It All Comes Down to Who Controls the Strait of Hormuz: The “Final Battle”

 Ray Dalio’s ominous substack prediction forced me to refocus on what I thought would happen in the war with Iran and Israel.  One point that keeps coming up in these geopolitical situations is whether oil prices will be higher for longer as a result. Unlike Ray, I don’t believe it is black and white  with an unambiguous outcome.  Dalio pontificates using the certainty of history as proof of his thesis. But history itself often has different interpretations depending on who is the narrator. 

Ray Dalio argues that the geopolitical conflict surrounding the Strait of Hormuz represents a decisive “final battle” that could determine the sustainability of the American-led world order. Drawing parallels to historical turning points like the 1956 Suez Canal Crisis, Dalio emphasizes that control over this critical trade route will serve as a global test of U.S. power and military-financial credibility. If the U.S. fails to maintain open passage, it risks a devastating loss of global confidence, triggering capital flight, currency devaluation, and the potential erosion of its reserve currency status as power shifts toward adversaries like Iran. Conversely, a decisive victory would reinforce American dominance, reassure allies, and bolster global confidence in U.S. leadership amidst broader long-term economic and geopolitical cycles.

Well this is certainly a possibility, a more likely outcome in my opinion may be a near permanent reduction in the global consumption of hydrocarbons coming out of the unstable Mideast. There are other places with oil, including the U.S which is now the largest producing oil country in the world. The loss of oil from the Mideast will be supplied by other places in the world. After all, there is a lot of oil in the ground and below the sea floor. It just will cost more to produce.  Another outcome which we are already witnessing is demand destruction and supply substitution from renewables. Both are positive outcomes for global warming and renewable equities. 

Insider buying picked up a bunch this week. When your geopolitical macro perspective is reinforced by insider buying, investors can get a great conviction boost.  This is precisely what happened to me last week.  My view of oil prices is now simply, higher for longer, much longer. Perhaps that explains some of the conviction behind this week’s insider buying in Borr Drilling, HF Sinclair, Matador Resources, and Energy Transport- all up on the week too.

 

Name: Lip Bu Tan
Position: CEO
Transaction Date: 08-11-2026 Shares Bought: 105,263 shares an average price paid of $95.00 for Cost: $9,999,985

Company: Intel Corp (INTC)

Intel Corporation designs, develops, manufactures, markets, sells, and provides computers and related end products and services in the United States, Ireland, Israel, and across the world. It also provides driving assistance and self-driving technologies, as well as developing and manufacturing multi-beam mask writing instruments. The company’s goods are sold thru sales organizations, distributors, resellers, retailers, and OEM partners. Its customers include original equipment manufacturers, original design manufacturers, cloud service providers, and other manufacturers and service providers. Intel Corporation has formed a strategic partnership with Infosys Limited to create a multi-layer AI fabric that combines infrastructure, models, data, apps, and processes into a modular and agent-ready ecosystem. The company was established in 1968 and is based in Santa Clara, California.

Lip-Bu Tan joined Intel Corporation as Chief Executive Officer on March 18, 2025, after being appointed by the Board on March 12, 2025. He also rejoined Intel’s Board of Directors upon assuming the CEO role, having previously served as a director from September 2022 to August 2024. Tan is a highly respected technology executive and investor with more than 20 years of semiconductor and software industry experience. Before joining Intel, he served as CEO of Cadence Design Systems from 2009 to 2021, leading a major transformation that significantly increased the company’s growth and market value. He holds a Bachelor of Science in Physics from Nanyang Technological University, a Master of Science in Nuclear Engineering from the Massachusetts Institute of Technology (MIT), and an MBA from the University of San Francisco.

Insomniac Hedge Fund Guy Opinion: Intel is a turnaround, not a compounder — and turnarounds get priced on hope long before they get priced on results. The cash flow is real, the 18A progress is real, and the capital raise buys time. But paying roughly 50x earnings and an EV/EBITDA near 33x for a company still posting negative net income, with foundry breakeven not targeted until 2027 and external customers still a rounding error, is betting on the story finishing well before the numbers confirm it. I’d call this a hold, not a chase — watch for external foundry customer revenue to actually show up in the segment numbers before treating this as a real buy. This is not financial advice — do your own research before putting money behind any of it.

Name: Franklin Myers
Position: CEO
Transaction Date: 08-11-2026 Shares Bought: 15,000 shares an average price paid of $85.30 for Cost: $1,279,500

Company: HF Sinclair Corp. (DINO)

HF Sinclair Corporation is an independent energy firm with operations in the United States that include refining, renewable fuels, marketing, lubricants, and midstream. It manufactures and markets gasoline, diesel, jet fuel, renewable diesel, specialty lubricants, chemicals, asphalt, and other refined petroleum products. The corporation operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah, serving markets in the Southwest, Rocky Mountains, Pacific Northwest, and surrounding areas. Its marketing division provides fuel to over 1,700 branded stations and licenses the Sinclair brand to new sites. HF Sinclair also provides transportation, storage, and terminal services for crude oil and petroleum, as well as specialized chemicals, base oils, waxes, and other goods. HF Sinclair Corporation, founded in 1947, is headquartered in Dallas, Texas.

Franklin Myers has been the CEO and President of HF Sinclair Corp. since February 2026, when he was appointed on a temporary basis while remaining the company’s Chairperson of the Board, a post he has held since February 2019. He joined the Board in 2011 and has contributed significantly to the company’s governance and strategic direction. Prior to joining HF Sinclair, Myers was an Operating Partner and top Advisor at Quantum Energy Partners, having previously held top management positions at Cameron International and Baker Hughes. He received a Bachelor of Science in Industrial Engineering from Mississippi State University and a Juris Doctorate from the University of Mississippi School of Law.

Insomniac Hedge Fund Guy Opinion: DINO just posted one of its best quarters ever, the CEO backed it up with his own wallet, and the DCF math points to real upside if crack spreads hold anywhere near current levels — but the analyst consensus is a shrug (“Hold,” basically zero upside to target) and insiders as a group sold over $300 million against a $2.3 million buy. That combination — great quarter, cheap-looking multiple, but smart money net selling and Wall Street unimpressed — tells me this is a cyclical trade, not a conviction buy-and-hold. I’d treat DINO as a hold for existing owners riding the crack-spread wave and the lubricants spin-off catalyst, not a fresh buy chasing a print that may be as good as it gets this cycle.

Name: Timothy R. Morse
Position: Director
Transaction Date: 08-12-2026 Shares Bought: 1,500 shares an average price paid of $68.18 for Cost: $102,270

Name: Donal L. Mulligan
Position: Director
Transaction Date: 08-12-2026 Shares Bought: 8,000 shares an average price paid of $67.34 for Cost: $538,720

Company: Tennant Co. (TNC)

Tennant Company and its subsidiaries create, manufacture, and distribute floor cleaning equipment throughout the Americas, Europe, the Middle East, Africa, and Asia Pacific. The company provides manual and automated mechanized cleaning equipment for industrial and commercial use, detergent-free and other environmentally friendly cleaning technologies, aftermarket parts and consumables, and equipment maintenance and repair services. It also offers financing, rental and leasing programs, and machine-to-machine asset management services.  It sells its goods to contract cleaners and businesses via direct sales and service organizations, as well as a network of approved distributors. Tennant Company was formed in 1870 and is based in Eden Prairie, Minnesota.

