Murray Stahl’s Horizon Kinetics on Texas Pacific Land Trust
“The report’s original estimation, almost 19 years ago when there were 15.4 million shares outstanding, was that by 2010, which was as far as the projection went, the share count would have shrunk to only 8.3 million. As of last September there were 8.6 million, so the model wasn’t all that far off.”
The above was written in 2014. As of July 31 2018, there are 7,778,426 shares outstanding.