Insider Buying Week 11-14-25 the Busiest Week of the Year

This was the busiest week we’ve seen this year for insider buying. You hear a lot about what a great year the market is having but the buyers of these stocks would vehemently disagree.  There are 61 buys we are monitoring and 55 of them are in negative territory for the year. Insiders are the consummate value buyer, preferring to invest in their own company’s stock when it is on sale.  Sometimes that might be taking a bullet for the team or trying to paint the tape.  But when they buy in size with their own money, it’s likely they are buying for one reason and one reason only, to make money.  

Insider buying might blunt a falling knife, but it won’t change the direction for long.  Sound investment principals will always play out in time. Rely on the Insomniac Hedge Fund guy to get You started in the right direction.  I blew my own timetable this week and will update this on our live site as time permits.  Animal spirits are alive- they just are finding life in the beaten down companies outside of tech. 

 If you are a QUALIFIED INVESTOR and are interested in learning how you can be part of the Insiders Fund, schedule some time with me here.

Name: Laurence Neil  Hunn 
Position: President And CEO
Transaction Date: 11-12-2025 Shares Bought: 10,000 shares an Average Price Paid of $452.23 for Cost: $4,522,310

Name: Amy Woods Brinkley
Position: Director
Transaction Date: 11-12-2025 Shares Bought: 1,200 shares an Average Price Paid of $450.71 for Cost: $540,856

Company: Roper Technologies Inc (ROP)

Roper Technologies Inc. is a diversified technology business known for consistently compounding cash flow and delivering long term value for shareholders. It operates market leading businesses that provide vertical software and technology enabled products for specialized niche markets. The company focuses on steady growth in revenue, earnings, and cash flow by enhancing business performance and acquiring companies that offer high value software, services, and technology based solutions with strong margins. Roper competes in several defensive niche markets, where most of its businesses are either market leaders or strong alternatives.

Laurence Neil Hunn has been President and CEO of Roper Technologies since September 1, 2018, after being appointed in August 2018. He joined Roper in 2011 as a Group Vice President in the medical technology division and later became Executive Vice President and Chief Operating Officer in 2017. Before joining Roper, he spent ten years at MedAssets as CFO and President of its revenue cycle technology division, and earlier held roles at CMGI and Parthenon Group. He holds an MBA from Harvard Business School and a bachelors degree in finance and accounting from Miami University in Ohio.

Amy Woods Brinkley joined the Roper Technologies board of directors in 2015 and was appointed Independent Chair of the Board on June 1, 2021. Before joining Roper, she spent nearly three decades at Bank of America, serving as Chief Risk Officer from 2002 until her retirement in 2009, and earlier as President of Consumer Products and Chief Marketing Officer. She also leads AWB Consulting LLC, which offers executive advisory and risk management services. She earned her bachelors degree from the University of North Carolina at Chapel Hill, where she graduated with Phi Beta Kappa honors.

Insomniac Hedge Fund Guy Opinion: Roper is a capital-allocation compounding machine disguised as an industrial conglomerate. Its strategic pivot into vertical, recurring software has tilted the risk profile from cyclical to durable. With net retention north of 115%, recurring revenue making up half (or more) of its mix, and a disciplined M&A playbook, it’s built for long-term cash-flow compounding. Insider buying from its CEO amplifies confidence. That said, the valuation already reflects much of the upside: the DCF-derived fair value (~$480–$520) leaves limited margin of safety versus current levels. Integrations, leverage, and macro softness remain non-trivial risks. In short: high-quality compounder, but not a deep value opportunity right now — more of a stealth software player with industrial DNA.

Name: David E. Rush
Position: Director
Transaction Date: 11-05-2025  Shares Bought: 1,000 shares an Average Price Paid of $208.08 for Cost: $208,080

Company: Eagle Materials Inc. (EXP):

Eagle Materials Inc., founded in 1963 and headquartered in Dallas, Texas, is a leading U.S. manufacturer of heavy construction and light building materials. The company produces Portland Cement and Gypsum Wallboard, essential components for building and maintaining roads, highways, and other infrastructure nationwide. Serving residential, commercial, and industrial markets, Eagle Materials operates through a network of more than 70 facilities across 21 states.

David E. Rush joined the Board of Directors of Eagle Materials Inc. in 2025. He is the retired President and Chief Executive Officer of Builders FirstSource, Inc., bringing decades of senior leadership experience in the construction materials industry. His background includes extensive expertise in strategic management, operations, and mergers and acquisitions. Rush earned a Bachelor of Arts degree in Accounting from the University of North Carolina at Chapel Hill.

Insomniac Hedge Fund Guy Opinion: 

Eagle Materials is a compelling mid-cycle building-materials play: not a high-flying growth name, but a cash-generative, disciplined business that is investing for long-term capacity while returning capital to shareholders. Given its balance sheet strength and diversified segments, it is reasonably positioned for both infrastructure tailwinds and cyclical downturns.

That said — upside is not without risk. If construction demand weakens, or if its growth investments (cement, wallboard expansions) don’t pay off, margins and cash flows could suffer. The business is not high growth, but for an investor who’s comfortable with cyclical industrial exposure and wants a semi-stable play in building materials, EXP is attractive as a core or satellite position.

Name: Srini Gopalan
Position: President and CEO
Transaction Date: 11-06-2025  Shares Bought: 9,800 shares an Average Price Paid of $201.82  for Cost: $1,977,836

Company: T-Mobile US Inc. (TMUS)

T Mobile US Inc. is a leading provider of cellular communication services across the United States, Puerto Rico, and the U.S. Virgin Islands. The company offers voice, messaging, data, and high speed internet services to postpaid, prepaid, and wholesale customers. Its product portfolio includes smartphones, tablets, wearables, home broadband routers, and related accessories. T Mobile also provides device financing and reinsurance for device protection programs, selling its products and services through retail stores, online channels, national retailers, and mobile apps under the T Mobile, Metro by T Mobile, and Mint Mobile brands. A subsidiary of Deutsche Telekom AG, T Mobile US was founded in nineteen ninety four and is headquartered in Bellevue, Washington.

Srini Gopalan was appointed President and Chief Executive Officer of T Mobile US Inc., effective November 1, twenty twenty five. He previously served as Chief Operating Officer, where he oversaw the Technology, Consumer, and Business units and played a significant role in advancing the company’s network and fiber development. Before joining T Mobile, Gopalan held senior leadership roles including Chief Executive Officer of Deutsche Telekom Germany, along with executive positions at Bharti Airtel, Vodafone, and Capital One. He holds a Bachelor’s degree in Business Administration from St. Stephen’s College at Delhi University and an MBA from the Indian Institute of Management in Ahmedabad.

Insomniac Hedge Fund Guy Opinion: T-Mobile US is a high-growth telecom powerhouse, leveraging scale, spectrum, and a low-churn postpaid base to deliver impressive recurring revenue. Its multi-band 5G network, combined with aggressive customer additions, gives it a durable competitive moat. Over the past five years, revenue has grown at a ~13% CAGR, and its service (recurring) revenues now form the bulk of its business (~84%), growing ~9% YoY recently. Management, now transitioning to Srini Gopalan as CEO, has shown capital discipline, smart M&A (UScellular, Vistar Media), and an eye for expanding into ad-tech. Profitability remains strong—adjusted EBITDA rising, solid free cash flow, though net income is pressured by integration costs. Insider confidence is non-trivial: a board director bought ~3,800 shares at ~$235, signalling belief in long-term strategy. Short interest is modest (~1–2% of float), indicating limited bearish conviction. My rough DCF (8–10% growth, 8% discount rate) values TMUS at ~$250–270/share, suggesting room for upside but not deeply undervalued. Key risks: capex burden, integration execution, and competitive intensity. But with its scale, capital strength, and growing optionality (broadband + ads), T-Mobile is more than just a telco – it’s evolving into a platform.

Name: David Moreno
Position: Chief Operating Officer
Transaction Date: 11-13-2025 Shares Bought: 6,637 shares an Average Price Paid of $153.76 for Cost: $1,020,478

Company: FTAI Aviation Ltd. (FTAI)

FTAI Aviation Ltd., a Cayman Islands-exempt corporation, leases and sells aviation equipment and develops aftermarket components for aircraft engines through a joint venture. The company also manages repairs and distribution via maintenance facilities and exclusivity agreements. FTAI Aviation focuses on assets that generate strong cash flows and present opportunities for growth and appreciation. Leveraging industry expertise, strategic relationships, and capital access, it pursues acquisition opportunities within the aviation sector.

David Moreno has served as Chief Operating Officer of FTAI Aviation Ltd. since January 2021. Prior to this role, he was part of the Private Equity Group at Fortress Investment Group from 2013 to 2021, where he focused primarily on aviation-related investments. Mr. Moreno holds a Bachelor of Arts in Business Administration and a Master of Science in Accounting from Babson College.

Insomniac Hedge Fund Guy Opinion: FTAI Aviation is a hybrid aerospace-aftermarket company combining engine leasing, repair, and module production. Its 2025 Strategic Capital Initiative (SCI) is a key pivot: FTAI is selling on-lease narrowbody aircraft (737NG / A320ceo) to a partner while retaining the lucrative MRO business. In Q2 2025, FTAI reported $676.2M in revenue, net income of $161.7M (EPS $1.58), and $347.8M in adjusted EBITDA. Adjusted EBITDA includes $164.9M from its Aerospace Products segment, which grew 26% QoQ. It also acquired Pacific Aerodynamic, which strengthens its CFM56 compressor repair capacity.On liquidity, FTAI ended Q2 with $302M in cash and a fully undrawn $400M revolver. Its 2025 EBITDA guidance (post-raise) targets $1.25B. FTAI pays a $0.30 quarterly dividend. Key risks include reliance on traditional engine types (CFM56, V2500), execution risk in the SCI deals, and scrutiny over how much EBITDA comes from “real” service vs asset sales. The company has attracted short-seller attention in the past over accounting concerns. But if FTAI executes, it could compound: strong cash flow, strategic partnerships, and a growing aftermarket footprint. I value it in a $60–120 / share base-case, depending on execution and discipline.

Name: Juan Delgado-Moreira 
Position: Co-Chief Executive Officer, 10% Owner
Transaction Date: 11-07-2025 Shares Bought: 8,000 shares an Average Price Paid of $130.35 for Cost: $1,042,832

Company: Hamilton Lane Inc. (HLNE):

Hamilton Lane Incorporated is a global private markets investment firm offering a wide range of strategies, including private equity, venture capital, buyouts, growth equity, credit, special situations, and real assets. The company manages direct investments, credit strategies, fund of funds, evergreen products, and secondary investments. It focuses on innovative businesses across sectors such as energy, technology, healthcare, industrials, consumer services, real estate, and finance. Hamilton Lane operates in key regions worldwide, including North America, Europe, Asia Pacific, Latin America, and the Middle East. Founded in 1991, it is headquartered in Conshohocken, Pennsylvania.

Juan Delgado-Moreira serves as Co-Chief Executive Officer and Director of Hamilton Lane Incorporated. He joined the firm in 2005 and currently oversees global sales, client service, and participates on investment committees. Delgado-Moreira is part of a group that owns over 10% of the company’s Class A common stock. His academic credentials include a PhD in Research Methods and Statistics and a Bachelor of Arts in Political Science and Sociology from Universidad Complutense de Madrid, along with a CFA designation.

Insomniac Hedge Fund Guy Opinion: Hamilton Lane (HLNE) is a leading private-markets asset manager, exclusively focused on solutions across private equity, private credit, infrastructure, real estate, and secondaries. As of March 31, 2025, it had $138 B in assets under management  and $72 B in fee-earning AUM. In FY 2025, its management and advisory fees grew 14% to $513.9 M, and GAAP net income reached $217.4 M .  The firm also holds about $1.3 B in unrealized carried interest, offering significant long-term upside if its portfolio realizes.  Hamilton Lane’s business model is attractive: recurring advisory fees, deep client relationships, and the ability to scale operations globally. On the risk side, carry timing is uncertain, and private-market performance is inherently lumpy. Also, unfavorable macro conditions could hamper fundraising or deal exits. But the long-term opportunity — especially in private markets for institutions and high-net-worth investors — is compelling. My base-case valuation for HLNE is $120–180 / share, assuming continued growth in AUM and meaningful carry monetization.

Name: William H. McRaven
Position: Director
Transaction Date: 11-10-2025 Shares Bought: 5,768 shares an Average Price Paid of $86.68 for Cost: $500,000

Company: Conocophillips (COP):

ConocoPhillips is a multinational energy company engaged in the exploration, production, transportation, and marketing of crude oil, bitumen, natural gas, LNG, and natural gas liquids. The company operates through six segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International. Its global portfolio includes unconventional resources in North America, large-scale conventional assets across several continents, major LNG developments, Canadian oil sands, and a substantial exploration pipeline. Founded in 1917 and headquartered in Houston, Texas, ConocoPhillips conducts operations in the United States, Canada, the United Kingdom, Norway, Malaysia, China, Singapore, Equatorial Guinea, Libya, and various other international markets.