Timothy R. Morse has served as an independent Director of Tennant Company since February 2021, when he joined the Board of Directors. He currently serves as Chair of the Audit Committee and is a member of the Compensation and Executive Committees. Morse brings extensive financial and executive leadership experience, having previously served as Chief Executive Officer and Chief Financial Officer of Ten-X, Interim Chief Executive Officer and Chief Financial Officer of Yahoo! Inc., and held senior finance roles at General Electric and Altera Corporation. His expertise in finance, corporate governance, mergers and acquisitions, and internal controls has been a valuable asset to Tennant’s Board. He earned a bachelor’s degree from Boston College.

Donal L. Mulligan has served as a Director of Tennant Company since 2009 and has served as Chair of the Board since 2023. He is the former Executive Vice President and Chief Financial Officer of General Mills, where he led the company’s global finance organization, and previously held senior financial leadership roles at The Pillsbury Company, PepsiCo, and YUM! Brands. Mulligan brings extensive expertise in finance, corporate governance, risk management, and international operations, making him a valuable member of Tennant’s Board. He earned a Bachelor of Arts in Political Science from Duke University and an MBA in Finance from the University of Michigan’s Ross School of Business.

Insomniac Hedge Fund Guy Opinion: Tennant is a solid, boring business currently going through a distinctly non-boring operational mess. The Perfect10 composite score comes in at +2.5 on the -10 to +10 scale — a constructive but unspectacular reading, and that number tells the real story: there’s enough here to like (insider buying, strong cash conversion, a genuinely growing robotics business) offset by enough to worry about (ERP-driven margin destruction, litigation risk, a stretched PEG ratio near 2.5 on badly depressed near-term earnings).

I’m not chasing this at 65x trailing earnings while management is still explaining to lawyers why the ERP rollout went the way it did. If the fix is real and margins snap back toward 8%–11% EBIT, $87 is achievable and the stock is cheap today. If the ERP saga drags into 2027, this becomes a value trap wearing a robotics costume. Watch, don’t buy — let the next quarter prove the turnaround is real before paying up for it.

Name: Lance M. Fritz
Position: Director  
Transaction Date: 08-07-2026 Shares Bought: 10,000 shares an average price paid of $51.95 for Cost: $519,500 

Company: Fiserv Inc. (FISV)

Fiserv, Inc. is a global leader financial technology and payments, offering banking, merchant acquiring, digital payments, core account processing, and point-of-sale solutions to financial institutions, enterprises, and governments worldwide. Thousands of banks, credit unions, merchants, and organizations in over 100 countries rely on the company’s revolutionary payment and commerce technology to increase operational efficiency and customer experiences. Fiserv is also known for its Clover point-of-sale platform and broad payment processing capabilities, which make it one of the world’s largest fintech companies. The firm was started in 1984.

Lance M. Fritz has been an independent director of Fiserv, Inc. since February 2024, when he joined the company’s Board of Directors. He has never served as Fiserv’s CEO or Chairman, just as a non-executive director. Fritz previously served as Union Pacific Corporation’s Chairman, President, and CEO from 2015 until his retirement in 2023, after more than two decades with the railroad. His considerable experience in operations, risk management, and strategic leadership has made him an excellent addition to Fiserv’s board. He holds a bachelor’s degree from Bucknell University and a master’s degree in management from the Kellogg School of Management.

Insomniac Hedge Fund Guy Opinion: Fiserv has a real moat and a real recurring-revenue engine, but management just told the market its own turnaround story was wrong, and the numbers back that up — decelerating growth, compressing margins, and a guidance cut that wiped out a chunk of market value in a single session. The valuation math and director buying suggest this isn’t a broken business, just a bruised one trading at a discount to its own cash-generating potential. I’d call this a speculative hold, not a fresh buy — the DCF and analyst target both point to upside, but I want to see at least one clean quarter of execution before trusting this management team’s numbers again. This is a “prove it” stock, not a “trust it” stock.

Name: Joseph Wm. Foran
Position: Chairman and CEO
Transaction Date: 08-12-2026 Shares Bought: 15,000 shares an average price paid of $51.92 for Cost: $778,800
Transaction Date: 08-10-2026 Shares Bought: 3,839 shares an average price paid of $51.16 for Cost: $196,396

Company: Matador Resources Co. (MTDR)

Matador Resources firm is an independent energy firm that acquires, explores, develops, and produces oil and natural gas in the United States. Its operations are separated into two segments: exploration and production, and midstream. The company’s major holdings are in the Wolfcamp and Bone Spring formations of the Delaware Basin in Southeast New Mexico and West Texas, as well as operations in the Haynesville and Cotton Valley plays of Northwest Louisiana. Its midstream segment provides assistance for production activities by processing natural gas, transporting oil, and gathering oil, gas, and generated water. Matador also sells natural gas to independent marketers and midstream corporations, as well as providing third-party water disposal. Matador Resources Company, founded in 2003, is headquartered in Dallas, Texas.

Joseph Wm. Foran created Matador Resources Company in July 2003 and has served as Chairman of the Board and CEO since its creation. He also joined the Board of Directors in 2003, providing consistent leadership as the company grew to become one of the leading independent oil and gas producers in the United States. Foran founded Foran Oil Company in 1983, followed by Matador Petroleum Corporation, which was sold in 2003. He received a Bachelor of Science in Accounting with high honors from the University of Kentucky and a Juris Doctorate from Southern Methodist University’s Dedman School of Law.

Insomniac Hedge Fund Guy Opinion: This is a buy, and a fairly clear one. Matador just beat earnings, raised guidance, trades at a real discount to Permian peers on both P/E and EV/EBITDA, and has its own CEO buying shares days after the print. The DCF and Street targets both point meaningfully above the current price. The dip in net income and the crowded short interest are the two things keeping this from being a no-brainer — but a cheap, cash-generative, founder-led operator with rising production and a midstream kicker is exactly the kind of setup that punishes the skeptics when the tape cooperates. Just don’t forget you’re still holding a commodity stock — the price of oil, not Matador’s spreadsheet, will have the final word.

Name: Kevin P. Clark
Position: Chair and CEO
Transaction Date: 08-10-2026 Shares Bought: 51,190 shares an average price paid of $48.89 for Cost: $2,502,684

Name: Paul M. Meister
Position: Director 
Transaction Date: 08-05-2026 Shares Bought: 105,631 shares an average price paid of $47.33 for Cost: $4,999,959

Company: Aptiv PLC (APTV)

Aptiv PLC is an industrial technology business that provides hardware and software solutions for the automotive and other sectors in North America, Europe, the Middle East, Africa, Asia Pacific, and South America. It operates in three segments: Advanced Safety and User Experience, Engineered Components, and Electrical Distribution Systems. The company provides active safety, user experience, smart car compute, and software products for automotive safety and security, including intelligent sensors, compute platforms, software tools, and services. It also offers connection systems, interconnects, and cable management and protection solutions for power, signal, and data transmission. Aptiv PLC was founded in 2011 and is headquartered in Schaffhausen, Switzerland.

Kevin P. Clark began working as Chief Financial Officer for Aptiv PLC in 2010. In 2014, he was promoted to Chief Operating Officer, and in March 2015, he was appointed President and CEO of the company, as well as a member of its Board of Directors. In April 2022, he was named Chair and CEO, adding board leadership responsibilities to his executive duties. Under Clark’s leadership, Aptiv has cemented its position as a global leader in innovative automotive technology, software-defined vehicles, and intelligent mobility solutions. He earned a Bachelor of Arts in Financial Administration and a Master of Business Administration in Finance from Michigan State University.

