Last week delivered two important messages for investors. First, the market continues to show remarkable resilience despite persistent concerns, suggesting buyers remain firmly in control. Second, cracks are beginning to appear in the AI infrastructure trade, with semiconductor stocks displaying increasing volatility as the SOXX Index swings sharply from optimism to uncertainty.
While the AI story remains compelling over the long term, leadership may be broadening beyond the market’s biggest winners. This is often where disciplined investors find new opportunities.
One area worth watching is insider buying. Recent purchases by directors and executives at companies including Cencora (COR), CarMax (KMX), Northern Oil & Gas (NOG), and Lovesac (LOVE) suggest management teams are putting meaningful capital to work. While insider buying is never a guarantee of future performance, it can provide valuable insight into where those closest to the business see long-term value.
In volatile markets, following informed conviction often beats following headlines.
Name: Dermot Mark Durcan
Position: Director
Transaction Date: 06-18-2026 Shares Bought: 4,000 shares an average price paid of $274.19 for Cost: $1,096,760
Transaction Date: 05-28-2026 Shares Bought: 4,000 shares an average price paid of $266.26 for Cost: $1,065,040
Company: Cencora Inc. (COR)
Cencora, Inc. is a global pharmaceutical procurement and distribution corporation that serves healthcare professionals, pharmacies, hospitals, and manufacturers. Its U.S. Healthcare Solutions division sells generic and specialty pharmaceuticals, vaccines, blood products, over-the-counter medications, and animal health products. The company also offers consultancy, packaging, supply chain management, clinical trial support, data analytics, commercialization, and pharmacy management services. Cencora, Inc. is a leading player in pharmaceutical distribution and healthcare supply chain services globally. AmerisourceBergen Corporation was renamed Cencora in August 2023. The corporation was founded in 1871, and its headquarters are in Conshohocken, Pennsylvania.
Dermot Mark Durcan has been a Director of Cencora Inc. since March 2023, when he joined the company’s Board of Directors following the rebranding of AmerisourceBergen as Cencora. Durcan is the former CEO of Micron Technology, where he worked for nearly three decades after entering the firm in 1984, holding various high positions such as President and Chief Operating Officer before becoming CEO in 2012. He has vast experience in worldwide operations, technological production, and corporate strategy. Durcan holds a bachelor’s degree in accounting from the University of Wisconsin-Madison and is a CPA.
Insomniac Hedge Fund Guy Opinion: Cencora is one of the world’s largest pharmaceutical distributors, connecting drug manufacturers with pharmacies, hospitals, physician practices, and healthcare providers. While distribution isn’t glamorous, scale, logistics, and compliance create significant barriers to entry. The company also continues expanding into specialty pharmaceuticals, one of the fastest-growing areas in healthcare.
Its competitive moat comes from its nationwide distribution network, long-term customer relationships, and razor-sharp execution. Pharmaceutical distribution is a low-margin business, but enormous volume and operational efficiency generate consistent cash flow. Specialty drug distribution further strengthens customer relationships and supports long-term growth.
Over the past five years, Cencora has delivered high-single-digit revenue growth, driven by increasing prescription volumes, specialty medicines, and acquisitions. While distribution revenue is transactional rather than subscription-based, customer retention is exceptionally high because healthcare providers rely on Cencora’s integrated logistics and supply chain. The company does not disclose recurring revenue or net revenue retention in the traditional SaaS sense.
Management has consistently focused on disciplined capital allocation, operational excellence, and expanding higher-margin specialty services while returning excess cash through share repurchases. Execution has been among the best in the healthcare distribution industry.
Profitability has steadily improved despite thin operating margins typical of distributors. Strong free cash flow, expanding earnings per share, and disciplined cost control have allowed Cencora to consistently outperform expectations.
Name: Keith Barr
Position: President and CEO
Transaction Date: 06-22-2026 Shares Bought: 9,400 shares an average price paid of $53.01 for Cost: $498,247
Name: Peter J. Bensen
Position: Director
Transaction Date: 06-22-2026 Shares Bought: 2,500 shares an average price paid of $52.20 for Cost: $130,500
Company: Carmax Inc. (KMX)
CarMax, Inc. and its subsidiaries sell used vehicles and related products in the United States. CarMax has two business segments: CarMax Sales Operations and CarMax Auto Finance. The CarMax Sales Operations segment provides customers with a variety of used vehicle makes and models, including domestic, imported, and luxury vehicles, as well as hybrid and electric vehicles; used vehicle auctions; extended warranty plans for customers at the time of sale; and reconditioning and vehicle repair services. The CarMax Auto Finance sector offers financing options to retail clients across a wide credit spectrum through partnerships with numerous financial institutions. The company was created in 1993 and is headquartered in Richmond, Virginia.
