War adds a new calculus. Predictable trends crumble in the face of the unpredictable nature of war. I can’t imagine it leading to anything significant enough to disrupt the market. If this war is over in days or a few weeks, expect a rally. If it lingers on for months, then this is a different game board.
Gold Up, Oil up, Dollar stable or up, defense stocks strong. Insiders don’t play these kind of macro events as their crystal ball is no better than anyone else. We focus on reading the tea leaves left by these insiders. Average weekly return was ~5.75%.
Name: Abigail Marshall Diaz-Pedrosa
Position: Chief Administrative Officer
Transaction Date: 02-20-2026 Shares Bought: 610 shares an Average Price Paid of $325.08 for Cost: $198,296
Name: Andrew D. Teed
Position: Director
Transaction Date: 02-23-2026 Shares Bought: 1,600 shares an Average Price Paid of $309.91 for Cost: $495,856
Company: Tyler Technologies Inc. (TYL)
Tyler Technologies, Inc. offers comprehensive software and technology management solutions to the public sector in the United States. It operates in two segments: Enterprise Software and Platform Technologies. The company designs, develops, distributes, and maintains a variety of software solutions for mission-critical back-office operations. It also provides platform and transformative technology solutions, such as cybersecurity, data and insights, digital solutions, payments, platform technologies, and outdoor recreation; public administration solutions, such as civic services, ERP, property and recording, and regulatory; and corrections, courts, justice, and public safety solutions. Tyler Corporation was the company’s previous name before being renamed Tyler Technologies, Inc. in June 1999. Tyler Technologies, Inc. was founded in 1966 and is headquartered in Plano, Texas.
Tyler Technologies Inc. appointed Abigail Marshall Diaz-Pedrosa as Chief Administrative Officer in January 2025. She joined the firm in 2012 and has previously worked as associate general counsel, vice president, and chief legal officer for eight years. In her present capacity, she leads Tyler’s legal team while also overseeing Internal Audit, Data Privacy, Corporate Governance and Responsibility, and Corporate Communications. Diaz-Pedrosa received her Juris Doctor from Cornell Law School and her undergraduate degree from Georgetown University.
Andrew D. Teed has been a Tyler Technologies director since 2024, and he was designated as an independent director in 2025. Before joining the board, he worked at Tyler for nearly 20 years in several senior leadership positions, including senior financial manager and later president of the Enterprise Group, before retiring in February 2020 and consulting with the firm until August 2021. Following his service at Tyler, he became CEO of ECO Parking Technologies and participates on several boards. Teed has an undergraduate degree from Indiana University.
Insomniac Hedge Fund Guy Opinion: Tyler Technologies is a dominant provider of mission-critical software to state and local governments, operating with a durable moat built on high switching costs and deep workflow integration. Roughly 80%+ of revenue is recurring, with net retention around 110%, driven by SaaS expansion within agencies. Five-year revenue growth has averaged around 10–12%, and margins continue improving as the company shifts toward cloud-based solutions. Gross margins sit near 45–50%, with operating margins in the low-to-mid 20s. Unlike flashy enterprise SaaS firms, Tyler benefits from stable government budgets and diversified municipal customers, reducing credit and concentration risk. Management is conservative and execution-oriented, focusing on long-term compounding rather than aggressive expansion. Short interest remains low, reflecting institutional confidence. A DCF using 9% discount rate and 3% terminal growth yields a fair value range of $420–$480 per share. The stock often trades at a premium due to its stability and predictable cash flow profile. Risks include slower government IT spending and competition from larger software vendors entering the public sector vertical. Overall, Tyler represents a steady compounder rather than a hypergrowth story.
Name: Michael R. Minogue
Position: Director
Transaction Date: 02-25-2026 Shares Bought: 2,030 shares an Average Price Paid of $246.23 for Cost: $499,847
Name: Ashley McEvoy
Position: President and CEO
Transaction Date: 02-20-2026 Shares Bought: 4,300 shares an Average Price Paid of $239.35 for Cost: $1,029,205
Company: Insulet Corp (PODD)
Insulet Corporation develops and manufactures insulin delivery systems for individuals with insulin-dependent diabetes in the United States and worldwide, including the Omnipod 5 automated insulin delivery system and the Omnipod DASH platform, both of which utilize Bluetooth technology for insulin management and are integrated with continuous glucose monitoring. The company also produces delivery pods for Amgen’s Neulasta Onpro kit, designed to reduce the risk of infection after chemotherapy. Insulet sells its products to pharmacies and independent distributors. The company was founded in 2000 and has its headquarters in Acton, Massachusetts.
Michael R. Minogue has been an Independent Director on Insulet Corporation’s board since August 2017, and he also serves on the Audit Committee, adding considerable healthcare leadership experience to the company’s governance. Prior to and concurrently with his directorship at Insulet, he was Chairman, President, and CEO of Abiomed, Inc. from 2004 until its sale in December 2022, and he previously spent 11 years in key capacities at GE Healthcare, where he holds three patents. Minogue has also served as a decorated United States Army officer. He received a Bachelor of Science in Engineering Management from the United States Military Academy at West Point and an MBA from the University of Chicago.