Paul M. Meister has been an independent director at Aptiv PLC since July 25, 2019, when he joined the company’s Board of Directors. He has never served as Aptiv’s Chief Executive Officer or Chair. In April 2022, he was appointed Lead Independent Director, highlighting his strong leadership and governance experience. Meister is Liberty Lane Partners’ co-founder and CEO, as well as a Novalis LifeSciences partner. Previously, he was Chairman and CEO of inVentiv Health and held top executive positions at Fisher Scientific International and Thermo Fisher Scientific. He received a Bachelor of Arts from the University of Michigan and a Master of Business Administration from Northwestern University.

Insomniac Hedge Fund Guy Opinion: Aptiv is a cheap stock with a real near-term problem. The China slowdown and guidance cut are legitimate concerns, and revenue growth has been going sideways for three years. But at 4.64x EV/EBITDA, a PEG ratio of 0.95 (meaning the stock’s growth-adjusted valuation is attractively low relative to its P/E), and analysts penciling in nearly 38% upside to their price target, the market may be overreacting to the guidance trim. When you add two insiders — including the CEO — buying a combined $7.5 million in stock right after that guidance cut, with zero insider selling, that’s the kind of signal that tends to matter more than another quarter of noisy China headlines. I’d call this a buy for patient investors, not a trade for anyone looking for a quick bounce — the catalyst here is a China stabilization or a beat-and-raise quarter, and that’s an October story, not an August one. Do your own homework before pulling the trigger; this is analysis, not a personalized recommendation.

Name: Aaron Robert Roseth
Position: COO
Transaction Date: 08-12-2026 Shares Bought: 13,500 shares an average price paid of $36.73 for Cost: $495,855

Name: Charles Fitzgerald
Position: Director
Transaction Date: 08-10-2026 Shares Bought: 27,600 shares an average price paid of $35.94 for Cost: $991,944

Name: Mark Okey Decker Jr
Position: CEO and President
Transaction Date: 08-10-2026 Shares Bought: 8,000 shares an average price paid of $35.88 for Cost: $287,040

Company: Chiron Real Estate Inc. (XRN)

Chiron Real Estate Inc. is a real estate investment trust that concentrates on healthcare-related real estate and investment possibilities. The company’s goal is to generate value at the convergence of healthcare, capital, and real estate by investing in properties and assets related to the evolving healthcare industry. Its strategy focuses on exploring possibilities for specialized real estate to enhance healthcare services while providing long-term investment value. Chiron aims to capitalize on the growing demand for healthcare infrastructure and specialized facilities by combining real estate knowledge with a thorough grasp of healthcare needs. The company’s healthcare-focused approach places it in a distinct section of the larger real estate investment market. Chiron Real Estate Inc., founded in 2011, was incorporated in Maryland.

Aaron Robert Roseth joined Chiron Real Estate Inc. in July 2026 and was appointed Chief Operating Officer, effective July 16, 2026. He oversees enterprise operations, execution, customer experience, operational excellence, and organizational scalability across the company’s platform. Before joining Chiron, Roseth spent more than 20 years at ESG Architecture & Design, including the last 10 years as President and Chief Executive Officer, where he led the firm’s expansion into a national platform serving clients across 29 states. He brings more than 25 years of leadership experience in real estate, architecture, development, and hospitality. Roseth earned both a Bachelor of Science in Architecture and a Master of Architecture from the University of Minnesota.

Charles P. Fitzgerald has been an independent director at Chiron Real Estate Inc. since May 20, 2026, when he was named to the company’s Board of Directors. He has never served as Chiron’s CEO or Chair, instead acting as a non-executive director and member of the Compensation, Nominating, and Corporate Governance Committees. Fitzgerald is the founder and managing partner of Maewyn Capital Partners LLC, having previously developed and directed V3 Capital Management. He has approximately 30 years of expertise investing in public and private real estate markets, and he also serves on the FrontView REIT’s board. Fitzgerald received a Bachelor of Arts in Finance and Economics from Northern State University and is a CFA charterholder.

Since joining the company in June 2025, Mark O. Decker Jr. has served as CEO, President, and Director. He has not served as Chairman of the Board, which is held separately by Jeffrey Busch. Before joining Chiron, Decker co-led Proterra Investment Partners’ net lease real estate investment strategy and was President, CEO, Trustee, and Chief Investment Officer of Centerspace for over seven years. Prior to that, he worked in real estate investment banking for nearly 20 years, including as Managing Director and U.S. Group Head of Real Estate Investment and Corporate Banking at BMO Capital Markets. He received a Bachelor of Arts in History from the College of William and Mary.

Insomniac Hedge Fund Guy Opinion: XRN is a slow-and-steady healthcare REIT mid-transformation, not a growth story — the Perfect10 composite lands at -0.3, which is essentially neutral, and that fits what’s on the page. Cash flow is solid, insiders are buying, and the dividend is real, but the PEG ratio says you’re overpaying for the growth actually on the table, and the sector itself is fighting the tape. This is a hold, lean toward accumulate on dips — not a stock to chase here, but not one to short into a Pinnacle deal closing either. Let the acquisition close and watch occupancy ramp before adding size.

Name: Gayle Littleton
Position: CLO, CCO, CAO & Corp Sec 
Transaction Date: 08-11-2026 Shares Bought: 7,500 shares an average price paid of $26.38 for Cost: $197,850

Name: Artie Starrs
Position: President & CEO 
Transaction Date: 08-10-2026 Shares Bought: 10,000 shares an average price paid of $25.89 for Cost: $258,941 

Company: Harley-Davidson Inc. (HOG)

Harley-Davidson, Inc. is a top motorcycle manufacturer recognized for its distinctive heavyweight bikes and strong global brand. Harley-Davidson works in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services. It provides a diverse selection of bikes, including cruisers, touring, adventure, sport, trike, and dual-sport models, as well as parts, accessories, clothes, and licensed items. The company produces and sells electric motorbikes and electric bikes under the LiveWire brand. Its financial services division offers dealer financing, retail motorcycle loans, insurance products, and branded credit card partnerships to customers and dealerships worldwide. Harley-Davidson, Incorporated. Harley-Davidson, Inc. was founded in 1903 and is headquartered in Milwaukee, Wisconsin.

Gayle Littleton joined Harley-Davidson, Inc. on June 29, 2026, when she was appointed Chief Legal Officer, Chief Compliance Officer, Chief Corporate Affairs Officer, and Corporate Secretary. She brings more than two decades of legal, compliance, and corporate governance experience, most recently serving as Executive Vice President, Chief Legal Officer, and Corporate Secretary at Exelon Corporation. Earlier in her career, she was a partner at Jenner & Block and served for over a decade as an Assistant U.S. Attorney in Florida and Illinois. She earned a Bachelor of Arts from Stetson University and a Juris Doctor from Cornell Law School.

Artie Starrs became President and CEO of Harley-Davidson, Inc. on October 1, 2025, and was also appointed to the company’s Board of Directors. He has not served as Chairman of the Board, as that post is handled separately. Before joining Harley-Davidson, Starrs was Chief Executive Officer of Topgolf International and held senior leadership positions at Pizza Hut, where he oversaw the brand’s global operations and expansion projects. His extensive experience in consumer brands, operations, and franchise management qualifies him to oversee Harley-Davidson’s next stage of reinvention. Starrs received a Bachelor of Arts in Economics from Princeton University.

