Horizon Kinetics: How to Buy 1 Million Acres of Fine Texas Grazing Land for $20.00

The report linked above is from the folks at Horizon Kinetics in New York.  HK was on the TPL train early and is still a top source of information and opinion.  This 23 year old report is great resource for understanding TPL at a base level.  Of note:

“Confidence in the relative safety of this investment resides in the capacity and predilection for share repurchases by a debt-free company selling very near the value of its tangible assets. Relative to the average industrial or service company, Texas Pacific is not subject to typical competitive forces nor to marginal changes in consumer and industrial demand. It has very stable base rents and, unlike most energy companies, which must support high fixed costs, its royalty revenues are purely additive, regardless of volume. Its basic business, land and oil, are classic inflation hedges.”