The Insiders Fund
@insomniachedgefund.bsky.social
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/
Investment veteran, IPO, opinionated. https://www.theinsidersfund.com/
🧵 5/5 👉 Full insider analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #FinTech #InvestorStrategy #WealthTech
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #FinTech #InvestorStrategy #WealthTech
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 9:05 PM
🧵 5/5 👉 Full insider analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #FinTech #InvestorStrategy #WealthTech
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #FinTech #InvestorStrategy #WealthTech
🧵 4/5 Angel’s buy helps the narrative, but without a pickup in intermodal or margin expansion, the upside looks limited. A neutral-to-cautious setup — steady, but not compelling.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 9:05 PM
🧵 4/5 Angel’s buy helps the narrative, but without a pickup in intermodal or margin expansion, the upside looks limited. A neutral-to-cautious setup — steady, but not compelling.
🧵 3/5 • Macro softness weighing on freight demand
Rail is stable — but growth is far from guaranteed. This sector thrives when volumes rise and pricing power returns; right now, both are muted.
💭 The Take
CSX is durable but uninspiring at current valuation.
Rail is stable — but growth is far from guaranteed. This sector thrives when volumes rise and pricing power returns; right now, both are muted.
💭 The Take
CSX is durable but uninspiring at current valuation.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 9:05 PM
🧵 3/5 • Macro softness weighing on freight demand
Rail is stable — but growth is far from guaranteed. This sector thrives when volumes rise and pricing power returns; right now, both are muted.
💭 The Take
CSX is durable but uninspiring at current valuation.
Rail is stable — but growth is far from guaranteed. This sector thrives when volumes rise and pricing power returns; right now, both are muted.
💭 The Take
CSX is durable but uninspiring at current valuation.
🧵 2/5 Angel stepping in with a sizable $2M buy right after taking the CEO seat is meaningful — but the business isn’t firing on all cylinders.
🚛 Industry Context
Rail operators face:
• Weak intermodal volumes
• Secular decline in coal
• Margin compression
• Rising competitive pressure from trucking
🚛 Industry Context
Rail operators face:
• Weak intermodal volumes
• Secular decline in coal
• Margin compression
• Rising competitive pressure from trucking
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 9:05 PM
🧵 2/5 Angel stepping in with a sizable $2M buy right after taking the CEO seat is meaningful — but the business isn’t firing on all cylinders.
🚛 Industry Context
Rail operators face:
• Weak intermodal volumes
• Secular decline in coal
• Margin compression
• Rising competitive pressure from trucking
🚛 Industry Context
Rail operators face:
• Weak intermodal volumes
• Secular decline in coal
• Margin compression
• Rising competitive pressure from trucking
🧵 5/5 👉 Full insider analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#FinanceDiscussion #Trading #Stocks #FinancialAnalysis
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#FinanceDiscussion #Trading #Stocks #FinancialAnalysis
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 4:38 PM
🧵 5/5 👉 Full insider analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#FinanceDiscussion #Trading #Stocks #FinancialAnalysis
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#FinanceDiscussion #Trading #Stocks #FinancialAnalysis
🧵 4/5 💭 The Take
This insider buy looks more like a “measured confidence” move than a deep-value setup. CNS screens fairly valued — not distressed, not cheap. Upside depends on renewed inflows into real assets, and that’s far from guaranteed. Neutral stance until there’s clear AUM acceleration.
This insider buy looks more like a “measured confidence” move than a deep-value setup. CNS screens fairly valued — not distressed, not cheap. Upside depends on renewed inflows into real assets, and that’s far from guaranteed. Neutral stance until there’s clear AUM acceleration.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 4:38 PM
🧵 4/5 💭 The Take
This insider buy looks more like a “measured confidence” move than a deep-value setup. CNS screens fairly valued — not distressed, not cheap. Upside depends on renewed inflows into real assets, and that’s far from guaranteed. Neutral stance until there’s clear AUM acceleration.
This insider buy looks more like a “measured confidence” move than a deep-value setup. CNS screens fairly valued — not distressed, not cheap. Upside depends on renewed inflows into real assets, and that’s far from guaranteed. Neutral stance until there’s clear AUM acceleration.
🧵 3/5 • Interest-rate cycles
• Valuation trends in underlying real assets
Real asset investing benefits from inflation hedging, infrastructure spending, and global reallocation — but those flows can reverse quickly. When money pours in, CNS thrives; when it dries up, margins shrink fast.
• Valuation trends in underlying real assets
Real asset investing benefits from inflation hedging, infrastructure spending, and global reallocation — but those flows can reverse quickly. When money pours in, CNS thrives; when it dries up, margins shrink fast.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 4:38 PM
🧵 3/5 • Interest-rate cycles
• Valuation trends in underlying real assets
Real asset investing benefits from inflation hedging, infrastructure spending, and global reallocation — but those flows can reverse quickly. When money pours in, CNS thrives; when it dries up, margins shrink fast.