Insomniac Hedge Fund Guy Opinion: HOG is a stock caught between a shrinking core business and a not-yet-proven electric pivot, trading almost exactly where a sober DCF says it should. The insider buying and raised guidance are genuine positives, but a negative five-year revenue trend, a stretched PEG ratio, and a sector working against it keep this from being a conviction buy. This is a hold, not a buy — I’d want to see LiveWire’s losses shrink or HDMC actually return to top-line growth before paying up for the brand story. The heavy short interest means it could move fast in either direction around Q3 earnings, so if you’re in it, keep your seatbelt fastened.

Name: Brian C. Cox
Position: Director
Transaction Date: 08-10-2026 Shares Bought: 39,700 shares an average price paid of $25.07 for Cost: $995,279 

Company: Ameresco Inc. (AMRC)

Ameresco, Inc. offers energy solutions that improve efficiency, sustainability, and energy resilience in the United States, Canada, and Europe. The company develops and implements projects to reduce energy consumption and operational costs by upgrading heating, ventilation, cooling, lighting, and other building systems. It also builds renewable energy projects, such as solar panels and facilities that provide renewable power, gas, heat, and cooling. Ameresco offers operational and maintenance services, photovoltaic solar systems, consulting, and enterprise energy management solutions. Its customers include federal, state, and municipal governments, utilities, data centers, schools, healthcare institutions, housing authorities, and commercial and industrial organizations, providing the company with exposure to a wide range of emerging energy sectors. Ameresco, Inc. was founded in 2000 and has its headquarters in Framingham, Massachusetts.

Brian C. Cox has been an independent director of Ameresco, Inc. since August 1, 2026, when he joined the company’s Board of Directors as a Class III director. He has never served as Ameresco’s CEO or Chairman, only as a non-executive director and member of the Audit and Nominating & Governance Committees. Cox is the founder and former CEO of STACK Infrastructure, where he helped the company grow into a global leader in hyperscale data center platforms. He has previously served as Cologix’s Chief Operating Officer and Chief Financial Officer. Cox received a Bachelor of Business Administration from Texas Christian University, an MBA from the University of Colorado, and is a Certified Public Accountant.

Insomniac Hedge Fund Guy Opinion: Ameresco’s story is genuinely good — record backlog, a real data center tailwind, and a CEO who’s putting his own money where his mouth is. But the stock is priced for a smooth execution story, and the cash flow statement says execution isn’t smooth yet: negative operating cash flow against positive net income is the kind of gap that turns into a real problem if project financing gets tighter. Add in double-digit short interest and customer concentration north of 50% at the top-20 level, and this isn’t a stock to back up the truck on at current levels.

Call it a hold, lean cautious-buy on pullbacks toward the $24-$26 range — the growth narrative is real, but at 52x earnings with negative cash conversion, the market’s already given Ameresco credit for a lot of backlog that hasn’t turned into cash yet.

Name: Nechemia Jacob Peres
Position: Director 
Transaction Date: 08-11-2026 Shares Bought: 10,080 shares an average price paid of $24.74 for Cost: $249,370

Name: Arnon Dinur
Position: Director 
Transaction Date: 08-10-2026 Shares Bought: 44,780 shares an average price paid of $22.31 for Cost: $998,984

Company: Via Transportation Inc. (VIA)

Via Transportation, Inc. is a technology company that helps to modernize transportation infrastructure by transforming them into digitally managed networks. Its Via platform enables the complete management of transit operations, including planning and scheduling, fleet and driver management, passenger tools, customer service, and data analytics. The company offers solutions for microtransit, paratransit, school transportation, integrated trip planning, and larger public transit systems. Its technology can integrate numerous modes of transportation into a single network, allowing cities and organizations to increase efficiency, accessibility, and rider experiences. Via supports municipalities, transit agencies, transportation operators, schools, universities, corporations, healthcare organizations, riders, and drivers in the United States and other countries. Via Transportation, Inc., founded in 2012, is headquartered in New York, NY.

Nechemia Jacob Peres has been an independent director at Via Transportation Inc. since 2015, when he joined the Board of Directors. He has never served as CEO or Chair of Via, only as a non-executive director. Peres is the Co-Founder and Managing Partner of Pitango Venture Capital, one of Israel’s premier venture capital firms, having previously formed the MOFET Israel Technology Fund. He also sits on the boards of several digital businesses, including Taboola, and is the Chairman of the Peres Center for Peace and Innovation. He holds a Bachelor of Science in Industrial Engineering and Management and an MBA from Tel Aviv University.

Arnon Dinur has been an independent director of Via Transportation Inc. since September 2013, making him one of the company’s longest-serving board members. He has never served as CEO or Chair of Via, only as a non-executive director. Dinur is a Partner at 83North, a venture capital firm, and formerly worked at SanDisk for seven years as Senior Vise President, overseeing the company’s mobile strategy following the acquisition of M-Systems. He also sits on the boards of several technological firms and has substantial experience in venture capital, technology, and corporate strategy. He earned a Bachelor of Laws and a Bachelor of Arts in Accounting from Tel Aviv University, as well as an MBA from the University of Texas in Austin.

Insomniac Hedge Fund Guy Opinion: Via is a real recurring-revenue software business riding a genuine secular tailwind in public transit modernization, growing nearly 30% a year with a credible, dated path to profitability in Q4 2026. The Street likes it — Strong Buy, 33% upside to target — and an insider just backed that up with cash. But the DCF says the market is already pricing in the good outcome, and 13.85% short interest tells me smart money is betting the profitability inflection slips or disappoints. This is a speculative buy for growth-tolerant investors, not a value play — I’d want to see one clean EBITDA-positive quarter before calling it derisked. Do your own homework before sizing a position; this is analysis, not a personalized recommendation.

Name: Jeffrey Hirsch 
Position: President and CEO 
Transaction Date: 08-10-2026 Shares Bought: 10,000 shares an average price paid of $24.80 for Cost: $248,000 

Company: Starz Entertainment Corp. (STRZ)

Starz Entertainment Corp. offers subscription video programming services to consumers in the United States and Canada. The company distributes STARZ-branded premium subscription video services directly to consumers via over-the-top streaming platforms and the Starz App, as well as wholesale OTT and multichannel video programming distributors such as cable operators, satellite television providers, and telecommunications companies. Starz Entertainment Corporation was founded in 1997 and is headquartered in Vancouver, Canada.

Jeffrey A. Hirsch joined STARZ in July 2015 as President of Global Marketing and Product Development. He was promoted to Chief Operating Officer in 2016 and appointed President and CEO in September 2019. Hirsch was appointed to the Board of Directors of Starz Entertainment Corp. after it was spun out into an independent public corporation in May 2025, while continuing to serve as President and CEO. During his tenure, STARZ rapidly extended its digital streaming platform, data-driven capabilities, and original programming approach. Hirsch graduated from the University of Pennsylvania with a Bachelor of Arts in Communications and a Master of Business Administration from Dartmouth College’s Tuck School.

Insomniac Hedge Fund Guy Opinion: STRZ is a shrinking legacy business trying to reinvent itself as a lean, high-margin content licensor — and for the first time in a while, the numbers are moving in the right direction: OTT growth turned positive, OIBDA guidance got raised, and the CEO is buying stock with his own money. The Perfect10 composite score of +2.3 (on a -10 to +10 scale) reflects that mixed-but-improving picture — bullish on analyst sentiment, insider buying, and valuation, but dragged down by negative cash flow and a sector that’s been getting hammered.

This is a turnaround bet, not a growth stock. At $28 against a DCF estimate near $32-33 and a Street target of $33.22, there’s a credible margin of safety if management executes on its deleveraging and free-cash-flow targets. But the debt load is real, GAAP losses are ugly, and the sector backdrop is working against it. Speculative buy for investors comfortable with turnaround risk — not a name for anyone who needs clean profitability today.