Ashley McEvoy has served as President and CEO of Insulet Corporation since April 28, 2025, when she was appointed by the Company’s Board of Directors and became a director. She joined Insulet that same month, following a long career with Johnson & Johnson, where she progressed through the ranks from 1996 to 2023, most recently as Executive Vice President and Worldwide Chairman of MedTech. McEvoy had previously held top positions in J&J’s consumer and medical businesses before joining the corporation. She received her Bachelor of Arts in Communications and Business from the University of Pennsylvania.
Insomniac Hedge Fund Guy Opinion: Insulet (PODD) is a high-quality compounder hiding inside a medical device wrapper. The Omnipod platform creates real switching costs, and the recurring pod revenue makes this far more durable than a typical hardware story. The expansion into Type 2 diabetes is the swing factor — if adoption scales there, the TAM meaningfully widens and growth can stay elevated longer than skeptics expect. Management has executed well, margins are steadily improving, and the reimbursement backdrop remains supportive for now. That said, this is a premium multiple stock pricing in sustained mid-to-high-teens growth and continued operating leverage. If growth dips into the low teens, the multiple won’t be so kind. This isn’t a deep value play — it’s a “pay for quality and execution” story. I’m bullish on the business, but disciplined on entry. You buy PODD on pullbacks when the market gives you fear, not when enthusiasm is peaking.
Name: Kenneth G. St Romain
Position: Senior Vice President
Transaction Date: 02-23-2026 Shares Bought: 5,560 shares an Average Price Paid of $218.67 for Cost: $1,215,810
Name: James D. Hope
Position: Director
Transaction Date: 02-25-2026 Shares Bought: 1,405 shares an Average Price Paid of $213.64 for Cost: $300,162
Company: Pool Corp (POOL)
Pool Corporation provides swimming pool supplies, equipment, related recreational, irrigation, and landscape care items in the United States as well as around the world. The company provides maintenance products such as chemicals, supplies, and pool accessories; repair and replacement parts for pool equipment such as cleaners, filters, heaters, pumps, and lights; and building materials such as concrete, plumbing, and electrical components, functional and decorative pool surfaces, decking materials, tiles, hardscapes, and natural stones for pool installations and remodeling. It also offers pool equipment and components for new and renovated pools, as well as irrigation and related items. Pool Corporation was established in 1993 and is based in Covington, Louisiana.
Kenneth G. St. Romain is Senior Vice President of Pool Corporation, a position he took in September 2022 after nearly 30 years with the company. He joined Pool Corporation in 1993 and worked his way up the ranks to several senior positions. Before he was appointed Senior Vice President, he was Group Vice President from 2007 to 2022. He previously held significant operational positions at SCP Distributors, LLC, including General Manager of the Central Division. Pool Corporation revealed in 2026 that Mr. St. Romain will retire later this year, and a leadership transfer process is already underway.
James D. Hope has served as an Independent Director of Pool Corp. since October 10, 2022, when he was appointed by the Board of Directors to fill a newly created board seat and later stood for election by shareholders. He joined the company’s board after a long executive career in financial and operational leadership roles across major distribution companies, bringing deep expertise in finance, strategic planning and operations to Pool Corp’s governance. He holds a Bachelor of Business Administration from the University of Texas at Austin, reflecting his strong foundation in business and finance.
Insomniac Hedge Fund Guy Opinion: Pool Corp (POOL) is one of those quietly dominant businesses that makes Wall Street look smarter than it actually is. They’re not building pools — they’re supplying the entire ecosystem: maintenance products, equipment, chemicals, renovation parts. That’s recurring, non-discretionary revenue once the pool is in the ground. The real genius of POOL is distribution scale and logistics — it’s boring, operational excellence that throws off serious cash. The problem? It’s cyclical whether management admits it or not. New pool construction is tied to housing strength, consumer confidence, and discretionary spending. When housing booms, POOL prints money. When rates spike and backyard upgrades slow, growth compresses fast. Historically it’s been an incredible compounder because of disciplined capital allocation and margin expansion, but you don’t pay peak-cycle multiples for a housing-adjacent name. This is a high-quality operator in a cyclical wrapper — buy it when sentiment is washed out, not when everyone’s throwing pool parties. Not financial advice — just one sleep-deprived market operator’s take.
Name: Erik R. Hirsch
Position: Co-Chief Executive Officer, 10% Owner
Transaction Date: 02-20-2026 Shares Bought: 9,225 shares an Average Price Paid of $107.13 for Cost: $988,260
Name: David J. Berkman
Position: Director
Transaction Date: 02-24-2026 Shares Bought: 10,000 shares an Average Price Paid of $101.00 for Cost: $1,010,000
Company: Hamilton Lane Inc. (HLNE)
Hamilton Lane Incorporated is a private equity and venture capital business that invests in a variety of strategies, including buyouts, venture capital, growth equity, debt, and real estate. The business invests in North America, Europe, Asia Pacific, and emerging economies, with an emphasis on innovative and disruptive industries such as technology, healthcare, energy, and consumer services. Founded in 1991 and located in Philadelphia, Pennsylvania, it offers a wide range of alternative investment options for small and medium-sized businesses.
