Preferred Shares Podcast

Texas Pacific Land Corporation: The Riches of Royalties

Mar 3, 2025
Chadd Garcia, Vice President & Portfolio Manager at Ave Maria Mutual Funds, shares his extensive experience in investment analysis, particularly focused on Texas Pacific Land Corporation (TPL). He dives into TPL's transformation from a railroad post-Civil War to a thriving resource management powerhouse. Chadd discusses the impact of fracking on land value, TPL's strategic entry into the water business, and its unique long-term shareholder base. He also critiques management's incentive structure and the recent shift from a trust to a corporation, raising concerns for investor alignment.
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