Insider buying in the week of July 13 looked far heavier than normal, but almost all of it was one filing. Sumitomo Mitsui’s $318.7M purchase of Jefferies stock was 70% of the week’s buying, and once you also set aside $64M of preferred-stock placements, genuine officer and director conviction stayed small. Four takeovers closed in the same five days, which put another $316M of insider dispositions on the tape that had nothing to do with anyone’s view of the stock.