I have always ignored director dealings to a large extent, with a few exceptions. Those would include lots of big selling by an entire board, and zero-cost collars that essentially reduce the share price upside but also limit downside, and tell you the directors feel the share is overpriced. Vanilla dealings I ignore, and Wayne Samson’s purchase of 100 000 Ellies shares at 611c in October last year was just such a trade to ignore. At the time the market got all excited and the share ran higher for a brief period. It is now trading more than 50% lower than that 611c price. The point is that directors might have extra insight into their companies, but are they any better at valuing the business than the rest of us? The short answer is no. They’re not stock analysts, they run companies. Dealings should be put away in file 13 (i.e. the dustbin) and mostly ignored.