 ## Insider Watch: Who Bought on May 14 and Why It Matters While the market speculates on where the S&P is headed, insiders are taking action. Yesterday (May 14, 2026), three top managers of On Holding AG (ONON)—two Co-CEOs and the Chief Operating Officer—each purchased 60,000 shares. Entry price: $36.64. Total: $6.6 million. When three board members simultaneously increase their positions, it's no coincidence. On Holding (the On running shoe brand) shows that insiders believe in the company more strongly than the market. ### Other Notable Purchases: • Valvoline (VVV) — CFO Kevin Willis bought 10,000 shares at $31.80, increasing his stake by 42%. A CFO rarely buys so aggressively—they usually know the real state of affairs best. • Caledonia Mining (CMCL) — Director Ndlovu added 15,000 shares (+7% to position). Gold miner—a bet on safe-haven assets. • Cresud (CRESY) — Majority owner Elsztain bought 67,418 shares. Argentine agricultural holding—a bet on the commodity cycle. ### What About Sales? • JinkoSolar (JKS) — Director Li Xianhua sold 1.28 million shares for $32.7 million. A serious cash-out. • Nebius Group (NBIS) — Director Bunina Elena sold half of her stake (-50%). ### Context of the Month May 2026 is a hot month for insider investigations. A major M&A insider network was dismantled (30 accused, including lawyers from top firms). Pressure on prediction markets is increasing. Against this backdrop, the purchases by ONON and VVV top managers look particularly striking—they are voting with their money as regulators tighten controls. My position: ONON and VVV are in focus. When a CFO increases their stake by 42% and three Co-CEOs invest $6.6 million, I at least study the company in more detail. Insiders make mistakes less often than Wall Street analysts. More analysis and signals: https://asibiont.com/