Insider Buying Week 12-26-25 – The Insomniac Hedge Fund

Name: Harry L. You
Position: Director
Transaction Date: 12-18-2025 Shares Bought: 1,000 shares an Average Price Paid of $325.13 for Cost: $325,129

Company: Broadcom Inc. (AVGO)

Broadcom Inc. is a global designer, developer, and supplier of semiconductor devices and infrastructure software. The company operates in two segments: Semiconductor Solutions and Infrastructure Software. The company’s semiconductor portfolio comprises networking connectivity solutions, custom silicon, Ethernet switching and routing, wireless connectivity, servers and storage components, broadband access products, and industrial solutions. The infrastructure software section offers private cloud platforms, including VMware Cloud Foundation, as well as application networking and security, data services, and private AI solutions. Broadcom also offers mainframe software for automation, data management, DevOps, and cybersecurity, as well as enterprise and FC SAN management tools. Broadcom Inc. was founded in 1961 and has its headquarters in Palo Alto, California.

Harry L. You have been a director at Broadcom Inc. since January 8, 2019. He was also the Chief Financial Officer of GTY Technology Holdings Inc. from September 2016 to August 2019, as well as President from September 2016 to February 2019 and again in May 2019. He served as Oracle Corporation’s Executive Vice President and Chief Financial Officer from 2004 to 2005. Before joining Oracle, he held numerous critical finance positions, including Chief Financial Officer at Accenture Ltd. He has also been a trustee of the United States Olympic Committee Foundation since 2016. Harry L. You holds a Bachelor of Arts in Economics from Harvard College and a Master of Arts in Economics from Yale University.

Insomniac Hedge Fund Guy Opinion:

Broadcom is one of the most compelling hybrid tech franchises outside the Magnificent Seven. Its AI silicon franchise gives it a real seat at the highest-growth table while VMware’s recurring revenue cushions cyclicality. Profitability stacks up extremely well against peers, and its cash flow returns capital at rates few can match.

But let’s be straight: insider selling, customer concentration, and heavy dependence on hyperscale AI demand are real risks — not academic ones. The market often overshoots on AI stories, and Broadcom’s valuation isn’t cheap relative to historical norms. The intrinsic value likely sits above today’s market price under conservative assumptions, but only if execution stays pristine and AI demand doesn’t slow. For disciplined investors, this isn’t a momentum toy — it’s a core cash-flow compounder with cyclical swings. Your diligence determines whether you lean into the moat or hedge around the volatility.

Name: Timothy D. Cook
Position: Director
Transaction Date: 12-22-2025 Shares Bought: 50,000 shares an Average Price Paid of $58.97 for Cost: $2,948,500

Name: Robert Holmes Swan
Position: Director
Transaction Date: 12-22-2025 Shares Bought: 8,691 shares an Average Price Paid of $57.54 for Cost: $500,080

Company: NIKE Inc. (NKE)

NIKE, Inc. and its subsidiaries create, develop, market, and sell athletic and casual footwear, clothes, equipment, accessories, and services to men, women, and children across the world. The company’s operations include North America, Europe, the Middle East, Africa, Greater China, Asia Pacific, and Latin America. It sells products under the names Nike, Jordan, Jumpman, Converse, Chuck Taylor, All-Star, One Star, Star Chevron, and Jack Purcell. NIKE also offers performance equipment and accessories, branded apparel, and digital consumer experiences, including fitness applications and sport-specific content. The corporation was previously known as Blue Ribbon Sports, Inc., before changing its name to NIKE, Inc., in May 1971. Nike, Inc. was founded in 1964 and is based in Beaverton, Oregon.

Mr. Timothy D. Cook has been a member of NIKE’s Board of Directors since 2005, where he now serves as Lead Independent Director, chairs the Compensation Committee, and participates in the Nominating & Corporate Governance Committee. He was reappointed for a three-year term in June 2025, where he will assist in setting board agendas, communicating with independent directors, and engaging with important shareholders. Aside from NIKE, Cook is the CEO of Apple Inc., where he controls global operations, and he has previously held executive positions at Compaq, Intelligent Electronics, and IBM. Mr. Cook holds an MBA from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science in Industrial Engineering from Auburn University.

Robert Holmes Swan has been a director of NiIKE, Inc. since September 2022. He is an operating partner of Andreessen Horowitz. Mr. Swan formerly served as CEO and a member of Intel Corporation’s Board of Directors. Before joining Intel, he was an operating partner at General Atlantic LLC. He was TRW Inc.’s Chief Financial Officer, as well as Webvan Group, Inc.’s CEO, COO, and CFO. Mr. Swan started his career with General Electric. He is now on the boards of Micron Technology, Inc., Flexport, the American Heart Association, and Kearney. He earned an MBA from Binghamton University and a Bachelor of Science in Management from the University of Buffalo.

