Shear David Chan sold ~$21M in Restaurant Brands International Inc. stock
Restaurant Brands International Inc. (QSR) · President, International · Data via SEC EDGAR Form 4
Price Performance · 10 days before → 90 days after trade
▲ = insider buy date
90-day return
+5.5%vs SPY +11.5%
Trade Details · Public SEC Filing
Insider
Shear David Chan
Role
President, International
Transaction
Open-Market Sale
Approx. Value
~$21M
Trade Date
May 4, 2023
Company
Restaurant Brands International Inc.
Ticker
QSRSource
SEC EDGAR Form 4
Why This Trade Stands Out
Very Strong conviction signal
Scored in the top tier across multiple factors. Fewer than 5% of insider trades receive this rating.
~$21M sale
Trades over $1M are rare. When insiders put this much of their own money on the line, they tend to have high conviction in their company's direction.
President, International
Corporate insiders must file trades with the SEC within 2 business days. Their unique access to non-public information makes these filings valuable data points.
6 insiders traded in the same window
When multiple insiders independently buy within 30 days, it's called a cluster. Studies show clustered insider purchases outperform solo trades significantly, because several people with inside knowledge are reaching the same conclusion.
+5.5% in 90 days (S&P 500: +11.5%)
This trade underperformed the S&P 500 by 6.0 percentage points. Not every insider trade wins. We track all of them so you can focus on the insiders with the best records.
How good is Shear David Chan at picking stocks?
Full track record: win rate, average return, and performance vs S&P 500
Shear David Chan wasn't the only one selling.
6 insiders at Restaurant Brands International Inc. traded within the same 30-day window.
See who else bought · FreeOn May 4, 2023, Shear David Chan — President, International of Restaurant Brands International Inc. — filed a Form 4 with the SEC disclosing an open-market sale of approximately ~$21M in Restaurant Brands International Inc. (QSR) stock.
This transaction was part of a cluster — 6 insiders at Restaurant Brands International Inc. made open-market sales within the same 30-day window. Cluster activity from multiple independent insiders is one of the most studied patterns in insider trading research.
Under Section 16(a) of the Securities Exchange Act of 1934, corporate insiders must report all open-market stock transactions to the SEC within two business days. These filings — known as Form 4s — are publicly available on the SEC's EDGAR database. VeritySignals filters and scores the full Form 4 stream to surface high-conviction signals like this one.
In the 90 days following this trade, QSR returned +5.5% versus +11.5% for the S&P 500 over the same period.
VeritySignals Conviction Analysis
Full Conviction Analysis
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All data sourced from publicly available SEC Form 4 filings via EDGAR · Not financial advice · Past performance does not guarantee future results.
At a Glance
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How to Read Insider Trades
What is this?
When company executives buy or sell their own stock, they must report it to the SEC within 2 days. These public filings reveal what the people who know the company best are doing with their own money.
Why does it matter?
Insiders can sell for many reasons (taxes, diversification, expenses), but they generally only buy for one: they think the stock is going up. That's why insider purchases are more predictive than sales.
What makes a trade "strong"?
We score trades on 15+ factors: the insider's role (CEO > director), trade size relative to their salary, whether other insiders also bought (clusters), and historical accuracy of the insider.
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