Name: Paul Herendeen
Position: Director
Transaction Date: 08-07-2026 Shares Bought: 10,000 shares an average price paid of $23.68 for Cost: $236,850

Name: Robert M. VanHimbergen
Position: EVP and CFO
Transaction Date: 08-07-2026 Shares Bought: 4,200 shares an average price paid of $23.08 for Cost: $96,926

Company: Elanco Animal Health Inc. (ELAN)

Elanco Animal Health Incorporated is a global animal health firm committed to enhancing the lives of pets and farm animals. Its product line includes parasiticides, vaccinations, and medicines for dogs and cats, treating fleas, ticks, internal parasites, pain, cardiovascular illnesses, dermatitis, and osteoarthritis. Seresto, Credelio, Galliprant, and Interceptor Plus are among the most important brands. Elanco also offers animal health products for cattle, swine, and poultry, such as antibiotics, vaccinations, feed additives, insecticides, and enzymes that improve livestock health and production. The company offers thru distributors, merchants, vets, and directly to farm animal producers, giving it a large global market reach. Elanco Animal Health Incorporated was founded in 1954 and is located in Indianapolis, Indiana.

Paul Herendeen has served on Elanco Animal Health Inc.’s Board of Directors since December 2020, when he was appointed as an investor representative. He has not served as Elanco’s CEO or Chairman. Herendeen now leads the Board’s Finance, Strategy, and Oversight Committee and has vast experience in finance, pharmaceuticals, and animal health, having previously served as EVP and CFO at Bausch Health and Zoetis. Previously, he held top financial and investment banking positions with Warner Chilcott, MedPointe, Dominion Income Management, and Oppenheimer & Company. He has a bachelor’s degree from Boston College and an MBA from the University of Virginia’s Darden School of Business.

Robert M. VanHimbergen has served as Executive Vice President and Chief Financial Officer of Elanco Animal Health Inc. since July 7, 2025, when he joined the company and succeeded Todd Young as CFO. He oversees Elanco’s financial operations, including treasury, investor relations, tax, information technology, and transformation. Before joining Elanco, VanHimbergen served as Senior Vice President and CFO of Hillenbrand, Inc., and previously spent more than 15 years at Johnson Controls in increasingly senior finance roles. He began his career at PricewaterhouseCoopers, where he spent nearly a decade advising multinational manufacturing companies. He is not a member of Elanco’s Board of Directors and has not served as CEO. VanHimbergen holds a Bachelor of Science degree from Saint Norbert College.

Insomniac Hedge Fund Guy Opinion: Elanco is a turnaround story that just posted its best quarter in years, backed by real product momentum and management doing what it said it would do — and an insider just put real money behind that view. But the stock isn’t profitable yet, trades at a rich growth premium (PEG north of 4), and still carries a debt load and margin gap that keep it a distant second to Zoetis. This is a speculative buy for those willing to bet on the innovation pipeline continuing to deliver — not a core holding for anyone who wants profitability and clean margins today. Size it like the leveraged growth bet it is, and let the next couple of quarters prove whether this inflection is durable or just a good earnings beat.

Name: Douglas R. Deason
Position: Director 
Transaction Date: 08-12-2026 Shares Bought: 12,000 shares an average price paid of $21.54 for Cost: $258,432

Company: Galaxy Digital Inc. (GLXY)

Galaxy Digital Inc. operates digital asset and data center infrastructure businesses in North America and around the world. It operates in four segments: digital assets, data centers, treasury, and corporate. This section also oversees investments in digital assets and provides blockchain-centric technology and infrastructure solutions such as staking, tokenization, and custodial technology. The Treasury and Corporate segment manages a portfolio of digital assets, ventures, private equity, and fund investments, in addition to bitcoin mining operations. It also provides GalaxyOne, a retail financial technology platform geared for individual investors wanting access to both traditional and digital markets. The company has formed a strategic partnership with BNY to improve digital asset infrastructure. The company was created in 2018 and is based in New York, NY.

Douglas R. Deason has served as an independent Director of Galaxy Digital Inc. since July 2025, when he joined the company’s Board of Directors and its Nominating and Corporate Governance Committee. He is the President of Deason Capital Services, a private investment firm, and brings decades of experience in investment management, real estate, and public markets. Previously, he served as Chief Executive Officer of Precept Builders and has held board positions with Great American Media, Ryan, LLC, and Park Cities Financial Group. He also serves on several civic and educational advisory boards. He holds a degree in Data Processing Quantitative Analysis (Computer Science) from the University of Arkansas.

Insomniac Hedge Fund Guy Opinion: Galaxy Digital is a story stock wearing an infrastructure costume, and right now the market is pricing the trading business, not the story. The crypto-merchant-bank side is unprofitable, cash-burning, and volatile — no way around that. But the Helios data-center pivot is real, it’s contracted, and it’s the first thing in this company’s history that looks like it could produce boring, durable cash flow instead of quarterly crypto-price roulette.

At ~$21.66 against a DCF fair value in the mid-$20s and a Street target near $40, this is a speculative buy for investors with genuine risk tolerance and patience — not a core holding,

Name: James Richard Perry
Position: Director
Transaction Date: 08-07-2026 Shares Bought: 12,359 shares an average price paid of $20.23 for Cost: $250,000 

Company: Energy Transfer LP (ET)

Energy Transfer LP is a large US energy infrastructure firm that operates a vast network of natural gas, NGL, and crude oil pipelines, storage facilities, processing units, and terminals. Its diverse operations include intra- and interstate natural gas transportation, midstream services, NGL transportation and fractionation, crude oil logistics, and natural gas compression. In addition, the company benefits from assets in Sunoco LP and USA Compression Partners, and it provides fuel distribution, wholesale power trading, and other energy services. Its large-scale infrastructure gives exposure to rising energy demand while maintaining relatively predictable, fee-based cash flows across several markets. Energy Transfer LP, founded in 1996, is headquartered in Dallas, Texas.

James Richard Perry has been an independent director of Energy Transfer LP since January 2020, when he joins the company’s Board of Directors. He previously served as a director of Energy Transfer Partners and related corporations from 2015 to 2016, before rejoining the board. Perry has substantial leadership and energy-sector expertise, having served as Governor of Texas from 2000 to 2015 and Secretary of Energy from 2017 to 2019. He has never served as CEO or Chairman of Energy Transfer. Perry received a Bachelor of Science degree in Animal Science from Texas A&M University.

Insomniac Hedge Fund Guy Opinion: Buy, with conviction, not blind enthusiasm. ET is cheap on a growth-adjusted basis (PEG of 0.66), throwing off real cash, raising guidance, and picking up an unexpected second growth engine in AI-driven natural gas demand — all while trading near a Strong Buy analyst consensus with 17.5% implied upside to target. The thin net margin and MLP tax-form baggage are the price of admission, not disqualifiers. This is a name to own for the distribution and the cash flow story, not to trade for a quick pop — the moat is real, the balance sheet leverage bears watching, but right now the pipeline is running full and nobody’s betting against it.