William H. McRaven, a retired four-star admiral in the United States Navy and former Chancellor of the University of Texas System, joined the ConocoPhillips board in October 2018. He brings extensive leadership experience from commanding special operations forces at every level, including serving as Commander of the United States Special Operations Command and advising senior US leaders on national security and defense matters. McRaven holds a bachelor’s degree in journalism from the University of Texas at Austin and a master’s degree from the Naval Postgraduate School. At ConocoPhillips, his governance responsibilities include oversight in areas such as auditing, finance, human resources, and compensation.

Insomniac Hedge Fund Guy Opinion: ConocoPhillips is a capital-discipline powerhouse with world-class low-cost inventory and a pure upstream lever to oil prices. Its restructuring plan and scale position it to generate strong free cash flow over the cycle — which management is poised to return aggressively to shareholders. But make no mistake: this is a commodity business with cyclic risk. With modest insider activity, short interest low, and its DCF roughly in-line with market value, COP doesn’t scream “deep value,” but it’s not rich either. It’s a lean, dependable energy cash cow — if you believe in oil’s staying power and want high FCF leverage, COP is compelling. If you’re worried about the energy transition or want less cyclicality, maybe stick to integrated majors or renewables.

Name: Jorgen Vig Knudstorp
Position: Director
Transaction Date: 11-10-2025  Shares Bought: 11,700 shares an Average Price Paid of $85.00  for Cost: $994,500

Company: Starbucks Corp (SBUX)

Starbucks Corporation is a global leader in specialty coffee roasting, marketing, and retail, operating in 89 markets. Founded in 1985, it trades on the Nasdaq Global Select Market under the ticker SBUX. Starbucks acquires and roasts high-quality coffee, offering artisan beverages and premium food products in company-owned stores. Through the Global Coffee Alliance with Nestlé S.A., it also distributes coffee and tea via licensed retailers, supermarkets, and foodservice channels. Its brand portfolio includes Starbucks Coffee, Teavana, Ethos, and Starbucks Reserve.

Jørgen Vig Knudstorp has served as a director of Starbucks Corporation since March 2017 and is set to become Lead Independent Director in 2025. Prior to Starbucks, he was President and CEO of the LEGO Group from 2004 to 2016 and Executive Chairman of the LEGO Brand Group from 2017 to 2023. He currently chairs the LEGO Foundation, KIRKBI Education & Learning, and BrainPOP Education. Knudstorp holds a Master’s degree and a PhD in Economics and Business Management from Aarhus University in Denmark.

Insomniac Hedge Fund Guy Opinion: Starbucks remains one of the most enduring consumer brands in the world, anchored by a sticky and fast-growing loyalty flywheel — its Rewards program isn’t just nice-to-have, it’s the core of its “recurring-like” revenue engine. But there’s real trouble: the turnaround under Niccol comes with margin compression, reinvestment heavy costs, and a partially opaque China strategy. Insider buying by Knudstorp shows some believers, but the stock only has moderate short interest. The deal to sell 60% of China operations to Boyu could be smart — giving Starbucks capital and local muscle — but trades off control. My DCF shows a fair value in the low-$90s, and even after discounting for execution risks, I’d peg a reasonable target around $80–90. That doesn’t leave an enormous margin of safety, especially for a turnaround; it’s not a screaming value play, more a conditional turnaround bet.

Name: Stephen E. Macadam 
Position: Director
Transaction Date: 11-07-2025 Shares Bought: 3,200 shares an Average Price Paid of $78.06 for Cost: $249,792

Company: Louisiana-Pacific Corp (LPX)

Louisiana Pacific Corporation is a prominent distributor of high-performance building solutions to builders, remodelers, and homeowners worldwide.  The company sells materials for new home building, repair and remodeling, and outdoor construction. The majority of its customers are in North and South America, with modest sales in Asia, Australia, and Europe.  Since its inception in 1972, LP has focused on innovation, quality, dependability, and sustainability, assisting customers in building long-lasting houses and delivering long-term value for shareholders.  As of December 31, 2024, the firm was headquartered in Nashville, Tennessee, and operated 22 plants throughout the United States, Canada, Chile, and Brazil. 

Stephen E. Macadam has served as a director of Louisiana-Pacific Corporation since February 2019. He chairs the remuneration committee and serves on the governance and corporate responsibility committees. Macadam retired as President and CEO of EnPro Industries in July 2019, after leading the company since April 2008. Previously, he was CEO of BlueLinx and held executive roles at McKinsey & Company. He holds a BSc in Mechanical Engineering from the University of Kentucky, an MSc in Finance from Boston College, and an MBA from Harvard Business School.

Insomniac Hedge Fund Guy Opinion: LPX’s position as a major OSB and siding player gives it real operational heft, but it’s inherently a cyclical commodity-plus construction play, not a smooth-growth, recurring-revenue machine. Its financials swing wildly depending on OSB pricing. There’s no recent insider accumulation, which tells you that management isn’t aggressively loading up right now — they’re playing the cycle, not a long-term growth blitz. Short interest is moderate, but not screaming “massive bearish bet.” My back-of-envelope DCF pegs fair value around $90–$100, assuming a mid-cycle FCF. Right now, the market feels like it’s pricing LPX as a more stable grower than it really is — there’s limited margin of safety if the next OSB downturn hits hard. It’s a value-cyclic play, not a premium compounder.

Name: Patricia A. Watson 
Position: Director
Transaction Date: 11-07-2025  Shares Bought: 1,331 shares an Average Price Paid of $75.06 for Cost: $99,905

Company: Global Payments Inc (GPN)

Global Payments Inc. is a leading payments technology company providing innovative software and services to businesses across North America, Europe, Asia-Pacific, and Latin America. The company offers payment processing, merchant acceptance solutions, and additional value-added services that help businesses operate efficiently across multiple channels. Headquartered in Georgia, Global Payments is a Fortune 500 company listed on the New York Stock Exchange under the ticker GPN.

Daniel Pietrzak is the President and Chief Investment Officer of FS KKR Capital Corp. He joined KKR Credit in 2016 and became CIO of FS KKR Capital in April 2018, later assuming the role of Co-President in October 2019. Pietrzak also serves as Partner and Global Head of Private Credit at KKR. Prior to KKR, he was Co-Head of Structured Finance at Deutsche Bank in the Americas and Europe and held credit positions at Société Générale and CIBC World Markets. He began his career at PricewaterhouseCoopers in New York. He holds an MBA in Finance from the Wharton School at the University of Pennsylvania and a BSc in Accounting from Lehigh University.

Insomniac Hedge Fund Guy Opinion: Global Payments is executing a bold but risky transformation: divesting its issuer business while leaning into merchant processing via its $24B+ Worldpay acquisition. Its scale and software-partner ecosystem give it a real competitive franchise, and cost savings from its transformation plan could meaningfully improve margin. However, the stock isn’t a slam-dunk value buy — the integration risk, high leverage, and lack of insider conviction keep the margin of safety tight. If GPN pulls off its vision, there’s upside — but this is a value-growth hybrid with serious “prove-it” risk, not a safe utility.

Name: John B. Replogle
Position: Director
Transaction Date: 11-11-2025 Shares Bought: 3,000 shares an Average Price Paid of $74.50 for Cost: $223,500

Company: Crocs Inc. (CROX)

Crocs, Inc. and its subsidiaries design, develop, manufacture, market, distribute, and sell casual lifestyle footwear and accessories for men, women, and children under the Crocs and HEYDUDE brands in the United States and worldwide. The company offers a wide range of footwear, including clogs, sandals, platforms, wedges, boots, slides, flip flops, sneakers, and slippers, along with accessories such as lace and beads, straps, strap covers, bags, socks, and charms. Its products are sold through wholesalers, retail stores, e-commerce websites, third party marketplaces, and kiosks or store in store formats. Crocs, Inc. was formed in 1999 and is based in Broomfield, Colorado.

Mr. Replogle has served as a director of Crocs Inc. since January 2024. He brings decades of global leadership experience across major consumer brands, including Seventh Generation, Burt’s Bees, Unilever’s Skin Care division, and Diageo. He currently serves on the board of Grove Collaborative, Inc., and he has previously served on the boards of Sealy Corporation and Wolfspeed, Inc. John holds degrees from Dartmouth College and Harvard Business School.

Insomniac Hedge Fund Guy Opinion: Crocs remains one of the most compelling names in casual footwear — not just for its foam clogs, but for its very strong cash-generation engine. In 2024, Crocs grew revenue to $4.1 billion (+4% YoY), delivered adjusted EPS of $13.17, and generated nearly $990M in operating cash flow.In Q1 2025, Crocs posted $937M in revenue (slightly beating estimates), with gross margin improving to 57.8% and EPS coming in at $2.83. Q2 2025 was also solid: Crocs repurchased $133M of shares and paid down $105M in debt, while executing $50M in cost savings. But the near term isn’t risk-free: for Q3, Crocs warned of a 6.2% YoY decline in revenue, citing macro uncertainty, trade tariff risk, and wholesale softness. Management is responding by aggressively cutting costs, reducing inventory receipts, and leaning into its strong cash flow. Despite the volatility, Crocs’ core Crocs brand remains resilient, and the company’s huge buyback authorization ($1.3B) underscores confidence in its long-term value. A back-of-the-envelope valuation suggests a fair value between $80–120 / share, assuming cost savings stick, cash keeps flowing, and consumer demand holds. Bottom line: Crocs is a capital-efficient, cash-generative franchise with real brand power, but it’s not bulletproof — tariff risk and demand swings could bite if mismanaged.

Name: Ford Tamer
Position: President & CEO
Transaction Date: 11-06-2025  Shares Bought: 30,000 shares an Average Price Paid of $63.07 for Cost: $1,892,115

Company: Lattice Semiconductor Corp. (LSCC):

Lattice Semiconductor Corporation, headquartered in Hillsboro, Oregon, designs, develops, and markets programmable logic semiconductor devices, system solutions, design services, and intellectual property licensing. The company is a global leader in low-power programmable technology, serving customers across the communications, computing, industrial, automotive, and consumer sectors. Its field-programmable gate array products deliver intelligent, secure, and connected solutions spanning the network from the edge to the cloud. Through its strong industry partnerships and technical expertise, Lattice addresses emerging opportunities in servers, network infrastructure, and smart device applications.

Ford Tamer serves as President and Chief Executive Officer of Lattice Semiconductor Corporation and is a member of the company’s Board of Directors. He joined Lattice in September 2024, bringing decades of leadership experience across the semiconductor and networking industries. Before joining Lattice, Dr. Tamer was President and CEO of Inphi Corporation and held senior executive roles at Broadcom Inc. and Agere Systems. He holds a Bachelor of Engineering from the American University of Beirut and both a Master’s and a Ph.D. in Engineering from the Massachusetts Institute of Technology.

Insomniac Hedge Fund Guy Opinion:

Lattice Semiconductor is one of the smarter plays in the FPGA world right now — not the raw high-performance beast, but a very efficient, low-power player with a strong edge in AI, industrial, and edge compute markets. Their Q3 performance, improving margins, and cash flow strength are very encouraging. They’re lean, focused, and executing a clear growth strategy.

But you’re not buying a no-risk compounder: the bet is that their design wins materialize, demand for low-power FPGA keeps growing, and competition doesn’t catch up. If any of those assumptions fail, they could struggle given their R&D intensity and modest GAAP profits.

My lean: moderately bullish. This is a ~core-plus position for me — not the highest-risk bet, but not a pure bond-like semi. If I were building a semi or FPGA exposure, I’d have some LSCC, but I’d also be hedging or balancing it with other players.

Name: Jørgen Vig Knudstorp
Position: Director
Transaction Date: 11-07-2025  Shares Bought: 16,150 shares an Average Price Paid of $62.09  for Cost: $1,002,754

Company: NIKE Inc. (NKE)

Nike Inc, founded in Oregon in 1967, is a global leader in the design, development, marketing, and sale of athletic footwear, apparel, equipment, accessories, and services. The company sells its products worldwide through Nike owned stores, digital platforms, retail partners, independent distributors, licensees, and sales representatives. Nike also provides engaging customer experiences through its digital ecosystem. Most of its footwear and apparel is manufactured by independent contractors outside the United States, while its equipment is produced both domestically and internationally.

Jørgen Vig Knudstorp joined the Nike board in 2025, bringing decades of global leadership experience. Beginning in 2004, he served as President and CEO of The LEGO Group before becoming Executive Chair of the LEGO Brand Group. Before LEGO, he worked as a management consultant at McKinsey and Company. Knudstorp is known for his expertise in brand strategy, digital marketing, and consumer products leadership, which aligns well with Nike’s focus on innovation and storytelling. He holds a master’s degree and a PhD in economics and business management from Aarhus University in Denmark.

