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The Insiders Fund
@insomniachedgefund.bsky.social
480 followers 2.4K following 780 posts
I'm Harvey Sax. CoFounder of Alpha Wealth Funds, & Portfolio Mgr of The Insiders Fund since '10. Offering unique perspective from experience across all investment table positions.
Investment veteran, IPO, opinionated. https://www.theinsidersfund.com/
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I finally did it! I took the leap, and now The Insiders Fund Not-So-Daily Blog about recent insider buying in the stock market is now a podcast. Look for The Insiders Fund Not-So-Daily Podcast on your favorite podcast source.
podcasts.apple.com/us/podcast/t...
#Podcast #TheInsidersFund #Econsky
lime green and blue background, with image of Harvey Sax in black and white. "The Insiders Fund Not So Daily Podcast" By Harvey Sax with Jayden Thomas
May 14, 2025 at 5:16 PM
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🧵 1/3 Magnolia Oil & Gas Corp ($MGY) INSIDER BUY ⛽
Director Shandell Szabo invested $249,870 by purchasing 11,731 shares at $21.30 per share.
"Hope springs eternal in the oil patch. If you were to ask me what worker exhibits eternal optimism has regardless of how misplaced it can be, it has to be
oil refinery, magnolia oil and gas logo, the insiders fund logo, and quote: "Hope springs eternal in the oil patch. If you were to ask me what worker exhibits eternal optimism has regardless of how misplaced it can be, it has to be the oil and gas wildcatter."
May 14, 2025 at 12:33 PM
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🧵 1/3 Church & Dwight Co Inc ($CHD) INSIDER ACTIVITY 🤔
EVP of International Michael Read purchased 3,000 shares at $92.07 per share, investing $276,221.
So, Read bought $276,221 worth of stock on the open market while Director Price unloaded $1.365 Million at $93.13 the same day. Your choice.
Church
box of baking soda, next to a spoon overflowing with baking soda, with the church and dwight logo at the top, and the Insiders fund logo at the bottom. On the side of the box is written: When one insider buys while another sells at nearly the same price point, how do you interpret these mixed signals?
May 12, 2025 at 8:05 PM
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🧵 1/2 Well, the stock market doesn't want to go down. All of the all the sad talk by CEOs, and lack of being able to give guidance, doesn't belay the fact that market sure acts like it's bottomed. But then that's what bear markets do. It makes you think the bottom is in, but then it's not. It just
Man in a suit holding a suitcase looking up at a chart of squiggles overlaying a grid pattern suggesting confusing metrics
April 30, 2025 at 10:55 PM
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🧵 1/2 Well, the Trump administration seems to be facing reality a bit and tempering their expectations. The market seems to like that. How long that will last is anybody's guess. After listening to a few earnings calls, it’s clear that customers are holding back, and things are stalling because of..
The insiders fund logo on the horizon, empty, rusted cargo boat in the ocean, and a wrecking ball swinging towards the boat with the word Tariffs written in red on the ball.
April 29, 2025 at 8:38 PM
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🧵 1/5 Every bear market since 2001 has only ended with a plethora of insider buying. I’m waiting, waiting, and waiting without any insider buying to speak of. There is not much selling either. This is a remarkably quiet period of time. I thought once last week of earnings was over, we would start
Cartoon image of frozen bulls looking out from a frozen computer monitor, with icicles dripping off the screen onto a wooden desk, with books, keyboard, mouse, plan, and lamp. Coins flying through the air.
April 28, 2025 at 3:57 PM
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🧵 1/3 Back and forth volatility is not anything that investors like, and it's not anything constructive. I wouldn't read too much in today's market news, but it does seem like Scott Bessent lobbied really hard to get the job as Treasury Secretary, and seems to be working really hard to keep Trump
vintage humpty dumpty sitting in the grass in the forest, wearing a red top hat, next to a vintage dresser with cards pasted on, and hearts, spades, and diamonds painted on. The Insiders Fund logo at the bottom,
April 22, 2025 at 9:46 PM
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ANNOUNCE about corporate cash.

What I find most interesting this week? The juxtaposition between massive bets on particular companies (Mitchell Jacobson's $11.1M MSC Industrial buy) alongside cautious toe-dipping in sectors facing existential challenges (looking at you, Nike).