Keith Barr has been President and Chief Executive Officer of CarMax, Inc. since March 16, 2026, when he joined the firm and was also appointed to its Board of Directors. Barr formerly worked with InterContinental Hotels Group PLC for almost 25 years, including as CEO from 2017 until 2023, where he oversaw significant digital transformation and global expansion efforts. He also serves as a director for MGM Resorts International. Barr received a degree from Cornell University’s School of Hotel Administration.
Peter J. Bensen has been an independent director of CarMax, Inc. since April 1, 2018, when he was elected to the Board of Directors. He has never been the CEO or Chairman of CarMax, instead acting as a non-executive board member and Audit Committee Chair. Bensen is most known for his 20-year tenure with McDonald’s Corporation, where he was Chief Administrative Officer and formerly Chief Financial Officer, supervising finance, information technology, and supply chain responsibilities. He has a bachelor’s degree in accounting from Saint Joseph’s College and is a certified public accountant.
Insomniac Hedge Fund Guy Opinion: CarMax is the largest independent used-car retailer in the U.S., operating a nationwide network of dealerships alongside a growing digital platform. The company makes money from vehicle sales, financing through CarMax Auto Finance, extended protection plans, and wholesale auctions. Its brand, scale, and inventory give it a competitive edge in a fragmented used-car market.
CarMax’s moat comes from its trusted no-haggle pricing, nationwide sourcing network, and integrated omnichannel experience that allows customers to buy, sell, finance, or pick up vehicles however they choose. These advantages are difficult for smaller dealerships to replicate.
Over the past five years, revenue has grown at a low- to mid-single-digit rate, although results have been volatile due to pandemic-driven demand, higher interest rates, and fluctuating used-car prices. Unlike software companies, CarMax has limited recurring revenue, with most sales being transactional. Financing and service products provide some repeat income, but the company does not disclose recurring revenue or net revenue retention.
Management has focused on improving digital capabilities, expanding financing options, and maintaining disciplined inventory management during a challenging automotive cycle. While recent earnings have been pressured by affordability issues and higher borrowing costs, operational execution has remained solid.
Profitability has declined from pandemic highs but is gradually recovering as margins stabilize and demand improves. CarMax continues to generate healthy cash flow and remains well-positioned to benefit when the used-car market normalizes.
Name: Bahram Akradi
Position: Director
Transaction Date: 06-22-2026 Shares Bought: 25,760 shares an average price paid of $19.40 for Cost: $499,741
Company: Northern Oil & Gas Inc. (NOG)
Northern Oil and Gas, Inc. is an independent energy business that acquires, explores, develops, and produces crude oil and natural gas properties throughout the United States. The company aims to diversify its portfolio of high-quality energy assets through strategic investments and partnerships in major oil and gas basins. Northern Oil and Gas has a non-operator business model, which allows it to engage in the development of energy resources while maintaining capital efficiency and operational agility. The company was created in 2006 and is based in Minnetonka, Minnesota.
Bahram Akradi has been a director of Northern Oil & Gas, Inc. since July 2017, becoming Chairman of the Board in January 2018 after previously serving as Lead Independent Director. He is best known as the founder, Chairman, and CEO of Life Time Group Holdings, Inc., which he established in 1992 and has led for nearly 30 years. Akradi provides substantial experience in corporate strategy, capital allocation, and business leadership to the Northern Oil & Gas board. He has a degree in engineering and an MBA from the University of Colorado Boulder.
Insomniac Hedge Fund Guy Opinion: Northern Oil & Gas is not a traditional exploration and production company. Instead, it operates a non-operated working interest model, investing alongside top-tier operators in the Permian Basin, Williston Basin, and Uinta Basin. This approach allows the company to benefit from production growth without bearing the full operational burden, resulting in lower overhead and disciplined capital allocation.
Its competitive advantage lies in partnering with some of the industry’s best operators while maintaining financial flexibility. Rather than drilling wells itself, Northern selectively acquires mineral and working interests, generating diversified production and strong cash flow with relatively low operating costs.
Over the past five years, revenue has grown significantly, driven by acquisitions and higher production volumes, although results remain tied to oil and natural gas prices. The business has little recurring revenue in the traditional SaaS sense, but production from its diversified asset base provides consistent cash generation. Net revenue retention is not a relevant metric for upstream energy companies.
Management has built a strong reputation for disciplined acquisitions, balance sheet management, and shareholder returns through dividends and share repurchases. Instead of chasing production at any cost, the company has focused on generating attractive returns on invested capital.
Profitability has remained strong despite commodity price volatility, with healthy free cash flow supporting continued debt reduction and capital returns.
