Let's think about this for a little bit. Clifford makes about 2.5m a year in salary, not to mention stock options and other perks. So he's already heavily invested in the company, by virtue of already working there. Along comes some money ($2million) , and he decides to invest it.
There are at least 15,000 tradable entities in the United States, and another 150,000 across the world where he could of put his money. I say across the world, because a man with his knowledge and experience in finance (he is the CFO) would have considered every possible investment..everywhere.
Now, CFO's are notoriously conservative with work money. It is safe to assume he is conservative with his own money too. In contrast to CEO's who are mostly ego driven, CFOs have decades of cold, hard calculating behind every financial decision they make. They run the computer models every day, slightly modifying the parameters, observing the outcomes. No pie-in-the-sky stuff here, straight-up cold calculations for ROI.
What about that REIT spinoff? Why didn't he wait and put the money in that? I'm guessing because he knows he's going to get a piece of that cake too, in the near future.
What about the '088 patent lawsuit? Indeed, he must have run the models on that too and seen that it doesn't have quite the negative impact many think it does. Or more likely, that it will end in a settlement. Most lawsuits at that level usually do.
So, where did he put his 2 million?
Well, he couldn't find a better place to put 2 million, than in the very same company he works for, namely PENN. In common stock, not restricted stock. He also brought from the open market, not some options flipping some of the directors have engaged in recently.
(See the Form 4)
Now, there was a heavy sell of about 1.25 million dollars by David Handler on 11-16-12, a big sell, but people sell for many reasons, they buy for only one.
When a conservative CFO makes a multi-million dollar buy, one he's locked into for 6 months (SEC rules), he's aiming for at least a 50% return.