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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: berniel who wrote (3758)	2/1/2016 4:00:40 PM
From: Kirk ©	Respond to of 26763

Perfect example of taking profits at resistance just before a stock jumps.... but I really have to wonder why he took 73% off the table rather than take 10 or 20% chunks every step up like I usually do. http://archive.fortune.com/2009/07/02/technology/marc_andreessen_venture_fund.fortune/index.htm Marc Andreessen Sold 73 Percent of His Facebook Stock in the Last Two Weeks November 14, 2015, 10:01 AM PST Facebook board member Marc Andreessen is padding his wallet ahead of the holiday shopping season. Andreessen, an early Facebook investor and board member since 2008, has sold over 1.5 million shares of Facebook stock in the past two weeks at a value of roughly $160 million, according to Securities and Exchange Commission filings. Since Oct. 30, Andreessen has offloaded more than 73 percent of his total ownership in the company, and 90 percent of his class A shares (the shares that don’t carry any voting rights). The sales occurred around the time Facebook reported its quarterly earnings on Nov. 4. The company beat analysts’ estimates and hit a new milestone, now reaching one billion people daily. The shares have risen about 6 percent from the end of October to Nov. 12. Andreessen still owns almost 378,000 shares of Class B stock, but voting rights for Facebook don’t really matter anyway because CEO Mark Zuckerberg controls 60 percent of the board’s voting power. Andreessen’s shares were sold using the Rule 10b5-1 trading plan, which means the shares are set to sell on a specific schedule to alleviate any issues of insider trading. The plan can also be designed to execute trades when the stock hits a certain price at a certain time, or allow the owners to designate a broker to buy or sell as they see fit, provided they don’t possess any inside information. What is interesting is how much money he left on the table selling just before earnings drove it up over double digits from where he sold. Andreessen, an early Facebook investor and board member since 2008, has sold over 1.5 million shares of Facebook stock in the past two weeks at a value of roughly $160 million, according to Securities and Exchange Commission filings.. Since Oct. 30, Andreessen has offloaded more than 73 percent of his total ownership in the company, and 90 percent of his class A shares (the shares that don’t carry any voting rights) That must have been a price point he felt, before earnings, that was well above fair value.. If not, he'd have staggered the sales more rather than dump over 70% of his shares. My guess is last year he said if it makes a new high above $100, he'll sell 70% of his shares to get his investment level back to where it was when it IPO'ed. The real opportunity to buy was back in 2012 and 2013 when it was for sale well below the IPO price... I considered it but.... didn't see how it would become a virtual internet water cooler for most/many of us.