Name: Andrew R. Heyer
Position: Director
Transaction Date: 06-18-2026 Shares Bought: 30,000 shares an average price paid of $14.68 for Cost: $440,400
Company: Lovesac Co (LOVE)
The Lovesac Company creates, manufactures, and retails furniture. It sells seats and sides; sacs, including foam beanbag chairs; and other items such as drink holders, foot sack blankets, ornamental pillows, fitted seat tables, and ottomans. The company also offers StealthTech, a home theater system, and PillowSac, an accent chair. It sells its products largely through its website, as well as showrooms, lifestyle centers, mobile concierges, kiosks, and street locations in 45 states; in-store pop-up shops and shop-in-shops; and barter inventory transactions. The Lovesac Company was created in 1995 and is headquartered in Stamford, Connecticut.
Andrew R. Heyer has been an independent director of The Lovesac Company since June 2022, when he joined the Board of Directors. Heyer is the founder and Managing Partner of Mistral Equity Partners, a private equity firm focused on consumer and media ventures, with over 30 years of expertise in investing, mergers & acquisitions, and corporate governance. Prior to launching Mistral, he held top positions at Morgan Stanley and Angeleno Group, as well as serving on the boards of several consumer and retail companies. Heyer has a Bachelor of Arts degree in Economics from the University of North Carolina at Chapel Hill and an MBA from Harvard Business School.
Insomniac Hedge Fund Guy Opinion: Lovesac isn’t a traditional furniture company. Its flagship Sactionals are modular couches that can be reconfigured, expanded, and refreshed over time, giving customers a reason to come back long after the initial purchase. This unique approach has helped the company carve out a niche in the highly competitive home furnishings market.
The company’s moat lies in its patented modular design, strong brand recognition, and loyal customer base. Unlike conventional sofas, Lovesac’s products are built to evolve with customers’ lifestyles, creating repeat sales through add-on seats, sides, and washable covers. While recurring revenue isn’t subscription-based, repeat purchases are an important part of the business.
Over the past five years, Lovesac has delivered impressive revenue growth, driven by store expansion, e-commerce, and growing brand awareness. However, growth has slowed recently as consumers cut discretionary spending and the home furnishings market softened. The company does not disclose recurring revenue or net revenue retention metrics.
Management has remained disciplined, focusing on innovation, omnichannel expansion, and maintaining a debt-light balance sheet. Unlike many furniture retailers, Lovesac has avoided excessive discounting and continues to emphasize premium positioning.
Profitability has become more volatile as demand normalized after the pandemic boom, but the company remains financially healthy with solid cash reserves and no significant debt burden.
Name: Jason Stabell
Position: Chief Executive Officer
Transaction Date: 06-22-2026 Shares Bought: 50,000 shares an average price paid of $5.30 for Cost: $265,177
Company: Epsilon Energy Ltd. (EPSN)
Epsilon Energy Ltd., a North American onshore independent natural gas and oil business, is involved in the acquisition, exploration, development, gathering, and production of natural oil and gas reserves. The corporation operates in two segments: upstream and gathering system. It produces natural gas in Pennsylvania’s Appalachian Basin, as well as oil, natural gas liquids, and natural gas in Wyoming’s Powder River Basin, Texas and New Mexico’s Permian Basin, and Alberta’s Western Canadian Sedimentary Basin. Epsilon Energy Ltd. was established in 2005 and is headquartered in Houston, Texas.
Jason Stabell has been Epsilon Energy Ltd.’s CEO since May 2024, and he was also appointed to the company’s Board of Directors. He joined Epsilon as President and Chief Operating Officer in November 2023, bringing over 20 years of expertise in the oil and gas business. Prior to joining Epsilon, Stabell held top leadership positions at various upstream energy companies, including President and CEO of independent exploration and production enterprises in the Appalachian Basin. He earned a Bachelor of Science in Petroleum Engineering from the Colorado School of Mines and an MBA from Rice University.
Insomniac Hedge Fund Guy Opinion: Epsilon Energy is a small-cap oil and gas producer with operations in the Marcellus, Anadarko, Permian, and more recently the Powder River Basin. Unlike many exploration and production (E&P) companies that prioritize production growth at any cost, Epsilon has built its reputation on disciplined capital allocation, maintaining a debt-light balance sheet, and returning cash to shareholders.
The company doesn’t possess a traditional economic moat. Oil and gas are commodity businesses, and Epsilon’s fortunes are largely tied to natural gas and crude oil prices. Its competitive advantage comes from operational discipline, low-cost production, and a conservative management team rather than proprietary assets.
Revenue has been volatile over the past five years, reflecting swings in commodity prices, although 2025 was a strong rebound with revenue growing more than 60% year over year following higher production and stronger realized prices. Unlike software businesses, Epsilon has no recurring revenue model and therefore does not report recurring revenue or net revenue retention.