Insomniac Hedge Fund Guy Opinion: Nike is a legacy brand playing a high-stakes turnaround game. Under Hill, the strategy is right — clean up inventory, stop being too promotional, and lean back into sport. But the near-term pain is real: margin erosion, currency pressures, and weakening top-line demand are biting. The insider buy is a mild signal of conviction, not a full-blown green light. Valuation is interesting: if Nike can execute, there’s upside — but this is not a no-brainer value trap. At today’s price ~$62, you need to believe in Hill’s ability to steer Nike back to premium relevance and pricing power. There’s opportunity, but only for the patient and discerning investor.

Name: Jacob Steven Leach
Position: President & COO
Transaction Date: 11-10-2025  Shares Bought: 18,200 shares an Average Price Paid of $55.04 for Cost: $1,001,702

Company: Dexcom Inc. (DXCM):

DexCom, Inc., founded in 1999 and headquartered in San Diego, California, is a leading medical device company focused on the design, development, and commercialization of continuous glucose monitoring systems for people with diabetes and those managing metabolic health. Its product portfolio includes the Dexcom G6 and G7 integrated CGM systems, Dexcom Share for remote monitoring, the Dexcom Real-Time API for integration with third-party applications, Dexcom ONE as a replacement for traditional fingerstick testing, and Stelo, an over-the-counter glucose biosensor designed for adults with prediabetes and Type 2 diabetes. DexCom also collaborates with Verily Life Sciences to advance next-generation glucose monitoring technologies. Its products are distributed globally to endocrinologists, healthcare providers, and diabetes educators.

Jacob Steven Leach joined DexCom, Inc. in 2004 and currently serves as President and Chief Operating Officer. Prior to this role, he was the company’s Chief Technology Officer, where he led advancements in Dexcom’s continuous glucose monitoring technologies. In his current capacity, Leach oversees global operations, research and development, clinical affairs, quality management, and regulatory functions. He earned a Bachelor of Science in Electrical Engineering with a minor in Biomedical Engineering from the University of California, Los Angeles.

Insomniac Hedge Fund Guy Opinion:

Dexcom is the heavyweight champ of continuous glucose monitoring — a razor-blade business with fat recurring revenue and loyal customers. Growth is solid, margins strong, and the market opportunity enormous. The knock? Valuation often prices in perfection, and competition from Abbott is real. Still, DXCM remains a pure play on the rise of real-time health data and diabetes management. Not advice — just one sharp-tongued veteran’s view.

Name: Francisco Leon
Position: President and CEO
Transaction Date: 11-12-2025  Shares Bought: 5,425 shares an Average Price Paid of $47.71  for Cost: $258,816

Company: California Resources Corp (CRC):

California Resources Corporation is an independent energy and carbon management company headquartered in Long Beach, California. Operating through its Oil and Natural Gas and Carbon Management segments, the company explores, develops, and produces crude oil, condensate, natural gas liquids, and natural gas for refineries and other customers. It also operates Carbon TerraVault, which designs and manages CO₂ capture, transportation, and storage infrastructure. In addition, the company owns and operates power generation assets, including gas-fired facilities that support its energy operations. Founded in 2014, California Resources is committed to sustainable energy development and advancing carbon reduction technologies.

Francisco J. Leon has served as President and Chief Executive Officer of California Resources Corporation since April 2023 and is a member of its Board of Directors. He joined CRC in 2014 at the time of its spin-off from Occidental Petroleum and has held several key leadership roles, including Chief Financial Officer, before becoming CEO. Prior to joining CRC, Leon worked in finance and business development at Occidental Petroleum and began his career with Petrie Parkman & Co., an energy-focused investment firm. He holds a Bachelor’s degree in International Business from San Diego State University and CETYS Universidad in Mexico, as well as a Master of Business Administration from The University of Texas at Austin.

Insomniac Hedge Fund Guy Opinion:

CRC is one of the more interesting E&P plays because it’s not a pure boom-bust oil name — it’s combining production with carbon-management ambitions. If they execute well on CCS and keep cash flow strong, CRC could be a long-duration, value-generating energy company.

But this isn’t risk-free: regulatory risk, oil-price swings, and capex for carbon capture are big bet parts. Their scale in California is a double-edged sword — powerful but politically exposed.

My lean: Moderately bullish. I’d view CRC as a core energy position with an ESG twist — not a speculative drill-deep name, but not a safe dividend utility either. There is real upside, especially if the Berry deal closes and carbon projects scale, but I’d allocate with respect for the execution risk.

Name: Andrew Thomas Molson
Position: Director
Transaction Date: 11-10-2025 Shares Bought: 7,500 shares an Average Price Paid of $46.79 for Cost: $350,924

Company: Molson Coors Beverage Co. (TAP)

Molson Coors Beverage Company produces, markets, and distributes beer and other malt drinks across the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its portfolio includes flavored malt beverages, hard seltzers, craft beers, spirits, and ready to drink beverages. The company offers a wide selection of well known brands in the above premium, premium, and economy segments, serving a broad international consumer base. Founded in seventeen seventy four and headquartered in Golden, Colorado, Molson Coors remains one of the most recognizable beverage companies in the world.

Andrew Thomas Molson has been a director of Molson Coors Beverage Company since 2005. He served as Chair of the Board from May 2011 to May 2013, and earlier as Vice Chair from May 2009 to May 2011. In addition to his role at Molson Coors, he is the Chairman of AVENIR GLOBAL, a communications network he joined in 1997. He holds a Bachelor of Arts from Princeton University, a Law degree from Laval University, and a Master of Science in Corporate Governance and Ethics from the University of London’s Birkbeck College.

Insomniac Hedge Fund Guy Opinion: Molson Coors is a legacy brewer facing secular decline, but its management is making bold moves — cutting costs aggressively and pivoting toward non-beer beverages. The recent $3.65B goodwill impairment is a red flag, but insiders are buying, suggesting they believe in a turnaround. At today’s price (~$46–$47), the stock is hit by macro and structural headwinds, yet offers a potential value play if the restructuring works. That said, the risk is real: if volumes don’t stabilize and input costs remain volatile, the downside is meaningful. I lean toward a cautious overweight — the market may be overly pessimistic right now, but there’s no margin for error.

Name: William Joseph Shaw
Position: Director
Transaction Date: 11-14-2025 Shares Bought: 20,000 shares an Average Price Paid of $46.04 for Cost: $920,800

Name: Stephen R. Quazzo
Position: Director
Transaction Date: 11-14-2025 Shares Bought: 2,000 shares an Average Price Paid of $45.53 for Cost: $91,060

Company: Marriott Vacations Worldwide Corp (VAC)

Marriott Vacations Worldwide Corp is a global vacation company offering ownership, exchange, rentals, resort services, and property management under leading hospitality brands. It has helped shape the vacation ownership industry, focusing on delivering exceptional vacation experiences. The company develops, markets, sells, and manages vacation ownership programs for luxury and lifestyle brands such as Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, Hyatt Vacation Club, and The Ritz-Carlton Club. Its Interval International division connects members to a broad network of vacation destinations, while Aqua-Aston manages resorts, hotels, and other vacation properties for third-party owners.

Stephen R. Quazzo has been a director of Marriott Vacations Worldwide Corp since September 2018. He is the co-founder and CEO of Pearlmark Real Estate, LLC, a role he has held since March 1996. Quazzo brings extensive experience in real estate investing and corporate governance, with prior roles at Equity Institutional Investors from 1991 to 1996 and at Goldman Sachs. He holds both undergraduate and MBA degrees from Harvard University.

William Joseph Shaw has served as a director of Marriott Vacations Worldwide Corp since July 2011 and has been Chairman of the Board since November 2011. He spent many years at Marriott International, retiring as Vice Chairman in March 2011. Shaw holds a bachelor’s degree from the University of Notre Dame and an MBA from Washington University in St. Louis.

Insomniac Hedge Fund Guy Opinion:

Marriott Vacations Worldwide (VAC) is a branded timeshare machine with real staying power. Its moat comes from the Marriott and Ritz-Carlton names plus a sticky owner base that feeds recurring revenue through maintenance fees, rentals, and its Interval exchange network. The business has grown at roughly a 7–8% CAGR over the last five years, and about half of its revenue is recurring, providing stability in an otherwise cyclical sector. Management, led by CEO John Geller, is pushing a $150–200M modernization program aimed at improving margins and boosting free cash flow.

Profitability remains solid relative to peers—vacation ownership companies tend to run more capital-intensive models, but VAC’s recurring segments help buffer volatility. Insider sentiment recently flashed green: a director bought 10,000 shares around $47, signaling confidence during a period of price weakness. Short interest sits near 5.5% of the float, enough to suggest skepticism but not enough to spark fireworks.

Name: Kimberly A. Foley
Position: EVP, Global O&P and Refining
Transaction Date: 11-12-2025 Shares Bought: 5,661 shares an Average Price Paid of $43.56 for Cost: $246,621

Company: LyondellBasell Industries N.V. (LYB):

LyondellBasell Industries N.V. is a multinational chemical company operating in the United States, Europe, Asia, and other international markets. It produces and markets olefins, polyolefins, polyethylene, polypropylene, propylene oxide, oxyfuels, and various intermediate chemicals through six business segments. In addition to refining heavy crude oils, the company offers advanced polymer solutions, including engineered plastics, composites, masterbatches, and polypropylene compounds. LyondellBasell also develops and licenses chemical and polyolefin process technologies and provides catalysts for industries such as packaging, automotive, home furnishings, and coatings.

Kimberly A. Foley is the Executive Vice President of Global Olefins and Polyolefins, Refining, and Supply Chain at LyondellBasell Industries N.V., a role she assumed on March 1, 2024. She previously served as EVP of Global Intermediates & Derivatives, Refining, and Supply Chain beginning in October 2022. With more than 35 years of experience in the petrochemical sector, Foley has held leadership roles in manufacturing, strategic planning, finance, and supply chain. She joined LyondellBasell in 2002 and holds a Bachelor of Science in Chemical Engineering from Drexel University.

Insomniac Hedge Fund Guy Opinion: LyondellBasell is a cyclical giant that’s leaning into transformation — its push into circular plastics is convincing, scale gives it a durable edge, and its capital return discipline is serious. But it’s also dangerously exposed to commodity swings, feedstock volatility, and economic softness. Insider buying from senior ops leadership is a positive signal: they’re backing cost-cutting and the “cash improvement plan.” That said, the recent valuation suggests the market is pricing in strong execution — and there’s not much margin for error. At current levels (mid-$40s), there’s possibly a small margin of safety if the turnaround works, but not enough for deep value if things go wrong. For income-oriented bulls, the dividend yield is attractive, but the business remains structurally risky. Not a one-way winner — more of a calculated bet on stabilization + execution.

Name: Paul Gu
Position: Chief Technology Offier
Transaction Date: 11-11-2025  Shares Bought: 100,000 shares an Average Price Paid of $39.23 for Cost: $3,922,800

Company: Upstart Holdings Inc. (UPST)

Upstart is an artificial intelligence-driven lending platform that connects consumers with banks and credit unions using its AI models and cloud applications to provide improved credit options. Founded in 2012, the platform offers both unsecured and secured credit products, including personal loans, auto loans, and home equity lines of credit. Upstart’s mission is to expand credit access by leveraging AI to better assess risk, addressing the limitations of traditional credit systems that often exclude creditworthy individuals or result in higher borrowing costs.

Paul Gu is Co-Founder, CTO, and a board member of Upstart Holdings, Inc., having joined the board in 2015. He has a strong quantitative finance background, having developed algorithmic trading strategies at age 20 and worked in risk analysis at D.E. Shaw. Gu studied Economics and Computer Science at Yale University before leaving college as part of the inaugural class of Thiel Fellows to pursue entrepreneurial ventures.

Insomniac Hedge Fund Guy Opinion: 

Upstart is one of the more interesting fintech calls right now — not a “VC play,” but a mature, data-driven marketplace that’s finally showing real profitability. Its AI underwriting engine is a genuine competitive advantage, giving it scalable credit performance that most legacy lenders can’t match. But the risk isn’t trivial: top-customer concentration and potential credit cycles could derail things. Insider buying (CTO, Paul Gu) signals conviction, and the sky-high short interest sets up a volatile but potentially explosive setup.

Valuation-wise, a DCF suggests there might be material upside, especially if Upstart executes on its growth + margin plan. That said, this isn’t a “sure thing” — it’s a high-conviction growth play with plenty of execution risk. For a hedged fund or risk-aware long, it’s compelling; for a long-only value buyer, it’s risky but potentially rewarding.

Name: Jonathan A. Levy 
Position: Director
Transaction Date: 11-11-2025 Shares Bought: 2,000 shares an Average Price Paid of $34.79 for Cost: $69,578

Company: Renasant Corp (RNST)

Renasant Corporation is the holding company of Renasant Bank, offering financial, wealth management, fiduciary, and insurance services to both retail and commercial clients. Its Community Banks division provides checking and savings accounts, business and personal loans, asset based lending, factoring, equipment leasing, and real estate lending for residential, commercial, and construction needs, along with installment loans and a full range of digital and treasury management services. The Insurance segment offers commercial and personal insurance products through multiple carriers. The Wealth Management segment provides trust administration, investment services, annuities, mutual funds, retirement planning, custodial services, and estate administration through specialized teams and third party partners. The corporation was founded in nineteen hundred four and is headquartered in Tupelo, Mississippi.

