Nothing much to write about regarding notable insider buys; there wasn’t much of note. But that Doesn’t mean there isn’t great profit making opportunities. Does this portend something, or is it simply the end of the quarter and the typical earnings season blackout? It likely is the latter, although, personally, I feel the market is just waiting for some clarity. It’s a forgone conclusion, after Friday’s anemic jobs report, that the Fed will drop interest rates at its September 17th Wednesday meeting. The debate now centers on how many rate cuts will occur.
One of the reasons I’m so open about providing these opinions for the DYI investor, is that I have always believed you could stand on the street corner and shout out a cure for death, a prescription for eternal life but very few people would notice. Maybe there is already such a discovery but mankind just hasn’t noticed. Back to topic, though. I am victim of my own blindness with Resideo Tech, REZI. I blogged about Resideo months ago when it was ~$19. Insiders are still buying at almost double this price at $34.
It’s completely obvious to me, and to any rational actor, that much of the weakening jobs data is due to the immigration crackdown and tariffs, or tariff-related uncertainty. However, the countervailing force of unprecedented CAPEX at the large hyper-scalers, regulatory burden relief, and dropping interest rates are keeping the general indices at record highs. The markets like declining interest rates, but they don’t like a rapid drop in employment, as the consumer accounts for roughly 70% of the economy. It should get interesting.
The interesting part collides with the “sell Rosh Hashana, buy Yom Kippur” trade, which is heading toward us like a barreling freight train. If you don’t know what that is, you should consult someone who does.
Name: Sergey Lukyanov
Position: See Remarks
Transaction Date: 08-29-2025 Shares Bought: 5,725 shares an Average Price Paid of $171.67 for Cost: $982,811
Company: Freedom Holding Corp. (FRHC):
Freedom Holding Corp., incorporated in Nevada, operates as a global financial services holding company. Through its subsidiaries, it engages in securities brokerage, dealing, market making, investment research, financial counseling, retail and commercial banking, and insurance. Beyond its core financial operations, the company also owns ancillary businesses in Kazakhstan, including payment and information processing, entertainment and travel ticketing, e-commerce, and telecommunications and media. Founded with the mission of expanding retail access to international capital markets, Freedom Holding has grown into a global provider of digital infrastructure and integrated financial technology, with operations across Europe, Asia, and North America.
Sergey Nikolayevich Lukyanov has served in key leadership roles at Freedom Holding Corp., including his appointments as Chairman of the Management Board of Freedom KZ in March 2020 and Chairman of the Board of Freedom Global in May 2020. He brings extensive experience in the financial sector, having worked at Finam Investment Group from 2009 to 2016, before moving to VTB 24 in 2016 as Head of the Investment Department. In 2018, he became Vice President of Otkritie Bank and Director of Otkritie Investments, where he oversaw the brokerage division. Lukyanov holds a bachelor’s degree in engineering from the Moscow Institute of Electronics and Mathematics.
Opinion:
Freedom Holding Corp (FRHC) is a high-growth fintech and financial services conglomerate, deeply anchored in Kazakhstan with expanding operations across 22 countries. The company delivered exceptional topline growth—33% YoY in Q2 FY2025 and 23% for the full fiscal year—driven by strong performance in insurance, brokerage, and rapid adoption of its digital SuperApp platform. Assets rose to $9.9 billion by March 2025.
However, quarterly heeling persists. Q2 FY2026 results spotlight muted net income despite revenue growth, as FX translation losses, elevated expenses, and increased credit provisioning dampen profits and reduce liquidity.
Insider sentiment is noteworthy: top management reversed prior selling trends with over $1 million in share purchases in mid-2025. Meanwhile, institutional interest is growing, with BlackRock becoming a sizable investor. Despite this optimism, insiders retain dominant control—about 71% of shares.
FRHC is compelling for investors seeking emerging-market fintech exposure and multi-vertical digital expansion. Still, risks remain: geopolitical fragility, earnings variability, and concentrated receivables. The key question centers on whether the company can sustainably convert revenue growth into bottom-line stability while expanding its digital ecosystem. I’d also recommend looking into what its doing with crypto.
Name: Christopher O. Blunt
Position: Chief Executive Officer
Transaction Date: 09-02-2025 Shares Bought: 7,000 shares an Average Price Paid of $34.02 for Cost: $238,147
Company: F&G Annuities & Life Inc. (FG):
Xavier Urbain has served as an Independent Director on the LKQ Corporation Board since December 2019. He is the former Group CEO of CEVA Logistics and previously held senior leadership roles at Kuehne & Nagel, Hays plc, and ACR, building extensive expertise in supply chain, contract logistics, and distribution. Currently, Urbain is Chair of HL Holding in France. He holds a Business and Finance diploma from ESLSCA, Paris.
