This is Matt Reustle. Today we are breaking down the recent IPO WaterBridge. I am joined by James Davolos from Horizon Kinetics.

We start with HK's history with these very unique businesses that are off the radar for many with TPL, Landbridge and now Water Bridge. James gets into the weeds and nuances of what this business actually doesa and why the service that they're providing is so incredibly important, particularly with US Shale and where they are in the Permian Basin. This is an interesting and timely conversation from all different angles. Please enjoy this breakdown of WaterBridge.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠ here.⁠⁠

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Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:00:52) Overview of WaterBridge IPO

(00:02:20) Deep Dive into WaterBridge and Landbridge

(00:04:10) History and Background of Horizon Kinetics

(00:06:48) Understanding the Water Infrastructure Industry

(00:10:34) Challenges and Solutions in Water Disposal

(00:26:27) The Role of Five Point Infrastructure

(00:32:10) Understanding the Value of Land in Oil and Gas

(00:32:33) The Importance of Water as a Pure Play

(00:34:26) Next-Gen Opportunities in West Texas

(00:39:14) Challenges in Water Disposal and Market Dynamics

(00:42:06) Switching Providers and Outsourcing Trends

(00:55:48) Valuation and Growth Prospects for Waterbridge

(01:01:33) Key Lessons from WaterBridge

The Tale of "The Tale of Two Adams"