Erik R. Hirsch joined Hamilton Lane in 1999 and has held several prominent positions at the business, including Managing Director, Chief Investment Officer (2003-2016), and Vice Chairman & Head of Strategic Initiatives (2016-2023). He has been Co-Chief Executive Officer since January 1, 2024, where he oversees the company’s strategic direction and operations. He also serves on the Board of Directors. Erik R. Hirsch earned a Bachelor of Arts degree from the University of Virginia, in addition to a Juris Doctor from Boston College and a Master of Laws from the same institution.
David J. Berkman has been an independent director of Hamilton Lane Inc. since May 2017, when he was initially elected to the company’s board of directors; he continues in that position while also serving on the audit and pay committees. Berkman had a lengthy private equity and governance experience prior to joining Hamilton Lane’s board, including serving as Managing Partner of Associated Partners, LP. Since joining, he has served on the board of directors and the audit committee, completing his director responsibilities through yearly elections and committee assignments. Berkman earned a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School.
Insomniac Hedge Fund Guy Opinion:
Hamilton Lane Inc. is a toll collector in the private markets boom — and toll collectors are beautiful businesses when traffic is flowing. They sit in the middle of private equity, secondaries, co-investments, and private credit, clipping fees on assets under management while institutions and high-net-worth investors chase alternatives for yield. It’s asset-light, high-margin, and structurally levered to the growth of private markets — which have been vacuuming capital from traditional public equities for years. The beauty of HLNE is that it doesn’t need to swing for home runs; it just needs AUM to grow and markets to function.
Now the catch: private markets aren’t immune to gravity. When deal activity slows, exits freeze, or LPs get liquidity-constrained, fundraising gets tougher and performance fees dry up. HLNE isn’t as cyclical as a PE fund itself, but it’s absolutely tied to sentiment in alternatives. When private equity is in favor, this stock trades like a premium compounder. When liquidity tightens, multiples compress fast.
Bottom line — this is a high-quality alternative asset manager riding a long-term secular shift toward private markets. It’s not cheap for a reason. You’re buying durability and fee streams, not fireworks. Just remember: when capital markets seize up, even toll roads see less traffic. This isn’t financial advice — just one sleep-deprived market veteran’s take.
Name: John Yearwood
Position: Director
Transaction Date: 02-20-2026 Shares Bought: 6,410 shares an Average Price Paid of $78.12 for Cost: $500,747
Company: Nabors Industries Ltd (NBR)
Nabors Industries Ltd. offers drilling and related services for land-based and offshore oil and gas wells in the United States and abroad. The company operates in four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies, providing services such as tube running, controlled pressure drilling, and sophisticated digital drilling systems. It also manufactures drilling equipment and offers after-market assistance. Founded in 1952, the corporation is headquartered in Hamilton, Bermuda.
John Yearwood joined Nabors Industries Ltd.’s Board of Directors in October 2010, filling a newly constituted board position. He has been a Director since 2010, and was designated Lead Director in 2011. He continues to play an important role in board supervision and governance, including membership on significant board committees. He has substantial industry experience, having previously served as Smith International’s CEO, President, and Chief Operating Officer until its sale in 2010, as well as almost 27 years with Schlumberger in key leadership roles throughout global operations. John Yearwood earned a Bachelor of Science in Geology and the Environment from Oxford Brookes University in England.
Insomniac Hedge Fund Guy Opinion: is not an investment — it’s a macro bet wearing steel-toed boots. This is a high-beta oilfield services name that lives and dies by rig counts, day rates, and the global appetite for drilling. When oil is strong and E&Ps are spending, NBR can rip higher like a coiled spring because operating leverage in this business is enormous. But when crude softens or capex budgets tighten, the downside comes fast and unforgiving. The balance sheet has historically been the weak spot — leverage in a cyclical industry is like juggling chainsaws. Yes, management has worked to streamline and modernize the fleet, and international exposure gives it some diversification, but make no mistake: this is a torque trade on energy, not a steady compounder. You don’t buy NBR for safety; you buy it when you believe oil fundamentals are tightening and drilling activity is about to accelerate. Timing matters here more than valuation. This isn’t financial advice — just one sleep-deprived market veteran’s take.
Name: Balaji A. Krishnamurthy
Position: Chief Financial Officer
Transaction Date: 02-24-2026 Shares Bought: 22,453 shares an Average Price Paid of $71.25 for Cost: $1,599,780
Company: Uber Technologies Inc. (UBER)
Uber Technologies, Inc. creates and manages proprietary technological applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and Asia Pacific. The Mobility category connects users to a variety of mobility options, including ridesharing, carsharing, financial partnerships, and advertising services. The Delivery section enables customers to search for and discover grocery restaurants, as well as white-label delivery-as-a-service for shops and restaurant services. The Freight segment manages transportation and logistics networks, connecting shippers and carriers in a digital marketplace, including carrier upfronts, pricing, and shipment booking, as well as providing an on-demand platform to automate logistics end-to-end transactions for small and medium-sized businesses to global enterprises. Uber Technologies, Inc. was founded in 2009 and is based in San Francisco, CA.
