VALENCIAN BAT CAPITAL

No matter how much regulation they impose, the physical scarcity of landfills ensures that regulation ultimately expands the moat against new competitors and reinforces $WM's local monopoly.

$MKL Q3 2026 Insurance Segment breakdown -Adj. Underwriting Premiums: +9% YoY -Combined Ratio: 92% (includes a 3% Drag from exited Reinsurance run-off) -Underwriting Profit: +15% YoY (+55% YTD) -Net Investment Income: +5% YoY (+9% YTD) Simon Wilson's segment continues to improve

$MKL has signed an Adverse Development Cover (ADC) reinsurance deal with Enstar to cap loss overruns on its legacy reinsurance portfolio. Enstar covers up to $2.3B in losses above Markel’s $2.6B retention (on a $4.8B portfolio) for a $120M premium. reinsurancene.ws/enstar-ente…

$CLH Pricing power, unique physical assets, top-tier management with disciplined M&A and capital deployment, recurring revenue, essential services, boring industry, NIMBY barrier, structural tailwinds (PFAS regulation, reshoring revival, data centers). I couldn't ask for more.👌

$ACGL Q3 2026 Results Insurance: -Combined Ratio: 82.5% -Underwriting income 702 mill. Investment Portfolio: -Net Investment Return 576 mill. Return: ~4.7% Company level: -Net Income: $3.00/share -Annualized Operating ROE: 16.0% -Buybacks: $1.4B -Book Value: $67.90/share

$CSX Q3 2026 Results 🚚High Diesel ->Trucking becomes too expensive 🚂Shippers shift to Rail (Intermodal vol. up +7%) 💵Revenue jumps +12% via fuel surcharges & volume📈Non-fuel costs drop -3% 📊Op.Margin expands +420 bps to 39.1% 💰 Op.Income +25%

$ROL Q3 26: AI/LLM search issue identified -> dynamic, ongoing adjustments over time -> no total spending increase, allocation strictly by ROI -> long-term visibility intact. Investors must monitor 'S&M per $1 of Organic Rev. Added'

I’ve always kept $BRK.B in my top 5 portfolio holdings as an anchor, a pseudo-index, and a cash-rich hedge for market downturns. It was actually one of the first stocks I ever bought, back in 2018. I never expected it to yield over 12.5% annualized.

$ERF Q326 🏗️The 5-year Hub-and-Spoke building cycle ends in 2027. Future focus shifts to scale, automation & FCF harvesting 🎯Capital Allocation: Divested non-core electronics labs & redeployed into 27 core BioPharma labs 📊Guidance: Margins & FCF targets for 2027 fully confirmed

$RLI Q3 2026 Results (vs. Q3 2025): 🥱 Combined Ratio: 86.2% vs. 85.1% Net Investment Income: $46.7M (+13% YoY, driven by 5.5% fixed-income yields). Gross Premiums Written: $388M (+2% YoY). Operating EPS: $0.86 vs. $0.82. Book Value Growth: +10% YTD incl. dividends & buybacks

In such large businesses, inefficiency quietly accumulates in small line items. Taking care of marginal costs and leaving no stone unturned. $CNI 🚂

As the regulation adapts to technological reality, railway operating margins will experience a qualitative leap. $CNI 🚂

Buying an extraordinary business requires waiting for the market to give it a reasonable price due to short-term noise. SEO changes; the need for pest control does not. $ROL 🪳🪰 Personal summary of the Rollins conference.

$ODFL has the ability to raise rates by ~5% year after year like clockwork, protect against inflation, retain customers, and gain market share.$ODFL doesn't compete on price, it competes on service quality. 🚛💪

Bruce Flatt explaining the difference between dismantling the structure to unlock short-term value versus keeping the machine together to create long-term compounding value. 🤜🤛 $BN