Volatility isn’t just knocking—it kicked the door down. It had been building gradually, fueled by a series of confidence-shaking events: government shutdown fears, air travel restrictions, Fed dot-plot uncertainty, and persistent warnings of an AI bubble. Last week, that pressure finally exploded like a Yellowstone geyser.
The market boogeyman came out of the closet, bringing a 1,000-point Dow reversal that spiked the VIX. While pundits offer endless explanations, this sell-off looks like a classic delayed reaction to Nvidia’s earnings. The rout was most intense in AI and Crypto—with Bitcoin shedding 12.9% and the Nasdaq down 2.7%. Meanwhile, the broader market (RSP) showed relative resilience, losing only 0.84%.
There’s been nonstop chatter across the Street about whether this tidal wave of AI data-center spending is the next bubble waiting to pop. Nvidia’s Jensen Huang didn’t help soothe the skeptics on last Wednesday’s earnings call. Before even letting the blowout numbers speak for themselves, he launched into a spirited defense of the entire AI CapEx supercycle.
Honestly? He would’ve been better off dropping the earnings grenade and stepping back from the mic.
“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different… NVIDIA is unlike any other accelerator. We excel at every phase of AI,” he proclaimed.
Normally that kind of chest-thumping would drift harmlessly into the earnings-call ether—but when you feel compelled to open your meticulously scripted remarks by insisting there’s no bubble, the market starts hearing the opposite. Protest too much, and traders start sniffing smoke.
And the timing didn’t help. Alphabet had just unveiled Gemini, a model that suddenly topped AI benchmarks—without a single Nvidia chip powering it. When the company dominating the AI-hardware supply chain feels the need to reassure everyone the bubble isn’t real, right as a rival shows you don’t always need their silicon… well, that’s the sort of thing that puts speculators on alert.
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Name: Satish Dhanasekaran
Position: Director
Transaction Date: 11-18-2025 Shares Bought: 1,000 shares an Average Price Paid of $233.12 for Cost: $233,118
Company: Zebra Technologies Corp (ZBRA)
Zebra Technologies Corporation provides enterprise asset intelligence solutions worldwide through its Asset Intelligence and Tracking and Enterprise Visibility and Mobility segments. The company develops printers for labels, wristbands, tickets, receipts, and cards, along with RFID printers, sensors, temperature monitoring labels, and related supplies. It also offers maintenance and support for RFID enabled devices, rugged mobile computers, real time location systems, barcode scanners, industrial vision cameras, and workflow and analytics software. Zebra serves customers across retail, ecommerce, manufacturing, transportation, logistics, healthcare, and the public sector through its global direct sales force and partner network. Founded in 1969, the company is headquartered in Lincolnshire, Illinois.
Satish Dhanasekaran was appointed as a director of Zebra Technologies Corporation on May 11, 2023. He brings nearly two decades of experience in the technology and test measurement industries and currently serves as the President and Chief Executive Officer of Keysight Technologies. He also serves on the Zebra Compensation Committee. Dhanasekaran holds a Master’s degree in Electrical Engineering from Florida State University and has completed executive education at The Wharton School of the University of Pennsylvania.
Insomniac Hedge Fund Guy Opinion: Zebra is quietly transforming. Its hardware legacy gives it rugged, trusted footing, but the real optionality lies in scaling its software + automation business. The Elo Touch and Photoneo deals are not just bolt-ons — they’re strategic levers to deepen its “connected frontline” narrative. That said, the recurring revenue base is still relatively small, and macro risks (tariffs, capex softness) are non-trivial. The market seems overly cautious, underestimating how quickly Zebra can convert its installed base into a higher-margin, recurring business. My base-case DCF suggests substantial upside (~25-35%), and I’d lean bullish — but this is not without execution risk.
Name: Timothy O. Mahoney
Position: Director
Transaction Date: 11-07-2025 Shares Bought: 5,939 shares an Average Price Paid of $168.52 for Cost: $1,000,869
Transaction Date: 11-18-2025 Shares Bought: 3,268 shares an Average Price Paid of $152.98 for Cost: $499,985
Name: Schoen Kurt
Position: Chief Financial Officer
Transaction Date: 11-07-2025 Shares Bought: 1,000 shares an Average Price Paid of $164.95 for Cost: $164,950
Transaction Date: 11-18-2025 Shares Bought: 900 shares an Average Price Paid of $149.23 for Cost: $134,307
Company: Resolute Holdings Management Inc. (RHLD)
Resolute Holdings Management, Inc. is an alternative asset management platform that focuses on providing operational and management services to CompoSecure, Inc. and other managed entities. Its services include overseeing capital allocation strategies, optimizing operational procedures, and sourcing and implementing mergers and acquisitions. The company was founded in 2024 and is headquartered in New York, New York.
Timothy O. Mahoney has been an Independent Director on the board of Resolute Holdings Management, Inc. since July 12, 2025. He brings decades of experience in aerospace and defense, including senior leadership roles at Honeywell International—such as CEO of Honeywell Aerospace and Senior Vice President of Digital Transformation—and 18 years at Sikorsky Aircraft. He holds a Bachelor of Science in Mechanical Engineering from the University of South Florida and completed the Program for Management Development at Harvard Business School.
Kurt Schoen has been Chief Financial Officer of Resolute Holdings Management, Inc. since February 19, 2025, shortly after the company’s spin-off. He brings experience in investment analysis and equity research, having worked with firms including CompoSecure and Hightower Advisors. Schoen is a CFA charterholder and a Certified Public Accountant, and he holds a bachelor’s degree from Providence College.
Insomniac Hedge Fund Guy Opinion: Resolute Holdings Management (RHLD) is a newly public, lean alternative-asset manager carved out from CompoSecure via a spin-off. Its entire business today is based on a management-fee contract: CompoSecure pays it 2.5% of its last-12-month Adjusted EBITDA, giving RHLD a highly recurring and predictable cash flow stream. The company has limited scale today and offers a weak moat — unlike giants such as Blackstone or KKR, it is not diversified or deeply entrenched. But insiders are buying: CFO Kurt Schoen recently picked up shares, and director Timothy Mahoney initiated a stake, suggesting conviction in the long-term upside. RHLD’s Q3 2025 earnings showed a GAAP loss per share of –$0.03, but on a fee-related non-GAAP basis, they generated $0.13/share, revealing the underlying economics of the model. Short interest is modest (around 4.3%). The biggest risk is concentration: RHLD depends 100% on CompoSecure, and CompoSecure itself has concentration of customers. On the plus side, a pending business combination between CompoSecure and Husky could materially increase the scale of RHLD’s managed assets and thus its fee earnings. A back-of-the-envelope DCF assuming a 10% discount rate and 3% long-term growth puts its intrinsic value meaningfully above current levels — if execution goes to plan.
