Texas Pacific Land Corporation (TPL)

[Enterprising Investor]

Shareholders, in the most cases, have issues with their D&Os.

I have stakes in several companies in which I would like to see things run a little differently. Just take a peek at the boards that I have posted on throughout the years. However, my positions will never be large enough for me to affect change. I have to rely on others.

My biggest concerns with the conversion were increased operating expenses and higher director compensation.

The trust had a very simple business model collecting royalties and buying back shares. The water business made things more complicated, but also opened up a new revenue source. Apparently, other potential sources of revenue were not capitalized on.

Oil prices have risen. TPL’s market price has been declining. Something is wrong.