Balaji A. Krishnamurthy is the Chief Financial Officer of Uber Technologies Inc., having joined Uber in 2019, where he initially served in roles including senior leader of investor relations and later vice president of strategic finance. He was appointed CFO effective February 16, 2026, taking on responsibility for Uber’s global financial strategy, capital allocation, accounting, tax, treasury and investor relations functions as part of the senior leadership team. He holds a Bachelor of Engineering in Electronics and Communications from the Manipal Institute of Technology and an MBA from the Management Development Institute in Gurugram and is also a Chartered Financial Analyst, combining strong technical and financial education in his executive background.
Insomniac Hedge Fund Guy Opinion:
Uber Technologies Inc. (UBER) is no longer the cash-burning, “growth at any cost” poster child of the zero-rate era. It’s evolved into a scaled mobility and logistics platform with real operating leverage, real free cash flow, and real network effects. The genius of Uber isn’t just rides — it’s density. The same driver base powers mobility, delivery, and increasingly advertising and ancillary services. That ecosystem creates a flywheel: more users attract more drivers, which improves service levels, which attracts more users. That’s platform economics 101, and Uber is finally monetizing it properly.
The bull case is straightforward: expanding margins, improving take rates, disciplined cost structure, and global dominance outside of China. Delivery is no longer a pandemic sugar high — it’s embedded consumer behavior. Add in ads as a high-margin revenue stream and you’ve got a company transitioning from scrappy disruptor to cash-generating machine.
The risk? Regulation, labor classification battles, and the fact that this is still a cyclical consumer-facing business. If the economy slows, discretionary ride volume softens. And don’t forget — competition never fully dies in this space. But unlike five years ago, Uber now has scale and balance sheet strength on its side.
This isn’t a speculative tech lottery ticket anymore. It’s a maturing platform with improving fundamentals. If margins keep expanding, the multiple can hold. If growth slows materially, it won’t get treated kindly. Quality improving story — but price still matters.
Not financial advice. Just one sleep-deprived market veteran calling it like he sees it.
Name: Robert M. Blue
Position: Chair, President, and CEO
Transaction Date: 08-27-2025 Shares Bought: 4,152 shares an Average Price Paid of $60.35 for Cost: $250,557
Company: Dominion Energy Inc. (D)
Dominion Energy, Inc. offers regulated electricity and natural gas services in the United States. It operates through three segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The Dominion Energy South Carolina segment generates, transmits, and distributes electricity to clients in central, southern, and southwestern South Carolina, as well as natural gas to residential, commercial, and industrial customers in the state. Dominion Energy, Inc. was founded in 1983 and has its headquarters in Richmond, Virginia. It was previously known as Dominion Resources, Inc.
Robert M. Blue became Chair, President, and Chief Executive Officer of Dominion Energy Inc. in October 2020 as President and CEO and then added the role of Chair in April 2021. He originally joined Dominion Energy in 2005 and held a succession of executive roles before his executive appointments, including executive vice president and co-chief operating officer. Before Dominion, he worked in public policy and law. He earned a BA from the University of Virginia, a JD from Yale Law School, and an MBA from the University of Virginia’s Darden School of Business.
Insomniac Hedge Fund Guy Opinion: Dominion Energy is no longer the bloated, midstream-tangled utility it once was. It’s now a cleaner, regulated rate-base growth story trying to win back investor trust after a painful dividend reset. The business model is inherently stable — a government-approved monopoly with predictable earnings — but utilities are bond proxies, and bonds haven’t exactly had a picnic over the last few years.
The market punished Dominion for leverage and strategic drift, and management responded by selling assets and simplifying the story. That was necessary. The problem is that utilities are valued on credibility, and once you cut a dividend, income investors don’t forget.
At current levels, the stock looks reasonably aligned with a conservative DCF assuming mid-single-digit growth and an 8% discount rate. There’s no screaming margin of safety, but there’s also no obvious disaster brewing unless offshore wind costs spiral or regulators get stingy.
This isn’t a moonshot. It’s a repaired toll road with a 4–5% yield and modest rate-base growth. If rates stabilize and execution improves, the stock can grind higher. But you’re buying steady cash flow — not alpha fireworks.
As always, this isn’t financial advice — just one battle-tested market addict’s view. Do your own work.
Name: Harris H. Simmons
Position: Chairman & CEO
Transaction Date: 02-24-2026 Shares Bought: 4,500 shares an Average Price Paid of $59.03 for Cost: $265,635
Company: Zions Bancorporation National Association (ZION)
Zions Bancorporation, National Association offers a variety of banking and financial services in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. It serves commercial, small business, and retail customers under many brands, including Zions Bank, California Bank & Trust, Amegy Bank, and others. Commercial and real estate loans, capital markets and investment banking, treasury and cash management, wealth management, and consumer banking are among the services offered. The corporation was founded in 1873 and changed its name in 2018. Its headquarters is in Salt Lake City.
Harris H. Simmons has been Chairman and Chief Executive Officer of Zions Bancorporation National Association since 2002, when he added the chairman title to his previous CEO post. He first became CEO in 1990. He joined Zions in 1970 and rose through the ranks to become chief financial officer and president before taking over as CEO. Simmons’s extended stay has seen him oversee the company’s expansion throughout the western United States. He holds a bachelor’s degree in economics from the University of Utah and an MBA from Harvard Business School.