Management has consistently emphasized financial strength over aggressive expansion. Recent acquisitions have broadened the company’s production base, but execution and commodity prices will determine whether those deals create lasting shareholder value.
Profitability can fluctuate significantly from year to year because earnings are directly linked to energy prices. When commodity markets are favorable, Epsilon generates meaningful free cash flow; when prices weaken, earnings can contract just as quickly.
Name: John C. Malone
Position: Director Emeritus
Transaction Date: 06-22-2026 Shares Bought: 1,719,181 shares an average price paid of $5.20 for Cost: $8,932,567
Name: Balan Nair
Position: President and CEO
Transaction Date: 06-18-2026 Shares Bought: 151,759 shares an average price paid of $4.95 for Cost: $751,632
Name: Brendan J. Paddick
Position: Director
Transaction Date: 06-18-2026 Shares Bought: 100,000 shares an average price paid of $4.88 for Cost: $488,200
Company: Liberty Latin America Ltd. (LILA)
Liberty Latin America Ltd. and its subsidiaries offer fixed, mobile, and subsea telecommunications services in Puerto Rico, Panama, Costa Rica, Jamaica, Latin America and the Caribbean, the Bahamas, Trinidad & Tobago, Barbados, Curacao, Chile, and globally. The company operates in five segments: C&W Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rico. It provides residential and business customers with communications and entertainment services such as video, broadband internet, fixed-line, telephony, and mobiles, as well as business products and services such as enterprise-grade connectivity, data centers, hosting, and managed solutions, as well as information technology solutions for small and medium-sized businesses, international corporations, and governmental agencies. The company was established in 2017 and is headquartered in Hamilton, Bermuda.
John C. Malone has been Director Emeritus of Liberty Latin America Ltd. since January 2025, following his service as a member of the company’s Board of Directors beginning in July 2018. He has never been the Chief Executive Officer of Liberty Latin America, instead working as a strategic advisor and important board member. Malone is widely regarded as one of the most powerful persons in the worldwide cable and telecommunications industries, having founded and overseen multiple media and communications companies, including acting as Chairman Emeritus of Liberty Media Corporation. He received bachelor’s degrees in Economics and Electrical Engineering from Yale University, a master’s degree from New York University, and a doctorate in Operations Research from Johns Hopkins University.
Balan Nair became President and CEO of Liberty Latin America Ltd. on January 1, 2025, and was also named to the company’s Board of Directors. He joined Liberty Latin America in 2016 as Executive Vice President and Chief Technology and Innovation Officer, and later became President and CEO of the company’s Caribbean and Panama businesses. Prior to joining Liberty Latin America, Nair held top leadership positions at Liberty Global plc and Vodafone Group Plc. He earned a Bachelor of Engineering degree in Electrical and Electronics Engineering from the University of Bath.
Brendan J. Paddick has served as an independent director of Liberty Latin America Ltd. since July 2018, when the company was spun off from Liberty Global plc and established its Board of Directors. Paddick has never served as Chief Executive Officer of Liberty Latin America, serving solely as a non-executive director. He is the founder and Chairman of the Chairman’s Office Group of Companies and has extensive experience in telecommunications, media, and investments across the Caribbean region. Paddick earned a Bachelor of Commerce degree from the University of Calgary and is also a Chartered Professional Accountant.
Insomniac Hedge Fund Guy Opinion: Liberty Latin America is a telecommunications provider serving more than 20 countries across Latin America and the Caribbean. The company offers broadband, mobile, TV, enterprise connectivity, and subsea fiber services, with strong market positions in several island economies where competition is limited.
Its biggest competitive advantage is its extensive network infrastructure. Building fiber and mobile networks across multiple island nations requires significant capital, creating high barriers to entry. Broadband, mobile subscriptions, and enterprise services generate the majority of revenue on a recurring monthly basis, with recurring revenue accounting for well over 80% of the business. Over the past five years, however, revenue growth has been relatively flat as currency fluctuations, asset sales, and competitive markets have offset customer growth. Net revenue retention is not disclosed, but subscriber churn has generally remained manageable.
Management, led by CEO Balan Nair, has focused on expanding fiber networks, improving operational efficiency, reducing debt, and simplifying the company’s portfolio through selective asset sales. The strategy is aimed at strengthening free cash flow rather than pursuing aggressive expansion.
Profitability remains mixed. While operating performance and cash flow have improved in recent years, reported earnings are often affected by depreciation, foreign exchange movements, and financing costs. Investors tend to focus more on EBITDA and free cash flow than net income.
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. 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.
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 investor, 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. My assistant 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.
