Intercontinental Exchange, Inc.

• GreensKeeper Asset Management Scorecard #54 – Value in Action ↗ The Value Fund materially increased ICON plc after concluding its accounting restatement would not impair cash generation or customer relationships. It retained positions in Richemont, Alphabet and Elevance Health, while arguing that concerns over Intercontinental Exchange’s perpetual-futures competition and Lockheed Martin’s execution issues are temporary. Q2 +10.9% ICLR $14BCFRHF $136BELV $86BGOOGL $4.2T
• Horizon Kinetics 2nd Quarter Commentary ↗ Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 — TPL $26BAMZN $2.8TCBOE $32BCME $99B
• Horizon Kinetics 4th Quarter Commentary ↗ Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators. 4th Quarter 2025 — TPL $26BAB $3.4BAMG $9.4BATUSF $2.8B

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