VALENCIAN BAT CAPITAL

Private investor & MSc structural engineer.
Markets fluctuate by the minute. Businesses compound by the decade.
Disciplined patience as an investment strategy.

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

Brookfield Letter to Shareholders - Q3 2026 $BN
https://t.co/PrlLB8xrao

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

@Sempiterno_Inv Me ha sorprendido. Y eso que me he escuchado todas sus entrevistas de los últimos 2-3 años.

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

I thought QXO would be Brad Jacobs' last dance, but he just launched his 9th company. The man is non-stop. $CKX $QXO https://t.co/R0kaBWLkDn

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$VRSK Q3 2026 💪
-Underwriting OCC Revenue: +7.7%
-Claims OCC Revenue: +6.7%
-Subscription Revenue: +8.2% OCC growth
-84% Subscription / 16% Transactional revenue
-EBITDA Growth: +7.5% OCC
-EBITDA Margin: 56.7% (+90 bps YoY)
-Repurchases: $1,927M YTD 7.5% of total shares outst.

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$BN 💪
Drax, Brookfield, Radiant and Qai announce £20bn partnership to deliver GW-scale data centre capacity at Drax Power Station https://t.co/6HJTlV6neS

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

My $CP Q3 Call Notes🚂
-Canada-Mexico landbridge scaled from $100M to >$600M in revenue
-Speed +8%, dwell -7%, fuel efficiency +3%
-Free Cash Flow +59% ($2.4B YTD) with CapEx down 12%
-Cents/RTM +9% & Intermodal revenues +21%
"I feel very comfortable we'll have a sub-60 OR"

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

Demand remains weak for $ODFL (fewer full-time employees, miles, tons, and shipments). Yet being the most reliable carrier gives them true pricing power.
Higher yield + tight cost control = Operating Ratio improved by 280 bps to 71.5%. Pure quality. 💪

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

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.

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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.
https://t.co/wXAPeXnPbh

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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.👌

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

A boring, dirty business with unique assets that nobody would want near their home, with strong tailwinds, growing despite a weak industrial sector, pricing power and a great management team. $CLH Q4 2025. Long 💪

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

https://t.co/oFve0qscCv

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

Great article explaining the evolution and RCRA regulation of the waste sector, where compliance costs created a defensive moat. $WM $RSG $WCN $GFL

https://t.co/oFve0qsKs3

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$TSLA

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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%

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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'

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

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.

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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

[VALENCIAN BAT CAPITAL @VBATCAPITAL]

$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