If you’re not in tech, you’re losing money in the stock market. The RSP, the equal weighted index of the 500 largest companies lost almost 3% (-2.7% actual) The S&P 500 made a modest gain last week, up 0.70%. It really doesn’t matter that much since everyone is mostly invested in the S&P 500 index as opposed to individual stocks. Indexers have long been the tail which wags the dog. The widely copied S&P 500 index reached a record 37% of Mag 7 tech stocks. If you expand that definition just a bit to tech related, it soars to near 50%. That doesn’t disturb investors but maybe it should. AI is dominating capital investment (CAPEX), literally sucking the oxygen out of the room for anyone else.
At some point perhaps this will translate into economic misery for most people as a well rounded economy is critical for full employment and broad prosperity. Some popular podcasters wax on about AI ushering in an era of abundance. What if the opposite happens? Instead of abundance, the lack of CAPEX diversity leads to an era of scarcity and rising prices. Perhaps the best omen for the future was the AI Conference 2025 that I attended in San Francisco this September, when a line of attendants lining up for entrance to the Pier 48 Mission Rock were greeted by a man with a loudspeaker announcing “YOU ARE ALL LINING UP TO LOSE YOUR JOBS.”
As usual we plumb the depths looking for clues as where to invest. AI might be the rage but human behavior doesn’t change much. AI hasn’t proven it can predict stock prices. Even if it could, an edge would be eventually exploited and eliminated. What does perhaps work is that insiders acting on human intelligence, not AI, might have an edge. Let’s see if we can learn something from the notable insider buys this week.
Name: Laurette T. Koellner
Position: Director
Transaction Date: 10-30-2025 Shares Bought: 6,000 shares an Average Price Paid of $341.67 for Cost: $2,050,025
Company: Celestica Inc. (CLS):
Celestica Inc., founded in 1994 and headquartered in Toronto, Canada, provides comprehensive supply chain solutions to clients across Asia, North America, and other global markets. The company operates through two business segments: Advanced Technology Solutions and Connectivity & Cloud Solutions. It offers end-to-end product manufacturing and supply chain services, including design, engineering, component sourcing, logistics, and after-sales support. Celestica also delivers hardware platform solutions, infrastructure development, and hardware and software design services, including customizable open-source software. The company partners with original equipment manufacturers (OEMs), cloud and service providers, hyperscalers, and organizations in the aerospace and defense, industrial, health technology, capital equipment, communications, and enterprise sectors.
Laurette T. Koellner serves as a Director at Celestica Inc., having rejoined the Board on October 27, 2025, after a brief departure earlier in the year. She brings extensive executive and management experience, having previously served as President of Boeing International and Executive Chairman of International Lease Finance Corporation. Throughout her distinguished career, she has held senior leadership roles in finance, human resources, and global operations, providing valuable insight that supports Celestica’s strategic growth in technology and supply chain innovation. Koellner holds a Bachelor of Science in Business Management from the University of Central Florida and a Master of Business Administration from Stetson University.
Insomniac Hedge Fund Guy Opinion:
Here’s the bottom line: Celestica is one of the most interesting plays in the hardware/platform manufacturing space right now. The company appears to be riding a powerful wave: demand from data-centers, hyperscalers, AI infrastructure, networking upgrade cycles. Their recent results and margin improvement support that view. If you buy into this theme — that massive AI and cloud infrastructure build-out is not just hype but real and accelerating — then CLS could outperform strongly.
That said — this is not a low-risk “value” investment. The stock appears to price in a lot of that growth already (given the rally and valuation). The margin of safety is limited. If the demand wave slows, competitive pressures emerge, or execution stumbles (e.g., supply-chain disruptions, customer losses), there could be sharp disappointment.
My lean: moderately bullish. I always pay attention to insiders buying at the top. Business is good and likely to even get better. I’d allocate a portion of portfolio (not full slug) if one believes in the secular tailwinds and execution. But I’d also want to see (and monitor) key catalysts: further margin expansion, disc losses of customer concentration, and diversified growth beyond one or two hyperscaler wins.
Name: William F. Galtney Jr.
