There Is a Bear in the Woods

Not so much in the woods as in America’s boardrooms. Tyler Durden has the story:

Just last week Goldman noted that February was “the busiest month in the buyback desk’s history,” so one has to wonder just what management is thinking when the Wall Street Journal reports that corporate insiders are more bearish than they have been at least since 1990. According to this adjusted measure, there have been two prior occasions when the insider ratio got almost as bearish as it is today – early 2007 and early 2011 – and the first came a half a year before the beginning of the worst bear market since the 1930s. Simply put, it seems management teams are using their company’s balance sheet as their own personal piggybank.

CFOs are often the first to know.