Insomniac Hedge Fund Guy Opinion: Zions Bancorporation is a classic regional bank — plain vanilla on the surface, but heavily leveraged to interest rate cycles and credit quality underneath. This isn’t a flashy fintech disruptor. It’s a spread business. They borrow short, lend long, and live or die on net interest margin. When rates rise in an orderly way and deposit costs stay sticky, ZION mints money. When the yield curve inverts, funding costs spike, and depositors start shopping around for 5% money market yields, margins compress fast. The market doesn’t forgive regional banks after what we saw in 2023 — confidence matters more than earnings in this sector. ZION’s balance sheet is solid relative to weaker peers, but it still carries the structural risk every regional bank carries: commercial real estate exposure and deposit competition. If rates stabilize and the economy avoids a hard landing, the stock can re-rate nicely off depressed sentiment. But this isn’t a growth story — it’s a cyclical rate trade wrapped in a dividend. Own it when fear is high and spreads are improving, not when everyone suddenly remembers banks exist. This isn’t financial advice — just one sleep-deprived market lifer’s view.
Name: Patrick G. Ryan Jr.
Position: Director
Transaction Date: 02-20-2026 Shares Bought: 25,865 shares an Average Price Paid of $39.98 for Cost: $1,033,975
Company: Ryan Specialty Holdings Inc. (RYAN)
Ryan specialist Holdings, Inc. provides specialist products and solutions to insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, the rest of Europe, India, Singapore, and internationally. The organization provides distribution, underwriting, product development, administration, and risk management services through its roles as a wholesale broker, managing underwriter, or program administrator with delegated power from insurance carriers. It serves the commercial, industrial, institutional, individual, and governmental sectors. The company was founded in 2010, and its headquarters is in Chicago, Illinois.
Patrick G. Ryan Jr. has served as a Director of Ryan Specialty Holdings Inc. since January 1, 2024, when he was appointed to the company’s Board of Directors following the retirement of a long-serving board member and began contributing to strategic oversight for the specialty insurance firm. He joined Ryan Specialty’s board in 2024 bringing deep leadership experience as a technology entrepreneur and CEO of Incisent Labs Group, along with prior board service at Penske Corporation. Ryan Jr. holds a Bachelor of Arts from Georgetown University, an MBA from Northwestern University’s Kellogg School, and a Juris Doctorate cum laude from Northwestern School of Law.
Insomniac Hedge Fund Guy Opinion:
Ryan Specialty Holdings (RYAN) is a quiet compounder hiding in plain sight. This isn’t some flashy AI rocket ship — it’s a specialty insurance brokerage riding structural tailwinds in excess & surplus lines, where pricing power actually exists. When standard insurers pull back or risks get weird, Ryan steps in and brokers the complex stuff. That’s a beautiful business model in a world where risk keeps getting more complicated — cyber, climate, litigation, you name it.
The magic here is capital-light economics. They don’t carry underwriting risk like insurers; they clip fees. High margins, recurring relationships, and steady organic growth. Add in smart bolt-on acquisitions and you’ve got a classic roll-up story in a fragmented market. The kind of boring-on-the-surface business institutions quietly accumulate.
But let’s not romanticize it. Insurance pricing cycles matter. If the hard market softens aggressively, growth moderates. And it doesn’t trade like a bargain-bin value stock — you’re paying for quality and consistency. The upside isn’t explosive; it’s grind-it-out compounding.
My take? RYAN is the kind of name that wins over time, not overnight. It’s not going to double in six months, but it can quietly beat the market if execution stays sharp and specialty pricing remains rational. You don’t chase it during euphoric runs — you accumulate it when the market gets bored.
Not financial advice — just one sleep-deprived market veteran calling it how he sees it.
Name: David S. DeMarco
Position: President & CEO
Transaction Date: 12-24-2025 Shares Bought: 3,035 shares an Average Price Paid of $31.78 for Cost: $96,452
Company: Arrow Financial Corp (AROW)
Arrow Financial Corporation, a bank holding company, offers a variety of commercial and consumer banking products and services in the United States. The company’s deposit options include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. The company’s lending activities also include consumer installment loans to finance personal expenses, personal lines of credit, overdraft protection, and automobile loans; residential real estate loans, fixed home equity loans, and home equity lines of credit for consumers to finance home improvements, debt consolidation, education, and other purposes; and an indirect lending program. Arrow Financial Corporation was founded in 1851 and is based in Glens Falls, New York.
David S. DeMarco is the President and CEO of Arrow Financial Corp, a position he has held since May 2023, when he was nominated by the Board following a lengthy employment with the company. He joined Arrow Financial Corporation in 1987 as a commercial lender and worked his way up through the organization, eventually becoming President and CEO of its Saratoga National Bank subsidiary in 2012 before taking over the entire company’s leadership in 2023. He holds a bachelor’s degree in finance from the University of Texas at Austin and has completed executive development programs at the Adirondack Regional Chamber of Commerce’s Leadership Program and the Stonier Graduate School of Banking.
Insomniac Hedge Fund Guy Opinion: Arrow Financial is not sexy. It’s not disruptive. It’s not going to 10x. But it might quietly double while no one’s watching. This is a conservatively run community bank with a sticky deposit base, disciplined underwriting, and a dividend culture that predates most fintech CEOs’ birth certificates.