Position: Director
Transaction Date: 10-29-2025 Shares Bought: 11,385 shares an Average Price Paid of $307.38 for Cost: $3,499,521
Name: Allan Levine
Position: Director
Transaction Date: 10-29-2025 Shares Bought: 3,100 shares an Average Price Paid of $306.08 for Cost: $948,848
Company: Everest Group Ltd. (EG):
Everest is a Bermuda-based reinsurance and insurance company and a constituent of the S&P 500 Index. The organization operates through direct and indirect subsidiaries in the United States and internationally, serving a broad global client base. Everest focuses on expanding its portfolio and geographic presence while maintaining robust product and distribution capabilities, a strong balance sheet, an innovative culture, and access to top industry talent.
William F. Galtney Jr. has served as a director of Everest Group Ltd. since March 1996, when the company was known as Everest Reinsurance Holdings, Inc. His professional background includes founding and leading several insurance and reinsurance brokerage firms, as well as managing his family office group beginning in the mid-2000s. With a long-standing career in the healthcare and malpractice insurance sectors, Galtney brings extensive expertise in insurance underwriting, brokerage, corporate governance, and risk oversight to the board. He holds a Bachelor of Arts and a Master of Public Administration from the University of Mississippi, where he was later inducted into the university’s Hall of Fame.
Allan Levine was appointed as an independent, non-executive director of Everest Group Ltd. in June 2025. Before co-founding Global Atlantic, where he served as Executive Chairman, he held senior leadership positions at Goldman Sachs. Levine brings more than 30 years of experience in the insurance and financial services industries. He earned a Bachelor of Science degree from Miami University in Ohio and a Master of Business Administration from Columbia Business School.
Insomniac Hedge Fund Guy Opinion:
Everest is an interesting mid-cycle re/insurance company with genuine risk/return appeal—if you believe in underwriting discipline, favorable pricing, and the absence of a large catastrophe. The reinsurance business in particular is showing strong metrics (combined ratio <90% in recent quarter), capital is robust, and the valuation implies a modest growth premium.
That said, you’re buying exposure to underwriting risk, cyclical swings, catastrophe vulnerability, and a business with lower “recurring revenue” certainty than many growth firms. My rough valuation suggests the stock is trading roughly in line with fair value, not with a large margin of safety. If you’re optimistic about a hard market (strong pricing) in reinsurance, you may get upside; but if things go sideways (losses, soft pricing, investment return decline), downside is real.
My lean: If you want reinsurance you have to think Berkshire Hathaway. Otherwise I’m slightly bullish — I’d lean into it if I believed the next loss-cycle remains favorable and rate/price momentum is strong. But I’m not enthusiastic enough to call it a value bargain. If I had to pick, I’d give it a moderate allocation rather than full conviction.
Name: James Breyer
Position: Director
Transaction Date: 10-29-2025 Shares Bought: 13,170 shares an Average Price Paid of $151.23 for Cost: $1,991,699
Company: Blackstone Inc. (BX):
Blackstone is the world’s largest alternative asset manager, specializing in global investment strategies across real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondary markets, and hedge funds. The firm employs a solutions-driven approach to enhance the performance and value of its portfolio companies and assets. Its scale, diversified business model, strong investment track record, disciplined investment process, and deep client relationships collectively support sustained growth, innovation, and resilience amid changing market conditions.
James W. Breyer has served as a member of Blackstone Inc.’s board of directors since July 2016. He is the founder and Chief Executive Officer of Breyer Capital and previously served as a Managing Partner and Partner at Accel Partners. Breyer brings to Blackstone an extensive track record of supporting high-growth ventures across the United States, China, and Europe, with a particular focus on technology, media, and AI-driven enterprises. He holds a Bachelor of Science degree from Stanford University and a Master of Business Administration from Harvard Business School, where he was recognized as a Baker Scholar.
Insomniac Hedge Fund Guy Opinion:
Blackstone is one of the few big-leagues alternative-asset managers, with real scale, strong brand, and growth engines in private credit, wealth, and real assets. If you buy into the thesis that alternatives will continue to win share of global capital, that real assets (data centers, infrastructure, credit) will outperform, and that Blackstone will dominate fund-raising/realization flows — then you’re looking at a potent opportunity.
