Core Insights - Soapstone Management sold its entire stake in Saia, amounting to 23,750 shares valued at $6.51 million, during the third quarter of 2025, resulting in a complete exit from the stock [2][3] - The sale reduced Soapstone's exposure to Saia by 4.4% of its reportable assets, and as of September 30, 2025, Saia no longer contributed to the fund's assets under management (AUM) [3] Company Overview - Saia, Inc. is a prominent North American provider of less-than-truckload (LTL) freight transportation, operating a large fleet and extensive terminal network [5][8] - As of December 5, 2025, Saia's stock price was $330.91, with a market capitalization of $8.81 billion, revenue of $3.23 billion, and net income of $283.62 million for the trailing twelve months (TTM) [4] Market Performance - Saia shares experienced a one-year decline of 36%, underperforming the S&P 500 by 49 percentage points [3] - Despite recent challenges, Saia has been acquiring terminals from former competitor Yellow, positioning itself for potential recovery as market conditions improve [11] Investment Perspective - The LTL industry is currently in a cyclical trough, and while Soapstone's exit may reflect a search for better short-term opportunities, Saia is viewed as a long-term buy-and-hold investment, still 45% below its all-time high [10][12]

Group 1: Company Overview - Westlake Corporation's share was trading at $89.58 as of September 11th, with trailing and forward P/E ratios of 69.52 and 37.59 respectively [1] - Westlake is the second-largest fully integrated global chlor-alkali producer, benefiting from structural advantages in ethylene feedstock access and energy efficiency in its production process [3] Group 2: Market Conditions - Commodity chemicals companies are facing challenging business conditions, with stock valuations near decade lows due to excess capacity in China and energy price distortions from the war in Ukraine [2] - Current market conditions have depressed Westlake's margins, but limited capacity additions in the U.S., closures in Europe, and restrained Chinese expansion support a favorable mid-cycle outlook [3] Group 3: Investment Thesis - Westlake's acquisition of Boral North America building products assets enhances its Housing & Infrastructure Products segment, complementing its PVC operations [4] - Valuation analysis suggests a share value around $110 based on mid-cycle EBITDA of $2.7 billion, NOPAT of $1.3 billion, and EPS of $9.22, indicating significant upside potential from current levels [4] - The company presents a compelling cyclical investment opportunity, with catalysts including sector recovery, higher utilization, and structural capacity advantages [4]