Texas Pacific Land Corporation

“Texas Pacific Land is an exceptional long-duration asset owner with a wide moat, very high margins, and unusually low balance-sheet risk, making the underlying business highly attractive for long-term compounding. However, at the current valuation, the market already discounts much of that quality and future upside, so expected returns are not compelling enough to justify aggressive new capital today. This is a business worth owning at the right price, but not a stock offering a clear margin of safety right now.”