Name: Mark S. Peek
Position: Director
Transaction Date: 08-11-2026 Shares Bought: 50,000 shares an average price paid of $19.61 for Cost: $980,566

Company: Mobility Global Inc. (MBGL)

Mobility Global, Inc. delivers mobility intelligence, including crucial data and analytics throughout the vehicle lifecycle. Its brands and products include CARFAX, automotive Mastermind, Polk Automotive Solutions, and Market Scan, which provide data, forecasting, insights, technology, and innovation to automakers, suppliers, dealer groups, media, financial institutions, and consumers. The corporation was previously known as S&P Global Mobility Holding corporation before changing its name to Mobility Global, Inc. in February 2026. The corporation was founded in 2025 and is headquartered in Centerville, Virginia.

Mark S. Peek has served as a Director of Mobility Global Inc. since July 2026, following the company’s separation from S&P Global, and currently serves as Chair of the Audit Committee. He brings more than four decades of leadership experience in finance and technology, having held senior executive roles at Workday, including Chief Financial Officer, Co-President, and Managing Director and Co-Head of Workday Ventures. Earlier in his career, he served as Chief Financial Officer of VMware, Senior Vice President and Chief Accounting Officer at Amazon.com, and spent 19 years at Deloitte, including 10 years as a partner. He holds a Bachelor of Science degree in Accounting and International Finance from Minnesota State University.

Insomniac Hedge Fund Guy Opinion: This is a buy on weakness, not a stock to chase. The market punished a clean data-moat business for a messy first quarter as a public company — separation costs, new debt, and a sales-strategy hiccup, not a broken business model. An 80% recurring-revenue base with 43% margins doesn’t come around often at a sub-1.0 PEG ratio, and a director putting $785,566 of his own money in right after the dip tells you where informed confidence sits. The debt load and unproven standalone track record are real risks worth watching, but at current levels the reward skews in the buyer’s favor. As always, this is market analysis for informational purposes, not personalized investment advice — do your own homework before putting money to work.

Name: Alister Cowan 
Position: Director 
Transaction Date: 08-07-2026 Shares Bought: 13,000 shares an average price paid of $15.62 for Cost: $203,060 

Name: Michael Robert Foley 
Position: See Remarks
Transaction Date: 08-07-2026 Shares Bought: 1,934 shares an average price paid of $15.51 for Cost: $30,000 

Company: Chemours Co. (CC)

The Chemours Company produces performance chemicals in North America, Europe, Asia Pacific, and other worldwide markets. It operates in three segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. It sells refrigerants, thermal management systems, specialized solvents, and foam blowing agents under the trademarks Freon and Opteon. The company manufactures TiO₂ pigments under the Ti-Pure brand for coatings, plastics, packaging, and paper applications. Its Advanced Performance Materials portfolio includes specialty solutions, resins, membranes, additives, and coatings offered under well-known brand names such as Teflon, Viton, Krytox, and Nafion, which serve the electronics, transportation, energy, industrial, and medical industries. The Chemours Company was founded in 2014 and has its headquarters in Wilmington, Delaware.

Alister Cowan has been an independent director of The Chemours Company since November 22, 2023, when he joined the Board of Directors. He has never served as Chemours’ CEO or Chairman of the Board. In September 2025, he was appointed Lead Independent Director, citing his substantial financial and governance experience. Cowan was the Chief Financial Officer of Suncor Energy Inc. from 2014 to 2023 before joining Chemours, and he previously worked as CFO of Husky Energy. He has almost 30 years’ experience in finance, capital markets, and business strategy. Cowan holds a Bachelor’s degree in Accounting and Finance from Heriot-Watt University and is a member of the Institute of Chartered Accountants in Scotland.

On February 4, 2026, Michael Robert Foley joined The Chemours Company as President of Titanium Technologies, one of the company’s main operating segments. The SEC filing describes his reporting connection as “See Remarks” because he is an executive officer rather than a member of Chemours’ Board of Directors. As a result, he has not acted as CEO or director of the corporation. Before joining Chemours, Foley was President and General Manager of Momentive Performance Materials’ Formulated Specialties business. He also held leadership positions at General Electric, where he gained experience in operations, Lean manufacturing, and business transformation. He received a Bachelor of Science in Environmental Engineering and an MBA from Rensselaer Polytechnic Institute.

Insomniac Hedge Fund Guy Opinion: Chemours is a business in transition wearing the scars of the one it used to be. The Perfect10 composite comes in at +1.5 out of a possible +10 — a mixed, barely-net-positive read — undervalued on paper (42% below the average analyst target) but sitting in a sector that’s underperforming and carrying real legal and disclosure risk that isn’t going away with one settlement check.

I’m not calling this a buy, and I’m not calling it a dog — it’s a speculative value play, not a core holding. The insider buying and the Opteon data-center angle give it a real path higher if refrigerant demand comes through; the litigation history, margin fragility, and elevated short interest give it a real path to $10 if it doesn’t. If you have a high risk tolerance and believe management can execute the turnaround, this is a name to watch closely, not chase blindly. Do your own homework before sizing a position — this is market analysis, not personalized investment advice.

Name: Jon E. Bortz
Position: Director
Transaction Date: 08-11-2026 Shares Bought: 25,000 shares an average price paid of $13.40 for Cost: $335,000

Company: Hudson Pacific Properties Inc. (HPP)

Hudson Pacific Properties Inc. is a real estate investment trust that focuses on office and studio assets for technology and media enterprises in major worldwide cities. The company focuses on high-barrier places where the technology and media industries have strong, interrelated demand. Its comprehensive platform manages all aspects of the real estate lifecycle, including property identification, acquisition, transformation, and development. Hudson Pacific aspires to provide high-quality, sustainable, and amenity-rich workspaces that promote collaboration and attract top technology and media tenants. Its specialized industry focus and established contacts provide it a unique position in the commercial real estate market, especially in locations with high concentrations of technology and media enterprises. Hudson Pacific Properties, Inc., founded in 1997, is headquartered in Los Angeles, California.

Jon E. Bortz has been an independent director at Hudson Pacific Properties, Inc. since December 2025, when he joined the company’s Board of Directors. He has never served as Hudson Pacific’s CEO or Chairman, just as a non-executive director. Bortz is the founder, chairman, and CEO of Pebblebrook Hotel Trust, which he founded in 2009. He also serves as Chairman of Curator Hotel & Resort Collection. Previously, he developed and headed LaSalle Hotel Properties, overseeing its expansion and strategic acquisition by Pebblebrook. He graduated from the University of Pennsylvania’s Wharton School with a Bachelor of Science degree in Economics.

Insomniac Hedge Fund Guy Opinion: HPP is a turnaround story, not a compounder — revenue’s been shrinking for three straight years, the company is still bleeding on a GAAP basis, and the DCF suggests the stock may be running ahead of what the cash flows actually justify. That said, occupancy is genuinely improving, cash flow is positive, guidance just got raised, and a director just put real money behind the stock. This is a speculative, high-beta recovery play, not a “load up and forget it” holding — I’d call it a hold-to-cautious-buy for investors who specifically want West Coast office/studio exposure and can stomach volatility, not a stock for anyone looking for steady, boring compounding. Do your own homework here; this is analysis, not a directive.

Name: John C. Malone 
Position: Director Emeritus 10% Owner 
Transaction Date: 08-07-2026 Shares Bought: 127,828 shares an average price paid of $8.48 for Cost: $1,083,523 

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.

Insomniac Hedge Fund Guy Opinion: LILA is a leveraged, unglamorous infrastructure bet dressed up as a telecom stock — and the insiders are betting big that the market’s being too harsh on it. $144 million in open-market buying with zero selling, including Malone himself, is not noise. Add a Perfect10 composite of +2.3 (Constructive), a Buy-rated analyst consensus with 29% upside to $11.07, and cash flow that’s solidly positive even while GAAP earnings stay red, and you’ve got a name that looks cheaper than its balance sheet initially suggests. The debt load is real and the DCF math is ugly on a pure cash-flow basis — this only works as a bet on asset value and deleveraging, not as a growth story. I’d call this a speculative buy for patient investors who can stomach leverage risk, not a name for anyone who needs clean earnings and a tidy balance sheet to sleep at night.