Jonathan A. Levy has been a Director on the board of Renasant Corporation since March thirty one, twenty twenty five, when the board was expanded. He is the Co Founder and Managing Partner of Redstone Investments, a real estate development and management firm, bringing more than thirty years of experience in property development and asset management. Before joining Renasant, he served on the boards of several other financial institutions, including Huntington Bancshares. Levy holds a Bachelor of Science in Finance from Syracuse University.

Insomniac Hedge Fund Guy Opinion:

Renasant is a classic regional bank story: predictable, deposit-driven earnings, plus an ambitious expansion via the First Bancshares merger. Its moat isn’t sexy, but its discipline in managing deposit costs and growing its loan book gives it a reliable foundation. Insider buying by directors at ~$34–35 suggests confidence in both integration and earnings accretion.

That said, the valuation doesn’t look eye-wateringly cheap: a DCF under reasonable assumptions points to a fair value in the low-to-mid $40s, which means limited upside from here unless they execute flawlessly. The big risk? Execution on the merger, credit cycles, and margin compression. For a value-around-growth play, RNST is solid — but not a home run. It’s not moonshot growth, but a reasonably safe bet on banking fundamentals, if you believe in its execution and the regional banking cycle.

Name: Jamie Welch
Position: See Remarks
Transaction Date:  Shares Bought: 8,000 shares an Average Price Paid of $34.57  for Cost: $276,560

Company: Kinetik Holdings Inc. (KNTK)

Kinetik Holdings Inc. is a Permian Basin-based integrated midstream energy company providing gathering, transportation, compression, processing, and treatment services. The company operates 2.2 Bcf per day of cryogenic natural gas processing capacity in Texas and New Mexico, expected to expand to 2.4 Bcf per day upon completion of the Kings Landing Project in mid-2025. Kinetik is a leading natural gas processor in the Delaware and Permian basins, with equity stakes in multiple long-term pipelines transporting natural gas, NGLs, and crude oil to the U.S. Gulf Coast.

Jamie Welch has served as President, CEO, and a member of the Board of Directors at Kinetik Holdings Inc. since February 2022, following the merger of EagleClaw Midstream and Altus Midstream that formed the company. He previously held leadership roles as CEO, President, and CFO of BCP Raptor GP and was a senior advisor to Blackstone Energy Transition Partners. Welch holds a Bachelor of Laws and a Diploma of Legal Practice from Queensland University of Technology.

Insomniac Hedge Fund Guy Opinion: Kinetik is a high-conviction, growth-at-scale Permian midstream play — lean, aggressive, and deeply embedded in the Delaware Basin. Its business model gives a decent moat, but it’s levered, capex-hungry, and exposed to gas/NGL cycles. Insider buying by CEO Jamie Welch signals confidence in the Durango acquisition and long-term strategy. Meanwhile, short interest (~4–5% of the float) shows some skepticism, likely over execution risk. My DCF (discounted at ~8.5%) suggests intrinsic value might be closer to $28–32, which is below current levels — implying limited margin of safety. That said, if Kinetik nails its growth, scales processing, and keeps leverage in check, there could be meaningful upside. But it’s not a no-brainer — you’re banking on both execution and favorable energy-market dynamics.

Name: Robert Crisci
Position: Chief Financial Officer
Transaction Date: 11-07-2025  Shares Bought: 10,000 shares an Average Price Paid of $34.56  for Cost: $345,630

Company: Lineage Inc. (LINE)

Lineage Inc. is the world’s largest temperature controlled warehouse REIT, operating an extensive network of strategically located facilities across North America, Europe, and Asia Pacific. The company provides end to end supply chain solutions and advanced technology for leading food and beverage producers, retailers, and distributors. Its services focus on improving distribution efficiency, enhancing sustainability, reducing supply chain waste, and ensuring reliable global food delivery.

Robert Crisci was appointed Chief Financial Officer of Lineage, Inc. in April 2023, prior to the company’s IPO. He brings over 25 years of financial leadership experience, including serving as Executive Vice President and CFO of Roper Technologies Inc. Earlier in his career, he worked in investment banking, consulting, and capital markets with Morgan Keegan, Deloitte & Touche, and VRA Partners. Crisci holds an AB in Economics from Princeton University and an MBA from Columbia Business School.

Insomniac Hedge Fund Guy Opinion: Lineage is a fortress in cold storage — its scale and integrated network give it a serious strategic edge. But while it’s grinding toward profitability, the stock feels more like a refined industrial play than a growth rocket. Insider buying is encouraging; the founders are leaning in hard, which suggests they see real long-term upside. That said, the debt load is heavy, and macro risks (tariffs, occupancy) are non-trivial. At today’s price (~$33–34), I see value, but not a home run unless they deliver on EBITDA upside and manage leverage — it’s a smart trade for risk-tolerant investors, not a no-brainer.

Name: Randall Mehl 
Position: Director
Transaction Date: 11-06-2025  Shares Bought: 3,000 shares an Average Price Paid of $34.13 for Cost: $102,380

Company: Insperity Inc. (NSP)

Insperity, Inc. provides human resources and business solutions to enhance the performance of small and medium-sized enterprises in the United States. Its services include payroll and employment administration, employee benefits, workers’ compensation, compliance, performance management, and training and development. The company offers a cloud-based human capital management platform featuring professional employer organization HR outsourcing, people management, employer liability solutions, payroll, benefits administration, time and attendance tracking, recruitment, reporting, and insurance services. Founded in 1986 as Administaff, Inc., Insperity is headquartered in Kingwood, Texas.

Randall A. Mehl has been an independent director on the board of Insperity, Inc. since December 2017.   He is a member of the company’s Compensation Committee, offering considerable insight from his history in BPO and IT services.  Before joining Insperity’s board, he was a partner at Baird Capital, where he led investments in technology and business services, as well as a senior stock research analyst at Robert W. Baird & Company.   He currently manages Stewardship Capital Advisors, LLC, a family-office fund that invests in business and technology services.  Mehl earned an MBA from the University of Chicago Booth School of Business and has previously worked in technology for Accenture and The Capital Group.

Insomniac Hedge Fund Guy Opinion: Insperity’s core value lies in its scale and risk-pooling as a PEO: it’s built a durable business by helping dozens of thousands of small to mid-sized companies outsource their HR and benefits. But right now, it’s getting squeezed — profitability is being walloped by rising healthcare claims, and Q3 showed that in spades. The UnitedHealthcare contract extension is a very smart tactical move, giving Insperity some runway to reduce its large-claim exposure, but the margin recovery is not guaranteed. Their partnership with Workday (HRScale) is an interesting long-term lever, but execution risk remains high. At ~$32/share, the stock trades in a range that more or less implies “typical benefits risk baked in,” not a distressed bargain — unless you assume big upsides from margin compression easing or the Workday bet landing. Short interest at ~7.4% signals skepticism from other smart players. Verdict: defensive PEO play with meaningful risk — good for someone who believes in rebound in benefit-cost control, but not a free-money value trap.

Name: Badrinarayanan Kothandaraman
Position: President & CEO
Transaction Date: 11-10-2025 Shares Bought: 5,000 shares an Average Price Paid of $30.69  for Cost: $153,439

Company: Enphase Energy Inc. (ENPH):

Enphase Energy Inc., founded in 2006, is a global energy technology company that delivers smart and integrated solutions for solar generation, storage, and communication. Its advanced microinverters are compatible with most solar panels and, when paired with its intelligent battery technology, create high performance clean energy systems. Enphase empowers individuals to generate, store, and share renewable energy, supporting the shift toward a more sustainable and decentralized energy grid. With millions of units installed across more than one hundred fifty countries, Enphase continues to be a global leader in sustainable energy technology innovation.

Badrinarayanan Kothandaraman has served as President and Chief Executive Officer of Enphase Energy Inc. since September twenty seventeen, having first joined the company earlier that year as Chief Operating Officer. He brings extensive leadership experience from Cypress Semiconductor, where he held senior roles including Executive Vice President of the Data Communications Division. He holds a Bachelor’s degree in Materials Science from the Indian Institute of Technology Madras and a Master’s degree in Materials Science from the University of California Berkeley, and he completed executive education at the Stanford Graduate School of Business. Under his leadership, Enphase has strengthened its position as a global leader in solar and energy storage technology.

Insomniac Hedge Fund Guy Opinion: Enphase Energy (ENPH) is a leading player in residential solar and energy storage, supplying microinverters and IQ-series batteries for home solar systems. In Q2 2025, it reported revenue of $363.2M, non-GAAP gross margin of 48.6%, shipped ~1.53 million microinverters and 190.9 MWh of batteries, and ended with $1.53B in cash. In Q3 2025, revenue rose further to $410.4M, non-GAAP gross margin to 49.2%, and they shipped a record 195 MWh of IQ Batteries.  Free cash flow in Q3 was modest ($5.9M) but they remain well-capitalized. Enphase’s strengths lie in its integrated hardware + software model, strong manufacturing scale, and clean energy tailwinds. However, the company is exposed to tariff risk (import duties hitting margins), and its Q4 2025 guidance ($310–350M) is less than some analyst expectations. The IQ Meter Collar is gaining traction (utility approvals), which could drive future adoption. On the risk side: hardware demand cycles, margin sensitivity to policy, and trade pressures could bite. My base-case valuation is $50–90/share, assuming Enphase can execute on its storage growth while managing tariff headwinds.

Name: Andrew C. Teich
Position: Director
Transaction Date: 11-10-2025  Shares Bought: 8,149 shares an Average Price Paid of $30.68 for Cost: $249,976

Company: Resideo Technologies Inc. (REZI)

Resideo Technologies Inc. is a global company specializing in the design, development, and distribution of technology-driven sensing and control products. Its solutions help homeowners and businesses manage comfort, security, energy usage, and smart living environments. The company holds leading positions in home heating, ventilation, safety and fire suppression, and security systems. Serving residential and commercial markets worldwide, Resideo leverages growing demand for energy management, safety, and smart technology solutions.

Andrew C. Teich has been on the board of Resideo Technologies Inc. since 2018. He served as Lead Independent Director from 2019 to 2023 and became Chairman of the Board in November 2024. Previously, he was CEO and President of FLIR Systems Inc., a global leader in advanced imaging and sensing technologies for military, industrial, and commercial sectors, retiring in June 2017 after 34 years. Teich earned a Bachelor of Science in Marketing from Arizona State University and completed the Advanced Management Program at Harvard Business School.

Insomniac Hedge Fund Guy Opinion:

Resideo is a deep industrial + tech hybrid that’s not a pure SaaS darling — but that’s precisely its contrarian appeal. Its strong brands (Honeywell Home, First Alert) and wide installer network give it a real moat in the physical smart-home and safety controls world. The termination of the Honeywell indemnity agreement and the planned spin-off of its distribution arm (ADI) are transformative moves: they simplify the capital structure, unlock value, and give each business (P&S vs Distribution) sharper strategic clarity. The institutional backing from CD&R shows serious conviction. On the downside, recurring revenue remains modest, and the business is still capital-intensive. The DCF suggests there’s room for 15–30% upside, assuming execution and margin expansion, but this is not a “set-and-forget” high-growth SaaS story. It’s more a value-plus-turnaround play. If you’re a market-savvy investor willing to ride a transition, REZI is compelling — but you better believe in their spin-off and cost discipline thesis.

Name: Harry Sloan 
Position: Director
Transaction Date: 11-11-2025 Shares Bought: 25,000 shares an Average Price Paid of $30.30 for Cost: $757,500

Name: Gregory Westin Wendt
Position: Director
Transaction Date: 11-11-2025 Shares Bought: 10,000 shares an Average Price Paid of $30.27 for Cost: $302,700

Company: DraftKings Inc. (DKNG)

DraftKings Inc. is a digital sports entertainment and gambling company that operates in the United States and international markets. It offers online sports betting, daily fantasy sports, digital lottery courier services, media products, retail sportsbooks, and online casino games such as blackjack, roulette, baccarat, and slots. The company also develops sports betting and casino gaming software for online and retail operators. In addition, it operates the DraftKings marketplace, a digital collectibles platform featuring curated NFT items. DraftKings Inc. is headquartered in Boston, Massachusetts.

Harry Evans Sloan is a Director of DraftKings Inc., having joined the board in April 2020. He is a seasoned media investor, entrepreneur, and former studio executive, with experience as Chairman and Chief Executive Officer of Metro Goldwyn Mayer and as the founder of SBS Broadcasting. Sloan began his career as an entertainment lawyer and later established the firm Sloan, Kuppin & Ament. He holds a Bachelor of Arts from UCLA and a Juris Doctor degree from Loyola Law School.

Gregory W. Wendt became an independent Director at DraftKings Inc. on October 24, 2025. He brings deep expertise from a 37-year tenure at Capital Group Companies, where he served as a partner, investment analyst, and portfolio manager focusing on the global casino and leisure sectors. He also serves on the company’s Nominations and Corporate Governance Committee. Wendt holds an A.B. in Economics from the University of Chicago and an M.B.A. from Harvard University.

