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A biotech director just spent $18 million of his own money on his own company's stock this week — in three separate purchases, none pre-scheduled. When someone writes eight-figure personal checks, I read the filing twice.

$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.

Kamfar's record is a good reminder of why I publish the misses: a 67% hit rate with a negative average return tells you frequency and magnitude are different animals. Anyone quoting only the hit rate is selling something.

What got filtered out today: 25 automated purchases and 30 buys too small to mean anything. An executive whose salary covers the trade in a week isn't signaling conviction. He's rebalancing. Different activity entirely.

The long view: since 2020 I've flagged 45,710 insider buys like these. 45.3% beat the market the following week. Average return across ALL of them: +3.71% — dragged up by a few big winners, because that's the whole point of a filter like this. The median buy did nothing.