I’m inviting blog readers to share their thoughts on the topics of TPL’s 1) evolving governance and 2) evolving capital deployment strategy.
As a baseline, we’re used to land sales, royalty collections, and cancelled shares. Recent events have brought us significant CAPEX, reduced share repurchases, and management changes.
I’m sensing that there are many different viewpoints on the issues above. Thinking out loud, it may be possible to come up with a rough investor consensus that could be used by management to align expectations with reality.
For instance, if there is a clear preference for buybacks over dividends, it might make sense to formally communicate that.
My dream is to cut off any agency problems before they grow.
Maybe I’m crazy.
Email me if you’d prefer to stay out of the comment section.