However — and this is important — the stock’s valuation appears to price in a lot of that upside. My conservative DCF suggests a fair value far below current trading levels under base case assumptions. So you’re paying for execution, favorable market conditions, and flow momentum to go right. If any of those slip (fundraising falters, exit markets freeze, valuations collapse) you’re exposed to meaningful downside.
My lean: moderately bullish, but with caution — this is not a low-risk compounder at this price; it’s a top-tier platform where upside is real if beats expectations, but downside is non-trivial if they don’t. If I were allocating, I’d take a sized position, not full conviction, and keep a tight eye on exit/realization numbers and AUM flow metrics.
Name: Horacio Rozanski
Position: President And CEO
Transaction Date: 10-30-2025 Shares Bought: 23,800 shares an Average Price Paid of $84.66 for Cost: $2,014,908
Company: Booz Allen Hamilton Holding Corp (BAH):
Booz Allen Holding Corporation is an advanced technology company that delivers solutions for critical defense, civil, and national security needs. Founded in 1914 by Edwin Booz, the firm has a long-standing history of helping commercial, government, and military leaders address complex challenges. Through its Vision 2020 initiative, launched in 2013, Booz Allen transformed into a leading advanced technology organization positioned at the center of the dual-use technology ecosystem. The company develops innovative solutions that leverage artificial intelligence, cybersecurity, and other emerging technologies to advance and protect national interests.
Horacio D. Rozanski is the President and Chief Executive Officer of Booz Allen Hamilton Holding Corporation. He began his career with the firm as a summer intern in 1991 and joined full-time as a consultant in 1992. Over the years, he advanced through multiple leadership roles, including Chief Personnel Officer, Chief Strategy and Talent Officer, and Chief Operating Officer, playing a key role in transforming the company into a technology-driven leader in government and commercial consulting. Originally from Argentina, Rozanski holds a Bachelor of Business Administration from the University of Wisconsin–Eau Claire and a Master of Business Administration from the University of Chicago.
Insomniac Hedge Fund Guy Opinion:
Booz Allen Hamilton is a high-quality, mission-critical firm with a strong competitive position in U.S. federal contracting, especially where tech (AI, cyber) meets government mission. For a company of its type, the moat is credible and the growth numbers have been solid.
But here’s the kicker: AI might make the consulting business road kill. valuation risk and policy risk loom large. My DCF suggests fair value around $98-$105/share in a base growth scenario. At ~$82.80 today, you might argue there is some margin of safety — but you’re also betting on government procurement not getting slashed and the firm successfully shifting more into high-margin recurring services.
Given the current environment (civil spending cuts, guidance weakness, layoffs), I lean Cautiously Optimistic. If you believe federal defense/intel budgets will accelerate and Booz Allen hits its AI/cyber sweet spot, there is upside. But if you are concerned about policy risk or budget drag — this is far from a low-risk compounder. Few things get me more excited than a CEO buying his stock on a fire sale.
Name: Payman Khales
Position: President & CEO
Transaction Date: 10-30-2025 Shares Bought: 3,127 shares an Average Price Paid of $64.94 for Cost: $203,067
Company: Integer Holdings Corp (ITGR):
Integer Holdings Corporation, headquartered in Plano, Texas, is one of the world’s leading medical device contract development and manufacturing companies, specializing in cardiac rhythm management, neuromodulation, and cardiovascular technologies. As a strategic partner to medical device companies and original equipment manufacturers (OEMs), the company delivers innovative, high-quality products and solutions that enhance patient care globally. Its brands include Greatbatch Medical and Lake Region Medical, and its primary customers are large multinational OEMs and their subsidiaries.
Payman Khales is the President and Chief Executive Officer of Integer Holdings Corporation, bringing extensive global leadership experience to the role. He joined Integer in 2018 as President of the Cardio & Vascular product category, where he led strategic market expansion, innovation, and profitability initiatives. His exceptional performance led to his promotion to Chief Operating Officer, overseeing all business units and global operations before being appointed President and CEO in 2025. Prior to joining Integer, Khales held senior executive positions at CECO Environmental Corp. and Ingersoll Rand Company, where he focused on operational excellence and business growth. He holds an Executive Master of Business Administration from Indiana University’s Kelley School of Business and a Bachelor of Science in Mechanical Engineering from the École Polytechnique de Montréal.
