SEC Form 4 reporting owner

Hayne Margaret

Hayne Margaret has filed 144 Form 4 transactions reported between November 26, 2025 and March 11, 2026, as Co-President & CCO of URBAN OUTFITTERS INC.

Name as filed: Hayne Margaret

Open-market buys, 24 mo
None
reported
Open-market sales, 24 mo
$37.4M
136 lines
Companies
1
with Form 4 filings
Latest transaction
Mar 11, 2026
transaction date

Roles and reported holdings

  • URBNURBAN OUTFITTERS INC
    Nov 26, 2025 – Mar 11, 2026

    Co-President & CCO

    Held directly1,204,861 sh as of Mar 11, 2026 · Form 4
    Held indirectly (latest line)1,933,859 sh as of Feb 20, 2026 · Form 4

    24 months: $37.4M sold

Transaction history

All 144 reported transactions, newest first. Every row links to the Form 4 on SEC EDGAR.

DateCompanyTypeSharesValueFiling
Mar 11, 2026URBNCo-President & CCOShares withheld for tax or exercise priceCode F · direct3,012$196K@ $64.93Form 4
Mar 11, 2026URBNCo-President & CCOOption exerciseCode M · direct6,560—Form 4
Mar 9, 2026URBNCo-President & CCOShares withheld for tax or exercise priceCode F · direct4,974$321K@ $64.48Form 4
Mar 9, 2026URBNCo-President & CCOOption exerciseCode M · direct10,834—Form 4
Mar 5, 2026URBNCo-President & CCOShares withheld for tax or exercise priceCode F · direct3,927$258K@ $65.62Form 4
Mar 5, 2026URBNCo-President & CCOShares withheld for tax or exercise priceCode F · direct3,153$207K@ $65.62Form 4
Mar 5, 2026URBNCo-President & CCOOption exerciseCode M · direct10,200—Form 4
Mar 3, 2026URBNCo-President & CCOGrant or awardCode A · direct13,291—Form 4
Feb 20, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,353$96K@ $71.07Form 4
Feb 20, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,980$562K@ $70.40Form 4
Feb 19, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,185$153K@ $70.10Form 4
Feb 18, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,846$203K@ $71.20Form 4
Feb 18, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,487$459K@ $70.77Form 4
Feb 17, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A37$3K@ $71.43Form 4
Feb 17, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,296$653K@ $70.20Form 4
Feb 13, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,333$658K@ $70.51Form 4
Feb 12, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A238$17K@ $71.25Form 4
Feb 12, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,003$353K@ $70.58Form 4
Feb 11, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,305$165K@ $71.39Form 4
Feb 11, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,028$497K@ $70.77Form 4
Feb 10, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,812$416K@ $71.51Form 4
Feb 10, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,521$248K@ $70.50Form 4
Feb 9, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,046$76K@ $72.30Form 4
Feb 9, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,287$590K@ $71.20Form 4
Feb 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,452$395K@ $72.40Form 4
Feb 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,537$182K@ $71.83Form 4
Feb 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,344$94K@ $70.07Form 4
Feb 5, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A513$38K@ $74.01Form 4
Feb 5, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A984$72K@ $73.30Form 4
Feb 5, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,509$109K@ $71.94Form 4
Feb 5, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,327$450K@ $71.15Form 4
Feb 4, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,647$417K@ $73.85Form 4
Feb 4, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,686$268K@ $72.78Form 4
Feb 3, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,967$361K@ $72.78Form 4
Feb 3, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,366$314K@ $71.93Form 4
Feb 2, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,705$480K@ $71.56Form 4
Feb 2, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,628$186K@ $70.83Form 4
Jan 30, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,333$656K@ $70.34Form 4
Jan 29, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,750$613K@ $70.03Form 4
Jan 28, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,890$202K@ $70.05Form 4
Jan 27, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,814$127K@ $70.00Form 4
Jan 22, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,634$189K@ $71.81Form 4
Jan 22, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,699$475K@ $70.92Form 4
Jan 21, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A466$33K@ $71.06Form 4
Jan 21, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,867$626K@ $70.55Form 4
Jan 20, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A490$35K@ $71.11Form 4
Jan 20, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,843$623K@ $70.42Form 4
Jan 16, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,333$655K@ $70.20Form 4
Jan 15, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,333$654K@ $70.07Form 4
Jan 14, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A504$37K@ $73.60Form 4
Jan 14, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A896$65K@ $72.66Form 4
Jan 14, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,933$564K@ $71.10Form 4
Jan 13, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,813$279K@ $73.16Form 4
Jan 13, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,347$170K@ $72.36Form 4
Jan 13, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,173$225K@ $70.85Form 4
Jan 12, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A373$28K@ $74.90Form 4
Jan 12, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,960$666K@ $74.32Form 4
Jan 9, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A552$46K@ $82.81Form 4
Jan 9, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,753$472K@ $82.07Form 4
Jan 9, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,579$210K@ $81.35Form 4
Jan 9, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A449$36K@ $80.04Form 4
Jan 8, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A140$12K@ $84.22Form 4
Jan 8, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,881$323K@ $83.32Form 4
Jan 8, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,274$271K@ $82.64Form 4
Jan 8, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,266$103K@ $81.71Form 4
Jan 8, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A772$62K@ $80.13Form 4
Jan 7, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,376$111K@ $80.39Form 4
Jan 7, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,934$553K@ $79.71Form 4
Jan 7, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,023$81K@ $78.83Form 4
Jan 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A439$36K@ $81.12Form 4
Jan 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,422$275K@ $80.48Form 4
Jan 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,345$186K@ $79.50Form 4
Jan 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,867$147K@ $78.58Form 4