Name: Kenneth A. Samet
Position: Director
Transaction Date: 08-06-2026 Shares Bought: 23,500 shares an average price paid of $6.38 for Cost: $149,930 

Name: Dale B. Wolf
Position: Director
Transaction Date: 08-06-2026 Shares Bought: 40,000 shares an average price paid of $6.12 for Cost: $244,600

Company: AdaptHealth Corp. (AHCO)

AdaptHealth Corp. is a healthcare provider that offers home medical equipment, supplies, and related services in the United States. The company operates in four segments: Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home, which serve individuals with a variety of medical needs. It provides sleep therapy equipment, oxygen systems, ventilators, continuous glucose monitors, insulin pumps, wheelchairs, hospital beds, wound care supplies, and other home healthcare goods. AdaptHealth serves Medicare, Medicaid, and commercial insurance patients, assisting those who require continuing medical care and equipment at home. AdaptHealth Corporation was created in 2012 and is based in Conshohocken, Pennsylvania.

Kenneth A. Samet has been an independent director at AdaptHealth Corp. since April 2026, when he joined the company’s Board of Directors. He has not served as the CEO of AdaptHealth but rather as a non-executive director. Samet has been the President and CEO of MedStar Health since 2008, and he has over four decades of expertise in healthcare administration and governance. He has also served on the boards of various healthcare organizations and publicly traded firms, such as Catalyst Health Solutions, Evolent Health, and Luminex. Samet holds a bachelor’s degree in business administration from Old Dominion University and a master’s degree in health services administration from the University of Michigan.

Dale B. Wolf joined AdaptHealth Corp.’s Board of Directors in November 2019 and was elected Chairperson on July 1, 2024. He has never been the CEO of AdaptHealth, instead functioning as an independent director and board chair. Wolf has substantial healthcare leadership experience, having previously served as President and CEO of OneCall Care Management and DBW Healthcare, and CEO of Coventry Health Care from 2005 to 2009. He has also served as chairman of the Molina Healthcare and eHealth boards. Wolf received a Bachelor of Arts degree in Mathematics with honors from Eastern Nazarene College and finished the Senior Executive Program at the MIT Sloan School of Management.

Insomniac Hedge Fund Guy Opinion: This is a broken-story stock, not a broken business — and that distinction matters, but it doesn’t make it a buy today. The valuation is undeniably cheap on paper (0.55x book, sub-5x EV/EBITDA), and the DCF suggests the market has roughly priced in the damage. But a $144 million impairment, a guidance cut of over $500 million, and active fraud investigations aren’t the kind of thing you buy on day one of the recovery story — you buy it after management proves the reset guidance actually holds for a quarter or two. I’d stay on the sidelines and watch the November Q3 print before wading in; if AdaptHealth hits its reset numbers cleanly, the stock has real upside from here, but until then this is a falling knife with a “Strong Buy” analyst consensus that hasn’t caught up to reality yet.

Name: Rohit Lal
Position: Director
Transaction Date: 08-13-2026  Shares Bought: 50,000 shares an average price paid of $5.45 for Cost: $272,500

Company: Proficient Auto Logistics Inc. (PAL)

Proficient Auto Logistics, Inc. offers auto transportation and logistics services throughout North America. The company operates in two segments: Company Drivers and Subhaulers. Its primary concentration is on shipping and delivering finished autos from automotive manufacturing facilities, marine ports of entry, and rail yards to auto dealerships. The company also owns and runs around 800 car transport vehicles and trailers. It services automakers, electric vehicle manufacturers, auto dealers, auto auctions, rental car companies, and auto leasing firms. The company was previously known as AH Acquisition Corp., but it changed its name to Proficient Auto Logistics, Inc. in October 2023. Proficient Auto Logistics, Inc. was established in 2023 and is based in Jacksonville, Florida.

Rohit Lal has served as a Director of Proficient Auto Logistics Inc. since February 26, 2026, when he was appointed to the company’s Board of Directors. He joined the company as a director on the same date and also became a member of the Audit Committee and the Nominating and Corporate Governance Committee. Lal brings extensive expertise in enterprise technology, digital transformation, and supply chain solutions, currently serving as Executive Vice President of IT Strategy at Saia, Inc., after previously holding leadership roles at CONA Services, The Coca-Cola Company, and AceTrack, Inc. He earned a Bachelor of Science degree in Chemical Engineering from the Indian Institute of Technology.

Insomniac Hedge Fund Guy Opinion: This is a scale bet, not a growth story — Proficient just took a big swing with the Hansen & Adkins deal, and the market’s initial reaction (a near-10% haircut) says investors want proof before they believe the synergy math. The stock trades cheap on book value and cash flow, and the Perfect10 composite here lands at +1.6 on the -10 to +10 scale — a mixed-to-neutral read, not a screaming buy. I’d call this a watch-and-wait name: interesting if integration executes cleanly through 2027, but not a stock I’d chase into the acquisition dust before the first post-merger earnings report shows the synergies are real. Do your own homework here — this is analysis, not a recommendation.

Name: Eugene I. Lee Jr
Position: Director 
Transaction Date: 08-12-2026 Shares Bought: 65,355 shares an average price paid of $4.59 for Cost: $299,979

Company: Portillo’s Inc. (PTLO)

Portillo’s Inc. owns and operates fast casual restaurants around the United States. The company serves Chicago-style hot dogs and sausages, Italian beef sandwiches, char-grilled burgers, chopped salads, crinkle-cut and cheese fries, handcrafted chocolate cakes, and chocolate cake shakes. It also maintains a food van called The Beef Bus, as well as a ghost kitchen. In addition, the company offers delivery services via its app and website, as well as third-party delivery systems. Additionally, it sells gift cards. Portillo’s Inc. was formed in 1963 and is headquartered in Oak Brook, Illinois.

Eugene I. Lee Jr. has served as Director at Portillo’s Inc. since June 2025. He brings extensive leadership experience in the restaurant industry and corporate governance. Lee previously served as Chief Executive Officer of Darden Restaurants from 2015 to 2022 and later as Chairman of its board from 2021 to 2023, where he helped drive significant revenue growth and operational improvements. Earlier in his career, he held several senior leadership roles at RARE Hospitality International, including President and Chief Operating Officer, before joining Darden through its acquisition of the company. In addition to his role at Portillo’s, he also serves as Independent Board Chair of Advance Auto Parts. He holds an MBA from Suffolk University in Boston. 

Insomniac Hedge Fund Guy Opinion: This is a hold, leaning cautious, not a buy. The Perfect10 composite comes in at +1.7 out of a possible +10 — mixed to neutral, and the underlying dimensions tell the real story: bearish sector trend, bearish short-term chart momentum, and a “valuation looks cheap” signal that only works if you believe the traffic decline reverses. Falling transactions, compressing margins, and a short interest north of 15% of float aren’t a reason to panic, but they’re not a reason to chase the stock either. Portillo’s has a great hot dog and a shrinking crowd buying it — until same-store sales turn positive again, this stock is a “prove it” name, not a “back up the truck” one. Do your own homework before betting on the turnaround.