Here's the complete
CoreWeave Inc. (CRWV) & Tectonic Therapeutic (TECX) CoreWeave Inc. (CRWV) WHO: Karen Boone, Director AMOUNT: 10,520 shares at $47.56 ($500,336) OPINION: We'd let the dust settle on this recent IPO before jumping in. Tectonic Therapeutic (TECX) WHO: Timothy A. Springer, Director and 10% Owner AMOUNT: 141,923 shares at $16.20 ($2,299,015) OPINION: This is essentially a lotto ticket, but it's a lot cheaper than it was a few months ago.
April 17, 2025 at 3:04 PM
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my latest deep dive on insider activity from the past week — unfiltered analysis of where the smart money is flowing and where it most definitely isn't. No sugar-coating, no corporate PR spin, just straight talk about who's buying, how much they're spending, and what it likely means.

And let's be
Dollar Tree Inc. (DLTR) & NIKE Inc. (NKE) Company Insider Position Shares Price Total Dollar Tree (DLTR) William W. Douglas III Director 7,500 $69.44 $520,822 NIKE Inc. (NKE) Robert Holmes Swan Director 8,600 $58.46 $502,756 Dollar Tree Opinion: Conventional wisdom suggests Dollar Stores do well in a recession. This director purchase could signal confidence in Dollar Tree's positioning as economic uncertainties persist. NIKE Opinion: Nike has been slammed by Trump's tariffs, but the company's problems run deeper than that. Innovative brands like Lululemon and Vuori have been steadily taking market share for some time.
April 17, 2025 at 3:04 PM
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patterns through every bear market since 2001, and the current environment remains remarkably tepid. Sure, we're seeing some notable purchases (like Tilman Fertitta dropping $27.9M on Wynn), but nothing approaching the concentrated wave that typically marks a true market bottom.

Today I'm sharing
Sinclair Inc. (SBGI) & Cartesian Therapeutics (RNAC) Sinclair Inc. (SBGI) WHO: David D. Smith, Executive Chairman and 10% Owner AMOUNT: 258,113 shares at $14.40 ($3,717,918) and 185,145 shares at $13.40 ($2,481,355) TOTAL INVESTMENT: $6.2 million OPINION: Sinclair looks like a table thumping buy with a 7% yield. The company has seen declining revenues until the last two quarters. While local media might be in secular decline, Sinclair may have plateaued. Cartesian Therapeutics (RNAC) WHO: Timothy A. Springer, Director and 10% Owner AMOUNT: 149,075 shares at $10.21 ($1,522,517) TOTAL INVESTMENT: $1.5 million OPINION: Another lotto ticket in the biotech space. Both insiders have made significant personal financial commitments, demonstrating strong insider confidence in their respective companies. Domo Inc. (DOMO), Petco Health & Wellness (WOOF) & Savara Inc. (SVRA) Domo Inc. (DOMO) WHO: Joshua G. James, Founder and CEO (77,300 shares at $6.50 for $502,172) and Daniel David III, Director (120,000 shares at $6.44 for $772,452) AMOUNT: Combined $1,274,624 OPINION: DOMO has rebounded sharply from this purchase price, but we remain concerned it's squarely in the bulls' eyes of giant competitors in business intelligence. Al disruption is very real here. Petco Health & Wellness (WOOF) WHO: Joel D. Anderson, Chief Executive Officer AMOUNT: 1,586,088 shares at $2.97 ($4,717,461) OPINION: Maybe it's gotten so bad, it's good. People take care of their pets in good times and bad. The stock reacted strongly following this purchase, but we're uncertain how the long-term dynamics get changed. Savara Inc. (SVRA) WHO: David A. Ramsay, Director AMOUNT: 150,000 shares at $2.78 ($416,250) OPINION: Another lotto ticket in the biotech space. This is a horrific period for biotech stocks overall, with funding challenging and market sentiment deeply negative.
April 17, 2025 at 3:04 PM
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🧵 1/6 Bear markets don't end with a whimper, they end with a BANG — specifically, a tsunami of insider buying that signals corporate America's top executives are putting their money where their mouths are.

But guess what? That tsunami hasn't happened yet.