The market hates regional banks right now because it always does when rates whipsaw and commercial real estate headlines start screaming. But AROW’s credit metrics remain stable and its profitability compares favorably to similarly sized peers. It trades closer to tangible book value than its long-term averages, which suggests sentiment is doing more damage than fundamentals.
Recent insider buying — though not massive — signals management believes the worst of rate-driven margin compression may already be reflected in the price. Short interest is low, meaning there’s no organized bear thesis beyond generic “regional banks are risky.”
The DCF suggests intrinsic value in the low-to-mid 30s assuming modest growth and normalized margins. That’s not heroic modeling. It’s conservative math.
Arrow isn’t a growth stock. It’s a capital preservation and dividend compounding vehicle with optional upside if M&A returns to the regional banking space. For investors demanding explosive returns, look elsewhere. For those willing to own a steady, conservatively run franchise at a reasonable valuation, Arrow deserves a serious look.
Not financial advice — just one insomniac who’s seen enough banking cycles to know panic is often the entry point.
Name: Duncan Hawkesby
Position: Director
Transaction Date: 08-20-2025 Shares Bought: 71,586 shares an Average Price Paid of $23.05 for Cost: $1,649,873
Transaction Date: 08-26-2025 Shares Bought: 159,506 shares an Average Price Paid of $22.99 for Cost: $3,667,497
Company: Reynolds Consumer Products Inc. (REYN)
Reynolds Consumer Products Inc. manufactures and sells products in the cooking, serving, cleanup, storage, and tableware areas in the United States and abroad. Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware, and Presto Products are the company’s four operating segments. It sells branded and store-brand products to grocery stores, mass merchants, warehouse clubs, discount chains, dollar stores, drug stores, home improvement stores, military outlets, and eCommerce retailers. Reynolds Consumer Products, Inc. was formed in 1947 and is headquartered in Lake Forest, Illinois. Reynolds Consumer Products Inc. is a subsidiary of Packaging Finance Limited.
Duncan Hawkesby is a board director of Reynolds Consumer Products Inc. He was chosen as a Class II Director by the company’s Board of Directors on July 23, 2025, and will serve until the 2028 annual meeting of stockholders. His appointment increased the board’s size from eight to nine members and reflects his relationship with the company’s controlling stockholder under the applicable shareholders’ agreement. Hawkesby had a wide executive and directorship career before joining REYN’s board, including leading his own investment firm and serving on the boards of several packaging and logistics companies. He earned a Bachelor of Commerce from the University of Otago in New Zealand.
Insomniac Hedge Fund Guy Opinion: Reynolds Consumer Products is the definition of a boring compounder — and sometimes boring pays. The company controls dominant shelf space in essential household categories that consumers replace regardless of economic conditions. That behavioral recurrence creates durable, recession-resistant cash flow. However, this is not a growth engine. Five-year revenue growth in the low single digits confirms that this business relies more on pricing discipline and margin management than expansion.
The stock’s appeal lies in its stability and dividend yield, not multiple expansion. Commodity volatility has historically pressured margins, but recent normalization in resin and aluminum costs improves forward visibility. Insider buying suggests management sees limited downside at current levels, likely tied to defensive positioning and undervaluation relative to intrinsic cash flow.
The DCF suggests fair value in the high $20s assuming modest growth and a conservative discount rate. At a meaningful discount to that level, REYN becomes attractive as a steady free cash flow generator. Above it, investors are paying a premium for safety. This is not a stock for moonshot chasers. It is a stock for disciplined capital allocators who understand that sometimes the best returns come wrapped in aluminum foil — not hype.
Not investment advice. Do your own work.
Name: Steven H. Collis
Position: Director
Transaction Date: 02-23-2026 Shares Bought: 15,000 shares an Average Price Paid of $17.81 for Cost: $267,150
Company: Bausch & Lomb Corp (BLCO)
Bausch & Lomb Corporation is a multinational eye health corporation that operates in the Americas, Europe, and Asia. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical and offers items such as contact lenses, eye drops, vitamins, and treatments for glaucoma and dry eye. The company also offers medical instruments and technologies for eye surgeries, such as cataract and retinal procedures. It is a subsidiary of Bausch Health Companies Inc. and was founded in 1853. Its headquarters is in Vaughan, Canada.
Steven H. Collis has been a Director at Bausch & Lomb Corporation since 2026. He participates in various board committees as part of the company’s governance framework. Collis has substantial leadership experience, having joined the company that eventually became Cencora in the mid-1990s and progressing through various posts to become President and CEO from 2011 to 2024, followed by Executive Chairman until late 2025. Steven H. Collis earned a Bachelor of Commerce degree from the University of the Witwatersrand in Johannesburg, South Africa.
Insomniac Hedge Fund Guy Opinion: Bausch & Lomb Corp (BLCO) is a turnaround story wearing a medical device badge. This is a legacy eye-care franchise with real brand equity, global distribution, and a diversified mix across surgical, vision care, and pharmaceuticals — but it’s still living under the long shadow of its former parent’s balance sheet sins. The bull case is simple: stable demand (people aren’t postponing cataract surgery forever), recurring contact lens revenue, and operational leverage if management executes. The bear case? Debt sensitivity, competitive pressure in lenses, and no room for sloppy execution in a higher-rate world. BLCO isn’t a hyper-growth rocket; it’s a restructuring grind. If margins expand and debt trends improve, the stock has room to re-rate. If growth stalls, it stays stuck in valuation purgatory. This is a “prove it” equity — not a momentum darling. As always, this isn’t financial advice — just one battle-tested market addict’s view.