Name: Gilbert E. Nathan 
Position: Director  
Transaction Date: 05-12-2026 Shares Bought: 25,000 shares an average price paid of $4.58 for Cost: $114,450
Transaction Date: 08-11-2026 Shares Bought: 50,000 shares an average price paid of $4.15 for Cost: $207,500 

Company: Alto Ingredients Inc. (ALTO)

Alto Ingredients, Inc. manufactures and offers specialty alcohols, renewable fuels, and critical ingredients throughout the United States. Its businesses include Marketing and Distribution, Pekin Campus Production, and Western Production. The company provides specialty alcohols for pharmaceuticals, cosmetics, mouthwash, sanitizers, cleansers, and industrial applications. It also manufactures grain neutral spirits, corn germ, dry yeast, distillers grains, corn protein products, and liquid feed for the food, beverage, animal feed, and pet food industries. Alto also generates transportation-grade ethanol and distills maize oil, which is utilized as a feedstock for renewable diesel and biodiesel. Its clients include oil firms, gasoline marketers, agricultural producers, feedlots, and renewable fuel manufacturers. Alto Ingredients, Inc. was founded in 2003 and is headquartered in Pekin, Illinois.

Gilbert E. Nathan has been an advisor to the Board since November 2015 and was appointed to the Board of Directors in November 2019. He was appointed Chairman of the Board of Alto Ingredients in June 2025 and has never been the company’s CEO. Nathan is the Managing Member of Jackson Square Advisors LLC and the CEO of Keycon Power Holdings LLC. He has substantial experience in distressed investing, restructuring, corporate finance, and governance, and now serves on the boards of many publicly traded firms. He graduated from Tulane University’s A. B. Freeman School of Business with a Bachelor of Science in Management with a major in Finance.

Insomniac Hedge Fund Guy Opinion: Alto Ingredients is a commodity grinder that finally found its footing — four straight profitable quarters, cheap on every multiple that matters (P/E near 6x, PEG under 1), and management is playing the tax-credit hand about as well as it can be played. But this isn’t a moat story or a growth story; it’s a margin-recovery story in a business with declining revenue and zero pricing power. The ATM dilution overhang and thin moat keep me from calling this a screaming buy, but at $4.20 against a DCF fair value in the $4.50-5.50 range and a genuine four-quarter profitability streak, the risk-reward tilts modestly positive for investors comfortable with commodity-cycle volatility. Call it a speculative buy for those who can stomach corn-price whiplash — not a stock for anyone who needs to sleep soundly through earnings season.

Name: Tor Olav Troim
Position: Director
Transaction Date: 08-13-2026 Shares Bought: 1,500,000 shares an average price paid of $4.02 for Cost: $6,036,750

Name: Jeffrey Currie
Position: Director
Transaction Date: 08-13-2026 Shares Bought: 125,000 shares an average price paid of $4.01 for Cost: $501,637

Company: Borr Drilling Ltd (BORR)

Borr Drilling Limited provides offshore shallow-water drilling services to the oil and gas industries in the Americas, Southeast Asia, West Africa, the Middle East, North Africa, and Europe. It owns, contracts, and operates jack-up rigs for shallow-water operations, as well as providing related equipment and work crews for oil and gas drilling and workover activities in exploration and production. It caters to oil and gas exploration and production companies, including integrated oil companies, state-owned national oil enterprises, and independent oil and gas producers. The company was previously known as Magni Drilling Limited before changing its name to Borr Drilling Limited in December 2016. Borr Drilling Limited was established in 2016 and is headquartered in Hamilton, Bermuda.

Tor Olav Troim has served as a Director of Borr Drilling Ltd. since the company’s incorporation in 2016 and was one of its founders. He has also served as Chairman of the Board from August 2017 to September 2019 and again from February 2022 to September 2025. Troim has more than 30 years of experience in the energy and offshore drilling industries, having previously held senior leadership positions, including CEO of Seadrill Ltd., Frontline Ltd., Golar LNG Partners LP, and DNO AS. He is also the founder of Magni Partners and serves on the boards of several international companies. He earned a Master of Science degree in Naval Architecture from the University of Trondheim, Norway.

Jeffrey R. Currie has served as a Director of Borr Drilling Ltd. since October 16, 2023, when he joined the company’s Board of Directors and became a member of the Nominating and Governance Committee. He brings more than 27 years of experience in global commodities and energy markets, having spent the majority of his career at Goldman Sachs, where he was a Partner and Global Head of Commodities Research. Since February 2024, he has served as Chief Strategy Officer of Energy Pathways at The Carlyle Group and also chairs the Advisory Board of the University of Chicago’s Energy Policy Institute. He graduated from Pepperdine University, earned a Master of Arts in Economics, and received a Ph.D. in Economics from the University of Chicago in 1996.

Insomniac Hedge Fund Guy Opinion: Borr Drilling is a leveraged bet on the offshore drilling cycle holding up — the fleet is good, the backlog is real, and insiders are putting real money behind the post-earnings dip. But the balance sheet is doing a lot of the talking here: $2.53 billion in debt, a GAAP net loss that’s mostly accounting noise from refinancing, and revenue growth that’s gone from triple digits to essentially flat. At $4.43 with a DCF fair value in the $3.50–$5.00 range and a Perfect10 composite of +3.6 (constructive but not a slam dunk), this is a speculative hold, not a conviction buy — the insider buying and elevated short interest make it interesting for risk-tolerant traders watching for a squeeze, but the leverage means one bad dayrate cycle could turn “constructive” into “concerning” fast.

Name: Steven I. Sarowitz
Position: Director 
Transaction Date: 08-12-2026 Shares Bought: 353,815 shares an average price paid of $3.83 for Cost: $1,355,594

Company: Angel Studios Inc. (ANGX)

Angel Studios, Inc. is a media and technology firm. The company produces and distributes films and television series, as well as licensed films and shows. The company’s streaming platform enables customers to watch movies, series, and documentaries of various ages. It also provides clothes, DVDs, Blu-rays, and books; a direct online store for Angel Studios-themed products; wholesale products to retail partners; and content licensing services. In addition, the organization offers Angel Guild memberships, theatrical ticket presales, theatrical distribution, theatrical pay it forward, and retail services. The company was previously known as VidAngel, Inc., but changed its name to Angel Studios, Inc. in March 2021. Angel Studios, Inc. was created in 2013 and is headquartered in Provo, Utah.

Steven I. Sarowitz has served as a Director of Angel Studios Inc. since September 2025, joining the Board upon the completion of the company’s business combination. He is the founder of Paylocity, a leading provider of payroll and HR software, and previously served as its Chairman until August 2024. Sarowitz also served as CEO of Blue Marble Payroll before its acquisition by Paylocity in 2021 and is a partner in Wayfarer Studios and several other investment ventures. In addition to his business leadership, he is an active philanthropist and film producer. He holds a Bachelor of Arts in Economics from the University of Illinois at Urbana.

Insomniac Hedge Fund Guy Opinion: Angel Studios has built something real — a subscription base compounding near 100% and a genuine content moat in a category the big studios ignore. But the stock is priced for a profitability story that hasn’t arrived yet: losses are widening, not narrowing, and cash flow remains deeply negative. Analyst price targets near $8 and my own rough DCF land meaningfully above the current $4.37, but both depend on margin improvement management hasn’t yet delivered. This is a speculative buy for investors with real risk tolerance, not a core holding — the insider buying and membership growth are genuine positives, but I’d want to see at least one quarter of narrowing losses before calling this derisked. Do your own homework before sizing a position; this is analysis, not a recommendation.