I've been tracking insider purchasing
INSIDER BUYING: FOLLOW THE SMART MONEY What a great time to be an insider. Every bear market since 2001 has only ended with a plethora, a tsunami of insider buying. Nothing like that has yet happened. Pay close attention to what Insiders are doing with their own money. Pay NO attention to buy-back announcements unless they are backed with real actions. Many buy-backs are more aspirational than real. Buy-backs are often just an attempt to keep the share count stable from all the share issuances. The following slides highlight notable insider purchases from the past week and our unfiltered take on what they might signal for investors. The Insiders Fund Logo MSC Industrial Direct (MSM) & Wynn Resorts (WYNN): MSC Industrial Direct (MSM) WHO: Mitchell Jacobson, Director and 10% Owner AMOUNT: 159,193 shares at $69.73 ($11,101,253) OPINION: This is indeed a large purchase. If you believe U.S. manufacturing will benefit from recent tariff moves, this may be a good option, but we wouldn't chase it up 11% from when Jacobson purchased it. Wynn Resorts (WYNN) WHO: Tilman J. Fertitta, 10% Owner AMOUNT: 400,000 shares at $69.68 ($27,872,500) OPINION: While this $27 million purchase certainly grabs headlines, we still love Wynn but believe it's likely dead money until later this year or even 2026 when the market starts to anticipate the building of Wynn's exclusive gambling oasis in the Middle East. Science Applications International (SAIC) & Agree Realty Corp (ADC) Science Applications International (SAIC) WHO: Toni Townes-Whitley, CEO AMOUNT: 2,000 shares at $111.67 ($223,332) OPINION: This is not a large purchase. Given potential DODGE budget cuts that could significantly impact their revenue pipeline, we're approaching this government contractor with caution. Agree Realty Corp (ADC) WHO: John Rakolta Jr., Director AMOUNT: 28,080 shares at $71.30 ($2,002,104) OPINION: While this is a substantial purchase from a well-connected insider, we're not fans of low-yielding retail REITs in the current environment. Salesforce (CRM) & Applied Materials (AMAT) Salesforce (CRM) WHO: Oscar Munoz, Director AMOUNT: 3,882 shares at $257.28 ($998,773) OPINION: While insider buys before the April 2 tariff announcement carry less weight, Salesforce is well-positioned during economic downturns. Their CRM technology remains critical for business operations, with high switching costs despite more affordable competitors. Applied Materials (AMAT) WHO: Gary Dickerson, CEO AMOUNT: 50,000 shares at $137.30 ($6,865,082) OPINION: Semiconductor reshoring to the U.S. is inevitable for national security purposes, and AMAT is the leading tools company in the world. However, 84% of revenue comes from international markets, with China still their largest market despite declining from 45% to 31% of sales.
April 17, 2025 at 3:04 PM
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🧵 1/5 Sinclair Inc. ($SBGI) DOUBLE INSIDER BUY ALERT! 📺 💰
Executive Chairman David Smith just invested a MASSIVE $6.2 MILLION in Sinclair in TWO separate purchases! 📈
Smith (Executive Chairman and 10% Owner) is doubling down on the media company he's led for decades:

April 3: Purchased 258,113
April 16, 2025 at 3:05 PM
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🧵 1/5 Petco Health & Wellness ($WOOF) CEO BUY 🐾
CEO Joel Anderson just invested$4.7 MILLION in Petco! 🦮
Anderson purchased 1,586,088 shares at $2.97 per share on March 28th - an enormous vote of confidence from the relatively new chief executive who joined in July 2024.
🔍 Our Analysis: Maybe it's
dog and cat sitting under a blanket on a fleece bed. Petco logo with the blue cat and red dog, The Insiders Fund logo
April 15, 2025 at 10:07 PM
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🧵 1/6 Domo Inc. ($DOMO) DOUBLE INSIDER BUY ALERT! 📊
TWO insiders just invested over $1.27 MILLION in this cloud data platform 💾

Founder & CEO Joshua James purchased 77,300 shares at $6.50/share ($502,172)
Director Daniel David III purchased 120,000 shares at $6.44/share ($772,452)

