Billionaire Buys Signal Conviction in Waste and Gaming

The most striking open-market insider move in recent filings came from Kenneth Dart, the billionaire shareholder of EVO (Evolution AB). He bought $569m worth of shares on 21 July, with a further $147m purchase filed on 26 August, as the Swedish live-casino group traded under pressure. Dart is Evolution's largest outside shareholder. The scale of these discretionary purchases stands out sharply against the backdrop of insider selling elsewhere in the market.

Bill Gates also filed a cluster of open-market purchases in RSG (Republic Services). Three separate buys, each above $46m, were reported in late August, totalling more than $147m across the period. Gates holds Republic Services as a long-term position, but this fresh tranche of buying, disclosed at the end of August, adds weight to the thesis that the waste-management sector remains a favoured destination for patient capital.

On the sell side, a director at RVMD (Revolution Medicines) filed a series of sales in late August totalling roughly $11m. At significance scores of just 2, these rank as routine and carry limited informational value.

One macro thread worth watching sits alongside the CVNA (Carvana) short story. ORTEX Alt Data shows delinquencies in Carvana's ABS trusts running 4.6 standard deviations above their own history as of 15 October, the largest outlier reading in the consumer credit dataset. No fresh insider activity at Carvana has been filed in the window covered here, but bears are already piling in, per ORTEX short interest data. The combination of elevated loan stress and rising short positions warrants close attention as the quarter progresses.