EO hits the following points:
-Vote the white card if you intend to vote FOR him. Hits the point made here yesterday.
-Not running for day to day executive leadership. Running for oversight in the form of 1 of 3 Trustee positions.
-Takes issue with the 2018 NPRI sale to CVX and the surface acreage sale to WPX. Makes the case that both sales look short sighted from a strategic perspective.
-Wonders why former Chief David Peterson did a water sale deal with an entity that ended up employing him after his resignation from TPL.
Hits home on the need for both 1) proper oversight and 2) the strategic thinking of an experienced portfolio manager.
The attractive marginal trade available to a portfolio today might be antithetical to the portfolio strategy of tomorrow.
Lastly, I think of the quote below often. Hits the Peterson situation well. How much did he own?
“Show me the incentive and I will show you the outcome.” – Charlie Munger
While I have you, was it a signaling error for none of the crew (Glover, Packer, Barry, Norris) to lift sub-units at the end of 1Q? Was thinking about this on a long drive today. Too expensive? Not bullish? What’s the reason? If it’s regulatory, I’d love to know so I can be corrected.