RHLD is a high-risk, high-reward micro-compounder. The recurring fee model is clean and powerful, but the bet is deeply concentrated. If CompoSecure delivers, RHLD could be underpriced today; if not, downside risk looms large.
Name: Waleed H. Hassanein
Position: President & CEO
Transaction Date: 11-17-2025 Shares Bought: 8,775 shares an Average Price Paid of $114.00 for Cost $1,000,350
Company: TransMedics Group Inc. (TMDX)
TransMedics Group Inc. is a medical technology company focused on advancing organ transplant therapy for patients with end stage organ failure. It developed the Organ Care System, a technology that replicates key functions of a living organ outside the body, allowing optimization and evaluation before transplantation and replacing older preservation methods that restrict transplant access. Through its National OCS Program, TransMedics provides a complete solution that includes outsourced organ procurement, OCS perfusion management, and both air and ground transplant logistics. The company’s mission is to expand access to life saving transplants and improve outcomes for patients after surgery.
Waleed H. Hassanein, M.D., is the President, Chief Executive Officer, and a Director of TransMedics Group, Inc., roles he has held since founding the company in August 1998. Before establishing TransMedics, he completed a two-year general surgery residency at Georgetown University Medical Center and a three-year cardiac surgery research fellowship at Brigham and Women’s Hospital, affiliated with Harvard. Dr. Hassanein earned his M.D. from Georgetown University School of Medicine after attending Cairo University School of Medicine, and he also holds a General Certificate of Education from the University of London.
Insomniac Hedge Fund Guy Opinion:
TransMedics is one of the rare med-tech plays where you get both device leverage and service leverage. Their OCS + logistics model is a powerful moat because not many companies can replicate both the hardware and the transport infrastructure. The recent earnings beat and raised guidance show that utilization is ramping, and profitability is real now — not just potential.
That said, the business is still risky: they’re capital-intensive, reliant on transplant centers, and have been under short-seller scrutiny. But the insider buying, especially from the CEO, signals they believe in their own play. With ~24%+ short interest, there’s meaningful squeeze potential if they keep executing.
Name: Philip Peller
Position: Director
Transaction Date: 11-13-2025 Shares Bought: 6,666 shares an Average Price Paid of $90.14 for Cost: $600,873
Company: MSC Industrial Direct Co Inc. (MSM)
MSC is a leading North American distributor of metalworking and MRO products and services, supporting customers across the United States, Canada, Mexico, and the United Kingdom. With more than 80 years of experience, MSC blends technical expertise, inventory management, and supply chain solutions to help businesses improve efficiency, productivity, and overall performance. The company serves independent machine shops, large industrial enterprises, and government organizations through a network that includes five customer fulfillment centers, nine regional inventory centers, 38 warehouses, and five manufacturing facilities.
Philip R. Peller has served as an independent director on MSC Industrial Direct’s board since March 31, 2000. He previously spent nearly three decades at Arthur Andersen LLP and its predecessor, Andersen Worldwide, where he held senior audit and risk management roles, including Managing Director of Quality, Risk Management, and Professional Competence. A Certified Public Accountant, he brings extensive financial, risk, and compliance expertise to MSC’s board.
Insomniac Hedge Fund Guy Opinion: MSC Industrial is executing a meaningful pivot via its “Mission Critical 2.0” strategy — shifting from spot-buy distributor to embedded partner with in-plant and vending solutions. That builds a semi-recurring revenue backbone that de-risks the business. However, demand softness in its core manufacturing base is biting hard: margins are compressing, and growth is slow. Its strong free cash flow generation and capital discipline (dividends + buybacks) provide a cushion, but management’s guidance of sub-10% margin suggests more work remains. Insider buying — especially large open-market purchases — suggests conviction that MSC can execute its turnaround. The short interest isn’t trivial (~7.5%), showing that skeptics remain. A DCF suggests intrinsic value north of $100 if things go right, giving a reasonable upside from current levels, but this is contingent on cyclical rebound and execution. It’s a calculated bet: not a momentum story, but a cash-generative, solution-led industrial play with a turnaround flavor.
Name: Lizanne Galbreath
Position: Director
Transaction Date: 11-18-2025 Shares Bought: 5,500 shares an Average Price Paid of $46.51 for Cost: $255,805
Name: William Joseph Shaw
Position: Director
Transaction Date: 11-14-2025 Shares Bought: 20,000 shares an Average Price Paid of $46.04 for Cost: $920,800
Company: Marriott Vacations Worldwide Corp. (VAC)
Marriott Vacations Worldwide Corp. is a global vacation company offering vacation ownership, exchange, rental, resort, and property management services. It develops, markets, sells, and manages vacation ownership programs under brands such as Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, Hyatt Vacation Club, and The Ritz-Carlton Club. The company also holds rights to residential products under The Ritz-Carlton Residences and offers fractional ownership under the St. Regis name. Interval International provides members with worldwide vacation exchange options, while Aqua Aston manages resorts, hotels, and other vacation properties.
Lizanne Galbreath has served as a director of Marriott Vacations Worldwide Corp. since September 2018. She is the Managing Partner of Galbreath & Company, a real estate investment firm she has led since 1999. Her previous roles include Managing Director at LaSalle Partners / Jones Lang LaSalle and heading The Galbreath Company for more than a decade. She brings deep expertise in real estate investment, development, governance, and corporate strategy, and serves on the Compensation Policy, Nominating & Corporate Governance, and Technology & Innovation Strategy committees. Galbreath holds an MBA from the Wharton School of the University of Pennsylvania and a B.A. from Dartmouth College.
