---
title: "Murray Stahl Has Filed 6,612 Insider Transactions at RENN Fund — Almost All Tiny Purchases"
type: news
slug: stahl-rcg-2-3-million-obsessive-insider-buyer
canonical_url: https://13finsight.com/news/stahl-rcg-2-3-million-obsessive-insider-buyer
published_at: 2026-03-01T17:39:33.601Z
updated_at: 2026-03-01T17:39:35.180Z
author: Alex Rivera
author_title: Breaking News Editor
author_url: https://13finsight.com/authors/alex-rivera
word_count: 349
locale: en
source: 13F Insight
---

# Murray Stahl Has Filed 6,612 Insider Transactions at RENN Fund — Almost All Tiny Purchases

> Murray Stahl has filed 6,612 Form 4s for RENN Fund, buying $2.3 million of RCG stock across thousands of micro-purchases — often 18 to 360 shares at $2.85 each. His total career sales: $57,200.

Murray Stahl may hold the most unusual insider trading record in SEC history: 6,612 Form 4 filings for RENN Fund (RCG), almost all of them tiny purchases of 18 to 360 shares at prices under $3 per share. Career buy total: $2.3 million. Career sell total: $57,200. The Numbers MetricValue Career Sell Value$57,200 Career Buy Value$2.29M Total Transactions6,612 Last Transaction2026-02-26 Shares Remaining~1,046,044 (across accounts) Recent Activity DateTypeSharesPriceEst. Value 2026-02-26Buy296$2.85$844 2026-02-26Buy180$2.85$513 2026-02-26Buy180$2.85$513 2026-02-26Buy360$2.85$1,026 2026-02-25Buy296$2.92$864 Stahl's February 26, 2026 filings — his most recent — show seven separate purchase transactions across multiple accounts, each buying between 18 and 360 shares at $2.85 per share. The largest single transaction was $1,026. This pattern repeats virtually every trading day, with Stahl filing Form 4s for purchases that most investors would consider immaterial. What It Means Stahl is the chairman and CIO of Horizon Kinetics, a value-oriented investment firm known for its contrarian, deeply unconventional investment philosophy. RENN Fund is a closed-end fund focused on patent and intellectual property investments. Stahl's relentless buying — thousands of micro-purchases over many years — appears to be a deliberate strategy to slowly accumulate shares in a thinly-traded, sub-$3 stock without moving the market. What makes Stahl's record extraordinary is the ratio: 6,612 transactions producing only $2.3 million in purchases and $57,200 in sales. That's an average of about $348 per transaction. Most executives with 6,000+ Form 4 filings are billionaire founders selling tens of millions per trade. Stahl is the opposite — a value investor dollar-cost-averaging into his own fund at the smallest possible scale, filing the same SEC paperwork as a Bezos or Zuckerberg for purchases that wouldn't cover a dinner bill. What to Watch Whether Stahl's daily buying cadence continues — his consistency over thousands of filings is itself a data point about conviction RENN Fund's NAV discount — closed-end funds often trade below NAV, and Stahl may be buying to close the gap Horizon Kinetics' broader portfolio performance and how RENN Fund fits into its IP-focused investment thesis Any acceleration in purchase size that might signal a shift from dollar-cost-averaging to more aggressive accumulation

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Source: 13F Insight — https://13finsight.com/news/stahl-rcg-2-3-million-obsessive-insider-buyer
Author: Alex Rivera — https://13finsight.com/authors/alex-rivera
Last updated: 2026-03-01T17:39:35.180Z