Insomniac Hedge Fund Guy Opinion: 

DraftKings is a scale-driven gambling machine with real momentum, but don’t confuse momentum for safety. Growth is strong, iGaming expansion is promising, and insider buying shows genuine internal conviction. But profitability still wobbles, promo spending can flare back up, and the regulatory environment is a constant wildcard.

My DCF says the stock already prices in aggressive revenue growth and continued margin improvement — great if they deliver, painful if they slip. This isn’t a dependable compounder; it’s a high-beta bet on legalization, engagement, and disciplined execution.

Name: Douglas R. Deason
Position: Director
Transaction Date: 11-07-2025 Shares Bought: 10,000 shares an Average Price Paid of $29.59  for Cost: $295,918

Company: Galaxy Digital Inc. (GLXY)

Galaxy Digital Inc. is a digital asset and data center infrastructure company offering institutional trading, advisory services, asset management, staking, self-custody solutions, and tokenization technology. It also invests in and manages data center infrastructure that supports AI and high-performance computing, addressing the growing demand for scalable energy and compute capacity in the U.S. Headquartered in New York, Galaxy Digital operates offices across North America, Europe, the Middle East, and Asia.

Douglas R. Deason joined Galaxy Digital Inc. as a Director in July 2025 and serves on the Nominating and Corporate Governance Committee. He has led Deason Capital Services, LLC since 2011 and previously held CEO roles at Precept Builders, Inc. and Precept Business Services, Inc., as well as co-managed Evergreen Realty Partners. Deason also serves on multiple boards, including Great American Media (Chairman), Ryan, LLC, and Park Cities Financial Group, and holds advisory positions with the Texas Public Policy Foundation and Southern Methodist University. He earned a Bachelor of Science in Data Processing, Quantitative Analysis, and Computer Science from the University of Arkansas.

Insomniac Hedge Fund Guy Opinion: Galaxy Digital is not just another crypto trading shop — it’s positioning itself as a bridge between the digital-asset world and the exploding AI infrastructure market. The Helios campus, with its long-term CoreWeave lease, could be a game-changer if fully monetized. But make no mistake: this is a high-risk, high-reward play. Its recent profitability (Q3 2025) is eye-catching, but it’s heavily driven by trading gains and unrealized asset appreciation — not stable, recurring cash flows. Insider selling (COO) and heavy leverage raise red flags. The stock is cheap relative to the optionality baked into its data-center assets, but execution risk (buildout delays, power, cost overruns) could quickly eat into value. For a value-oriented investor, Galaxy is compelling—if you believe in crypto and AI infrastructure staying in tailwinds — but only with a margin of safety.

Name: James W. Mccollum
Position: Director
Transaction Date: 11-07-2025 Shares Bought: 10,500 shares an Average Price Paid of $22.79 for Cost: $239,278

Company: LENZ Therapeutics Inc. (LENZ)

Lenz Therapeutics Inc. is a pre-commercial biopharmaceutical company focused on developing innovative treatments to improve vision, with a primary emphasis on presbyopia, the age-related decline in near vision affecting most people over forty-five. The company targets the large U.S. population affected by this condition and aims to provide effective, noninvasive therapeutic options for this widespread visual impairment.

James W. McCollum, co-founder and director of Lenz Therapeutics Inc., has been on the board since July 2013. He served as President and CEO from September 2016 to March 2021. Prior to joining Lenz, he led an ocular pharmaceutical company he co-founded and several ophthalmology-focused medical device firms, and earlier was Senior Vice President of Worldwide Marketing and Sales at VISX, Incorporated. He holds a Bachelor of Arts in Business from North Carolina State University.

Insomniac Hedge Fund Guy Opinion:

LENZ is a high-risk, high-upside micro-cap biotech, built around a strong, differentiated presbyopia eye drop (LNZ100) with compelling clinical data and global licensing partners. It has built a credible moat via first-mover status and strong data, but the company’s valuation hinges critically on flawless commercial execution, regulatory success, and cost control.

The insider buying — especially at ~$22.8 — signals management’s conviction in their PDUFA outlook and launch plan. Meanwhile, nearly 25% short interest reflects deep skepticism (or aggressive speculating), giving potential squeeze dynamics if execution surprises to the upside. Current cash (~$200M) gives runway into post-launch, reducing near-term funding risk.

Performing a rough DCF, the intrinsic value under conservative assumptions comes in around $20–30, and with a margin of safety, $16–24 feels defensible. At current prices, the market may be under-discounting execution risk, but also possibly overpricing upside unless adoption scales quickly.

Name: Harry C. Curtis
Position: Director
Transaction Date: 11-07-2025  Shares Bought: 5,000 shares an Average Price Paid of $19.25 for Cost: $96,250

Name: Zillah Byng-Thorne
Position: Director
Transaction Date: 11-06-2025  Shares Bought: 29,008 shares an Average Price Paid of $18.11 for Cost: $525,335

Company: Norwegian Cruise Line Holdings Ltd. (NCLH):

Norwegian Cruise Line Holdings Ltd., founded in 1966 and headquartered in Miami, Florida, is a global cruise company operating across North America, Europe, the Asia-Pacific region, and other international markets. The company’s three brands—Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises—offer guests a wide range of experiences, including luxurious accommodations, diverse dining options, world-class entertainment, spas, casinos, onboard shopping, and curated shore excursions. With itineraries spanning Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska, and Hawaii, Norwegian Cruise Line Holdings is recognized worldwide for delivering high-quality and memorable cruise vacations.

Harry C. Curtis serves as an independent director on the Norwegian Cruise Line Holdings board, joining in October 2021. He chairs the Audit Committee and is a member of the Compensation Committee. Curtis brings nearly three decades of experience in equity research, with a focus on gaming, accommodation, and leisure sectors. He has held senior roles including Managing Director at Instinet Chilton Investments and JP Morgan. Curtis earned a Bachelor of Arts in English from Connecticut College and holds the Chartered Financial Analyst designation.

Zillah Byng-Thorne joined the Board of Directors of Norwegian Cruise Line Holdings Ltd. as an independent director on November 1, 2022. She brings extensive executive experience in technology, digital media, and e-commerce, highlighted by her tenure as Chief Executive Officer of Future plc and previous senior finance leadership roles. Byng-Thorne holds a Master of Arts in Management from the University of Glasgow and a Master of Science in Behavioural Change from Henley Business School. She is also a Chartered Management Accountant and a Qualified Treasurer, underscoring her strong financial and strategic expertise.

Insomniac Hedge Fund Guy Opinion: NCLH is a high-risk, high-opportunity play. The business is fundamentally strong — management is delivering on cost discipline, the brand mix gives flexibility, and booking momentum is solid. But the leverage is real, and there’s no sugarcoating how exposed they are to operating costs, fuel, and interest cycles. Insider buying is a strong vote of confidence, yet the market is pricing this like a rising-star cruise story and a levered risk asset. If you’re a bold investor with a long horizon, there’s upside — but only if NCLH executes and costs stay manageable. For a more risk-averse or value-seeking investor, the margin of safety is thin.

Name: DeMonty Price
Position: Director
Transaction Date: 11-07-2025  Shares Bought: 25,000 shares an Average Price Paid of $15.77  for Cost: $394,250

Name: Jack Boyle 
Position: Director
Transaction Date: 11-07-2025  Shares Bought: 6,250 shares an Average Price Paid of $15.77  for Cost: $98,563

Company: Wolverine World Wide Inc (WWW)

Wolverine World Wide Inc. is a global designer, marketer, and licensor of casual, outdoor, athletic, and work footwear and apparel, including children’s products and uniforms. The company distributes its brands in about one hundred seventy countries, operating directly in the United States, Canada, the United Kingdom, and parts of Europe and the Asia Pacific region, while serving additional markets through distributors, licensees, and joint ventures.

DeMonty Price has served as a Director of Wolverine World Wide Inc. since March twenty twenty three. He brings extensive retail leadership experience, including his role as President and Chief Operating Service and Values Officer at RH, along with senior executive positions at Williams Sonoma and Gap. Price earned a Bachelor of Science in Fashion Merchandising from Oregon State University.

Jack Boyle has served as a Director of Wolverine World Wide Inc. since July one twenty twenty five. He brings broad retail leadership experience, most recently as President of Buying and North America at Fanatics Commerce, where he oversaw merchandising, planning, and market strategy. Before that, he held senior roles at Kohl’s and Famous Barr, building deep expertise in merchandising and customer strategy. Boyle earned a Bachelor’s degree from the University of Missouri.

Insomniac Hedge Fund Guy Opinion: Wolverine World Wide is executing a real-and-credible turnaround. The management has decisively deleveraged, cleaned up inventory, and grown margins aggressively. That said, it remains a cyclical footwear play — its growth isn’t subscription-driven, and the business is still exposed to wholesale risk and retail gyrations. Insider selling gives me pause, but the price is now trading with a deep margin of safety relative to a disciplined DCF. Short interest is sky-high, which could backfire if turnaround execution sustains. In short: this is a value-oriented contrarian play, not a moonshot. If you believe in Hufnagel & team’s ability to reinvigorate Merrell and Saucony while keeping debt under control, WWW today looks compelling — with potential for 30–40% upside, assuming tailwinds.

Name: Michael John Cramer
Position: Director
Transaction Date: 11-10-2025 Shares Bought: 5,000 shares an Average Price Paid of $15.73 for Cost: $78,651

Name: David W. Hass
Position: Chief Financial Officer
Transaction Date: 11-11-2025 Shares Bought: 15,910 shares an Average Price Paid of $15.71 for Cost: $249,908

Name: Eric J. Foss
Position: Exec. Chair And CEO
Transaction Date: 11-11-2025 Shares Bought: 128,019 shares an Average Price Paid of $15.55 for Cost: $1,990,589

Company: Primo Brands Corp (PRMB)

Primo Brands Corporation is a North American beverage company specializing in water dispensers, refillable bottle delivery, prefilled water exchange programs, filtration appliances, and self-serve refill stations. Its portfolio features brands such as Poland Spring, Pure Life, Saratoga, Mountain Valley, Arrowhead, Deer Park, Ice Mountain, Ozarka, Zephyrhills, Primo Water, Sparkletts, AC ION, and Splash Refresher. The company operates through direct-to-consumer, retail, residential, e-commerce, on-premise, and commercial channels. Founded in 1976, it is headquartered in Stamford, Connecticut.

Michael John Cramer became a director of Primo Brands, Inc. in November 2024.   He formerly served on the board of BlueTriton from March 2021 to November 2024.  From 2013 to 2023, he served as Executive Vice President, Chief Administrative Officer, and Assistant Secretary for Hostess Brands.  He is acknowledged for his significant experience in the food and beverage business as well as his corporate governance expertise. He earned his bachelor’s degree from State University of New York at Albany and his J.D. from Marquette University Law School.

David W. Hass has been with Primo Brands Corp since 2011, initially serving as Director of Financial Planning & Analysis. He became Chief Financial Officer of Primo Water in January 2023 and assumed the role of CFO of Primo Brands in November 2024 following the transaction that formed the company. Hass holds a Bachelor of Science in Finance from Northern Illinois University and an MBA in Finance from Southern Methodist University.

Eric J. Foss joined Primo Brands’ board in November 2024 and was appointed Executive Chairman and CEO on November 5, 2025. He brings extensive experience in the global consumer and beverage sectors, having previously served as CEO and Chairman of Aramark and Pepsi Bottling Group. Prior to the merger that formed Primo Brands, Foss was a member of the Primo Water board. He holds a Bachelor of Science in Marketing from Ball State University.

Insomniac Hedge Fund Guy Opinion: Primo Brands has the bones of a blockbuster — a strong recurring-delivery business, iconic premium spring water brands, and aggressive cost synergy ambitions. But right now, it’s trading like a merger on fumes: integration issues, service breakdowns, and a capital structure that scares even seasoned big-cap beverage bulls. The insider buys (~$15–16) are very interesting, suggesting confidence that operational storms will calm and cash flow will materialize. My DCF points to ~$24–26 fair value, which gives a reasonable upside from here if execution unlocks. That said, too many things need to go right — so it’s a high-risk, high-reward play, not a no-brainer. Investors should tread in carefully and watch closely for customer churn, delivery recovery, and synergy capture.

Name: Daniel Pietrzak
Position: President and CIO
Transaction Date: 11-07-2025  Shares Bought: 10,000 shares an Average Price Paid of $15.15  for Cost: $151,500

Company: FS KKR Capital Corp (FSK)

FS KKR Capital Corp. is a business development company focused on debt investments, providing customized lending solutions to private middle-market U.S. companies. The firm primarily invests in senior secured debt, with selective exposure to second lien, subordinated, and mezzanine loans, often accompanied by equity interests like warrants or options. FS KKR Capital also engages in minority equity co-investments and may invest in corporate bonds and similar assets. The company targets established small and middle-market U.S. businesses, avoiding start-ups, turnarounds, or speculative ventures, with exits typically achieved through secondary market sales, repayments, public offerings, mergers, sales, or recapitalizations.

