Buying Harvey Norman shares appear to have become a big problem for some ‘Inside Investors ‘including the Companies Chairman who bought $6.7M worth of stock in Harvey Norman only to see it crash.

How it appears that big multimillion dollar losses are not an issue for Chairman Gerry Harvey.

According to analysts at Simply Wall Street the recent 6.0% drop in Harvey Norman Holdings Limited’s stock could come as a blow to these insiders with their investment now only worth $5.6M.

As the stock was falling Chairman Gerald Harvey, made the biggest insider purchase with a single spend on his Companies U$3.4m worth of shares at a price of AU$5.17 each

Other insiders who purchased stock was CFO Chris Mentis and CEO Katie Page.

These insiders purchased AU$6.7m worth of stock at an average buy price of AU$5.06 over the past 12 month with Gerry Harvey making biggest purchase of $3.4m worth of shares at a price of AU$5.17 each.

The Chairman who turned 83 this week has a net worth of over $2 billion however he believes health comes ahead of wealth/

He admits that when he discovered recently that he had lost $4M worth of horse flesh he “Just shrugged it off”.

“I just had a mare die the other day that was worth $4 million, not insured,”.

“I looked down and I’d lost $4 million in one hit, but I thought about it for five minutes at the most and I certainly didn’t get agitated. Because you just roll with the punches.

“In the big picture, I’m still alive, I’m still healthy. I got sick the other week and I was sick with a virus. I would’ve given away every penny I’ve got just to be healthy.

Simply Wall Street claims that while Harvey Norman Holdings insiders bought shares and took a loss they didn’t sell.

They claim that the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term.

It’s great to see that Harvey Norman Holdings insiders own 41% of the company, worth about AU$2.1b.