William Joseph Shaw has been a director of Marriott Vacations Worldwide since July 2011 and has served as Chairman of the Board since November 2011. He spent nearly 37 years at Marriott International, where he progressed from corporate controller to CFO, President and COO, and ultimately Vice Chairman before retiring in 2011. Shaw holds a bachelor’s degree from the University of Notre Dame and an MBA from Washington University in St. Louis.
Insomniac Hedge Fund Guy Opinion: Marriott Vacations Worldwide is a hidden-leisure gem — underleveraging its brand power and cash-flow-at-risk structure. Its modernization program is not lip service; insiders are voting with their wallets. If executed cleanly, VAC could meaningfully de-risk by boosting margins and recycling capital efficiently. But it’s not a free lunch: leverage remains a big overhang, and slower macro travel demand or consumer financing headwinds could derail this turn. That said, the current share price (~mid-$40s) gives a compelling margin of safety versus a DCF-derived fair value in the $90–$100+ range. It’s a levered growth–value hybrid — not for the faint-hearted, but for disciplined deep-value plays, VAC could be one of the more interesting bets in leisure today.
Name: Hal Kravitz
Position: Director
Transaction Date: 11-13-2025 Shares Bought: 10,000 shares an Average Price Paid of $45.24 for Cost: $452,400
Company: Celsius Holdings Inc. (CELH)
Celsius Holdings Inc. develops and markets functional energy drinks sold in the United States and internationally. Its portfolio includes the Celsius lifestyle and energy drink brand, Celsius Originals and Vibe in both carbonated and noncarbonated forms, Celsius Essentials formulated with aminos, Celsius On the Go powdered mixes, and Celsius Hydration low sugar electrolyte powders, along with other ready to drink products. The company distributes through direct to store delivery, independent distributors, supermarkets, convenience and drug stores, natural food retailers, fitness centers, gyms, mass market channels, and ecommerce platforms. Founded in 2004 as Vector Ventures Inc., it adopted the Celsius name in 2007 and is headquartered in Boca Raton, Florida.
Hal Kravitz serves as an Independent Lead Director on the board of Celsius Holdings Inc. He joined the board in April 2016. In August 2021, he was appointed Lead Independent Director. Kravitz has more than 30 years of expertise in the beverage sector, including senior leadership positions at Coca Cola, most notably at Glaceau, the developer of Vitaminwater and Smartwater. He also served as the CEO of AQUAhydrate Inc. from 2014 to 2018. He holds a degree in accounting from the University of Georgia.
Insomniac Hedge Fund Guy Opinion: Celsius is a high-risk, high-reward growth story. Its acquisition of Alani Nu is smart — it diversifies its portfolio and targets a new demographic, potentially accelerating long-term growth. The margin profile is solid and improving, but it doesn’t match the industrial-scale cost efficiencies of Monster. The insider buying by Hanson is encouraging, but the wave of insider sales elsewhere raises red flags about alignment. Short interest is non-trivial, signaling that some investors are skeptical. My DCF suggests a fair value of $45–50, meaning the current valuation may already be capturing a lot of optimism. For long-term growth-focused investors, CELH is compelling — but you’re paying for execution risk. Not for the timid.
Name: Prithvi Gandhi
Position: SVP, Chief Financial Officer
Transaction Date: 11-14-2025 Shares Bought: 15,000 shares an Average Price Paid of $31.92 for Cost: $478,841
Company: Trex Co Inc. (TREX)
Trex Company, Inc. manufactures and sells composite decking and railing products in the United States. Its portfolio includes durable decking lines such as Trex Transcend, Trex Signature, Trex Transcend Lineage, Trex Select, and Trex Enhance, along with accessories including Trex Hideaway fasteners and Trex DeckLighting. The company also offers an extensive selection of railing and fencing products and licenses the Trex brand for outdoor furniture, deck drainage systems, protective tapes, pergolas, lattice, outdoor kitchen cabinets, and more. Trex products are distributed through lumber dealers, dedicated distributors, and major retailers including Home Depot and Lowe’s. Founded in 1996, Trex is headquartered in Winchester, Virginia.
Prithvi “Prith” Gandhi is the Senior Vice President and Chief Financial Officer of Trex Company, Inc., a role he assumed on October 6, 2025. He brings more than 25 years of financial leadership experience across the building-products, manufacturing, and building-materials sectors. Before joining Trex, he served as EVP and CFO of Beacon Roofing Supply, CFO of TAMKO Building Products, and held senior finance positions at Owens Corning, including serving as interim CFO. Gandhi holds a BSc in Mathematics and Economics from the University of California, an MA in International Economics from Georgetown University, and an MBA in Finance and Accounting from the Wharton School.
Insomniac Hedge Fund Guy Opinion: Trex is a high-quality, capital-intensive compounder with a unique sustainability moat and deep distribution. But its dependence on a cyclical housing market and lack of sticky, recurring revenue make it vulnerable when consumer remodeling demand softens — which seems to be happening now. The recent guidance cut and margin pressure are real, yet the CFO’s large insider buy at $32 suggests strong internal conviction in a cyclical rebound. If one assumes a moderate but stable long-term growth profile, Trex’s DCF-derived value (~$45–$55) offers material upside. That said, given macro risk and earnings volatility, it’s not a “set it and forget it” play; it’s a recovery-tilting bet, not a risk-free fortress.
Name: Spencer M. Rascoff
Position: Chief Executive Officer
Transaction Date: 11-20-2025 Shares Bought: 14,000 shares an Average Price Paid of $31.84 for Cost: $445,691
Company: Match Group Inc. (MTCH)
Match Group, Inc. is a leading provider of digital technologies and online dating services, operating across five key segments: Tinder, Hinge, Evergreen, Emerging, and Match Group Asia. Its broad portfolio includes well known brands such as Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty of Fish, Azar, and BLK, each created to help users connect and build meaningful relationships. With services available in more than forty languages, Match Group reaches millions of users across global markets. The company was founded in 1986 and is headquartered in Dallas, Texas.
Spencer M. Rascoff is the Chief Executive Officer of Match Group, Inc., appointed by the board on February 4, 2025, following his earlier appointment to the company’s board in March 2024. He is a seasoned software entrepreneur who co founded Zillow, Hotwire, and Pacaso, and previously served as CEO of Zillow for nearly a decade. He began his career in investment banking at Goldman Sachs and later worked in private equity at TPG Capital. He holds a Bachelor’s degree from Harvard University.