Jan 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,027$79K@ $77.32Form 4
Jan 6, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A233$18K@ $76.38Form 4
Jan 5, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,865$374K@ $76.80Form 4
Jan 5, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,468$341K@ $76.33Form 4
Jan 2, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A28$2K@ $75.78Form 4
Jan 2, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,247$470K@ $75.23Form 4
Jan 2, 2026URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,058$227K@ $74.32Form 4
Dec 31, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,539$117K@ $76.12Form 4
Dec 31, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,794$589K@ $75.55Form 4
Dec 30, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A171$13K@ $76.25Form 4
Dec 30, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,162$687K@ $74.96Form 4
Dec 29, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A46$4K@ $76.65Form 4
Dec 29, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,287$708K@ $76.27Form 4
Dec 26, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A546$42K@ $77.34Form 4
Dec 26, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,787$672K@ $76.53Form 4
Dec 24, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,226$96K@ $78.02Form 4
Dec 24, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,107$629K@ $77.63Form 4
Dec 23, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A195$16K@ $80.53Form 4
Dec 23, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A732$58K@ $79.46Form 4
Dec 23, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,469$272K@ $78.49Form 4
Dec 23, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,937$383K@ $77.62Form 4
Dec 22, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A326$26K@ $80.98Form 4
Dec 22, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A9,007$724K@ $80.36Form 4
Dec 19, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,481$203K@ $81.71Form 4
Dec 19, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,852$555K@ $80.94Form 4
Dec 18, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A335$28K@ $83.07Form 4
Dec 18, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,014$248K@ $82.40Form 4
Dec 18, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,984$488K@ $81.59Form 4
Dec 17, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,549$212K@ $83.30Form 4
Dec 17, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,282$353K@ $82.54Form 4
Dec 17, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,502$204K@ $81.72Form 4
Dec 16, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A985$81K@ $82.52Form 4
Dec 16, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,348$680K@ $81.50Form 4
Dec 15, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A186$16K@ $83.89Form 4
Dec 15, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,327$611K@ $83.34Form 4
Dec 15, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,820$150K@ $82.45Form 4
Dec 12, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,597$216K@ $83.03Form 4
Dec 12, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,736$556K@ $82.51Form 4
Dec 11, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A513$42K@ $81.72Form 4
Dec 11, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,825$633K@ $80.94Form 4
Dec 11, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A995$80K@ $79.99Form 4
Dec 10, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A51$4K@ $79.72Form 4
Dec 10, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,488$197K@ $79.20Form 4
Dec 10, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,970$467K@ $78.19Form 4
Dec 10, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A824$63K@ $76.92Form 4
Dec 9, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A595$46K@ $76.94Form 4
Dec 9, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,334$637K@ $76.48Form 4
Dec 9, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A404$30K@ $75.46Form 4
Dec 8, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,925$377K@ $76.53Form 4
Dec 8, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,119$237K@ $75.83Form 4
Dec 8, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,289$96K@ $74.61Form 4
Dec 5, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A753$58K@ $77.38Form 4
Dec 5, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,143$472K@ $76.78Form 4
Dec 5, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,437$185K@ $75.93Form 4
Dec 4, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,293$101K@ $77.93Form 4
Dec 4, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A4,328$335K@ $77.35Form 4
Dec 4, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,712$282K@ $76.07Form 4
Dec 3, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A92$7K@ $79.88Form 4
Dec 3, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,767$536K@ $79.22Form 4
Dec 3, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,474$193K@ $78.19Form 4
Dec 2, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A373$29K@ $78.50Form 4
Dec 2, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A7,344$574K@ $78.12Form 4
Dec 2, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A1,616$125K@ $77.07Form 4
Dec 1, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A2,936$219K@ $74.43Form 4
Dec 1, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A6,397$472K@ $73.76Form 4
Nov 28, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A171$13K@ $77.56Form 4
Nov 28, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A420$32K@ $76.27Form 4
Nov 28, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A8,742$654K@ $74.82Form 4
Nov 26, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A523$40K@ $76.25Form 4
Nov 26, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A5,376$407K@ $75.62Form 4
Nov 26, 2025URBNCo-President & CCOOpen-market saleCode S · indirectAlso reported by HAYNE RICHARD A3,434$256K@ $74.69Form 4

How this page is built

Every row comes from a Form 4 filed with the SEC, which officers, directors and holders of more than 10% of a company’s stock must file within two business days of a trade. Transactions are grouped by the reporting owner’s name as filed (spacing, capitals and punctuation ignored); two different people filing under an identical name would appear together, and one person filing under two spellings appears on two pages.

Open-market totals count code P purchases and code S sales over the last 24 months. The same trade reported on more than one filing is counted once; when another owner (for example a fund and its general partner) reports the identical trade, they are listed beside it. Holdings are the shares owned after the latest purchase, sale, gift or tax-withholding line, shown separately for direct and indirect ownership; an indirect figure is one holding line, not a total across every trust or entity.

This page describes what was filed with the SEC; it is not investment advice or a recommendation to buy or sell any security.