🔍 Our Analysis:
April 15, 2025 at 12:33 PM
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On a personal note, I'm damn proud of my son Cole Sax's documentary "What We Show Them." It tells the story of Valley View Elementary in Bonners Ferry, Idaho—a school cobbled together from WWII salvaged materials that's long overdue for replacement. bit.ly/42tySyC
April 11, 2025 at 11:38 PM
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🧵 1/4 Some thoughts this morning. If you're buying the debt, buy very, very slowly. There's not an "all- clear" bell being sounded by insider buying. Insider buying is anemic, if nonexistent. This is not a market you jump head over fist into. I don't believe people realize how much lower the market
George Washington on the dollar bill with a black eye, busted lip, and bloody band aid on his forehead.
April 11, 2025 at 3:47 PM
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We witnessed a massive turnaround today, seemingly out of nowhere. It didn't take much—just a 90-day suspension and some talk about a 10% base tariff. The actual details remain fuzzy, largely because the people running government seem to be making policy on the fly. There's no comprehensive 🧵 1/9
hand turning on and off light switch. The Insiders Fund logo. Red boat stocked, with tariff written on the side.
April 9, 2025 at 8:44 PM
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Worst 4 day stretch since '08. The big difference is that insiders were buying hands over fist then. Not much going on right now. We used to think that there was a Trump Put, and then people thought there was a Powell Put, and now markets coming to realization that there's no Put, and they're🧵 1/4
blue sky, with a street sign reading: Attention- Tarrifs just ahead. The Insiders Fund logo at the bottom.
April 8, 2025 at 8:28 PM
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This was one of the biggest roller coaster days I can remember in my decades in the business. I'm glad it's over.

The current political climate is concerning - I don't know if the world can handle four years of Trump. The first not even 100 days have been horrific. As for the stock market, I 🧵 1/5
Caption of Futures, The Insiders Fund Logo: Stock graphs for today's S&P, Nasdaq 100, Dax, and Euro Stoxx 50
April 7, 2025 at 11:17 PM
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While I think it could be a golden era of stock picking, there are definitely going to be winners and losers. I'm hopeful it will cause people to pay attention to what they are investing in, vs allocating money in index funds.

In the winners and losers, the purchasing power of the American 🧵 1/4
The Insiders Fund logo. Tips of red and black markers, overlaying a grid paper background. Red Arrow pointing up next to "Cost of Living" written in black.
April 2, 2025 at 9:33 PM
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opportunities for the Insiders Fund, which historically performs well during market selloffs. Remember: no bear market in history has ended without a tsunami of insider buying. That hasn't happened yet, but we're paying close attention.

#MarketOutlook #FedWatch #NotInvestmentAdviceOnlyMyOpinion
manila paper with Tariffs stamped on it, with the tariff stamp next to it. The Insiders Fund logo.
April 2, 2025 at 1:40 AM
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Seeing some insider buying from $ADSK, $FLOC, $IMMR, and $ULTA this week. Will be diving in to these this weekend in The Insiders Fund blog. bit.ly/4hIuly5
#InsiderBuys #StockMarket #ASDK #FLOC #IMMR #ULTA
Snow covered Park City Mountain range at orange sunset, with the quote: "Making money in the market is really about investors with confidence taking it from those that lack it. Knowing that insiders are buying and not selling gives me that added confidence", Harvey Sax, Top 10 long short equity fund manager according to BarclayHedge. The Insiders Fund logo.
March 25, 2025 at 5:52 PM
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INSIDER BUY: Forum Energy $FET CEO purchases $227K in shares 💰
Our take: No differentiation in oil/gas services. OIH ETF might be better for sector exposure.
Full analysis: bit.ly/4hyAb53
#InsiderBuying #FET #NotInvestmentAdvice
FET logo, The Insiders Fund logo, earth drilling parts in the background, and opinion: OPINION: The market isn't differentiating oil and gas service companies. Consider OIH ETF instead for this sector exposure.
March 25, 2025 at 3:02 PM
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INSIDER BUY: Sonoco $SON CEO buys $922K in shares after $930K purchase last month! 💰
Major catalysts ahead with Eviosys integration & TFP divestiture.
Full analysis: bit.ly/4bTIGq5
#InsiderBuying #SON #NotInvestmentAdvice
The Insiders fund logo, sonoco logo, muffins wrapped in plastic on a tray, and opinion: OPINION: CEO's second major purchase in two months. Integration of Eviosys, TFP divestiture, and ThermoSafe review should streamline operations and enhance value.
March 25, 2025 at 12:33 PM
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INSIDER BUY: AFC Gamma $AFCG CEO & director buy $819K combined 💰
14.42% yield in cannabis lending niche looks attractive, but 50% QoQ revenue drop concerns us.
Full analysis: bit.ly/4bXCLAr
#InsiderBuying #AFCG #NotInvestmentAdvice
AFC logo (Advanced Flower Capital), indoor industrial cannabis grow operation, The Insiders Fund logo, and opinion: OPINION: Cannabis sector lending niche with 14.42% yield is attracting large insider buys, but 50% quarter-over-quarter revenue drop is concerning.
March 25, 2025 at 3:38 AM