Name: David Christopher Young
Position: President and CEO
Transaction Date: 02-23-2026 Shares Bought: 60,000 shares an Average Price Paid of $12.18 for Cost: $730,794
Company: Vertex Inc. (VERX)
Vertex, Inc., along with its subsidiaries, provides enterprise tax technology solutions to the retail, wholesale, and manufacturing industries in the United States and abroad. The company offers tax determination; compliance and reporting, including workflow management tools; tax data management and document management solutions; analytics and insights; pre-built integration that includes mapping data fields, as well as business logic and configurations; industry-specific solutions that support certain industries for indirect tax needs, such as retail, communications, and leasing; and technology-specific solutions, such as chain flow accelerator and SAP-SP. The company provides its software products via software licenses and software-as-a-service subscriptions. Vertex, Inc. was founded in 1978 and is based in King of Prussia, Pennsylvania.
David Christopher Young is the President & Chief Executive Officer of Vertex, Inc. He joined the company in 2025, and was appointed President & CEO effective November 10, 2025, succeeding the retiring David DeStefano and also becoming a member of the company’s Board of Directors in connection with his leadership role. Before joining Vertex, Young had a long career in senior executive roles at major technology firms including Microsoft and McAfee. He holds a Bachelor of Arts degree from Princeton University and an MBA from Harvard Business School.
Insomniac Hedge Fund Guy Opinion: Vertex Inc. (VERX) is not sexy, and that’s exactly why it’s interesting. This is a mission-critical tax compliance software company operating in a regulatory environment that only gets more complex over time. Governments don’t simplify tax codes — they weaponize them. That complexity is Vertex’s moat. Once embedded in enterprise systems, ripping it out is painful and risky, which makes revenue sticky and recurring. The growth profile is steady rather than explosive, margins are improving as the cloud mix expands, and the shift toward SaaS is quietly strengthening the model. The risk? It’s a mid-cap software name that trades on execution and multiple discipline. If growth slows or enterprise spending tightens, the multiple compresses quickly. But structurally, this is a picks-and-shovels business for global commerce — not cyclical hype. I like companies that monetize complexity. Just don’t overpay for “steady.” This isn’t financial advice — just one sleep-deprived market veteran’s take.
Name: Richard L. Lindstrom MD
Position: Director
Transaction Date: 02-20-2026 Shares Bought: 60,229 shares an Average Price Paid of $7.66 for Cost: $461,354
Company: Ocular Therapeutix Inc. (OCUL)
Ocular Therapeutix, Inc., a biopharmaceutical company, engages in the development and commercialization of therapies for retinal diseases and other eye conditions using its bioresorbable hydrogel-based formulation technology in the United States. The company sells DEXTENZA, a dexamethasone ophthalmic insert used to treat post-operative ocular inflammation and pain, as well as allergic conjunctivitis. It is also working on AXPAXLI, an axitinib intravitreal hydrogel that is in phase 3 clinical trials for the treatment of wet age-related macular degeneration and non-proliferative diabetic retinopathy, as well as OTX-TIC, a travoprost intracameral hydrogel that has completed phase 2 clinical trials for the treatment of open-angle glaucoma or hypertension. Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.
Richard L. Lindstrom, M.D. has served as a Director of Ocular Therapeutix Inc. since 2012, when he was elected to the company’s Board of Directors and began providing governance and strategic oversight for the ophthalmic biopharmaceutical company. A distinguished ophthalmologist and founder of Minnesota Eye Consultants, he brings decades of clinical, research and executive experience in eye care and medical technology to his board role. He holds a BA degree in pre-medical studies, a BS degree in Medicine and an MD degree from the University of Minnesota.
Insomniac Hedge Fund Guy Opinion:
Ocular Therapeutix (OCUL) is not an investment — it’s a biotech wager wearing a lab coat. This is a clinical-stage ophthalmology play built around sustained-release drug delivery tech. Translation? If the pipeline hits, the stock can triple. If it misses, you’re staring at a crater. That’s biotech math.
The bull thesis hinges on their hydrogel platform and late-stage retinal programs. If their therapies for wet AMD or other retinal diseases show strong data, you’re suddenly talking about a multibillion-dollar addressable market. Ophthalmology is attractive — chronic conditions, repeat treatments, pricing power — and big pharma loves to acquire validated eye-care assets. That’s the dream scenario.
Now the cold shower: they burn cash. They rely on clinical data. They rely on regulatory approvals. And they rely on capital markets staying open. Any trial disappointment, delay, or dilution and this thing trades like a penny stock with better branding. Revenue today is not the story — pipeline credibility is.
This is classic asymmetric setup territory. High risk, high reward, event-driven. You don’t “invest” in OCUL the way you invest in a durable compounder. You size it small, respect the volatility, and understand that binary catalysts rule the tape.
If you want steady sleep, this isn’t your stock. If you want calculated biotech volatility with upside optionality, now we’re talking.
Not financial advice — just one battle-hardened market addict’s take.