Insomniac Hedge Fund Guy Opinion: Facebook’s Meet Cute finally leaning into dating is ironic—it’s basically a return to their roots. Right now, the market is pricing Match at ~$32, completely ignoring the potential of Hinge and the upside of a turnaround. My numbers point to a fair value of $40–45, but let’s be clear: this isn’t a passive ‘set-and-forget’ bet. It’s a high-conviction, high-risk play for value hunters. The business prints cash, but with the 500-lb gorilla of Meta in the room, don’t expect the market to hand out a growth premium anytime soon.”
Name: Kelcy L. Warren
Position: Director
Transaction Date: 11-19-2025 Shares Bought: 2,000,000 shares an Average Price Paid of $16.88 for Cost: $33,760,000
Company: Energy Transfer LP (ET)
Energy Transfer LP, founded in 1996 and headquartered in Dallas, Texas, is a Delaware limited partnership with its common units listed on the New York Stock Exchange under the ticker “ET.” The company’s assets include ownership interests in two publicly traded master limited partnerships: Sunoco LP and USA Compression Partners. Energy Transfer generates cash flow primarily through distributions received from these subsidiaries, with the payout levels driven by their operating earnings and available funds. The partnership’s main financial obligations include partner distributions, general and administrative expenses, and debt service. After fulfilling these commitments, the remaining cash is distributed to unitholders on a quarterly basis.
Kelcy L. Warren has served on the Board of Directors of Energy Transfer LP since 1996, the year he co founded the company, and he currently holds the position of Executive Chairman. With nearly four decades of experience in the energy sector, he previously served as President and Chief Operating Officer of Cornerstone Natural Gas and as a Director of Crosstex Energy. Under his leadership, Energy Transfer has expanded into one of the largest and most diversified energy infrastructure companies in the United States. Mr. Warren earned a Bachelor of Science in Civil Engineering from the University of Texas at Arlington in 1978.
Insomniac Hedge Fund Guy Opinion: Energy Transfer is one of the few midstream names where leadership is putting serious money where its mouth is. Kelcy Warren’s big open-market buys tell you management thinks the current price (~$17) is more “sleeper value” than call-option. The integrated pipeline + gathering + LNG strategy gives ET potential to generate durable cash flows, especially if the Lake Charles LNG project scales. That said, it’s not without risk — capex demands will remain high, and any missteps in securing equity partners or managing costs could blow up projections. But on a DCF basis, there’s a comfortable margin of safety: the market seems to be heavily discounting its optionality. For a value-oriented, income-plus-growth investor, ET offers a rare combo: real yield (~7.9%) and long-term optionality.
Name: David A. Handler
Position: Director
Transaction Date: 11-17-2025 Shares Bought: 20,000 shares an Average Price Paid of $14.25 for Cost: $285,000
Company: PENN Entertainment Inc. (PENN)
Penn Entertainment, Inc. is a leading North American provider of integrated entertainment, sports content, and casino gaming. The company operates across multiple jurisdictions with a diverse portfolio that includes casinos, racetracks, and online betting platforms such as Hollywood Gaming, L’Auberge, ESPN BET, and the Score BET. Through strategic partnerships, including its collaboration with ESPN, and its ownership of the Score, Penn combines strong technology capabilities with an in house content studio to deliver seamless digital betting experiences. Its PENN Play loyalty program further strengthens customer engagement by offering personalized rewards and tailored experiences.
Mr. Handler has served as Board Chair of PENN Entertainment since June 2019 and as a director since 1994. He brings extensive experience in mergers and acquisitions and strategic advisory work. He co-founded Tidal Partners in August 2022, a firm focused on the technology industry. Before that, he founded and led Centerview Partners’ Technology Advisory Practice from 2008 to 2022, and earlier served as Managing Director at UBS Investment Bank from 2006 to 2008.
David A. Handler is the Chairman of the Board and a long-serving director at PENN Entertainment, Inc., having first joined the board in 1994. He was appointed Board Chair in 2019. With more than 30 years of investment banking experience, he co-founded Tidal Partners, a strategic advisory firm focused on technology sectors and complex M&A. He holds a Bachelor of Science in marketing and an MBA in finance from the NYU Stern School of Business.
Insomniac Hedge Fund Guy Opinion: PENN is a deeply interesting structural value play masquerading in a growth story. Its physical casino empire is solid, but the real lever is the interactive business — if PENN can execute iCasino and rebrand away from ESPN Bet efficiently, the cross-sell ecosystem could pay off huge. Insider buys (CEO + director) strongly signal they believe in that pivot. That said, it’s a high-risk rebuild: heavy debt, digital losses, and the termination of the ESPN deal are real cracks. The stock looks cheap versus DCF models (~$25–$29 fair value), giving a meaningful margin of safety if execution is discipline-driven, not hype. For a value investor willing to ride out volatility, this could be a bargain — but don’t bet the farm on a flawless digital turn.
Name: Michael C. Dennison
Position: Chief Executive Officer
Transaction Date: 11-14-2025 Shares Bought: 22,000 shares an Average Price Paid of $14.20 for Cost: $312,321
Company: Fox Factory Holding Corp (FOXF)
Fox Factory Holding Corp. is a global leader in the design, engineering, manufacturing, and marketing of high-performance products and systems. The company’s subsidiary, Fox Factory, Inc., delivers performance-defining solutions for bicycles, side-by-side vehicles, on-road and off-road vehicles, trucks, ATVs, snowmobiles, and other specialized applications, along with premium baseball and softball equipment. Its products serve major cycling and powersports manufacturers and reach customers through a worldwide network of dealers, distributors, and direct-to-consumer channels.
Michael C. “Mike” Denison is a director and the Chief Executive Officer of Fox Factory Holding Corp. He became CEO in June 2019. He previously joined the company in August 2018 as President of Fox’s Powered Vehicles Group. Before his work at Fox, he served for several years as President and Chief Marketing Officer at Flex Ltd., and earlier in his career he held roles at Arrow Electronics in New York. Denison holds a Bachelor of Arts in Liberal Arts from Oregon State University.