Insomniac Hedge Fund Guy Opinion: Nike’s brand moat is real — it’s the Adidas-slayer that built its empire on emotional resonance, athlete endorsement, and global scale. But brand strength isn’t enough when profits compress, digital traction sputters, and growth stalls. Today’s numbers reflect that — top-line stagnation, margin pressure, and a turnaround still early in its innings. Insider buying (especially Tim Cook’s) is bullish signal psychologically — directors putting real money to work — but it doesn’t magically fix weakening core dynamics. The stock is pricing hopeful execution, not proven results. A DCF under conservative assumptions suggests the market isn’t handing a bargain — it’s pricing hard times. Nike’s long-term moat remains, but near-term fundamentals are messier than the hype. This isn’t value without pain — it’s branded cyclicality with execution risk. Not financial advice — just one veteran view.

Name: Kevin Andrew Mitchell
Position: President
Transaction Date: 12-18-2025 Shares Bought: 12,510 shares an Average Price Paid of $19.58 for Cost: $244,946

Name: Suela Bulku
Position: Chief Financial Officer
Transaction Date: 12-18-2025 Shares Bought: 10,020 shares an Average Price Paid of $19.58 for Cost: $196,192

Name: Brook Armstrong Baker
Position: General Counsel
Transaction Date: 12-18-2025 Shares Bought: 10,020 shares an Average Price Paid of $19.58 for Cost: $196,192

Company: Exzeo Group Inc. (XZO)

Exzeo Group, Inc. offers complete insurance technology and operations solutions to insurance companies and brokers. The company delivers an Insurance-as-a-Service platform that includes solutions for operational and administrative tasks such as quotation and underwriting, policy management, claims processing management, data reporting, and financial reporting. It serves the property and casualty insurance sector. The company was previously known as TypTap Insurance Group, Inc. Exzeo Group, Inc. was founded in 2012 and is headquartered in Tampa, Florida. Exzeo Group, Inc. is a subsidiary of the HCI Group, Inc.

Kevin Andrew Mitchell has been president and board member of Exzeo Group, Inc. since October 2019, where he oversees strategic and operational activities for the digital insurance technology firm. Kevin Andrew Mitchell has substantial experience in the insurance and financial services industries, having previously held high leadership positions such as high vice president at HCI Group, Inc. Mr. Mitchell is known for prioritizing operational excellence and growth-oriented leadership. Mr. Mitchell has a marketing and communications degree from Bowling Green State University.

Ms. Suela Bulku has been the Chief Financial Officer at Exzeo Group, Inc. since December 2024, where she oversees financial strategy and operations. Previously, she held top finance leadership positions such as top financial officer and controller, and she has substantial experience in statutory reporting, accounting, and internal controls within the insurance industry. Ms. Bulku started her career in finance and accounting and worked her way up to positions of increasing responsibility. She earned a Bachelor of Science in Finance and Economics and an MBA in Finance and Management from the University of South Florida.

Insomniac Hedge Fund Guy Opinion:

Exzeo’s insurance tech stack looks crisp, carving a niche in a high-stickiness vertical with recurring revenue and strong expansion within existing accounts. Gross and net margins leaping into double digits, and clustered insider buying, signal management’s conviction. But the moat is real only when it wins independent logos outside HCI’s ecosystem — that’s the real test. The current valuation feels embedded for execution perfection, and while DCF sketches suggest room to run under conservative assumptions, the risk premium persists from customer concentration and incumbent pushback. This isn’t a bet on vaporware — it’s a growth-adjacent SaaS story rooted in operational utility — but one where patience and execution beat hype. XZO is a watchlist/accumulate on validation beats rather than a full-throttle long at current prints, and always do your own diligence as markets price in flawless execution.

This blog is solely for educational purposes and the author’s own amusement. IT IS NOT INVESTMENT ADVICE. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. There are also many parts that I am not willing to share if I think it could influence trading action or be detrimental to the Fund’s partners. We could be long, short, or have no position at all in any of the stocks mentioned and express no written or implied obligation to disclose any of that. Nothing contained here constitutes a recommendation to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance is not indicative of future results.

“The insomniac hedge fund guy” is a moniker Harvey Sax, the portfolio manager for The Insiders Fund” has used from time to time on email, blog ,and social media posts. While Mr. Sax is the portfolio manager of The Insiders Fund, these posts are not communications from, nor endorsed by, Alpha Wealth Funds, LLC or any of its managed funds. References to Alpha Wealth Funds or its affiliates are for identification only and do not imply sponsorship or approval.

The Insiders Fund and its blogs and posts are not affiliated with, endorsed by, or sponsored by any of the companies mentioned herein. All company names, logos, and trademarks belong to their respective owners. The use of company logos is solely for descriptive and illustrative purposes under fair use. Any information provided is based on publicly available data and should not be considered financial, investment, or legal advice. Readers should conduct their own research or consult with a professional before making any investment decisions. Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone with any stock market experience pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing of any transaction, buy, sell, exercise, or any other within 48 hours of doing so.

This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill. The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, we analyze unusual patterns with selling, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole.

I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investor, think Warren Buffett and others. Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases, have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!

We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool, but many services pick up their feed like they do Bloomberg. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. It is largely done now by my AI. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use.