The Insiders Fund Not So Daily Digest

Insider Buying Week 10-31-25 You Are All Lining Up to Lose Your Jobs

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If you’re not in tech, you’re losing money in the stock market. The RSP, the equal weighted index of the 500 largest  companies lost almost 3% (-2.7% actual) The S&P 500 made  a modest gain last week, up 0.70%. It really doesn’t matter that much since everyone is mostly invested in the S&P 500 index as opposed to individual stocks. Indexers have long been the tail which wags the dog. The widely copied S&P 500 index reached a record 37% of Mag 7 tech stocks. If you expand that definition just a bit to tech related, it soars to near … Read more

Insider Buying Week 10-24-25

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  Name: G. Kennedy Thompson Position: Director Transaction Date: 10-20-2025  Shares Bought: 5,000 shares an Average Price Paid of $87.63  for Cost: $438,150 Company: Pinnacle Financial Partners Inc. (PNFP): Pinnacle Financial Partners is a financial holding company headquartered in Nashville, Tennessee, and the parent company of Pinnacle Bank, a Tennessee state-chartered bank. Founded in 2000, the company has expanded through both acquisitions and organic growth to operate 137 locations across Tennessee, North Carolina, South Carolina, Virginia, Georgia, Alabama, Kentucky, Maryland, and Florida. Pinnacle Financial offers a full range of banking, investment, trust, mortgage, and insurance services to businesses, entrepreneurs, and … Read more

Insider Buying Week 10-17-25

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  Name: Jason Raleigh NunnPosition: DirectorTransaction Date: 10-09-2025  Shares Bought: 63,158 shares an Average Price Paid of $19.00 for Cost: $1,200,002 Company: Zenas BioPharma Inc. (ZBIO): Zenas BioPharma Inc. is a clinical-stage global biopharmaceutical company focused on developing and commercializing transformative immunology-based therapies for patients with autoimmune diseases. Leveraging advances in the understanding of autoimmune mechanisms and novel immunology targets, the company is building a diverse portfolio in immunology and inflammation. Its strategic approach emphasizes acquiring promising product candidates, effectively utilizing internal scientific and clinical expertise, and fostering collaborations with external partners to deliver innovative medicines that offer meaningful therapeutic … Read more

Insider Buying Week 10-10-25 Tightrope walk in a Hurricane

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Last week felt like a tightrope walk in a hurricane. The market flirted with euphoria early on, thanks to AI-driven headline deals (AMD’s tie-up with OpenAI lit a spark), but all that optimism blew up in our faces by week’s end. I still think that the next financial meltdown will be caused by one of the following factors: 1.Sam Altman 2. Donald Trump   Friday was the sucker punch. Trump floated a 100% tariff on Chinese goods in retaliation to China’s new export controls on rare earths — markets didn’t just recoil, they slammed the floor. Tech names (especially semis) … Read more

Insider Buying Week 09-26-25 Marvell Insiders Throw a Hail Mary

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Last week, U.S. equities extended their rally before momentum faded. The S&P 500 and Nasdaq hit record highs early in the week, fueled by excitement around artificial intelligence and hopes for Federal Reserve rate cuts. Mega-cap tech stocks led the charge, with investors piling into growth and innovation themes. However, sentiment cooled toward the end of the week as Treasury yields rose and stronger-than-expected economic data raised doubts about how soon the Fed might ease policy. Energy and financials lagged, while tech and communication services stayed resilient.

Overall, markets reflected a push-and-pull between optimism over innovation and earnings strength and caution about tighter financial conditions. The week ended with stocks modestly lower but with a more cautious tone setting in, suggesting investors are reassessing the balance between growth potential and macro headwinds. The market still only gave back .30% from a record close..