Christopher O. Blunt has been Chief Executive Officer of F&G Annuities & Life Inc. since 2019, bringing more than three decades of leadership experience in insurance, investment management, and wealth management. Prior to joining F&G, he held senior executive roles across the financial services industry, including serving as CEO of Blackstone’s insurance solutions business. Blunt earned his bachelor’s degree from the University of Michigan and an MBA from the University of Pennsylvania.
Opinion:
F&G Annuities & Life (FG) is delivering scale and operating strength through record assets under management (~$69.2B) and impressive retail sales ($3.6B) in Q2 2025. Yet, the company’s financial performance remains volatile as earnings fell sharply—primarily due to short-term mark-to-market fluctuations in its alternative investment portfolio. Adjusted net earnings dropped ~26% year-over-year to $103M ($0.77/share), yet still topped forecasts and hinted at underlying momentum.
The company maintains solid profitability metrics, improved operating leverage, and conservative investment quality. Strategic actions such as equity capital raises and disciplined return of capital (dividends) highlight shareholder-focused execution. Valuation remains reasonable (P/E ~14x trailing), with moderate upside potential (~12%) per analyst estimates.
FG positions well in the annuity/life segment with products and distribution strength, but its performance underlines the inherent risk of earnings swings tied to investment markets. For investors targeting annuity growth and yield, FG offers compelling exposure, provided they accept interim volatility from asset valuations and shifting capital strategies. I personally have never bought an annuity but there is great opportunity for innovation in this rather dull space. What about an variable payable in the asset of your choice, U.S $Dollars, Bitcoin, or gold bricks?
Name: Andrew C. Teich
Position: Director
Transaction Date: 08-29-2025 Shares Bought: 29,460 shares an Average Price Paid of $34.01 for Cost: $1,001,876
Company: Resideo Technologies Inc. (REZI):
Resideo Technologies Inc. is a global leader in sensor and control solutions, designing, manufacturing, and distributing technology-driven products that enhance comfort, security, energy efficiency, and smart living in homes and businesses. The company is a market leader in HVAC controls, smoke and carbon monoxide detection, fire suppression, and security technologies. Resideo’s solutions are installed in more than 150 million residential and commercial properties worldwide, with tens of millions of additional devices shipped annually. Positioned at the intersection of critical growth trends, the company is well-placed to capitalize on increasing global demand for energy-efficient, safe, and connected living solutions.
Andrew C. Teich is the Chairman of the Board at Resideo Technologies Inc., where he also chairs the Innovation and Technology Committee and serves on the Compensation and Nominating & Governance Committees. He previously held the role of Lead Independent Director until June 2023. Prior to joining Resideo’s board, Mr. Teich was President and Chief Executive Officer of FLIR Systems, retiring in 2017 after a distinguished career in the thermal imaging and sensor industry. Earlier, he spent many years at Inframetrics Inc., where he helped lead a management-driven, venture-capital-backed buyout before the company was acquired by FLIR. Mr. Teich holds a Bachelor of Science in Marketing from Arizona State University and completed the Advanced Management Program at Harvard Business School.
Opinion:
I really blew this one. One of the reasons I’m so open about providing these opinions for the DYI investor, is that I have always believed you could stand on the street corner and shout out a cure for death, a prescription for eternal life is that no one, or very few would follow and crowd out your idea. I blogged about this Resideo months ago when it was ~$19. Now look it. It achieved a standout Q2 2025 performance, with record revenue of $1.94 billion and strong organic growth across both ADI and Products & Solutions segments. Adjusted EBITDA ($210M) and EPS ($0.66) both exceeded forecasts, backed by improving margins. The sharp GAAP net loss was driven by a one-time indemnification agreement tied to its legacy Honeywell spin-off.
A major strategic pivot is underway: Resideo plans to separate its ADI distribution unit into a standalone company by late FY2026, aiming to unlock focused growth and clarity for both businesses. Historical performance has shown disciplined profitability—with a 5-year EPS CAGR around 20% and a healthy ROIC near 12.9%.
Valuation metrics reflect mixed investor sentiment: Price-to-sales is attractively low (~0.68×), while price-to-earnings remains exorbitant (~82×) due to temporary accounting hits. Nonetheless, the stock may offer modest upside if spin-off execution succeeds and P&S continues margin expansion.
Resideo is a high-potential value pivot story, blending operational improvement with strategic structural change—but investors must weigh spin-off execution risk and the impact of the indemnification expense on near-term fundamentals.