Private investor & MSc structural engineer. Markets fluctuate by the minute. Businesses compound by the decade. Disciplined patience as an investment strategy.
Valencia. España.
Joined June 2023
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$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.👌
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 💪
$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
Great article explaining the evolution and RCRA regulation of the waste sector, where compliance costs created a defensive moat. $WM $RSG $WCN $GFL
wastedive.com/news/resource-…
$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
VALENCIAN BAT CAPITAL retweeted
Who wins in software? We think the answer is unclear and the timeline uncertain. But the indiscriminate sell-off pushed one name to prices that were simply too attractive to ignore. Our latest write-up.
(We are long $CSU.TO )
crossroadscap.io/insights/co…
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
Pay 3.75% on pension liabilities ➔ Earn 5.00% on 10Y Treasuries ➔ 125 bps spread with almost zero capital required. That’s how you scale ROE almost infinitely. $BN
A "boring" business with strong pricing power and a relentless focus on taking care of its customers. $SHW