 

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Insider Buying Week 09-19-25 Quiet before the Earnings Storm

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Two pages of insider selling and all I have for buying is this?  That’s about as clear a message as you’re going to get fan boys. The smart money is clammed up deep except for sticking their necks out to unload a few million dollars here and there. . But that Doesn’t mean there isn’t great profit making opportunities. Take a look at Rapport Therapeutics Inc. (RAPP). Rapport Therapeutics had good news on a recent catalyst: topline results from the Phase 2a trial of RAP-219 in focal onset seizures looked pretty good, or at least good enough to sell  9,615,385 … Read more

Insider Buying Week 09-12-25 Market Climbs the Wall of Worry SATS leaves the Atmosphere

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Nothing much to write about regarding notable insider buys; there wasn’t much of note. But that Doesn’t mean there isn’t great profit making opportunities.

C Level officers, directors and 10% or more shareholders are the insiders that are required to file Form 4 within 48 hours. The quarterly earnings blackout period has prevented some insiders from buying last week but it didn’t prevent insiders at EchoStar, SATS, from unloading over $25 million of their stock now that Elon Musk put a bid on the table for Dish’s wireless spectrum that caused SATS to go from$28 to Friday’s closing price of $74.89, just a mere 166% increase in value.

If you ignore insider buying, well you just missed the biggest stock market gift you’ll likely get in any nine month period.  It was only back in December that Charlie Ergen, founder of Dish and wireless spectrum speculator, (now legendary) added $43.5 million shares of SATS on the open market at $28.04 . At the time it was reported he owned  holdings of 16,042,800 shares.  You might ask yourself as a DIY investor, how do I get in on this?  You might ask your financial advisor or hedge fund manager where were you when Charlie loaded up.

Well, you guessed it- they were not paying attention to insider buying.

Listen to our The Insiders Fund Not So Daily Podcast and Follow us on X for real-time commentary and insider buying alerts

 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.

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.”

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Insider Buying Week 09-05-25 Q3 Earnings Blackout Begins

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Nothing much to write about regarding notable insider buys; there wasn’t much of note. But that Doesn’t mean there isn’t great profit making opportunities.  Does this portend something, or is it simply the end of the quarter and the typical earnings season blackout? It likely is the latter, although, personally, I feel the market is just waiting for some clarity. It’s a forgone conclusion, after Friday’s anemic jobs report, that the Fed will drop interest rates at its September 17th Wednesday meeting. The debate now centers on how many rate cuts will occur. One of the reasons I’m so open … Read more

The Insiders Fund Not So Daily Podcast | Labor Day

Insider Buying Week 08-29-25- Will the Market stay up after Labor Day?

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  The week after the long Labor Day weekend always worries me. The hedge funds and titans of Wall Street have had plenty of time to convince themselves that the market is overvalued and plenty of time to collude at their Hampton retreats. Listen to the podcast here You can be an insider, too– by clicking here Name: William Thomas McLain Jr. Position: EVP, CFO Transaction Date: 08-27-2025  Shares Bought: 3,670 shares an Average Price Paid of $68.73 for Cost: $252,239 Name: Brad A. Lich Position: EVP & CCO Transaction Date: 08-27-2025  Shares Bought: 3,280 shares an Average Price Paid … Read more

The Insiders Fund Not So Daily Podcast | Dmitry Pokhilko | SPACs

Insider Buying Week 08-22-25 SPACs are Back

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  Insiders tend to be value investors. Defining value investors is another phrase for buying low. It’s hard to say what value is. After all, beauty is in the eye of the beholder. Does value mean intrinsic value, using common methods of measuring a company’s discounted cash flow value, or does it mean low P.E. or above-average yield, regular dividends? Lots of books have been written on it, and famous investors, like Warren Buffett and his mentor, Benjamin Graham, have largely defined the category. A value investor more or less believes they are buying a stock for less than its … Read more

