Twenty Dollars Wide

TPL markets are current 100 shares up at $840/$860.  Bid/ask is 2.4% of the bid side.  Don’t fat finger a trade or it will cost you the annual yield of a short Treasury to get out!

No prints over 100 shares today so the reported price hasn’t moved.  Just one of those days I guess.

If there was an argument for a split this is it.  That said, I don’t see anything in trust docs that call for it to care about secondary liquidity.

20points

source: Bloomberg