Whatever I write up here stands the chance of being obsolete by the weekend with Limelightin lovin Trump. But when the headlines die down and you drift back to the business logic, it’s insiders that carry the water more often than not. So when the hell and furry settle, you’ll ask yourself what did Trump say that was full of sound and fury, signifying nothing, ? Go back and look at the insider trades
Name: David M. Boitano
Position: EVP & CIO
Transaction Date: 12-31-2025 Shares Bought: 10,000 shares an Average Price Paid of $34.44 for Cost: $344,400
Company: LTC Properties Inc. (LTC)
LTC Properties, Inc. is a publicly traded real estate investment trust in the United States that specializes in senior housing and healthcare assets. The company’s primary investments are in skilled nursing facilities, assisted living communities, memory care, and other long-term care real estate through sale-leasebacks, mortgage financing, joint ventures, and structured finance solutions, which generate rental and financing revenue for shareholders. LTC focuses on long-term income and shareholder value through a diverse portfolio of properties spread throughout multiple states. LTC Properties was founded in the United States and started operations in 1992.
David M. Boitano served as the Executive Vice President and Chief Investment Officer of LTC Properties, Inc., since April 2025, a publicly traded real estate investment trust concentrating on senior housing and health care properties. In this executive leadership position, he is in charge of the company’s investment strategy, which focuses on portfolio expansion and financing solutions that benefit LTC’s operational partners and long-term objectives. Boitano manages strategic investment activities and brings considerable industry experience to the firm’s senior housing and healthcare real estate operations. David M. Boitano earned a Bachelor of Business Administration in Accounting and a Bachelor of Arts in Business-Accounting from Pacific Lutheran University.
Insomniac Hedge Fund Guy Opinion: LTC’s pivot into the SHOP/RIDEA model is intellectually bold, tapping secular demand and lifting top-line growth while adding operational complexity that trims traditional triple-net margins. Its diversified income streams and long-dated leases are comforting, but operator credit and execution on the new strategy create real risks. At current levels, the market’s not pricing in flawless execution — but it is pricing a modest premium for income and perceived stability. For the alpha-chaser, a disciplined view sees intrinsic upside vs. the tape, provided SHOP risks are contained. This isn’t a growth dynamo with insulated cash flows — it’s a yield-plus turn story that demands respect for its leverage to execution, operator health, and capital costs.
Name: Peter J. Nolan
Position: Director
Transaction Date: 01-02-2026 Shares Bought: 20,000 shares an Average Price Paid of $12.74 for Cost: $254,772
Company: Limoneira Co. (LMNR)
Limoneira Corporation is an agricultural corporation that operates both in the United States and worldwide. The corporation is divided into four segments: fresh lemons, lemon packing, avocados, and other agribusiness. It cultivates, processes, harvests, and packages oranges, specialty citrus, and wine grapes. In addition to leasing property to third-party agricultural tenants, the corporation rents residential dwelling units and commercial office buildings. It also conducts organic recycling activities, provides farm management services, and develops land parcels, as well as multi-family and single-family properties. Limoneira Company was founded in 1893 and is based in Santa Paula, California.
Peter J. Nolan was appointed to Limoneira Company’s Board of Directors on January 1, 2024, to fill a vacancy caused by a prior director’s retirement. He is a Class III director, with responsibilities including membership on the Audit & Finance Committee and the Risk Management Committee. His original tenure continues until the 2026 Annual Meeting of Stockholders. Peter J. Nolan is the Chairman of Nolan Capital, Inc. Mr. Nolan also serves as a senior advisor for Leonard Green & Partners. Peter J. Nolan holds a Bachelor of Science in Agricultural Economics and Finance and a Master of Business Administration from Cornell University’s Johnson Graduate School of Management.
Insomniac Hedge Fund Guy Opinion: Limoneira is a classic small-cap, asset-heavy agribusiness story that wears its risks on its sleeve. Its land and water assets anchor a foundation worth something, and the pivot to Sunkist and avocado expansion are smart plays — but fundamental execution and cyclical headwinds are crushing margins right now. The core citrus business is commoditized, with pricing dictated by big retailers, and recent results show revenue drops and losses — not the kind of predictable growth recurring-rev models enjoy. At today’s prices, the valuation must clear the execution risk and volatility, something a straightforward DCF with conservative growth and a real-world discount rate struggles to justify. Long term, real estate and asset monetization could unlock value, but that’s a binary outcome, not a reliable driver for today’s cash flows. Viewed through a risk-aware lens, LMNR is more a deep value land/asset play with operational dicey execution than a clean agribusiness growth compounder. Investors must price in commodity cyclicality, debt buildup, and execution risk. Not advice — just one seasoned market vet’s take.
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 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. 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. It is largely done now by my AI. 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.