Daniel Pietrzak is the President and Chief Investment Officer of FS KKR Capital Corp. He joined KKR Credit in 2016 and became CIO of FS KKR Capital in April 2018, later assuming the role of Co-President in October 2019. Pietrzak also serves as Partner and Global Head of Private Credit at KKR. Prior to KKR, he was Co-Head of Structured Finance at Deutsche Bank in the Americas and Europe and held credit positions at Société Générale and CIBC World Markets. He began his career at PricewaterhouseCoopers in New York. He holds an MBA in Finance from the Wharton School at the University of Pennsylvania and a BSc in Accounting from Lehigh University.

Insomniac Hedge Fund Guy Opinion: FS KKR Capital (FSK) is a classic, well-run BDC anchored by KKR’s credit muscle — its scale, underwriting discipline, and network give it real strength. But let’s not kid ourselves: there’s no defensible product moat here. Its business is interest rate and credit-risk dependent, and with NAV sliding, the dividend coverage is under pressure. The recent uptick in non-accruals is real, and even though they expanded their credit facility to shore up liquidity, they’re running a tightrope. My back-of-the-envelope DCV suggests FSK is fairly priced today (or maybe a bit rich) when accounting for its risk, but not broken. For an income-focused investor who believes in KKR’s underwriting and can stomach some volatility, FSK is interesting — though not a no-brainer value play. If I were running a hedge fund: I’d nibble, but I wouldn’t bet the house.

Name: Jay A. Snowden
Position: CEO and President
Transaction Date: 11-07-2025  Shares Bought: 34,700 shares an Average Price Paid of $14.32 for Cost: $496,939

Company: PENN Entertainment Inc. (PENN):

Penn Entertainment, Inc. is a leading North American provider of integrated entertainment, sports content, and casino gaming experiences. Operating across 28 jurisdictions, the company manages a diverse portfolio that includes casinos, racetracks, online sports betting, and iCasino platforms under well-known brands such as Hollywood Casino, L’Auberge, ESPN BET, and theScore BET Sportsbook and Casino. Through strategic partnerships with ESPN and its ownership of theScore, Penn seamlessly combines sports media, gaming, and technology to expand its audience reach. The company’s operations are further strengthened by its proprietary digital betting platform, in-house iCasino content studio, and the PENN Play loyalty program, which boasts more than 32 million members.

Jay A. Snowden is the Chief Executive Officer and President of Penn Entertainment, Inc. He joined the company in October 2011 as Senior Vice President of Regional Operations, was promoted to Chief Operating Officer in 2014, named President in 2017, and assumed the role of CEO in early 2020. Before joining Penn, Snowden spent nearly a decade in leadership positions at Caesars Entertainment Corporation, where he developed deep expertise in regional casino operations and interactive gaming. He holds a Bachelor of Arts from Harvard University and a Master of Business Administration from Washington University in St. Louis.

Insomniac Hedge Fund Guy Opinion:

PENN Entertainment is a hybrid gaming operator — a large network of retail casinos + a growing digital business in sports betting and iCasino. Its moat is narrow but real, rooted in scale, regulatory presence, and an omni-channel model that allows cross-sell between online and brick-and-mortar customers. Over the past five years, its revenue growth has been modest (~3–8%) depending on segment, and while it lacks classic “sticky” recurring revenue, it’s increasing digital engagement meaningfully.

Management, led by CEO Jay Snowden, is pushing hard: share repurchases ($350M target for 2025) and reinvesting in both retail expansion (new casinos) and digital growth. In Q2 2025, PENN reported $1.765B in revenue (+6.1% YoY), property-level EBITDAR margin of ~33.8%, and record online gaming revenue — though Interactive still lost $62M in adjusted EBITDA.

Key risks include its heavy debt load, capital intensity, and reliance on the success of its online pivot. Short interest is high (11.3% of float, ~5.4 days to cover), showing big skepticism. But insiders are not shy: CEO Snowden bought ~34.7K shares recently, signaling conviction.

A material near-term risk: PENN is ending its 10-year ESPN Bet partnership early (Dec 1, 2025), rebranding to theScore Bet — but the move frees up cash and may improve cost structure. For valuation, I get a base-case DCF of $22–26, but given execution risk, a “fair” target for value-conscious investors might be $18–22.

Name: Geir Olsen
Position: Director
Transaction Date: 11-06-2025  Shares Bought: 15,000 shares an Average Price Paid of $14.15 for Cost: $212,250

Company: PRA Group Inc. (PRAA):

PRA Group, Inc. is a global financial services company operating across the Americas, Europe, and Australia. The firm specializes in acquiring, collecting, and managing nonperforming loan portfolios, primarily consisting of unpaid consumer obligations purchased from credit originators. It acquires these portfolios at a discount to face value through two main divisions: the Core division, which focuses on nonperforming loans from credit originators that have ceased collection activities, and the Insolvency division, which manages accounts involving consumers in bankruptcy or related proceedings. In addition, PRA Group provides fee-based services for class action claim recovery in the United States.

Geir Olsen joined the Board of Directors of PRA Group, Inc. in June 2023. Before this appointment, he served as CEO and a board member of Aktiv Kapital AS beginning in September 2011, later becoming CEO of PRA Group’s European operations following its acquisition of Aktiv Kapital. Olsen previously held senior leadership roles in sales, marketing, and strategy at Cisco Systems and the Norwegian company Tandberg, and spent five years as a consultant with McKinsey & Company. He holds a Master’s degree in Economics from the Norwegian School of Economics and an MBA from the University of California, Los Angeles.

Insomniac Hedge Fund Guy Opinion:

PRA Group (PRAA) is a global acquirer and collector of non-performing consumer debt across the Americas, Europe, and Australia. Its business depends on buying distressed loans at a discount and extracting value via cash collections over time. In 2024, the company purchased a record $1.4 B of debt, grew cash collections to $1.9 B (+13%), and increased its estimated remaining collections (ERC) to $7.5 B. Under CEO Vikram Atal, PRA has streamlined operations—consolidating U.S. sites and relying more on offshore collectors—to drive efficiency.

However, profitability is volatile: Q1 2025 saw only $3.7 M in net income on $497 M of collections, and Q3 brought a huge $408 M net loss due to a $412.6 M goodwill impairment tied to a prior European acquisition. Strength lies in PRA’s strong ERC runway and disciplined portfolio buying, but risk looms from leverage, regulatory scrutiny, and goodwill write-downs. The company projects $1.2 B in portfolio purchases in 2025 and a cash-efficiency ratio north of 60%.

From a valuation perspective, a base-case DCF supports $24–28/share, but given execution risk, a conservative “fair” target might be $18–22. PRA is not a clean, high-growth fintech — it’s a levered, cyclical cash-collector with optionality. For a value-oriented, risk-tolerant investor who believes in its model, it’s a contrarian bet on disciplined debt recovery and long-dated cash flows.

Name: Thomas A. Szlosek 
Position: Director
Transaction Date: 11-07-2025  Shares Bought: 20,308 shares an Average Price Paid of $12.37 for Cost: $251,210

Company: RXO Inc. (RXO)

RXO Inc. is a technology-driven, asset-light transportation platform focused on truck brokerage as its core business, complemented by managed transportation and last-mile services. The company connects shippers with qualified independent carriers through advanced digital tools, generating strong free cash flow and high returns on invested capital. RXO leverages large truckload capacity, proprietary technology, experienced management, and favorable long-term market trends to drive volume growth and profitable expansion across its service offerings.

Thomas A. Szlosek has served as an Independent Director on RXO Inc.’s board since November 1, 2022, and chairs the Audit Committee. He brings extensive financial expertise from decades of leadership roles, including Executive Vice President and CFO at AutoNation, as well as senior finance positions at Avantor and Honeywell International. Szlosek began his auditing career at Price Waterhouse and holds a Bachelor of Accounting from SUNY Geneseo. He is also a Certified Public Accountant.

Insomniac Hedge Fund Guy Opinion: RXO’s bold move to buy Coyote Logistics is a high-risk, high-reward play: scale, combined with a strong managed-transportation pipeline, gives the company structural leverage in a fragmented freight world. But for now, its profitability is bleeding: weak margins, integration costs, and a very soft freight market all weigh on earnings. Insider buying—especially by the CEO—signals that management believes in an improving future and that the stock is undervalued. The short interest is significant, suggesting plenty of skepticism—but also the potential for a squeeze if cash flow improves. My DCF implies a $18–20 intrinsic value, trimmed to $15–17 after risk — which means the current ~$10–11 price may offer a compelling asymmetric risk/return. That said, you’re banking on successful integration and margin expansion; if execution falters, this could remain a value trap. It’s a deep-conviction, idiosyncratic value play, not a safe growth compounder.

Name: Globalharvest Holdings Venture Ltd
Position: 10% Owner
Transaction Date: 11-06-2025  Shares Bought: 75,710 shares an Average Price Paid of $11.94  for Cost: $904,296

Company: Mission Produce Inc. (AVO)

Mission Produce Inc. sources, produces, packages, markets, and distributes avocados, mangoes, and blueberries to retailers, wholesalers, and foodservice operators in the United States and worldwide. The company operates through three segments: marketing and distribution, international farming, and blueberry. It provides services such as ripening, custom packing, logistics, quality assurance, merchandising, promotional support, market insights, and training. Mission Produce is headquartered in Oxnard, California.

Insomniac Hedge Fund Guy Opinion: Mission Produce is a fascinating hybrid: part ag-commodity, part value-added distributor, and part produce intelligence business. Its global sourcing and ripening infrastructure give it a durable operational moat, though its revenue remains heavily concentrated in avocados — a volatile, weather-sensitive product. While recent earnings show strong top-line growth, margin compression and working-capital risks are real. Insider activity is intriguing: a 10% stake by Globalharvest signals confidence, but the valuation only offers a modest cushion versus my DCF. Given the cyclical risks, I’d view AVO as a deep-value growth play — potentially attractive for long-term investors who believe in mango expansion and Mission’s execution, but it’s not a no-brainer safe bet.

Name: Tyler Sloat 
Position: COO & CFO
Transaction Date: 11-11-2025 Shares Bought: 171,615 shares an Average Price Paid of $11.62 for Cost: $1,994,166

Name: Dennis Woodside
Position: CEO & President
Transaction Date: 11-10-2025 Shares Bought: 176,100 shares an Average Price Paid of $11.31 for Cost: $1,991,691

Company: Freshworks Inc. (FRSH)

Freshworks Inc. creates people first AI powered software that helps businesses deliver exceptional customer and employee experiences. Its offerings are organized into two product families: Customer Experience and Employee Experience. The CX suite includes Freshdesk, Freshdesk Omni, Freshchat, Freshsales, and Freshmarketer, while the EX suite features Freshservice, Freshservice for Business Teams, and Device forty two. Freshworks also provides generative AI tools such as Freddy AI Agent, which delivers autonomous and personalized assistance, and Freddy AI Copilot, which offers contextual support across marketing, sales, and service functions. More than seventy two thousand businesses use Freshworks products to enhance efficiency and build stronger customer loyalty.

Tyler R. Sloat serves as Chief Operating Officer and Chief Financial Officer at Freshworks Inc. He became CFO in April 2020 and assumed the role of COO in August 2024. Prior to joining Freshworks, he was CFO of Zuora, Inc. from 2010 to 2020. Sloat holds a Bachelor of Arts in Economics from Boston College and an MBA from the Stanford Graduate School of Business.

 Dennis Woodside is the Chief Executive Officer and President of Freshworks Inc., appointed in May 2024. He initially joined the company as President in September 2022, overseeing global operations and strategy. Woodside previously held executive roles at Impossible Foods, Dropbox as COO, and Google, and served as CEO of Google-owned Motorola Mobility. He earned a Bachelor of Science in Industrial Relations from Cornell University and a Juris Doctor from Stanford Law School.

Insomniac Hedge Fund Guy Opinion: Freshworks is a SaaS company delivering AI-powered service software for customer experience (CX), IT service management (ITSM), and employee experience (EX). In Q2 2025, it reported $204.7M in revenue (+18% YoY), with very strong margin improvement: 29% operating cash flow margin and 27% adjusted free cash flow margin. The customer base is growing, with ~23,975 customers contributing more than $5,000 in ARR (+10% YoY), and net dollar retention of 106% (104% in constant currency). Management, led by CEO Dennis Woodside, is executing efficient growth and scaling AI adoption. The business is well-capitalized, with ~ $926M in cash + marketable securities at end of Q2. That said, some risks remain: retention is solid, but not explosive; AI monetization is early; and macro risk could pressure customer spend. Short interest is non-trivial (~5.8% of float). Valuation-wise, if Freshworks hits its growth and margin targets, I see a base-case fair value in the $15–25 / share range, assuming steady ARR growth and effective cost discipline.

