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Despite warning that 2008 will be a difficult year (see Scotsman article of May 9th here), BPI or British Polyethylene (BPI, 242p) Chairman Cameron McLatchie continues to buy.
His major issues are weak sterling and rising oil prices (see BPI website for full statement). Maybe he believes BPI can cover some of this increased cost through ongoing cost cutting.
I give him credit for having sold within a whisker of the high of BPI, selling 300,000 shares at 637p in March and April 2006. The shares reached a high of 715p. And recently reached a low of 227p.
McLatchie has bought over March and May this year so far a total of 150,000 shares at between 235p and 238p, taking his holding back up to 462,000 shares.
This will no doubt be a long term investment for him, and for me if I choose to follow him. And possibly pretty volatile too as I haven’t a clue where oil prices are going, do you?
‘Corporate insiders on balance are betting on a rising market. The recent pace of insider selling is right in line with the long-term average. Insiders are not signaling any major market break in the next 9 to 12 months.’
So reports Mark Hulbert in Marketwatch May 21st.
He is looking at the Vickers Weekly Insider Report, published by Argus Research.
Click here to see the article.
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