The Insiders Fund Not So Daily Podcast | Insider Buying

Insider Buying Week 08-15-25 The Insider Buying Spigot Opened

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  The insider buying spigot opened a bit wider this week, but don’t mistake activity for conviction. Yes, we saw some heavyweight swings—Jared Isaacman dropping $16.3 million on Shift4 Payments and Amrize’s freshly-minted CEO Jan Jenisch betting $23.3 million on his construction materials spinoff. These aren’t lunch money purchases. But here’s what gnaws at me: in a world hypnotized by AI’s insatiable appetite for data centers and energy infrastructure, are we witnessing genuine bottom-fishing or just executives with more money than sense? Eli Lilly’s triumvirate of buyers—Ricks, Fyrwald, and Skovronsky—collectively dropped $2.7 million around $640 per share. That’s either supreme … Read more

Insider Buying Week 08-08-25-Insiders are Shopping Pharma and Biotech

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Insider buying picked up some this week. There are notable big names stocks that I can honestly say insiders are swinging the bat at but can you or I get excited about their prospects when the entire investing world revolves around AI and the enormous energy resources it will demand.  None the less we stick to our knitting, our discipline and write up this report even if we are not buying just yet.  But read on, you never know. It’s usually where the crowd is not looking, that the biggest returns are found. The bloodbath continues unabated in pharma and … Read more

Insider Buying Week 07-25-25-This Market makes me Nervous but at the same time Greedy

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Three weeks have passed with little notable insider buying. Insiders continue to cash out. Amazon founder Jeffrey Bezos sold $1 billion, which should help with his much-panned wedding. Larry Fink of BlackRock unloaded $30 million, the Etsy CEO sold ~$9 million, the Penumbra CEO took ~$3.7 million out, Carvana founder Ernest Garcia unloaded $80 million, and Goldman Sachs executives blew out close to $100 million, and I haven’t even finished the reporting week. I could spend the next few hours analyzing insider selling, but it’s not a productive task in an of itself. Perhaps run an AI prompt on unusual … Read more

Insider Buying Week 07-18-25- Summer Doldrums belie the Coming Storms

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Very little insider buying the last two weeks but there is a bunch of selling. This market makes nervous but at the same time greedy.  With stocks making new highs, it’s dangerous for a money manager to sit out. I still find opportunity but it’s in a narrow crack I am looking through. The RSP equal weighted S&P 500 index has failed to keep up with the capitalization weighted S&P 500.  The divergence has started, and I expect it to broaden.  Investors are looking for exposure to AI and some Web 3.0 Stable coin crypto ideas. But it’s really AI.  … Read more

Insider Buying Week 06-20-25

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Never a dull moment in the Trump show.  Insiders like most investors are on the sidelines watching the show. Name: Kirk L. Johnson Position: Executive Vice President Transaction Date: 06-16-2025  Shares Bought: 5,300 shares an Average Price Paid of $94.24 for Cost: $499,472 Company: ConocoPhillips (COP): ConocoPhillips is an independent exploration and production company headquartered in Houston, Texas, with operations across 13 countries. The company maintains a diverse, low-cost-of-supply portfolio that includes resource-rich unconventional plays in North America, conventional assets in North America, Europe, Africa, and Asia, liquefied natural gas (LNG) projects, Canadian oil sands, and a range of global … Read more

The Insiders Fund Not So Daily Podcast | Notable Insider Buys

Insider Buying Week 06-06-25

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  Never a dull moment in the Trump show.  Big Bromance Thursday with Elon and Trump near simultaneously launching broadsides from the social media platforms. It didn’t seem to faze the stock market in anything but a positive way as Friday’s rally and the generally upward tone of the market bodes well. Listen to the podcast here Name: Melissa D. Smith Position: Chair, CEO, and President Transaction Date: 05-29-2025  Shares Bought: 3,721 shares an Average Price Paid of $134.57 for Cost: $500,720 Company: WEX Inc. (WEX): WEX is a B2B ecosystem provider dedicated to enhancing corporate efficiency by addressing manual … Read more

‘t Fight the Trend

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The market pin action has been exceptionally strong.  Don’t fight the trend is a popular saying many people have uttered along with ‘ other profound market nuggets of wisdom. They work until they don’t.  Late breaking headlines about non-essential U.S. Government employees being told to leave the MidEast caused oil to spike $3 and the market to sell off some late Friday.  Yet full blown war between Israel and Iran is greeted enthusiastically. Perhaps too much so. Israel hasn’t been able to get out of Gaza, so Iran is a problem multitude of order more challenging. For the moment the … Read more

Insider Buying Week 05-30-25-Could Harvard University go Public?