Name: Laton Spahr 
Position: President of the Advisor
Transaction Date: 11-10-2025 Shares Bought: 10,000 shares an Average Price Paid of $10.35 for Cost: $103,490

Company: Principal Real Estate Income Fund (PGZ)

Principal Real Estate Income Fund is a closed ended balanced mutual fund managed by ALPS Advisers Inc., with Principal Real Estate Investors LLC serving as co manager. The fund invests in the United States public stock and fixed income markets, focusing on commercial mortgage backed securities, real estate investment trusts, and other comparable institutions. It may also use financial derivatives such as credit default swaps, interest rate swaps, caps, floors, collars, currency futures, and forwards to manage investment risk. The fund’s portfolio is constructed through fundamental analysis that combines a top down view of the economy with bottom up stock selection, guided by market values, real estate cycles, quantitative evaluation, and technical indicators.

Laton Spahr has been President of the Adviser for Principal Real Estate Income Fund since at least November 2019, when he was appointed President of SS&C ALPS Advisors, the fund’s adviser. He assumed this role to lead the firm’s investment strategies and expansion efforts. According to the fund’s prospectus, he has served as a portfolio manager since June 1, 2023. He holds a Master of Science in Finance from the Applied Securities Analysis Program at the University of Wisconsin Madison and a Bachelor of Science in Finance from the University of Wyoming.

Insomniac Hedge Fund Guy Opinion: PGZ is a yield play, pure and simple — built for income hunters who aren’t afraid of risk. Its hybrid exposure to CMBS and REITs gives it structural flexibility, but the fact that ~50% of its distributions are return of capital is a red flag: it’s paying more than what it realistically earns. Insider buying from its own president is a bullish sign, suggesting management believes in its NAV recovery or income generation. But with NAV trading at a discount and leverage in the mix, the margin of safety is razor-thin for long-term total-return seekers. If you’re in this for yield and trust the real-estate cycle, there’s a case. But value investors chasing intrinsic upside should be careful — the DCF edge isn’t that wide, especially after accounting for real estate risk and distribution sustainability.

Name: Andrew Casey
Position: Chief Financial Officer
Transaction Date: 11-07-2025  Shares Bought: 30,000 shares an Average Price Paid of $9.99 for Cost: $299,790

Company: Amplitude Inc. (AMPL):

Andrew Casey serves as Chief Financial Officer of Amplitude, Inc., where he oversees the General and Administrative organization, encompassing finance, accounting, and legal functions. He joined the company in August 2024. Previously, he held CFO positions at Lacework, Inc. and WalkMe Ltd., and senior finance roles at ServiceNow, Inc., Hewlett-Packard, NortonLifeLock Inc., Oracle Corporation, and Sun Microsystems. Casey earned a Bachelor of Science in Economics from the University of Redlands and an MBA from Claremont Graduate University’s Drucker School of Management.

Insomniac Hedge Fund Guy Opinion:

Amplitude is a high-margin, high-recurrence SaaS player in behavioral product analytics, serving digital companies that track user engagement and optimize product experience. Its moat is built around a strong data infrastructure, deep integration with product workflows, and switching friction, though competition from Mixpanel, Heap, Segment, and cloud hyperscalers tempers its dominance. Revenue growth has slowed from hyper-growth to mid-teens, with 97–98% recurring revenue and a net retention rate in the low 100s, down from peak levels as enterprise budgets tighten. Management is technically excellent, product-led, and increasingly focused on cash efficiency. Profitability is improving but still in transition; margins lag large-cap analytics rivals, though they have stabilized meaningfully.

Short interest remains elevated at ~10–13% of float, reflecting skepticism around slowing NRR and sector fatigue toward mid-cap analytics. Insider buying has occurred at depressed levels, signaling internal confidence. A base-case DCF with modest long-term growth and SaaS-standard margins yields an intrinsic value of $12–15 per share, suggesting AMPL is fairly priced with modest upside if execution improves. Customer concentration risk is low, with a wide base of digital-first clients. Overall, AMPL is a disciplined SaaS company evolving from PLG adolescence into enterprise maturity — a transition Wall Street hates in the short run but can reward over a longer horizon.

Name: Michael Blitzer 
Position: Director
Transaction Date: 11-12-2025 Shares Bought: 241,080 shares an Average Price Paid of $9.09 for Cost: $2,190,435

Company: Intuitive Machines Inc. (LUNR)

Intuitive Machines, Inc. is a space technology and services company focused on enabling cislunar and deep space commerce. Founded in 2013 and incorporated in 2023 after a business combination, it develops platforms in three core areas: delivery services, data transmission services, and infrastructure as a service. The company aims to establish lunar infrastructure that supports commercial operations, scientific research, and sustained human presence beyond Earth, allowing clients to concentrate on their own missions as the cislunar economy grows.

Michael Blitzer is a Director at Intuitive Machines, Inc., joining the board in February 2023. He serves on the Audit, Compensation, Conflicts, and Nominating & Corporate Governance Committees. Prior to Intuitive Machines, Blitzer was co-CEO of Inflection Point Acquisition Corp., a defense and national security-focused SPAC. He began his career at J.P. Morgan and later founded Kingstown Capital in 2006, growing it into a multibillion-dollar investment firm. He holds a B.S. in Industrial and Labor Relations from Cornell University and an MBA from Columbia Business School.

Insomniac Hedge Fund Guy Opinion: Intuitive Machines is a space-technology company focused on lunar delivery, in-space infrastructure, and data transmission via the Moon. In Q2 2025, it reported $50.3 M in revenue (up 21% YoY), ended the quarter debt-free with ~$345 M in cash, and is heavily investing in satellite production and navigation capabilities. The company’s strategy rests on three pillars: Nova-C lander missions, lunar relay satellites for NASA’s Near Space Network (NSN), and cargo/mobility infrastructure under NASA’s NextSTEP Appendix R.Intuitive Machines won a potentially $4.82B NSN IDIQ contract from NASA, reinforcing its role in cislunar communications.They’ve also selected SpaceX to launch their fourth mission (IM-4), which includes two data relay satellites.On the risk side: the company continues to lose money, with Q2 operating losses of ~$28.6 M and negative free cash flow. Their backlog has contracted (Q2 backlog was ~$256.9M), raising questions about long-term revenue visibility. But with a zero-debt balance sheet and strong cash, they have runway to execute. Intuitive Machines is also acquiring KinetX, a flight-dynamics software firm, to better support constellation management for lunar and Mars missions.  In sum, LUNR offers a high-risk, high-reward play: if they deliver on their moon-lander + satellite + infrastructure bets, the upside is massive; but execution missteps could be very costly.

Name: Peter Konieczny
Position: Chief Executive Officer
Transaction Date: 11-10-2025  Shares Bought: 60,000 shares an Average Price Paid of $8.41 for Cost: $504,600

Name: Ian Wilson
Position: Executive Vice President
Transaction Date: 11-10-2025  Shares Bought: 79,000 shares an Average Price Paid of $8.35 for Cost: $659,650

Name: James T. Glerum Jr.
Position: Director
Transaction Date: 11-10-2025  Shares Bought: 59,945 shares an Average Price Paid of $8.34 for Cost: $499,947

Company: Amcor plc. (AMCR):

Amcor plc, headquartered in the Bailiwick of Jersey, is a global leader in developing and manufacturing responsible consumer packaging and dispensing solutions. With more than 150 years of history in Australia and the United States, the company focuses on the nutrition, health, beauty, and wellbeing sectors. Amcor produces flexible and rigid packaging, cartons, and closures designed to be sustainable, functional, and visually appealing. Guided by its mission to elevate consumers, transform lives, and protect the future, Amcor leverages its global expertise in innovation and sustainability to address packaging challenges worldwide.

Peter Konieczny is the Chief Executive Officer of Amcor plc, having been appointed Interim CEO in April 2024 and confirmed in the role in September 2024. He joined the company’s global management team in 2010 and has since held several senior leadership positions, including Chief Commercial Officer and President of multiple business units. Konieczny holds an undergraduate degree in Mechanical Engineering from Leibniz Universität Hannover, a Master of Mechanical Engineering from Purdue University, and an MBA from INSEAD.

Ian Wilson joined Amcor in March 2000 and is currently based in Europe. He has been instrumental in guiding the company’s strategic growth and development. Before joining Amcor, he held senior roles at UBS Warburg, including Deputy Chairman and Managing Director of Corporate Finance, and was a partner at Baker & McKenzie. Wilson holds a Bachelor of Laws from the University of Sydney and a Master of Laws from the University of Chicago. He brings a global perspective to packaging industry strategy and innovation, leveraging his extensive legal and financial expertise.

James T. Glerum Jr. joined the Board of Directors of Amcor plc as an Independent Non-Executive Director in 2024. He brings more than four decades of experience in investment banking, having held senior leadership positions at Citigroup, UBS, and Credit Suisse, with deep expertise in corporate finance and strategic transactions. Glerum holds a Bachelor of Arts, cum laude, in Economics and Mathematics from Denison University and a Master of Business Administration from Harvard Business School.

Insomniac Hedge Fund Guy Opinion: Amcor plc is a global packaging heavyweight operating in flexible films, rigid plastics, specialty cartons, and closures, serving major consumer brands across food, beverage, pharma, and personal care. Its strategic acquisition of Berry Global — closed in April 2025 for ~$8.4 billion — significantly expands its scale and geographic reach, promising ~$650 million of synergies over three years. In FY 2025, Amcor generated $15.0B in net sales (constant currency +11%), adjusted EBIT of $1.72B, and free cash flow of $926M, but GAAP results were weighed down by integration costs. Management, led by CEO Peter Konieczny, is clearly leaning into this transformational phase, focusing on synergy delivery, scale, and disciplined capital allocation. Insider buying (including the CEO) provides a signal of conviction in the long-term integration strategy. However, the stock carries risks: leverage is high post-merger, integration execution is critical, and raw-material price volatility + regulatory pressures on plastics could hit margins. Short interest is elevated (~11.5% of float), reflecting these concerns. My DCF (with conservative synergy realization and post-merger growth) suggests intrinsic value in the $11–13 range, and I’d apply a 15–20% margin of safety, targeting $9–11 as a prudent value zone. Amcor is not a pure growth play, but rather a levered, global-scale compounder betting on its ability to integrate Berry, drive operational efficiencies, and ride the long-term demand for sustainable packaging.

Name: Philip M. Lister 
Position: Executive VP & CFO 
Transaction Date: 11-10-2025 Shares Bought: 29,762 shares an Average Price Paid of $8.16 for Cost: $242,709

Company: Huntsman Corp (HUN)

Huntsman Corporation is a global manufacturer of organic chemicals operating across polyurethanes, performance goods, and advanced materials segments. The company supplies a wide array of chemicals and formulations to industrial and building product manufacturers worldwide. Its products are used in applications including adhesives, automotive, aircraft, coatings, construction, electronics, insulation, power generation, refining, and consumer goods. Huntsman focuses on solutions that enhance energy efficiency, such as advanced insulation for buildings and lightweight materials for vehicles and aircraft.

Philip M. Lister serves as Executive Vice President and Chief Financial Officer of Huntsman Corporation, a role he has held since July 2021. He oversees accounting, financial reporting, planning and analysis, corporate development, information technology, internal audit, investor relations, tax, and treasury functions. Lister has spent his entire career at Huntsman and its predecessor companies, beginning in the polyurethane division and progressing through global finance, strategic planning, and corporate development roles. He holds a bachelor’s degree in Business and German from the University of Birmingham and is a member of the Chartered Institute of Management Accountants.

Insomniac Hedge Fund Guy Opinion: Huntsman Corporation is a global specialty chemicals company operating across three key segments: Polyurethanes, Performance Products, and Advanced Materials. In Q2 2025, the company reported revenue of $1.458B, a 7% decline YoY, and took a net loss of $158M as weak industrial and construction demand put pressure on volumes and selling prices. Adjusted EBITDA collapsed to $74M , driven primarily by a sharp drop in polyurethane profitability . Despite the weakness, free cash flow improved to $55M in the quarter, helped by aggressive cost management and restructuring. Management is executing a major restructuring: it plans to cut ~10% of its workforce globally, close its European Maleic Anhydride plant, and reduce its fixed-cost base. Liquidity remains strong, with about $1.3B in combined cash and unused borrowing capacity. The near-term outlook is cautious, with HUN guiding for ongoing margin pressure; but if cost savings (targeting $100M+ run-rate by 2026) materialize and demand recovers, the company could re-lever its business and generate attractive cash flow. I see a base-case value range of $8–15 / share, assuming execution goes well and macro tailwinds return.

Name: Kasra Nejatian
Position: Chief Executive Officer
Transaction Date: 11-11-2025  Shares Bought: 125,000 shares an Average Price Paid of $8.04 for Cost: $1,004,563

Company: Opendoor Technologies Inc. (OPEN)

Opendoor Technologies Inc. is a leading digital platform for residential real estate, designed to simplify buying and selling homes. The company leverages software, data science, product design, and operational expertise to offer an on-demand process that removes the complexity and unpredictability of traditional transactions. Opendoor aims to modernize the real estate market by replacing slow, fragmented, offline methods with a seamless digital experience, providing consumers with a faster, clearer, and more convenient way to transact.