Insomniac Hedge Fund Guy Opinion:
Integer Holdings is a solid mid-tier manufacturing play in the medical-device space with a decent growth runway and some strategic positives. The growth numbers (8-11%) are respectable, and the company is adding differentiated capabilities. But — here’s where I get cautious: the valuation implies more than what the base case justifies. My rough DCF suggests fair value closer to US$37-$43/share, while the market price is ~$63. That’s a wide spread.
The insider selling (and absence of clear large insider buys) adds an extra caution flag. Customer concentration is a material risk here. So unless you believe that Integer will significantly raise margins, shift into higher value services, reduce customer risk, or accelerate growth dramatically — you’re paying for optimism.
My lean: neutral to mildly positive, but only with a strong conviction on execution and margin expansion. I’d see this as a “conditional out-performer” rather than a safe compounder. If you were to allocate, do so expecting risk: reward is asymmetric to the downside if things go sideways.
Name: Richard D. Kinder
Position: Executive Chairman, 10% Owner
Transaction Date: 10-27-2025 Shares Bought: 1,000,000 shares an Average Price Paid of $25.96 for Cost: $25,964,900
Company: Kinder Morgan Inc. (KMI):
Kinder Morgan, Inc. is one of North America’s leading energy infrastructure companies. As of December 31, 2023, the company owned or operated more than 82,000 miles of pipelines, 139 terminals, 702 billion cubic feet of active natural gas storage capacity, and approximately 6.1 billion cubic feet of annual renewable natural gas generation capacity. Its pipelines transport natural gas, refined petroleum products, crude oil, condensate, carbon dioxide, renewable fuels, and other energy products. The company’s terminals store and handle gasoline, diesel, jet fuel, chemicals, petroleum coke, metals, ethanol, and various other renewable fuels and feedstocks.
Richard D. Kinder is the Executive Chairman and co-founder of Kinder Morgan, Inc., an energy infrastructure company established in February 1997. He oversees the company’s strategic direction and capital allocation and holds a significant ownership stake. Before founding Kinder Morgan, he built extensive experience in the energy industry through his work as both an attorney and an executive. Kinder earned a Bachelor’s degree and a Juris Doctor from the University of Missouri.
Insomniac Hedge Fund Guy Opinion:
Kinder Morgan is a classic infrastructure play with real defensive qualities and scale — long-term contracts, massive network, and exposure to secular growth in natural gas and energy-transition adjacent infrastructure. On its face, that’s a compelling story for an income-seeking investor who wants exposure to midstream U.S. energy infrastructure.
The recent insider buy by Richard Kinder is a strong signal — he’s clearly betting management can deliver. However, the broader insider landscape (with lots of selling) and historical revenue stalling raise caution flags.
So my lean: slightly optimistic but cautious. If you’re comfortable with infrastructure risk and want yield + long-term exposure, KMI could be a piece — but it’s not a deep value bargain. It’s priced for performance. If you believe natural-gas export growth, data-centre and AI demand, plus energy infrastructure build-out will exceed expectations — then KMI might outperform. If any of those assumptions falter (regulation, demand shift downwards, capex overruns) downside is meaningful.
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This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that. Nothing contained here constitutes a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance is not indicative of future results.
“The insomniac hedge fund guy” is a moniker Harvey Sax, the portfolio manager for The Insiders Fund” has used from time to time on email, blog ,and social media posts. While Mr. Sax is the portfolio manager of The Insiders Fund, these posts are not communications from, nor endorsed by, Alpha Wealth Funds, LLC or any of its managed funds. References to Alpha Wealth Funds or its affiliates are for identification only and do not imply sponsorship or approval.”
The Insiders Fund and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use. Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions.
Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT, Gemini, Claude, and occasionally Microsoft Copilot. I find the footnotes research very helpful in eliminating errors from AI hallucinations but these opinions are likely to contain inaccuracies due to the nature of the LLM’s.
The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
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Prosperous Trading,
