Letters by company
Texas Pacific Land Corp
9 letters discussing TPL. Everything written about it on this site is on its ticker page.
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $24BAMZN $2.7TCBOE $29B
- Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that crowd-driven abandonment of commodity and hard-asset sectors has created durable value in asset-light royalty companies, strategic land holdings and securities exchanges. It describes opportunistic income investments in Cheniere, Hawaiian Electric, partnership structures and senior CLO tranches, while positioning TPL-linked relationships as a source of private-market ideas. 1st Quarter 2026 TPL $24BHE $1.5BLNG $56B
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.8B
- Horizon Kinetics Annual Review: The Three Really Big Things Edition Horizon Kinetics argues that AI data-center expansion creates underappreciated demand for natural gas, water and strategically located Permian Basin land. It defends concentrated holdings in Texas Pacific Land, LandBridge and Bitcoin as long-duration assets positioned to benefit from resource scarcity, monetary debasement and institutional adoption. 4th Quarter 2024 TPL $24BLB $6.6BMETA $1.9T
- Horizon Kinetics 2026 New Year Letter from Our Founders Horizon Kinetics argues that private investments in exchanges, royalties and Permian infrastructure extend its long-horizon value discipline, citing TPL, MIAX, LandBridge and WaterBridge. It avoids AI-IT mega-caps while seeking beneficiaries controlling land, water and natural gas, and says continual chip replacement makes sector cash-flow forecasts internally inconsistent. 2025 ICE $86BLB $6.6BMIAX $3.1B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that index construction concentrates exposure in highly valued technology companies while excluding scarce hard-asset, utility and entrepreneurial opportunities. It favors Japanese owner-operators, centered on Japan Elevator Service Holdings, whose founder-led maintenance model uses technology, training and below-incumbent pricing to gain share from established manufacturers. 2nd Quarter 2025 JPEVF $1.7BAB $3.3BAMZN $2.7T
- Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that AI-driven data-center construction will intensify demand for power, natural gas, water and industrial inputs, while broad indexes concentrate exposure in their consumers rather than suppliers. It favors limiting-factor resource owners and infrastructure, using Aris Water Solutions, San Juan Basin Royalty Trust and Hawaiian Electric as cases where capacity constraints or temporary capital burdens obscure longer-term value. 1st Quarter 2025 ARIS $3.6BHE $1.5BLB $6.6B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity exposure in a handful of large technology companies as the disinflationary forces behind decades of margin expansion fade. It favors hard-asset exposure in the Permian Basin, particularly LandBridge, as AI-driven electricity and water needs raise the value of gas, land and infrastructure. 2nd Quarter 2024 LB $6.6BTPL $24B
- GreenWood Investors Year End 2024 Letter GreenWood sold down Texas Pacific Land after index-inclusion optimism pulled forward expectations, while concentrating its active ownership efforts on Leonardo and CTT. It backs Leonardo’s rapid defense ventures and aerostructures review, CTT’s DHL partnership and Iberian logistics expansion, and PDD Holdings’ reinvestment-led growth strategy. 2024 CTTOF $862MFINMF $30BPDD $112B
