TPLinvestorsAdmin


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TPL getting attention in mainstream media

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I’m speaking of Forbes with its recent article: https://www.forbes.com/sites/johndorfman/2019/11/25/skechers-and-4-other-growth-stocks-trading-at-reasonable-prices/

Not much information shared and out of these 5 stocks by far the most unique one – but it’s a good sign that TPL is entering mainsteam media and maybe soon, the public and even mainstream funds may enter TPL as an investment.

What do you think?

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Flying around

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These days, TPL management is flying around quite often – check out their plane tracker. Yes, TPL has its own, small plane!

I am not sure what exactly they are using the flights for – sure it would be nice to see the oil fields from above. However, I assume it has some business reason. First I thought whether they might use it for a (secret) roadshow they seem to have right now, according to TPLblog.com. However, their flights are always within Texas, mostly between the 3 cities of Dallas, Midland, and Fort Worth.

What do you think the TPL management is using its plane for? Let me know in the comments!

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New Investor Relations Head

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Seems like starting in July, we have a new spokesman, Chris Steddum: https://www.linkedin.com/in/chris-steddum-002970a/

Chris studied finance, holds an MBA from Rice University and worked at several companies in the financial sector, including Credit Suisse. He seems to really like Texas, having worked there for a long time.

Welcome, Chris, let’s hope for a good collaboration and work environment with shareholders!

Blow, you’ll find his bio from LinkedIn:

General/Horizon Kinetics

Update: Is Horizon Kinetics still buying?

Posted by TPLinvestorsAdmin on

A few days ago, I asked why Horizon Kinetics is selling and referred to data from whalewisdom.com. Looking at another website such as Fintel, gives us a completely different picture – they appear to be buying exaclty 49 stocks every single day. Don’t ask me why it’s 49, 7 more than 42 or 7². Thanks Murray, at least one person is buying stocks back.

One thing that is strange: Looking at the exchange times and sales list, I don’t find the amount 49. Horizon’s order could have been executed with another order – I’ll keep a closer watch in the next couple of days…

How do you interpret the data? Where does the difference from Fintel and Whalewisdom come from? Let me know!

TPL times and sales list, August 7th, 2019
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Was Warren Buffett interested in buying TPL?

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This is what a user on Seeking Alpha, Tripp11, claims. The user says he has spoken with David Barry, one of TPL’s trustees. Quote: „He […] said Warren Buffett inquired about buying the trust but called back 2 days later saying he would buy because of ‘tax reasons’“. This price was around USD 400 million, so far back in the past when TPL’s stock price was far lower.

The question remains, what tax reasons? On Buffett’s side oder on TPL’s side? Probably on TPL’s side, beausefus on Seeking Alpha says that „converting to C-Corp would conceivable solve that issue.“.

What’s your take on this? Do you think TPL fits to Warren Buffett?

General/Horizon Kinetics

Why does Horizon Kinetics sell?

Posted by TPLinvestorsAdmin on

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?

General

Finding information on TPL

Posted by TPLinvestorsAdmin on

Information on TPL is scare, with no analyst coverage and little interest by many institutional investors. I believe the reasons for this include little spending on advertising, which is actually a good thing – no one in the financial industry wants to sell me this stock, this immediately makes me more interested. Also, the current lack of corporate governance may turn off many institutional investors, such as pension funds, corporates, etc.

The best information sources for TPL include:
TPL website for SEC filings, annual reports, and more
Seeking Alpha, non-premium users can read user-generated reserach articles (sometimes you need to use the incognito mode of your browser) and the user-generated comments below news articles, which often include interesting information
Horizon Kinetics, by far TPL’s largest shareholder and long-term TPL investor
Mission Advisots with several posts (Part 2 and Part 3)
tpltblog.com which consolidates severeal sources
Intelligent-Investieren, a German value investing blog
TPL investor presentation
Wikipedia, of course

A few questions to you: How did you find out first about TPL? Why do you think is there so little public interest? Where do you get most of your information from? Did I miss any site?

General

Introduction

Posted by TPLinvestorsAdmin on

TPL is not a standard stock. It has a business model almost no one else has, a long and rich history, little modern corporate governance, and little news coverage, despite its past outperformance and medium sized market cap. This website aims to serve as a free and open information source and discussion board for TPL investors and fans worldwide.