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$SRZN (Surrozen, small biotech): Tim Kutzkey, a board member, bought $6.4M on Oct 20. Then $6.0M more. Then $5.6M more. Same person, same day, no pre-scheduled trading plan. That's not portfolio housekeeping — that's someone deciding, deliberately, three times.

For context: board members usually buy in five or six figures and issue a press release about it. Kutzkey skipped the press release and went straight to eight figures. Board members see the board packets. They know things the filings don't say yet.

$BPRE (Bluerock, private real estate fund): Ramin Kamfar, a director, bought $1.4M on Oct 21, on top of $1.1M the day before. About $2.5M total, open-market conviction. His track record: right 2 out of 3 times on past buys — but the average return was slightly negative. Ri