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It was a generally positive month, marked by tariff moderations and largely favorable economic news regarding inflation. Trump, possibly feeling the pressure from the family’s market short, delivered a Friday surprise with the statement, “China not playing nice.” On the surface, there appear to be no groundbreaking revelations, but as always, one must delve deeply into the underlying details. There is an unexpected insight today: creativity often emerges when one is cornered. Consider the actions of the Ukrainians this weekend. Be sure to read the opinion on the large KKR purchase by the Chairman of the Board of Harvard. On … Read more

Insider Buying Week 05-23-25

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The busiest week we’ve seen in some time.  In fact, it’s so busy that I would venture to say that a short-term bottom is in and there is a more room to the upside.  It’s basically all in now and I don’t often make a call like that. Name: Michael Thomas Miller Position: Executive VP & CFO Transaction Date: 05-16-2025  Shares Bought: 2,750 shares an Average Price Paid of $165.27 for Cost: $454,481 Company: Installed Building Products Inc. (IBP): Installed Building Products, Inc. primarily offers insulation installation services to residential and commercial builders across the continental United States. In addition … Read more

The Insiders Fund Not So Daily Podcast | Insider Buy Sell Ratio

Insider Buying Week 05-16-25 The Best Insider Buy/Sell Ratio in a Year

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  The busiest week we’ve seen in some time.  In fact, it’s so busy that I would venture to say that a short-term bottom is in and there is a more room to the upside.  It’s basically all in now and I don’t often make a call like that. Of course, we won’t know that for months, but this is the most bullish Insider Buy/Sell Ratio in a year.  At least it gives us a lot to ponder. There are a lot of compelling insider buys this week.  As usual insiders are value buyers, preferring to buy their stocks nearer … Read more

The Insiders Fund Not So Daily Podcast | Bargain Basement Week

Insider Buying Week 05-09-25 Bargain Basement Week

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  Finally, a busy week. I can’t extrapolate anything about the general market from these buys, but it’s clear that some insiders are sniffing out bargains. It would be nice to see an insider buying on good news but that’s not what it is this week. It’s more bargain basement stuff. Patience may be needed though as I doubt, we’ve seen the last of volatility. Let’s get into it. Listen to the podcast here Follow us on Twitter for real-time commentary and insider buying alerts at https://twitter.com/theinsidersfund  If you are a QUALIFIED INVESTOR and are interested in learning how you can be … Read more

Insider Buying Week 05-02-25 Record Run for the Bulls

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Every bear market since 2001 has only ended with a plethora of insider buying.  I’m waiting, waiting, and waiting without any insider buying to speak of. There is not much selling either. Just keep in mind that bear markets don’t go straight down.  Who’s saying we are in one anyway? Maybe it’s just a slow-motion train wreck that every earnings webcast is riddled with uncertainty and lowered earnings expectations. Name: Joseph P. Adams Jr. Position: CEO and Chairman Transaction Date: 05-02-2025  Shares Bought: 3,000 shares an Average Price Paid of $94.54 for Cost: $283,620 Name: David Moreno Position: Chief Operating … Read more

The Insiders Fund Not So Daily Podcast | Insider Buying Week

Insider Buying Week 04-25-25 NADA- The Market is Frozen

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  Every bear market since 2001 has only ended with a plethora of insider buying.  I’m waiting, waiting, and waiting without any insider buying to speak of. There is not much selling either. This is a remarkably quiet period of time. I thought once this week of earnings was over, we would start to see some buyers come out of the woodworks.  Nothing to speak of. A couple of directors from beaten down NSC stuck their toes in the water but other than that there is nothing to write about other than the VOID. No one is buying.  Not many … Read more