Kasra Nejatian became CEO of Opendoor Technologies in September 2025.   He joined Opendoor at the moment, leaving his previous position as COO and VP of Product at Shopify.   Before Shopify, he co-founded and headed Kash, a payments firm, and previously practiced law.   Nejatian has a J.D. from the University of Toronto and a bachelor’s degree from Queen’s University School of Business. 

Kasra Nejatian is the CEO of Opendoor Technologies, having taken the role in September 2025. He joined the company from Shopify, where he served as Chief Operating Officer and Vice President of Product. Prior to Shopify, Nejatian co-founded and led the payments company Kash and also practiced law. His academic background includes a Juris Doctor from the University of Toronto and a bachelor’s degree from Queen’s University School of Business.

Insomniac Hedge Fund Guy Opinion: Opendoor is a high-risk, high-upside hybrid — part real-estate business, part speculative meme-asset. Its digital i-buyer model offers scale, but it remains capital-intensive and exposed to macro housing cycles. The shift toward an agent-led, lower-capex model is promising, but execution is far from guaranteed. Insider buying from founders and the new CEO shows real conviction — but the current rally has a major retail and short-squeeze component. Meanwhile, the DCF valuation under base-case assumptions implies the stock is wildly overvalued unless bullish future scenarios play out. If you’re playing $OPEN, you’re betting on a turnaround + optionality from momentum — not just stable cash flow. For value investors, the margin of safety is tight; for speculators, the beta is breathtaking.

Name: Carrie Smith Cox
Position: Executive Chair
Transaction Date: 11-12-2025 Shares Bought: 65,400 shares an Average Price Paid of $7.67 for Cost: $501,755

Company: Organon & Co. (OGN)

Organon & Co. is a global healthcare company focused on improving women’s health across all stages of life. It develops and distributes prescription therapies and medical devices for women’s health, biosimilars, and established brands, with a portfolio of over 70 products. Organon delivers its products through wholesalers, distributors, hospitals, government agencies, and managed care organizations. The company operates six manufacturing sites in Belgium, Brazil, Indonesia, Mexico, the Netherlands, and the United Kingdom, serving markets worldwide.

Carrie Smith Cox serves as Executive Chair of Organon & Co., having joined the board in 2021 and assumed her current role in October 2025. She brings decades of pharmaceutical leadership experience, including her tenure as CEO of Humacyte. Cox holds a B.S. from the Massachusetts College of Pharmacy and Health Sciences.

Insomniac Hedge Fund Guy Opinion: Organon is a deep-value play, not a growth darling. Its strength in women’s health and biosimilars provides a stable core, but the business is burdened by heavy debt and real governance risk following the recent sales-practice scandal. Insider buying is encouraging — leadership seems to think the downside is priced in — but the damage to trust is non-trivial. The stock trades at a rock-bottom valuation (very low P/E), yet rebuilding credibility and deleveraging is going to take time. For a value-oriented investor, Organon offers asymmetric risk–reward, but only if you believe management can execute this turnaround without further missteps.

Name: Samuel R. Szteinbaum
Position: Director
Transaction Date: 11-07-2025 Shares Bought: 100,000 shares an Average Price Paid of $6.59 for Cost: $658,770

Company: Corsair Gaming Inc. (CRSR)

Corsair Gaming, Inc. is a global leader in high performance gaming and digital content creation gear, with items for casual players, professional esports athletes, and content creators like streamers and vloggers. The company offers innovative gaming peripherals, unique PC components, and systems that deliver optimal performance on PC, console, and sim racing platforms. Corsair also provides professional grade streaming equipment, allowing creators to broadcast high quality content for global audiences.

Samuel R. Szteinbaum is an independent Director at Corsair Gaming, Inc., where he has served since August 2017. He is the CEO and Chairman of the Board of The Wonder Years, a preschool that he created. He formerly held key positions at Hewlett Packard, including Vice President of the Consumer Products Group and Chief Learning Officer. He also served as chairman of Asetek Inc. and on the board of Sococo Inc. He earned a B.A. in Mathematics and Economics from the University of California at Santa Cruz and an M.S. in Management from Purdue University.

Insomniac Hedge Fund Guy Opinion: Corsair Gaming is a scrappy, well-branded hardware business riding powerful PC-build and creator cycles. Its moat isn’t “moat” in the software-SaaS sense, but its diversified hardware ecosystem — especially after Fanatec — gives it real leverage. That said, its recurring-revenue base is modest, and profitability remains sensitive to inventory, cycle swings, and pricing. Insider buying by Szteinbaum is a meaningful signal, but with ~7% short interest and a cyclic business, the risk remains non-trivial. My DCF suggests intrinsic value in the $10–14/share band: there’s some room to run, but not enough for a full-blown growth buy unless Corsair nails continued margin expansion. This is a cyclical-hardware growth play, not a stable SaaS gem — and you should treat it as such.

Name: Eric C. Christel
Position: EVP, Chief Financial Officer
Transaction Date: 11-10-2025  Shares Bought: 150,000 shares an Average Price Paid of $6.38  for Cost: $957,000

Company: Bloomin’ Brands Inc. (BLMN):

Bloomin’ Brands, Inc. is one of the world’s leading casual dining restaurant companies, featuring a diverse portfolio of well-known brands including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. These brands provide a variety of dining experiences, ranging from casual to upscale. OSI Restaurant Partners, LLC, a wholly owned subsidiary of Bloomin’ Brands, serves as the company’s primary operating entity.

Eric C. Christel joined Bloomin’ Brands, Inc. on August 4, 2025, as Executive Vice President and Chief Financial Officer-Elect, with plans to assume the full CFO role in early September. He holds a Bachelor of Mechanical Engineering from the Georgia Institute of Technology and earned both a Master of Engineering Management and a Master of Business Administration from Northwestern University.

Insomniac Hedge Fund Guy Opinion: Bloomin’ Brands (BLMN) is a legacy casual-dining operator that runs well-known chains like Outback Steakhouse, Carrabba’s, Bonefish Grill, and Fleming’s. Revenue has been relatively flat, with TTM sales around $3.9B, reflecting modest growth in a tough consumer environment. The business doesn’t have recurring revenue like SaaS — its cash comes from restaurant sales, which are highly dependent on traffic, pricing, and cost management.

Under CEO Mike Spanos, the company is aggressively streamlining: cutting 10–20% of menu items to boost kitchen efficiency and improve product quality. However, it’s grappling with high leverage, inflationary pressures, and declining margins. In Q4 2024, Bloomin’ posted a GAAP loss of $0.93/share while delivering an adjusted EPS of $0.38, illustrating the tension between headline losses and “core” performance. Insider activity is somewhat supportive: Spanos bought 118K shares in early 2025, signaling faith in the turnaround. Meanwhile, short interest is elevated (~11% of float), showing significant external skepticism. Given operational risk and execution uncertainty, a back-of-the-envelope DCF pegs intrinsic value at $9–12 / share. Strengths include iconic brands and scale; weaknesses lie in debt, cost pressures, and execution risk. Opportunities exist in menu optimization and cost control, but threats from inflation and competition remain real. Overall, Bloomin’ is a deeply challenged turnaround story – not a clean growth play, but potentially mispriced if the turnaround takes hold.

Name: Kenneth L. Cornick 
Position: Director
Transaction Date: 11-10-2025 Shares Bought: 100,000 shares an Average Price Paid of $3.45  for Cost: $345,000

Company: Clarivate Plc (CLVT):

Clarivate Plc is a global information services company operating across the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It functions through three segments—academia and government, life sciences and healthcare, and intellectual property. The company provides research solutions such as ProQuest One, along with Alma, Polaris, and Vega systems that help libraries manage resources and collections. In intellectual property, Clarivate offers tools like IPFolio, FoundationIP, Derwent Innovation for patent research, and CompuMark for trademark services. Its Cortellis suite supports decision-making throughout the drug development lifecycle. Clarivate traces its origins to 1864 and is headquartered in London, United Kingdom.

Kenneth L. Cornick has served as a director of Clarivate Plc since July 2025. He is the co-founder of Clear Secure, Inc., where he held several key leadership positions, including President until March 2025 and Chief Financial Officer during two separate periods. Before founding CLEAR, he worked as a partner at Arience Capital from 2003 to 2009. He also serves on the board of the Development Corporation of Israel. Cornick holds a Bachelor of Arts degree from Bowdoin College.

Insomniac Hedge Fund Guy Opinion:

Clarivate has become a classic turnaround play — its shift to a high-recurring, subscription-first model is real, and today ~88% of revenue comes from recurring streams. The business is deeply embedded, mission-critical (research, IP, pharma), giving it a sticky moat. But execution risk is huge: debt is crushing, organic growth is barely crawling, and management needs to deliver on its Value Creation Plan.

Insider buying (millions from directors) signals they believe in that plan; that gives me conviction that this isn’t just smoke. With short interest north of 8%, bearish conviction is strong — but not so high that a disciplined recovery would go unnoticed. My base-case DCF suggests $8–10/sh intrinsic value, implying ~2–3x upside from here.

That said: this isn’t a “set-and-forget” growth winner. It’s a high-risk, high-reward turnaround for value-seeking operators who believe in the strength of Clarivate’s core data+workflow engine. If they pull it off, they rerate hard; if they don’t, the debt kills them. As always — not advice, just the smart bot’s playbook.

Name: Maria-Luisa Maccecchini
Position: President & CEO
Transaction Date: 10-28-2025  Shares Bought: 97,561 shares an Average Price Paid of $2.05 for Cost: $200,000

Name: Michael B. Hoffman
Position: Director
Transaction Date: 10-28-2025  Shares Bought: 975,610 shares an Average Price Paid of $2.05 for Cost: $2,000,000

Company: Annovis Bio Inc. (ANVS):

Annovis Bio Inc. is a late-stage clinical drug platform company dedicated to developing treatments for neurodegenerative diseases, including Alzheimer’s and Parkinson’s. Its lead candidate, buntanetap, is an orally administered, brain-penetrant small molecule designed to inhibit the formation of neurotoxic proteins such as APP/Aβ, tau, and α-synuclein, key drivers of neurodegeneration. By reducing these proteins, buntanetap helps restore axonal transport, decrease inflammation, and prevent neuronal cell death. Clinical and preclinical studies have demonstrated buntanetap’s potential to enhance neurological function in patients with Alzheimer’s and Parkinson’s disease.

Maria L. Maccecchini, Ph.D., is the founder, President, and Chief Executive Officer of Annovis Bio Inc. She established the company in May 2008 to develop innovative therapies for Alzheimer’s, Parkinson’s, and other neurological disorders. Dr. Maccecchini brings extensive experience in biotechnology, having previously founded and led another life sciences company that was successfully sold in 2001. She earned a Ph.D. in Biochemistry from the Biocenter of Basel, completed a visiting fellowship at The Rockefeller University, and conducted postdoctoral research at the California Institute of Technology and the Roche Institute of Immunology.

Michael B. Hoffman has served as Chairman of the Board and a member of the Board of Directors of Annovis Bio Inc. since 2014. Before joining Annovis, he built a distinguished career in finance, serving as Managing Director and Co-Head of Mergers and Acquisitions at Smith Barney, Harris Upham & Co., Senior Managing Director at The Blackstone Group L.P., and later as a Partner at Riverstone Holdings LLC. Hoffman holds both a Bachelor’s and a Master’s degree from Northwestern University, as well as an MBA from Harvard Business School. His role at Annovis reflects his extensive experience in investment, corporate governance, and strategic leadership across the life sciences and energy infrastructure sectors.

Insomniac Hedge Fund Guy Opinion:

Annovis Bio (ANVS) is a deeply speculative biotech focused on buntanetap, a small-molecule candidate for Alzheimer’s and Parkinson’s disease. It currently has no commercial revenue, and its value hinges entirely on clinical success. In 2024, Annovis reported a net loss of $2.02 /share, spent ~$20 M on R&D, and ended the year with only ~$10.6 M in cash. The company has cleared regulatory hurdles to launch a pivotal Phase 3 trial in early Alzheimer’s in 2025. 

Insider conviction is very real: Director Michael Hoffman bought ~975K shares at ~$2.05, and CEO Maria Maccecchini also bought ~97K shares. Meanwhile, short interest sits at ~8.4% of the float — not negligible, but not “death-spiral” territory. Analysts are bullish: Canaccord Genuity maintained a “Buy” and analysts peg a target around $14 (+ upside).

Valuation is binary — if buntanetap works, risk‐adjusted value could be $10–20+ / share, but failure likely crashes the stock toward zero without additional financing. SWOT: strength lies in its differentiated mechanism and big-market opportunity; weaknesses are cash risk and clinical uncertainty. Overall, ANVS is a high-stakes, levered biotech bet: a small-cap, clinical-stage play with big potential — but only for investors who can stomach binary risk and dilution.

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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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