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When markets grow chaotic, insider buying often becomes a quiet but powerful signal. Executives and directors rarely step into the open market during periods of turmoil unless they see something the rest of us do not. In the past few weeks, as headlines have been dominated by the renewed trade tensions with China and the latest round of government shutdown brinkmanship in Washington, volatility has returned to the markets. Investors have pulled back, uncertainty has risen, and yet in several corners of the market, corporate insiders have been buying.
Periods like this often test conviction.
When economic or political noise dominates the news cycle, many investors retreat to cash and wait for calmer days. Insiders, however, sometimes see volatility as opportunity. These are the people closest to the business. They understand the contracts being signed, the orders coming in, and the changes in customer behavior long before Wall Street analysts do. When they buy their own company's stock during periods of stress, it can be a sign that they believe the market has become too pessimistic.
One of the more interesting names where insiders have been active is Scholar Rock Holding Corporation (NASDAQ:SRRK). The company is a biotechnology firm developing therapies that target growth factor signaling pathways to treat neuromuscular, fibrotic, and cancer-related conditions. Like many early-stage biotechs, Scholar Rock trades well below its potential value, and its fortunes are tied to the success of clinical trials and partnerships.
Despite volatility across the biotech sector, company insiders have stepped in to accumulate shares.
In a business that lives and dies by data and development milestones, insider buying is worth noting. It suggests confidence that something promising lies ahead, whether a positive trial result or a new licensing deal.
Another company where insiders are showing conviction is CarMax (NYSE:KMX). The used car retailer operates one of the largest networks of stores in the country, selling vehicles, financing purchases, and taking trade-ins. The stock has struggled with rising interest rates and consumer credit concerns. Auto affordability has become a headwind, and the company has seen both volumes and margins pressured.
Yet recently, a CarMax director bought roughly half a million dollars' worth of stock on the open market.
That is not a token purchase.
It represents a meaningful commitment at a time when most investors have been worried about the consumer economy. The move suggests that insiders at CarMax believe the market is overlooking the company's long-term strength and its ability to benefit when credit conditions ease.
Finally, there is Sportsman's Warehouse (NASDAQ:SPWH), the outdoor sporting goods retailer that sells everything from firearms and ammunition to camping and fishing equipment. The company has faced a challenging retail environment as consumers have pulled back on discretionary spending. Despite the headwinds, insiders have been buying shares at what appear to be bargain prices. These are not massive trades, but in a small-cap retailer with a low stock price, they stand out. The purchases may signal that management believes its inventory and cost issues are stabilizing and that the business has a chance to rebound once the consumer environment improves.
Taken together, these examples tell a familiar story. When markets are calm, insider buying is easy to overlook. When volatility rises and headlines warn of global slowdowns, those same purchases take on greater meaning. The trade tensions with China have unsettled investors again, particularly as tariffs and retaliatory measures ripple through supply chains. The ongoing threat of a U.S. government shutdown has added to the unease. In this kind of environment, insider activity can serve as a compass. It is one of the few signals that is rooted in direct knowledge of a company's operations rather than sentiment or speculation.
Still, insider buying is not a guarantee of success. Executives can be wrong, or broader economic forces can overwhelm even the best-run companies. Yet historically, clusters of insider buying during turbulent markets have often preceded periods of recovery. Insiders tend to act when prices are low, not when the story feels good.
At the moment, CarMax offers the clearest picture of quiet confidence. Scholar Rock is a high-risk, high-reward story that insiders seem willing to back, while Sportsman's Warehouse is a smaller retail recovery play that insiders are nibbling at in anticipation of better days. Together, they illustrate a timeless principle of market psychology. When uncertainty reigns, the people closest to the facts often make their boldest moves.
If the storm clouds of trade disputes and political dysfunction continue to unsettle investors, these insider signals may prove valuable. They remind us that volatility, however uncomfortable, also creates opportunity for those willing to look beyond the headlines and focus on what really matters: conviction backed by action.
