Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie always said the first test of an investment is whether you can explain it to a reasonably intelligent twelve-year-old. TPL passes with room to spare. In 1888, the Texas and Pacific Railway went broke, and its bondholders received roughly 3.5 million acres of West Texas scrubland through a Declaration of Trust. For a century the trust did little but sell parcels, collect grazing fees, and retire its own certificates. Then geologists figured out that this particular scrubland sits on top of the Permian Basin — the most prolific oil field in the Western Hemisphere, currently producing over 6.8 million barrels per day.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-05), 8-K (2026-06-23), 8-K (2026-05-18).
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