Insomniac Hedge Fund Guy Opinion: Fox Factory is a classic small-cap value-turnaround: a niche, high-quality brand under margin pressure right now, but with real product and engineering muscle. The insider buy by CEO Dennison smacks of conviction — he’s putting his money where his mouth is. Yes, profits are weak today, and macro + tariffs are headwinds. But if their cost-cutting yields, and they leverage their R&D properly, they could deliver outsized FCF. At ~4.7% short interest, the market is clearly skeptical — maybe too skeptical. The current valuation (~$13) offers a reasonable margin of safety vs a DCF-driven target in the low-$20s. For a risk-tolerant investor who believes in a capital-efficient operational reset, FOXF looks attractive, but execution risk is real.
Name: Emmanuel Ligner
Position: President and CEO
Transaction Date: 11-17-2025 Shares Bought: 87,500 shares an Average Price Paid of $11.35 for Cost: $993,125
Company: Avantor Inc. (AVTR)
Avantor, Inc. is a global provider of mission-critical products and services serving customers across the biopharma, healthcare, education, government, advanced technology, and applied materials sectors. The company operates throughout the Americas, Europe, Asia, the Middle East, and Africa, offering a broad portfolio that includes high-purity chemicals and reagents, laboratory supplies, formulated silicone materials, customized excipients, single-use assemblies, process chromatography resins and columns, analytical sample preparation kits, educational and microbiology products, clinical trial kits, and fluid handling tips. Founded in 1904, Avantor is headquartered in Radnor, Pennsylvania.
Emmanuel Ligner became President and CEO of Avantor, Inc. on August 18, 2025, and was elected to the board of directors on the same day. He brings more than 30 years of life sciences industry experience, having previously served as CEO of Cerba HealthCare and as President and CEO of Cytiva, Danaher, and GE Life Sciences. Ligner began his career in Japan with Otsuka Pharmaceuticals and later worked at Abbott Japan. He holds a Master’s degree in commerce from the Université de Savoie in France and a Bachelor of Arts in marketing from the University College of Wales in the United Kingdom.
Insomniac Hedge Fund Guy Opinion: Avantor is a turnaround play masquerading as a commoditized distributor — not sexy, but deeply embedded in the life-sciences backbone. The company’s scale and recurring-revenue base (~85%) give it strong cash-flow potential, and its recent cost-transformation plan suggests management finally has skin in the game. The CEO buying nearly $1M of AVTR stock signals alignment and confidence, and the activist pressure from Engine Capital provides a real catalyst: either a clean-up + execution or a possible sale. That said, the business is exposed to macro headwinds (lab spending, NIH funding), and its growth engine is weak: if things don’t improve, the downside is real. The current valuation (~$11–12) offers a reasonable entry given a base-case intrinsic value of $13–15/share via my rough DCF, but not a deep value play. If execution works and cost savings materialize, you could see a re-rating. But don’t bet the farm — this is a risk-adjusted value + activism name, not a safe compounder.
Name: Ivan Kaufman
Position: COB, CEO And President
Transaction Date: 11-13-2025 Shares Bought: 54,000 shares an Average Price Paid of $8.69 for Cost: $469,360
Company: Arbor Realty Trust Inc. (ABR)
Arbor is a Maryland-based real estate investment trust and direct lender specializing in the origination and servicing of commercial real estate loans worldwide. The company operates through two primary segments: Structured Loan Origination and Investment, and Agency Loan Origination and Servicing. Its Structured Business manages a diverse portfolio of structured finance assets across multifamily, single-family rental, and commercial real estate, including bridge loans, mezzanine loans, junior interests in first mortgages, and preferred equity. Arbor also engages in real estate related joint ventures and may acquire real estate or invest in mortgage related notes and securities.
Ivan Kaufman has served as Chairman, President, and CEO of Arbor Realty Trust, Inc. since June 2003. He co-founded Arbor and brings decades of experience in real estate finance, beginning in the early 1980s when he launched a predecessor mortgage company. Kaufman holds a Juris Doctor from Hofstra University School of Law and a Bachelor of Arts in Business Administration from Boston University.
Insomniac Hedge Fund Guy Opinion:
Arbor Realty Trust is a fascinating hybrid: it blends a capital-light, recurring cash-flow business (servicing) with a more cyclical, high-risk originations / structured lending arm. Its servicing portfolio is a big strength — think of it like an annuity — but its structured portfolio and lending exposure bring real credit risk. Add in the DOJ investigation and sky-high short interest, and you’re looking at a binary outcome.
If they execute liability management well (which they’re actively doing), preserve capital, and stabilize credit losses, Arbor could be materially undervalued: the recurring servicing stream looks mis-priced. But if the regulatory noise escalates, or credit stress intensifies, it could bleed. The current valuation seems to price in a lot of downside — for a risk-tolerant, high- conviction investor, there’s a potential asymmetric payoff.
Name: Vlad Coric
Position: Chief Executive Officer
Transaction Date: 11-13-2025 Shares Bought: 666,666 shares an Average Price Paid of $7.50 for Cost: $4,999,995
Name: Gregory Bailey
Position: Director
Transaction Date: 11-13-2025 Shares Bought: 400,000 shares an Average Price Paid of $7.50 for Cost: $3,000,000
Name: John W. Childs
Position: Director
Transaction Date: 11-13-2025 Shares Bought: 3,333,333 shares an Average Price Paid of $7.50 for Cost: $24,999,998
Company: Biohaven Ltd. (BHVN)
Biohaven is a biopharmaceutical company focused on discovering, developing, and commercializing life changing treatments in immunology, neuroscience, and oncology. With a strong foundation in drug development and multiple proprietary platforms, the company is advancing an innovative portfolio of therapies. Its clinical and preclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders, extracellular protein degradation for immunological conditions, TRPM3 antagonism for migraine and neuropathic pain, TYK2 and JAK1 inhibition for neuroinflammatory disorders, glutamate modulation for OCD and spinocerebellar ataxia, myostatin inhibition for neuromuscular and metabolic conditions, and cancer targeting antibodies and antibody drug conjugates.
