 open-market transactions.”

http://www.hks.harvard.edu/fs/rzeckhau/InsiderTrading.pdf

The end of the tenth paragraph of the “Conclusion” reads:

“Outsiders are only slightly disadvantaged when selling stock on the open market, and they are not disadvantaged at all when buying. ... On average, outsiders lose just 10 cents on a $10,000 sale because an insider may be on the other side. For small stocks, these losses are still only 33 cents on a $10,000 transaction. But in circles where this happy information is not widely known, investors with inflated perceptions of their disadvantage may still be reluctant to trade. Our findings should help to overcome their inhibitions.”