ATG Capital Management

$TPL 10-K: "Our business could be negatively affected as a result of stockholder activism, which could cause us to incur significant expense, hinder execution of our business strategy, and impact the trading value of our securities."

Anyone else going to $TPL's Water Field Visit in Midland next week? Let me know

@Bkclaims @AAA_Travel

Twitter, who are the 5–10 best “hidden monopoly” non-profits / quasi-mutuals / demutualization candidates that could eventually IPO? Think: UL Solutions / Underwriters Labs type situations — iconic brand, deeply embedded, mission-driven history, tiny cost to customers but absolutely critical, huge trust moat, pricing power, and maybe a sleepy balance sheet/cost structure. Feels like there are probably a handful of these where the c-suite/board could eventually be “cojaled” into a demutualization / spin / IPO over the next decade. Would love the weird deep cuts from insurance, certification, standards bodies, exchanges, co-ops, trade orgs, etc.

This is one of the most jaw-dropping, chilling interviews I have seen. Watch this Rabbi from London, respond to question about the terror stabbing in Golders Green!

$tpl open.substack.com/pub/310value/p…

@310Value Excellent letter, thank you for sharing! $TPL

@manualofideas "If you like calculus, then this is a stock for you..." is probably my favorite Murray-ism, and enjoyed hearing it on this recording. Thank you for sharing

Just released on Latticework: Honoring Murray Stahl: Replay of a Fireside Chat with the Legendary Investor at Latticework 2018 - Exclusive Interview in Special Series, Intelligent Investing 100 latticework.com/p/honoring-mur…

Murray Stahl passes and TPL goes down $4.8B in market cap yesterday. Murray owned TPL since the 90s. I met Murray some years ago as we were on a flight going to the same conference at Blackberry Farms in Tennessee. I looked across the aisle and there was a man reading a book called “Neither Friend Nor Foe: The European Neutrals In World War II”. My grandfather had a great saying: "always meet someone whom a book or a question introduces you to". So I introduced myself and we started one of the most interesting conversations I had had in years. I learned a ton. I had lunch with Murray once and asked him “how do I improve as a portfolio manager?” and he said “you have to Pareto Optimize your portfolio.” and he proceeded to explain that you needed to analyze and use criteria to force rank the 20% of your ideas that you believed would potentially generate 80% of your profits and size those more aggressively. Then you needed to identify the 20% of your ideas that you believe were potentially 80% of your losses and get out. Murray was versatile as a value investor. Just a few examples of his calls which showed his analytical wingspan. He was talking about owning Bitcoin in 2015 when the price was ~$300. Murray begin to speak about the SBC problems in tech (must read for today's issues in certain stocks. "THE SOCIOLOGY (AND TIPPING POINTS) OF STOCK COMPENSATION" is the memo) back in December of 2020, a reality that most investors have not even woken up to TODAY. Deepest condolences to the @horizonkinetics team. Thanks for teaching a generation of us, Murray. Wherever you are, the people there are improving, as are their returns. May your memory be a blessing. I know for me it will be.

I want to mourn the passing of Murray Stahl of @HorizonKinetics Murray was a certified investment genius, mentor, teacher & guide to all lucky enough to work with him. Condolences & prayers to his family & the folks at @HorizonKinetics. Thank you & Rest in Peace Murray

RIP Murray Stahl. A true independent thinker who understood compounding and scarcity better than almost anyone in the market. His conviction built generational wealth for everyone who followed. Condolences to his family. $TPL, $LB

$TPL crushed after Murray Stahl passing. Buy it. The economics haven’t changed Classic value opportunity

A sincere Thank You to one of the GOATs, Murray Stahl. Murray, thank you for your selfless service to us. I was first introduced to Horizon in the mid-late 1990’s shortly after its founding. Your vision, your dedication and passion greatly influenced my framework, and I will continue to align myself w/your partners, and live out your lessons. I’ve said this nearly every week to investors for so many years… “We’re fortunate to invest alongside Murray Stahl, because he is with out question, the most intelligent long-only fund manager I’ve ever met. He’s an honest man, and if you can commit to a true long-term horizon, and be patient, this man’s firm can change your life.” It did. Thank you Murray for what you (and your team) delivered to us, and the people we serve. You will be greatly missed. God Bless You and your family. @HorizonKinetics

RIP Murray Stahl. He was such an original thinker and I enjoyed reading his writings. He was no stranger to Japan either, and it's no surprise his firm came up with a unique strategy here. The Japan Owner Operator ETF - which includes some interesting companies, some of which you're familiar with!

@ToddSullivan Very sad to hear this. As they say in the press release, the company will begin the work of preserving and growing Murray's legacy. For those unfamiliar I recommend this book.

Contrarian Research Report: May 8, 1995

We have lost one of the all time greats. 😭 @HorizonKinetics

RIP Murray accessnewswire.com/newsroom/en/ba…

I’ve read nearly everything Murray Stahl ever published at HK and listened to or read nearly every earnings call (and occasional interview) he ever gave and cannot recall detecting anything other than class, humility, intelligence, and patience.

Rest in peace, Murray Stahl

You just know that, up in heaven, Murray Stahl bought another 1 share of $TPL today Rest in Peace, Murray. My heart is heavy with the news of your passing

Murray Stahl. One of the great thinkers in our industry of this generation. One might ask though - in Liberty-esque fashion, what the WTF is the outcome of FRMO, HKHC, Wina, CMSG? LB and TPL and Miami have their own visions. Own a basket of the former.