Everything is Bigger in Texas

What’s the largest U.S. state by area?

The answer is Alaska but Texas is a close second.

What else do these two states have in common?

Both happen to be among the biggest oil-producing in the U.S. Texas is first; Alaska is fourth.

The biggest oil basin in the biggest oil-producing state in the U.S. is called the Permian basin. It is the most valuable oil basin in the U.S., and it is primarily owned by the Texas Pacific Land Corporation (TPL).

TPL doesn’t produce any oil; it simply owns the best oil-producing real estate in the U.S. Companies like Chevron, Exxon Mobil, and Occidental Petroleum are some of TPL’s biggest customers.

Murray Stahl

Murray Stahl is the founder of Horizon Kinetics, a New-York based investment firm. He is known for a contrarian approach and long-term, value-driven investments.

Murray sits on the board of directors at Texas Pacific Land Corporation.

Murray has bought ~$20,000 of TPL stock nearly everyday since January 2021 and has amassed over $500 million worth of shares as a beneficial owner.

Separately, his fund, Horizon Kinetics, holds close to 20% of all outstanding shares in TPL, accounting for over $2 billion.

Talk about betting the farm on one stock – everything really is bigger in Texas. We haven’t come across such consistent insider purchases in a single company before.

Fortress Biosciences

I had an interview with the CEO of Fortress Biotech, Lindsay Rosenwald, this past week.

Lindsay is a serial biotech entrepreneur, perhaps best known for selling Cougar Tech to Johnson & Johnson for nearly $1 billion in 2009.

Throughout the interview we talk about:

• Fortress Biotech's diversified business model

• Lindsay's views and predictions for Biotech in 2024

• Why Lindsay purchased $2m+ of $FBIO stock

Take a look below and let me know what you think!

That’s all for this week, follow us on Twitter for real-time thoughts, subscribe to our newsletter, and sign up on StockOcean for free insider buying and selling alerts.