10 thoughts on “S&P, 1964

  1. “Interest in the issue has been enlivened recently by suits on the part of a dissident certificate holder seeking, among other things, removal of trustees.”

    LOL. Some things never change.

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    • Another luke-warm article on TPL, based in some part on bad management and governance. The fact that this issue is seeping into the investment community and putting a storm cloud over the future is such reckless and irresponsible PR. The April 17 trial is taking place close to where I live. If it is open to the public I will be there in the courtroom with a big “We love you Murray and Eric” sign for standing up to the evil empire and fighting for a shareholder-friendly future.

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  2. Browsing on the Guru Focus website I found their take on the “Guru” Murray Stahl. I think it makes interesting reading to help make a better picture of the gentleman [Grin].

    “Texas Pacific Land

    Stahl’s firm trimmed its top holding, Texas Pacific Land (TPL, Financial), by 16,086 shares, leaving a remaining holding of 1,489,589 shares and shaving 2.01% off the equity portfolio. The average share price for the quarter was $1,733.48.”

    https://www.gurufocus.com/news/1947234/murray-stahl-dives-into-bitcoin-trims-top-holding-in-4th-quarter

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      • I wouldn’t be surprised, but what I found interesting was Horizon Kinetics other O and G holdings. At the same time he appears to have been buying odd lots for his personal accounts.

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  3. I have been looking at the 4Q run up and Run down in TPL’s price. Up a thousand and down a thousand from the high. I certainly wouldn’t criticize him for taking profits. But the question in my mind is what drove that run up in share price in Q4? Was the TPL Share Buy Back a driver?

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  4. Amazing find – and surprise! – control of the trust was a big issue even then.
    Must have been only about 700k sub shares at the time. How many times has it split since then? based on the land/sh it has to be over 15x, but due to repurchases, must be much more. But even then dividends were modest and the goal was reduction in shares.

    Pretty impressive, actually, how long they stuck with their strategy.

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