Top Insider Trades: LYV, BFA, MKL, VNR

By Jonathan Moreland, founder of Insider Insights and author of Profit From Legal Insider Trading.

NEW YORK ( TheStreet) -- It is a victory for common sense. Tracking the trading behavior of company executives, directors and large shareholders in the stocks of firms they're registered in as "insiders" has proven to be profitable, according to both academic studies and (more importantly) the experience of professional investors.

Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Thursday, January 3, 2013 as ranked by dollar value. Please note, however, that these are only factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and, frankly, often not even the most important metric that determines if an insider transaction is significant.

At, we find new investment ideas just about every day using these and more intricate insider screens to determine where we should focus our subsequent fundamental and technical analysis. And while stocks don't (or shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular Top Insider Trades columns as the initial research tools they are meant to be, and click the links in the tables to analyze a company's or insider's full insider history. Also feel free to contact us with any questions on our proprietary insider data, and how it is best analyzed.
Live Nation (LYV) Liberty Media DIR,BO 1,670,379 15,000,003
Markel (MKL) Wilson Debora J DIR 1,000 428,990
Vanguard Nat Res (VNR) Pence Britt VP 12,936 328,186
Independence Banc (IEBS) McLean A A III DIR 250,000 200,000
Independence Banc (IEBS) Hipp H Neel Jr DIR 250,000 200,000
Carepayment Tech (CPYT) Aequitas Mgt BO 151,918 151,918
Opko Health (OPK) Frost Phillip MD CEO,CB,BO 30,000 149,683
Novabay Pharm (NBY) Li Xinzhou PR,BO 120,000 144,000
GIII Apparel (GIII) Goldfarb Jeffrey BD,DIR 3,000 101,456
Markel (MKL) Waleski Anne G VP,CFO 200 86,441
Source: Insider Insights
Brown Frm (BFA,B) Brown Christina Lee BO 6,082,010 377,465,305
Google (GOOG) Brin Sergey F,DIR,BO 83,334 60,030,676
Tengasco (TGC) Salas Peter E DIR,BO 15,676,321 17,243,954
Live Nation (LYV) Azoff Irving CB,DIR 1,670,379 15,000,004
Google (GOOG) Shriram Kavitark DIR 20,000 14,600,000
Intuit (INTU) Cook Scott D CB,DIR 189,865 11,244,963
GEO (GEO) Zoley George C CB,CEO,DIR 257,618 7,501,836
Aecom Tech (ACM) Bong Francis S Y DIR 160,000 3,779,592
Level 3 (LVLT) Crowe James Q CEO,DIR 124,075 2,919,939
Royal Gold (RGLD) Gross Karen VP,SEC 29,990 2,407,297
Source: Insider Insights

Key to Titles: A=Assistant, AI=Affiliated Investor, AO=Accounting Officer, BD=Business Development, BO=Beneficial Owner, CAO=Chief Accounting Officer, CB=Chairman, CCO=Chief Compliance Officer, CEO=Chief Executive Officer, CFO=Chief Financial Officer, CIO=Chief Information Officer, CO=Compliance Officer, COO=Chief Operating Officer, CT=Controller, CTO=Chief Technology Officer, DIR=Director, EVP=Executive Vice President, F=Founder, FO=Financial Officer, GC=General Counsel, HR=Human Resources, IO=Information Officer, IR=Investor Relations, LO=Legal Officer, MD=Managing Director, O=Officer, OO=Operating Officer, PR=President, PT=Partner, REL=Relative of an insider, SEC=Secretary, SH=Shareholder, SO=Sales Officer, TO=Technology Officer, TR=Treasurer, TT=Trustee, VCB=Vice Chairman, VP=Vice President, X=Ex Officer or other title displayed.
Jonathan Moreland is the founder of, which produces a weekly newsletter and offers professional screening and alerting tools to analyze a proprietary, real-time insider data feed. He is also the principal of Insider Asset Management, a registered investment advisor in New York. Mr. Moreland has been analyzing insider data professionally for two decades and has been a contributor to since 2001. A fundamental analyst with an MBA in finance, Mr. Moreland long ago identified insider data as an excellent first screen to determine where to focus his research efforts. He is quoted frequently in the media for his insider analysis and stock recommendations stemming from it. He is also author of Profit From Legal Insider Trading.

Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, Moreland appreciates your feedback; click here to send him an email.