Vlad Coric is the Chairman and CEO of Biohaven Ltd. He has served as CEO since November 2015. He brings more than twenty years of experience in drug discovery and clinical development from his work at Yale School of Medicine and Bristol Myers Squibb. Coric has led Biohaven’s transformation from a small biotech start up to a global company. During his tenure, the company achieved FDA approval for its migraine treatment Nurtec ODT, advanced another key medication, zavegepant, and expanded its neuroscience portfolio. He earned his medical degree from Wake Forest University School of Medicine and his bachelor’s degree in neurobiology and physiology from the University of Connecticut.
Gregory H. Bailey has served as an independent director on the board of Biohaven Ltd. since September 2022, when the board was reconstituted after the company’s acquisition by Pfizer. He chairs the Nominating and Corporate Governance Committee and contributes deep experience as a biotech entrepreneur and investor. Bailey is the co founder and Executive Chairman of Juvenescence Limited and has played a key role in building multiple healthcare companies. He earned his medical degree from the University of Western Ontario and spent ten years as an emergency department physician before transitioning into finance and biotechnology.
John W. Childs has served as a director of Biohaven Ltd. since October 2022. He is Chairman and Partner at J W Childs Associates, a private equity firm he co founded in 1995. Before establishing J W Childs Associates, he served as Senior Managing Director at the Thomas H. Lee Company from 1991 to 1995, where he oversaw the origination, evaluation, negotiation, and management of leveraged buyout transactions for the THL funds. Childs holds a Bachelor of Arts from Yale University and a Master of Business Administration from Columbia University.
Insomniac Hedge Fund Guy Opinion:
Biohaven is not a sleepy cash cow — it’s a speculative rocketship with its engines firing. The insiders’ $30 M bet at current prices (CEO + director) is one of the boldest signals I’ve seen in biotech. They’re clearly arguing: “we can make something big here.” But make no mistake: this is binary risk. With no recurring revenue and a cash runway of only a few quarters, failure in the clinic or a missed financing round could wipe out value fast.
That said, the Knopp deal revision is huge — taking off over $860M in liabilities means more optionality, less albatross. If even one of their lead programs (Kv7/BHV-7000, troriluzole, or another) hits later-stage success, BHVN could re-rate hard. The current ~$8–10 level may offer a speculative entry, but this isn’t for the faint-hearted — you’re betting on execution, not traction. I lean modestly bullish, but only as a high-risk biotech play, not a base-case value stock.
Name: Charles C. Townsend
Position: Director
Transaction Date: 11-18-2025 Shares Bought: 89,991 shares an Average Price Paid of $6.97 for Cost: $627,527
Company: Gogo Inc. (GOGO)
Gogo Inc. provides internet connectivity services to the aviation industry in the United States and internationally. The company delivers in-flight technologies and services supported by its networks, antennas, airborne hardware, and software platforms. Its offerings include voice and data connectivity, in-flight entertainment, and technical support for aviation partners. Gogo also develops and operates networks, towers, cybersecurity systems, and data centers that enable reliable in-flight connectivity. The company serves aircraft operators and business aviation OEMs through a network of independent dealers. Founded in 1991, Gogo Inc. is headquartered in Broomfield, Colorado.
Charles C. Townsend has served as a director on the board of Gogo Inc. since January 2010, marking the beginning of his long leadership involvement with the company. He is the Managing General Partner of Bluewater Wireless II, L P, and also serves in the same capacity at Whitewater Wireless II, L P. Earlier in his career, he developed and led Aloha Partners L P from 2001 through 2008, and he has been President of Pac 3, L L C since 2004. Townsend brings deep expertise in telecommunications and wireless spectrum, with strengths in strategic planning and spectrum valuation. He holds a Bachelor of Arts in Social Psychology from the University of Virginia and an MBA from Harvard Business School.
Insomniac Hedge Fund Guy Opinion: Gogo’s repositioning as a business-aviation broadband player is bold — and backed by clear product catalysts (Galileo HDX, 5G) that could meaningfully expand its TAM. Gogo is acquiring inflight connectivity rival Satcom Direct to counter rising competition from SpaceX’s Starlink in the market for providing Wi-Fi to business jets. Insider buys from directors and the CEO reinforce that confidence. However, its valuation hinges on execution: high capex, tech risk, and the challenge of turning a hardware-heavy business into one with durable, recurring service cash flow. The short interest remains elevated (~19–20% of float), signaling continued skepticism — but also a potential squeeze risk if the roadmap clicks. The current market price seems to reflect a “show me” attitude rather than full faith in perfection. For a value-sensitive fund, Gogo is interesting, but not yet a no-brainer — there’s juice, but also serious risk. Besides who wants to compete against Space X?
Name: Kirsten Castillo
Position: Director
Transaction Date: 11-14-2025 Shares Bought: 20,000 shares an Average Price Paid of $6.26 for Cost: $125,250
Name: Brian Hirsch
Position: Director
Transaction Date: 11-14-2025 Shares Bought: 80,571 shares an Average Price Paid of $6.21 for Cost: $500,346
Name: Robert P. Goodman
Position: Director
Transaction Date: 11-10-2025 Shares Bought: 912,408 shares an Average Price Paid of $5.61 for Cost: $5,118,609
Company: ACV Auctions Inc. (ACVA)
ACV Auctions Inc. operates a digital wholesale vehicle marketplace supported by advanced data and inspection technology. The platform provides dealers and commercial partners with transparent, accurate vehicle information to help them confidently buy, sell, price, and manage inventory. ACV’s services include payment processing, title transfer, arbitration, transportation management, and financing assistance. The company also runs a network of remarketing centers across the United States to support its nationwide operations.
Kirsten Castillo has been a Director of ACV Auctions Inc. since October 2020. Before joining the ACV board, she served as Chief Operating Officer of GlobalTranz Enterprises from May 2017 to November 2018, and previously as CEO of Logistics Planning Services until its acquisition by GlobalTranz in 2017. She also held the role of COO at LPS before becoming CEO. Castillo is strongly committed to supporting women in operations and supply chain and currently serves as Vice President of Engagement at AWESOME. She holds a Bachelor of Science from the University of Minnesota and a Global Executive MBA from Duke University’s Fuqua School of Business.