• Valuation trends in underlying real assets
Real asset investing benefits from inflation hedging, infrastructure spending, and global reallocation — but those flows can reverse quickly. When money pours in, CNS thrives; when it dries up, margins shrink fast.
🧵 2/5 Steers’ $2.8M purchase reflects confidence from someone who has built the firm from the ground up — but it doesn’t change the fact that the business is tied at the hip to flows and market cycles.
🌍 Industry Context
Asset managers are levered to:
• Market performance
• Investor capital flows
🌍 Industry Context
Asset managers are levered to:
• Market performance
• Investor capital flows
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 16, 2025 at 4:38 PM
🧵 2/5 Steers’ $2.8M purchase reflects confidence from someone who has built the firm from the ground up — but it doesn’t change the fact that the business is tied at the hip to flows and market cycles.
🌍 Industry Context
Asset managers are levered to:
• Market performance
• Investor capital flows
🌍 Industry Context
Asset managers are levered to:
• Market performance
• Investor capital flows
🧵 6/6 👉 Full insider analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #StockMarket #MarketMovers #InvestmentBanking
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #StockMarket #MarketMovers #InvestmentBanking
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 15, 2025 at 6:23 PM
🧵 6/6 👉 Full insider analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #StockMarket #MarketMovers #InvestmentBanking
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #StockMarket #MarketMovers #InvestmentBanking
🧵 5/6 If they execute flawlessly, there’s room higher. If not, a drift toward $60–$70 is on the table. A conditional growth-bank play — not a no-brainer compounder.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 15, 2025 at 6:23 PM
🧵 5/6 If they execute flawlessly, there’s room higher. If not, a drift toward $60–$70 is on the table. A conditional growth-bank play — not a no-brainer compounder.
🧵 4/6 This whole group is navigating a tougher environment where only banks with margin stability and differentiated growth will outperform.
💭 The Take
PNFP isn’t broken — but it’s not in top gear either. Without a rebound in margins or an uptick in loan growth, upside is capped.
💭 The Take
PNFP isn’t broken — but it’s not in top gear either. Without a rebound in margins or an uptick in loan growth, upside is capped.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 15, 2025 at 6:23 PM
🧵 4/6 This whole group is navigating a tougher environment where only banks with margin stability and differentiated growth will outperform.
💭 The Take
PNFP isn’t broken — but it’s not in top gear either. Without a rebound in margins or an uptick in loan growth, upside is capped.
💭 The Take
PNFP isn’t broken — but it’s not in top gear either. Without a rebound in margins or an uptick in loan growth, upside is capped.
🧵 3/6 🏙️ Industry Context
Regional and mid-sized banks are grinding through heavy headwinds:
• Deposit costs rising faster than loan yields
• Credit reserves creeping up
• Commercial lending demand cooling
• Higher rates still squeezing NIM
Regional and mid-sized banks are grinding through heavy headwinds:
• Deposit costs rising faster than loan yields
• Credit reserves creeping up
• Commercial lending demand cooling
• Higher rates still squeezing NIM
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 15, 2025 at 6:23 PM
🧵 3/6 🏙️ Industry Context
Regional and mid-sized banks are grinding through heavy headwinds:
• Deposit costs rising faster than loan yields
• Credit reserves creeping up
• Commercial lending demand cooling
• Higher rates still squeezing NIM
Regional and mid-sized banks are grinding through heavy headwinds:
• Deposit costs rising faster than loan yields
• Credit reserves creeping up
• Commercial lending demand cooling
• Higher rates still squeezing NIM
🧵 2/6 But the growth engine is slowing, and margin pressure is building. Thompson’s buy is notable — but it doesn’t erase the fundamental challenges.
Insider Buying Week 10-24-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 15, 2025 at 6:23 PM
🧵 2/6 But the growth engine is slowing, and margin pressure is building. Thompson’s buy is notable — but it doesn’t erase the fundamental challenges.
🧵 6/6 👉 Read the full insider buying analysis:
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#InsiderBuying #Investing #Healthcare #InvestorCommunity
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#InsiderBuying #Investing #Healthcare #InvestorCommunity
Insider Buying Week 10-17-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 13, 2025 at 4:05 PM
🧵 6/6 👉 Read the full insider buying analysis:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #Investing #Healthcare #InvestorCommunity
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⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
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🧵 5/6 Still, this is a high-beta biotech — one major trial win could double the stock, but failure could crush it. For bold investors, this is a moonshot with structure — backed by cash, conviction, and catalysts.
Insider Buying Week 10-17-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 13, 2025 at 4:05 PM
🧵 5/6 Still, this is a high-beta biotech — one major trial win could double the stock, but failure could crush it. For bold investors, this is a moonshot with structure — backed by cash, conviction, and catalysts.
🧵 4/6 Zenas’ recent $300M deal with Royalty Pharma signals serious confidence in its lead assets and ensures funding stability during pivotal trials.
💭 The Take:
This insider buy feels high-conviction, not casual. Nunn’s $1.2M purchase alongside management’s prior buys shows alignment at the top.
