VALENCIAN BAT CAPITAL @VBATCAPITAL

$CNQ 💪 Capital allocation and operational efficiency. Q2 Earnings Call Recap. 8 new operational and financial records.

As always, a must-read conference call for anyone looking to learn how to manage insurance and reinsurance cycles. Q2 Earnings Call Recap. $ACGL

$BAM 💪 Record Fundraising: $77B raised in a single quarter. Fee-Bearing Capital: $672B, up 19% YoY. FRE: $808M (+20% YoY) or $0.50 per share. DE: $707M (+15% YoY) or $0.44 per share. Net Income: $1,172M (vs. $584M in Q2 2025). Repurchased $200 million shares.

$MKL Q2 Earnings Call Recap. -5-year average operating EPS growing at +16% CAGR, with a 10% share reduction. -Simon Wilson continues to improve the insurance division. -They recognized a $205M reserve... marking State National's 1st credit loss in 40+ years.

$BN $BAM

Brookfield @Brookfield

7 days ago

We are leading a $100 billion investment in one of the largest AI data centers in the U.S. located in Kentucky, alongside our partners NextEra Energy. The Department of Energy-owned site offers a direct path to construction with the 1.8 GW facility on track to come online in

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Good numbers from Broadridge $BR. Stock was stupid cheap a few weeks ago, hit 14x trailing eps for a capital light monopoly

$CP Q2 Earnings Call Recap. 🚂 "Rest assured, this industry won't sit still. If $UNP & $NSC come together... there's going to be additional consolidation... We've never been closer to BNSF. We've never been closer to $CSX " Keith Creel (CEO).

$WM Q2 Earnings Call Recap FCF: +35% in Q2. On track to double FCF over 3 years. Tech: SmartTruck is already generating >$300M in annualized EBITDA. Pricing Power: Absorbing wage inflation +4% while capping operating cost growth at +1.7% M&A: Stericycle exp. EBITDA margin to 19%

Discussion of $LB's business model during the recent Horizon Kinetics portfolio update, available here (see from 35:50): vimeo.com/1214356265/e30… "Landbridge embodies just the sort of rare, hard assets and profitability and business persistence that we seek. It now has over 300,000 acres of strategically assembled surface acres in the Delaware Basin of Texas, and it's from that land position that its current and future revenues will emanate. Its core business for the time being is leasing its land for water transportation and water treatment and remediation purposes, which largely manifests to them in a royalty-like fee based on volumes of water that are either piped across its acreage or stored in its subsurface pore space. There is an unusual, inherent and rather high level of passive growth and inflation beneficiary element to Landbridge. So the Delaware Basin has something unique, called hydrogeology, because the Delaware Basin is the remains of an ancient inland sea, meaning that as wells age or get deeper, greater volumes of brackish water come up the well with each barrel of oil. And presently, that averages -- although there's lots of variation between the different wells -- but it averages about four barrels of water per barrel of oil. And by 2030, the engineers believe the estimate should be a six to one ratio. So the progression from four to six barrels of water per barrel of oil amounts to about a 9% annualised water volume increase, even without expansion of oil output by the Chevrons and ExxonMobils, which in fact is expanding, and absent any active growth efforts by Landbridge. And moreover, the company's water handling and storage contracts, which typically run for 10 years, contain inflation escalators. Based on typical indexes like the CPI, one can already anticipate 12% or greater revenue growth that requires no capital spending on Landbridge's part. And then, beyond that, as demand for pore space icnreases in future years, new contracts are likely to be priced higher than the current roughly 11 cents a barrel, which would add to the revenue growth further. And beyond that, looking forward, Landbridge was the first company to introduce the concept of what they call powered land as a strategy to facilitate the development of private power generation and transmission and ultimately large-scale data centers. So the company's contiguous land surface area has latent potential to capture developments from the data center itself. Related roads and power lines and wind and solar and carbon capture and water, and all these different elements would contribute recurring high margin, royalty like revenue streams. And it's important to note that because the Landbridge acreage sits above a significant aquifer, it can also supply, and does supply, necessary water to oil and gas drillers. And aquifer-based source water -- it's a different term from the produced water that comes up from the well -- the aquifer-based source water is priced more in the $1 per barrel range, not the 11 cents a barrel range. Though some of that gross revenue is shared with the water handling companies that extract it from Landbridge's acreage. So again, Landbridge takes a royalty-like interest in it."

Summary of $ODFL Q2 2026 Earnings Call. 99% on-time service (0.1% claims ratio). Pricing power. Investing in real estate and infrastructure with a 5-10 year horizon while peers pull back. 45–50% incremental margins with a clear line of sight to a sub-70% Operating Ratio. 🚛👌

@MytikasCapital I’ve owned shares since 2019, and it has always been my top portfolio position. I like to follow them closely, mainly because you learn a lot from them and where they are seeing value. Your plan will work out.

1. Seven & i plays for time and blocks Couche-Tard's takeover of 7-Eleven. 2. 15 days ago, 7-Eleven announces interest in Żabka ($ZAB). 3. Today, $ATD.TO launches a takeover bid for Żabka. If you won't sell me your company, I'll take your expansion target. Masterstroke.

VALENCIAN BAT CAPITAL @VBATCAPITAL

2 years ago

INVESTMENT IDEA. After a couple of weeks in Poland, I have seen their stores everywhere. This month the company will begin trading on the Warsaw Stock Exchange. If you like $DNP, you might want to check out this other company. Brief presentation 🧵🧐

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Good day to review Charlie Munger's comments on $RMS $HESAY "I suppose if you offered me $RMS cheap enough I'd buy it, but short of that, I'm not going to buy any style company. You're not going to get a chance to buy $RMS. You're wasting your time" youtube.com/watch?v=w6qRb1…

Q2 2026 $CLH Revenue:+12% YoY Net Income:+34% YoY Adjusted EBITDA:+22% YoY (23.6% margin, +190 bps). Kimball incinerator utilization 91% Landfill volume growth +7% 10-Year Disposal Contract: Signed for ~$600M Acquisition of ES&H (8.7x EBITDA) Data Center Launch So boring!🥱👌

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$RLI Quarterly Highlights: •Underwriting income: $59.9M (85.6% combined ratio) •Net investment income: +17% | Gross premiums written: +3% • Book value per share: +11% • Capital return: $2.00/share special dividend ($184M) + $250M buyback program authorized. So boring! 🥱

VALENCIAN BAT CAPITAL @VBATCAPITAL

3 months ago

Hace un par de semanas construí una posición del 3.5% de mi portfolio en $RLI Corp. Y como tenía la tesis muy fresca, y he tenido unos días libres, me decidí a compartir mi visión. 🧐

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They weren't even done with the week yet! 😉 $BN $BAM

Just a regular summer week for Brookfield. $BN $BAM 😎🏖️

$CNI Q2 Call Highlights: 🚂💪 •Raised Guidance: EPS +12%, FCF +19% on 5% volume growth. •Strategic $UP Deals: Direct access to Mexico (details in image below) •Operating Efficiency: $100M in realized Fast Track savings. •Pricing Power: Core pricing beats cost inflation.

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@TimRior3711 B. Jacobs has written a book, he details it well there. It was published in 2024. It's very entertaining and you learn a lot!

Sharing my valuation and outlook on $QXO. The company has a peculiar capital structure, lots of acquisitions... and, as Bradley Jacobs says, all the financial portals have the wrong data. So, trying to clear things up a bit.

@dragdo Thank you very much for your response. For now, I prefer to be very conservative with the multiple. However, I agree that if B. Jacobs achieves what he has in mind, the multiple will be higher.