Why does Horizon Kinetics sell?
Yes, you have read correctly. Horizon Kinetics, TPL’s by far largest shareholder, appears to be selling the stock according to recent data from Whalewisdom:
Why do they sell? It is interesting that they mentioned and praised TPL in all quarterly market commentaries (e.g. this one for Q1 19), but not in the most recent one for Q2, where they didn’t mention TPL at all.
Obviously they currently have or at least recently had the fight with the two remaining TPL trustees, so it makes sense to focus on that fight and not comment about it in the market commentary. But why do they sell? Their position is so large, it won’t be possible to get out of the position at any reasonable price. Or do they maybe just want the price to drop a little to buy the stock back at a lower price?
On the other hand, how reliable is this data? Further down the table, there is this entry, which cannot seem to be true, in my opinion:
What’s your view on this?