In short: The essay's example of the multiple swinging while the business does not: EPS growth of "around 12% a year for a long time," yet "Over the past 10 years, Rollins has traded at multiples ranging from 31x to 89x earnings" and "In the past year alone, it's gone from 60x earnings to 31x. That's a 50% valuation drop." Eighth-worst performer YTD at −41.2%. Not on the Buy sheet.
Rollins owns Orkin and other pest-control businesses — dull, recurring, contract-based work that has let it grow earnings about 12% a year for a very long time.
It is used here to show the essay's main point. Over ten years investors have paid anywhere from 31 to 89 times earnings for exactly the same steady business; in the past year alone the multiple halved from 60 to 31. The company did not get worse — the mood about it did. That is why the letter separates the two halves of a share price: earnings (the business) and the multiple (the mood). No rating is given.
In short: Fourth-worst performer at −17.0%, and the second month running it appears on this list (it was fifth-worst in July). The 23 August sheet shows it −39.0% year-to-date against an 11.2% ten-year CAGR, yet it is not on the 55-name Buy list — a de-rating the archive has so far declined to act on. No commentary here.
In short: Fifth-worst performer at -9.9% in June 2026 — the recurring-revenue pest-control name TJ picked for a locked 20-year portfolio in the 10-stocks list. No new view.
In short: #7 — "Essential recurring services for pest control." The parent of Orkin, selling residential and commercial pest control "through a recurring subscription model." Three reasons it lasts: "pests like termites, rodents, and insects aren't going away. They need treatment again and again"; recession resilience — "homeowners and companies cut almost everything else before they cancel pest control"; and a consolidation runway — "the industry is still split among many small players. Rollins keeps buying them up, and has decades of growth ahead."
Rollins, through Orkin and its other brands, treats homes and businesses for termites, rodents and insects, generally on a recurring contract rather than a one-off call.
It qualifies for a twenty-year list on two counts. The demand is biological and therefore permanent — pests come back, so the treatment repeats forever — and it is close to the last thing a household or a restaurant stops paying for when money is tight, because the alternative is an infestation. On top of that stable base sits a growth mechanism: pest control is still a cottage industry of thousands of small local operators, and Rollins buys them steadily, so it can keep growing for decades without needing the market itself to grow.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.