Jun. 3 at 3:48 PM
$SLDE Insider selling, but it's all through 10b5-1 plans (i.e. this is mechanical, not discretionary) typical of post-IPO names. We saw a similar drawdown in March for the same reason. There might also be some seasonal hedging heading into hurricane season, but my thesis already accounts for considerable normalization in cat losses. Base case is
$32-35 (bull case in the
$40+) with a massively asymmetric risk/reward profile. Added shares.