Insider Buying Week 04-18-25 Quiet after the Flip Flop

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What a great time to be an insider. Every bear market since 2001 has only ended with a plethora, a tsunami of insider buying. Nothing like that has yet happened but this is where you will hear about it first, IF it happens. Name: John B. Hess Position: Director Transaction Date: 04-15-2025  Shares Bought: 3,904 shares an Average Price Paid of $511.68 for Cost: $1,997,584 Company: Goldman Sachs Group Inc (GS): Goldman Sachs is a prominent global financial institution providing a broad spectrum of financial services to a diverse client base, including corporations, financial institutions, governments, and individual investors. The … Read more

Insider Buying Week 04-11-25 Every Bear Market Ends with a Tsunami of Insider Buying

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What a great time to be an insider. Every bear market since 2001 has only ended with a plethora, a tsunami of insider buying. Nothing like that has yet happened. Pay close attention to what Insiders are doing with their own money. Pay NO attention to buy-back announcements unless they are backed with real actions.  Many buy-backs are more aspirational than real. Buy-backs are often just an attempt to keep the share count stable from all the share issuances. Follow us on Twitter for real-time commentary and insider buying alerts at https://twitter.com/theinsidersfund  If you are a QUALIFIED INVESTOR and are interested … Read more

Insider Buying Week 04-04-25 Provides No Hope for Bulls

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As measured by the S&P 500, the market declined by 9.1% last week, its worst performance since the Covid crash in March 2020. And like Covid, it felt as if we were at the beginning of something ominous, unknown, and even deadly. Insider buying, which normally boosts markets confidence, was conspicuously absent due to the quarterly blackout that keeps most insiders sidelined 30 days prior to the end of their quarterly reporting period and until after they report earnings. Most insiders will not be involved in insider buying during the next two to three weeks.  No help coming from them. … Read more

A Primer on Market Melt Downs

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Nothing in this post should be viewed as a solicitation for investment. Past performance is no guarantee of future results.  Historic patterns are useful for reference.      The business cycle playbook as we know it is thrown out the window       Technicians look for bottoms like the 200-day moving average or support lines where the market bounced off downward trends   Yet one piece of news will blow apart any chart pattern   Insiders have been selling at a record pace.  The market is at extremes of overvaluation based on many indicators. The groundwork is laid for … Read more

Insider Buying 03-28-25 Stagflation is the Game. Confidence has been Shattered

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The market as measured by the S&P 500 shed 1.53% last month. The dollar was down, gold up. There seems be a pattern here. Money is voting in real time and it’s leaving the stock market.  This looks to me like the opposite of a virtuous cycle. Instead, a vicious cycle is developing a loop of negative events that reinforce and worsen each other. I suspect as the quarter ends, there will be a steady drum beat of lowered earnings expectations.   Consumer confidence is falling at historic rates and business animal spirits are retreating with their tails between their legs. … Read more

Insider Buying 03-21-25 Volatility Collapses for the Moment

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Insanity 1.0 moved the market all of 1/2% last week. As much as we’d like to think the world as we know it is collapsing around us, it’s volatility that is collapsing, for the moment at least.  The Fed gave us a reprieve and hinted that tariff induced inflation was likely transitory.  We’ve heard that word before during the Pandemic. Nike and FedEx disappointed investors with their growth outlook.   There were not a lot of insider buys but there were two in household brand names, Adobe and Home Depot. Follow us on Twitter for real-time commentary and insider buying alerts at … Read more

Insider Buying 03-14-25 Nothing Good Happens Below the 200 Day Moving Average

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CHAOS 2.0 seems to be morphing into Insanity 1.0.  Consumer confidence is plunging, businesses are scrambling for direction, and the world seems like a far more dangerous place as we turn allies into enemies.  The stock market is a giant real time voting machine, imperfect and prone to panic just like real people.  The 1st Quarter is coming to a close which also means insiders are blacked out from buying their stock.  Living below the 200-day moving average is a constant struggle between doubt and conviction. Without insiders confirming our decisions, it will be even more challenging than normal. The … Read more