Brian Hirsch has been a Director on the board of ACV Auctions Inc. since August 2016. He is the Co-Founder and Managing Partner of Tribeca Venture Partners, which he established in 2011, focusing on high-growth sectors including marketplaces, fintech, SaaS, education technology, and consumer businesses. Prior to founding TVP, he created and served as Managing Director of Greenhill SAVP, the venture capital division of Greenhill & Co., from 2006 to 2011. With more than twenty years of experience in early-stage technology investing, Hirsch has supported and advised numerous emerging companies. He holds a Bachelor of Arts in Economics and American Studies from Brandeis University.
Robert P. Goodman has been a Director on the board of ACV Auctions, Inc. since February 2017. He is a Partner at Bessemer Venture Partners, where he has served since 1998, and is the Managing Member of the firm’s fund management company. Before beginning his venture capital career, he founded and served as CEO of three privately held telecom companies. Goodman holds a BA in Latin American Studies from Brown University and an MBA from Columbia University.
Insomniac Hedge Fund Guy Opinion: ACV Auctions is building a very attractive digital infrastructure in a traditionally opaque used-car wholesale market. Its network effects and data-driven inspection platform give it a clear, narrow moat. Revenue growth is strong (~30%+), but recurring revenue is only a slice of the business, and profitability is still nascent. Insider buying (especially by Hirsch and Goodman) signals conviction — but the sizable short interest shows the market is wary of execution risk and persistent losses. My rough DCF suggests the stock is potentially undervalued at current levels, assuming ACV can scale more EBITDA and manage credit risks. That said, it’s not a slam-dunk: macro risk and competition are very real. For a value-oriented growth investor willing to ride the platform build, ACVA could be a high-conviction asymmetric bet — but only if the business executes.
Name: Srinivas Akkaraju
Position: Director
Transaction Date: 11-13-2025 Shares Bought: 2,76,179 shares an Average Price Paid of $5.25 for Cost: $1,449,940
Company: Alumis Inc. (ALMS)
Alumis Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for autoimmune diseases. Its lead clinical candidate, ESK 001, is an allosteric inhibitor of tyrosine kinase 2 currently in development for plaque psoriasis and systemic lupus erythematosus. The company is also advancing A 005, an allosteric TYK2 inhibitor designed to penetrate the central nervous system and target neuroinflammatory and neurodegenerative conditions. In addition, Alumis is developing IRF5 inhibitors aimed at correcting immune system dysfunction. Formerly known as Esker Therapeutics Inc., the company rebranded as Alumis in January 2022. It was founded in 2021 and is headquartered in South San Francisco, California.
Srinivas Akkaraju, M.D., Ph.D., has served on the Alumis Inc. board since March 2024. He is the Founder and Managing Partner of Samsara BioCapital, which he has led since March 2017. Prior to that, he was a Managing Director at New Leaf Venture Partners from 2013 to 2016. Dr. Akkaraju also serves on the boards of several public companies, including vTv Therapeutics Inc., Scholar Rock Holding Corporation, Mineralys Therapeutics Inc., Inventiva S.A., and Syros Pharmaceuticals Inc., along with multiple private biopharmaceutical firms. He earned both his M.D. and Ph.D. in Immunology from Stanford University and holds undergraduate degrees in Biochemistry and Computer Science from Rice University.
Insomniac Hedge Fund Guy Opinion:
Alumis is a pure play on the next evolution of oral immunology, anchored by ESK-001, a TYK2 inhibitor with true blockbuster potential — if it works. The recent insider buying (notably by director Srinivas Akkaraju) and institutional re-ups from Foresite signal that the smart money believes in the pipeline and the merger with Acelyrin. That said, the company is burning cash heavily, has no commercial revenues, and faces steep binary risk tied to its clinical readouts (especially the Phase-3 psoriasis data in Q1 2026). The current valuation (sub-$6) offers some margin of safety if you’re willing to ride the risk / reward. On successful execution, the risk-adjusted DCF suggests material upside, but failure could be catastrophic. This is not a value stock — it’s a shots-on-goal growth bet, and only allocate what you’re ready to potentially lose.
Name: Robert Patrick Kruczek
Position: Director
Transaction Date: 11-17-2025 Shares Bought: 150,000 shares an Average Price Paid of $4.14 for Cost: $620,950
Company: Westrock Coffee Co. (WEST)
Westrock Coffee Company, a Delaware corporation, is a leading integrated provider of coffee, tea, flavors, extracts, and ingredient solutions in the United States. The company specializes in sourcing, supply chain management, and distribution, serving diverse sectors including retail, food service, restaurants, convenience stores, travel centers, non-commercial clients, consumer packaged goods, and hospitality worldwide. Westrock Coffee emphasizes end-to-end solutions, product innovation, traceability, transparency, and scalability, aiming to maintain a premier integrated solutions platform for globally recognized brands.
R. Patrick Kruczek is a Director of Westrock Coffee Company. He serves as a Principal and Co-Manager at BBH Capital Partners, where he oversees investment activities and manages portfolio companies. Prior to joining BBH in 2016, Kruczek spent 20 years at Morgan Keegan & Company, holding several leadership roles, including President and Chief Operating Officer. He earned a Bachelor of Business Administration in Accounting from the University of Notre Dame and an MBA from the University of Tennessee.
Insomniac Hedge Fund Guy Opinion: Westrock Coffee stands at a genuine inflection point: the Conway production ramp, vertical integration, and its ESG-driven sourcing business could combine to finally unlock real economic leverage. But make no mistake — the company is not there yet. Losses remain, and short interest is high (~14 days to cover), signaling that many investors are skeptical. The recent $10 M convertible-note purchase by a major stakeholder is a bold vote of confidence, suggesting someone with deep institutional conviction believes in Westrock’s long-term trajectory. My DCF (12% discount) pegs intrinsic value in the $7–9 range, meaning current prices may understate the upside, if execution plays out. Risk-reward looks asymmetric — but only for investors who have conviction in Westrock’s ability to scale Conway efficiently and convert its recipe into cash. This is a high-risk, high-reward play — not for yield-chasers, but for the ones who believe in integrated, mission-driven beverage transformation.
