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