Name: Holger Bartel
Position: Global Chief Executive Officer
Transaction Date: 02-20-2026 Shares Bought: 200,000 shares an Average Price Paid of $5.39 for Cost: $1,077,000
Company: Travelzoo (TZOO)
Travelzoo, together with its subsidiaries, is an Internet media firm that offers travel, entertainment, and local experiences worldwide. The company provides the Travelzoo website, Travelzoo Top 20 email newsletters, Standalone email newsletters, Travelzoo Network, Travelzoo mobile applications, Jack’s Flight Club website, Jack’s Flight Club mobile apps, and Jack’s Flight Club newsletters. The Travelzoo website and newsletters include local deals and getaways listings, which allow members to purchase vouchers for offers from local businesses such as spas, hotels, and restaurants; Jack’s Flight Club, a subscription service that provides members with information about exceptional airfares; and Travelzoo Network, a network of third-party websites that list the company’s published travel deals. Travelzoo was founded in 1998 and is headquartered in New York, NY.
Holger Bartel, has served as Global Chief Executive Officer of Travelzoo since January 2016, leading the company’s global strategy and operations. He originally joined Travelzoo in 1999 and advanced through several senior leadership roles, including Executive Vice President. Bartel previously served as Chief Executive Officer from October 2008 to June 2010, gaining deep insight into the company’s business model and international markets. In addition to his executive responsibilities, he is a member of Travelzoo’s board of directors. Holger Bartel holds a Ph.D. in Economics and an MBA in finance and accounting from the University of St. Gallen, Switzerland.
Insomniac Hedge Fund Guy Opinion: Travelzoo (TZOO) is one of those small-cap names that quietly morphs from “forgotten relic of the dot-com era” into a cash-flow machine when no one’s paying attention. It’s lean, it’s niche, and it doesn’t try to compete head-on with Booking or Expedia in the heavyweight division. Instead, it curates travel deals for a loyal subscriber base — a model that can throw off surprisingly strong margins when travel demand is hot. The bull case is simple: asset-light model, improving profitability, and operating leverage when travel sentiment is strong. The bear case? It’s small, it’s cyclical, and it lives or dies by discretionary consumer spending. In a downturn, this isn’t a defensive play — it’s a volatility vehicle. TZOO can move 5–10% like it’s nothing because liquidity is thin and expectations swing fast. Bottom line: it’s not a blue-chip compounder — it’s a sentiment-driven small cap with real earnings torque. You don’t marry it. You date it when fundamentals and momentum align. Not financial advice — just one market insomniac’s take.
Name: S. Louise Phanstiel
Position: Director
Transaction Date: 02-25-2026 Shares Bought: 104,507 shares an Average Price Paid of $4.73 for Cost: $494,722
Company: Myriad Genetics Inc. (MYGN)
Myriad Genetics, Inc., a molecular diagnostics and precision medicine firm, creates molecular testing. The company provides molecular diagnostic tests in oncology, women’s health, and pharmacogenomics. It also offers the MyRisk Hereditary Cancer test, a DNA sequencing test for hereditary cancers; the BRACAnalysis CDx Germline Companion Diagnostic test, a DNA sequencing test for metastatic breast, ovarian, pancreatic, and prostate cancer with deleterious or suspected deleterious germline BRCA variants; and the MyChoice CDx Companion Diagnostic test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer. The company was established in 1991 and is based in Salt Lake City, Utah.
S. Louise Phanstiel has served as a Director of Myriad Genetics Inc. since September 2009, when she was first elected to the company’s Board of Directors and began contributing to corporate governance and strategic oversight. She later became Chair of the Board in March 2020, adding board leadership responsibilities on top of her long tenure on the board. Before her service at Myriad, Phanstiel held senior executive roles at Elevance Health (formerly WellPoint) and earlier was a partner at Coopers & Lybrand, bringing deep financial and operational expertise to her director role. She holds a BA in Accounting from Golden Gate University.
Insomniac Hedge Fund Guy Opinion:
Myriad Genetics (MYGN) is one of those names that has been living off its reputation longer than its momentum. Genetic testing is a massive secular opportunity — oncology, hereditary cancer, precision medicine — the TAM is real. But Myriad hasn’t exactly executed like a category killer. This is a company that once dominated BRCA testing, lost exclusivity, and has been trying to reinvent itself ever since. Revenue growth has been choppy, margins have been under pressure, and reimbursement risk is always lurking in the background like a regulatory tax collector.
The bull case? If management tightens operations, stabilizes reimbursement, and gets leverage from newer product lines in oncology and women’s health, there’s operating leverage hiding in there. This is the kind of beaten-down healthcare name that can snap 30–50% on improving fundamentals because expectations are already low.
The bear case? Competitive intensity is brutal, pricing pressure is real, and execution missteps in diagnostics don’t get forgiven easily. This isn’t a high-moat medtech; it’s a reimbursement-sensitive lab business.
My take: MYGN is more of a turnaround/speculative recovery play than a high-conviction compounder. You don’t own it for stability — you own it if you believe the earnings inflection is real and the market is mispricing that shift. It’s not trash, but it’s not premium either. If I’m involved, it’s position-sized accordingly and monitored closely.
Not financial advice — just one insomniac market veteran calling it like he sees it.