Robust volume growth all around. Margins continues to slide however as expenses creep up. Acquisitions (and the lawyers they require) are expensive. Expenses were up ~50% from same quarter last year.
Will the ROE/ROI/IRR (whatever) of the new purchases beat the hurdle rate of TPL’s historical stock performance? Not a chance in hell. The rally this week alone tells you that.
Split, buyback, split, buyback, split, buyback. Make the company liquid enough for index requirements and return capital efficiently. Not hard.
Will we get a regular report card on the performance of the new buys? Will that performance be contrasted with the opportunity cost of forgoing capital returns? Let’s keep asking for one.
Enjoy the meeting tomorrow! Keep us posted. I’ll set up a thread for meeting reactions in case in person attendees would like to share notes and reactions.
The Texas Pacific Land Trust Investor 
Reality check incoming for the stock. It’s still run by idiots.
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Why do they have so much on outside legal when they have at least 2 highly paid lawyer in the staff?
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