💭 The Take:
This insider buy feels high-conviction, not casual. Nunn’s $1.2M purchase alongside management’s prior buys shows alignment at the top.
Insider Buying Week 10-17-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 13, 2025 at 4:05 PM
🧵 4/6 Zenas’ recent $300M deal with Royalty Pharma signals serious confidence in its lead assets and ensures funding stability during pivotal trials.
💭 The Take:
This insider buy feels high-conviction, not casual. Nunn’s $1.2M purchase alongside management’s prior buys shows alignment at the top.
💭 The Take:
This insider buy feels high-conviction, not casual. Nunn’s $1.2M purchase alongside management’s prior buys shows alignment at the top.
🧵 3/6 🧪 Industry Context:
The biotech sector has been a rollercoaster, with capital harder to raise and investors demanding near-term catalysts. But immunology remains a hotbed for M&A and big-pharma partnerships.
The biotech sector has been a rollercoaster, with capital harder to raise and investors demanding near-term catalysts. But immunology remains a hotbed for M&A and big-pharma partnerships.
Insider Buying Week 10-17-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 13, 2025 at 4:05 PM
🧵 3/6 🧪 Industry Context:
The biotech sector has been a rollercoaster, with capital harder to raise and investors demanding near-term catalysts. But immunology remains a hotbed for M&A and big-pharma partnerships.
The biotech sector has been a rollercoaster, with capital harder to raise and investors demanding near-term catalysts. But immunology remains a hotbed for M&A and big-pharma partnerships.
🧵 2/6 Its lead therapy, obexelimab, is in Phase 3 for IgG4-Related Disease, while orelabutinib (BTK inhibitor) is advancing in Phase 3 for multiple sclerosis. Despite heavy R&D spending, Zenas boasts a $300M+ cash cushion—giving it runway into late 2026.
Insider Buying Week 10-17-25 – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 13, 2025 at 4:05 PM
🧵 2/6 Its lead therapy, obexelimab, is in Phase 3 for IgG4-Related Disease, while orelabutinib (BTK inhibitor) is advancing in Phase 3 for multiple sclerosis. Despite heavy R&D spending, Zenas boasts a $300M+ cash cushion—giving it runway into late 2026.
🧵 4/4 Schimmel’s buy shows belief from the inside, but size your position accordingly.
👉 Full commentary:
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#InsiderBuying #Trading #healthcare #InvestorCommunity
👉 Full commentary:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #Trading #healthcare #InvestorCommunity
Insider Buying Week 10-10-25 Tightrope walk in a Hurricane – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 12, 2025 at 1:33 PM
🧵 4/4 Schimmel’s buy shows belief from the inside, but size your position accordingly.
👉 Full commentary:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #Trading #healthcare #InvestorCommunity
👉 Full commentary:
insomniachedge.com/insider-buyi...
⚠️ EDUCATION. OPINIONS ONLY. NOT INVESTMENT ADVICE.
#InsiderBuying #Trading #healthcare #InvestorCommunity
🧵 3/4 Phase 3 event on the horizon, volatility will be violent. High short interest and small float mean any good news could ignite a squeeze.
💭 The Take:
This is a moonshot — plain and simple. If efzofitimod succeeds, ATYR could 10x. If it fails, it’s toast.
💭 The Take:
This is a moonshot — plain and simple. If efzofitimod succeeds, ATYR could 10x. If it fails, it’s toast.
Insider Buying Week 10-10-25 Tightrope walk in a Hurricane – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 12, 2025 at 1:33 PM
🧵 3/4 Phase 3 event on the horizon, volatility will be violent. High short interest and small float mean any good news could ignite a squeeze.
💭 The Take:
This is a moonshot — plain and simple. If efzofitimod succeeds, ATYR could 10x. If it fails, it’s toast.
💭 The Take:
This is a moonshot — plain and simple. If efzofitimod succeeds, ATYR could 10x. If it fails, it’s toast.
🧵 2/4 Co-founder Paul Schimmel just laid down a million-share bet that their lead drug, efzofitimod, could deliver a breakthrough in pulmonary sarcoidosis.
🔬 Industry Context:
Clinical-stage biotech is where conviction goes to die — unless the data hits. With limited revenue and a binary
🔬 Industry Context:
Clinical-stage biotech is where conviction goes to die — unless the data hits. With limited revenue and a binary
Insider Buying Week 10-10-25 Tightrope walk in a Hurricane – The Insomniac Hedge Fund
The Insomniac Hedge Fund
insomniachedge.com
November 12, 2025 at 1:33 PM
🧵 2/4 Co-founder Paul Schimmel just laid down a million-share bet that their lead drug, efzofitimod, could deliver a breakthrough in pulmonary sarcoidosis.
🔬 Industry Context:
Clinical-stage biotech is where conviction goes to die — unless the data hits. With limited revenue and a binary
🔬 Industry Context:
Clinical-stage biotech is where conviction goes to die — unless the data hits. With limited revenue and a binary