Letters by company
LandBridge Co LLC
4 letters discussing LB. Everything written about it on this site is on its ticker page.
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity risk in large U.S. technology companies as disinflationary forces, cheap capital and global labor arbitrage reverse. It identifies electricity and natural gas as AI bottlenecks, favoring Permian landowner LandBridge and Texas Pacific Land for data-center, water and royalty exposure. 2nd Quarter 2024 LB $6.7BAMZN $2.8TGOOGL $4.2TMETA $1.4T
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 TPL $26BAMZN $2.8TCBOE $32BCME $99B
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators. 4th Quarter 2025 TPL $26BAB $3.4BAMG $9.4BATUSF $2.8B
- Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that crowd-driven capital flows create durable discounts in royalty businesses, partnerships and other assets outside index mandates. It discusses recovery-stage positions in Hawaiian Electric and Cheniere, private mineral-rights investments, and senior CLO tranches as income sources with inflation protection and limited rate sensitivity. 1st Quarter 2026 AB $3.4BHE $2BLNG $57BMIAX $4.2B