Name: Robert Rosario Gonnelli
Position: Director
Transaction Date: 11-14-2025 Shares Bought: 135,000 shares an Average Price Paid of $3.96 for Cost: $534,000
Company: Off The Hook Ys Inc. (OTH)
Off The Hook YS Inc. is a yacht and boat dealership that buys, sells, and wholesales new and pre-owned vessels, while also providing maintenance, repair, and customer support services. The company offers repossession and asset recovery solutions for recreational boats, along with after-sales marketing and financing options. It was founded in 2012 and is headquartered in Wilmington, North Carolina.
Robert Rosario Gonnelli has served as a director of Off The Hook YS Inc. since September 29, 2025. He also serves as the Chief Executive Officer of Red Oak Holdings LLC, bringing extensive leadership and operational experience to OTH’s board.
Insomniac Hedge Fund Guy Opinion: Off The Hook YS is an intriguing sleeper play in a very niche, high-ticket market. Their use of AI valuation tools and data-driven sales could offer a differentiated edge, but their business is capital-intensive and execution risk is real. With only ~7.8% YoY revenue growth recently, minimal recurring revenue, and a very modest net income, the IPO feels more like a bet on scaling than a proven, cash-flowing machine. The $15 M raised may help them expand, but given the risk and lack of short-interest or insider accumulation so far, there’s limited near-term catalysts beyond basic execution. My DCF suggests fair value modestly above IPO price, but margin of safety is thin — this is a growth-spec micro-cap stake, not a low-risk value play. Only allocate a small tranche unless they start showing consistent free cash flow or meaningful backlogs.
Name: Bernd Brust
Position: Chief Executive Officer
Transaction Date: 11-13-2025 Shares Bought: 216,212 shares an Average Price Paid of $3.25 for Cost: $702,689
Company: Maravai Lifesciences Holdings Inc. (MRVI)
Maravai LifeSciences Holdings, Inc. is a global life sciences company that supplies essential products used in the development of vaccines, therapeutics, cell and gene therapies, and diagnostics. The company supports human disease research and provides solutions across the entire biopharmaceutical development cycle, from discovery to commercialization. Its customers include major biopharmaceutical companies, emerging biotechnology firms, academic research institutions, and in vitro diagnostics developers. Maravai’s portfolio is designed to advance critical stages of biopharmaceutical research and foster innovation across the industry.
Bernd Brust has served as CEO and as a member of the board of directors of Maravai LifeSciences Holdings, Inc. since June 8, 2025. He brings more than 30 years of global life sciences experience, having previously held leadership positions including Executive Chairman and CEO of Antylia Scientific and CEO of Qualicaps. Earlier in his career, he held senior sales roles at Life Technologies, Invitrogen, and GE Medical Systems. Brust has extensive experience in commercial operations, strategy, and business development across major life sciences organizations.
Insomniac Hedge Fund Guy Opinion: Maravai is a wounded specialist. Its CleanCap business was once a shining jewel, but without consistent high-volume vaccine orders, its core revenue is now hemorrhaging. The new leadership team is slashing costs, but that’s a bandaid — the structural risk of falling back to a cyclic reagent business remains. A DCF suggests some upside from current prices, but the company is far from de-risked: high customer concentration, weak margins, and no real recurring SaaS-style base. If you’re a value hunter, MRVI may look cheap — but you’re betting on a turnaround that’s anything but guaranteed.
Name: Franco Fogliato
Position: CEO
Transaction Date: 11-18-2025 Shares Bought: 200,000 shares an Average Price Paid of $1.80 for Cost: $359,500
Company: Fossil Group Inc. (FOSL)
Fossil Group, Inc. designs, develops, markets, and distributes consumer fashion accessories globally, including traditional watches, smartwatches, jewelry, handbags, small leather goods, belts, and sunglasses. Products are offered under its proprietary brands—FOSSIL, SKAGEN, MICHELE, RELIC, and ZODIAC—and licensed brands such as ARMANI EXCHANGE, DIESEL, EMPORIO ARMANI, KATE SPADE NEW YORK, MICHAEL KORS, SKECHERS, and TORY BURCH. The company sells through retail and outlet stores, department and specialty retailers, e-commerce platforms, licensed and franchised stores, and travel retail, including WATCH STATION and WSI locations. Founded in 1984 in Richardson, Texas, the company changed its name to Fossil Group, Inc. in 2013.
Franco Fogliato serves as CEO and a board member of Fossil Group, Inc., having been appointed on September 18, 2024, following an interim CEO period. He brings extensive leadership experience in the consumer and sportswear sectors, including prior roles as CEO of Salomon and senior positions at Columbia Sportswear, Billabong Group Europe, and The North Face. Fogliato holds an MBA from The Open University Business School, a BA from the University of Venice, and an INSEAD Corporate Governance certification.
Insomniac Hedge Fund Guy Opinion: Fossil is a turnaround play masquerading as a zombie retailer. Its legacy business is shrinking fast, but the TAG plan gives a glimmer of hope — cost cuts, store closures, and margin recovery are real levers. Insider buying from the CCO suggests internal faith, but the lack of recurring revenue and heavy debt make this a high-risk, high-reward bet. If the restructuring and execution go well, there could be meaningful value here around $1.50–$2 per share. But if they stumble — or consumer demand stays weak — the downside is brutal. For a value investor with a gamble appetite, this is interesting. For a risk-averse safety-first investor, this is more a distressed turnaround than a stable buy.
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This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that. Nothing contained here constitutes a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance is not indicative of future results. “The insomniac hedge fund guy” is a moniker Harvey Sax, the portfolio manager for The Insiders Fund” has used from time to time on email, blog ,and social media posts. While Mr. Sax is the portfolio manager of The Insiders Fund, these posts are not communications from, nor endorsed by, Alpha Wealth Funds, LLC or any of its managed funds. References to Alpha Wealth Funds or its affiliates are for identification only and do not imply sponsorship or approval.” The Insiders Fund and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use. Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions. Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill. The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett and others Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking! We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value. A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified as soon as practically possible. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT, Gemini, Claude, and occasionally Microsoft Copilot. I find the footnotes research very helpful in eliminating errors from AI hallucinations but these opinions are likely to contain inaccuracies due to the nature of the LLM’s. The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
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Prosperous Trading,
