TPL - Horizon Kinetics  1st/2nd Quarter Interim Commentary

• Horizon Kinetics LLC, founded in 1994, is an independently owned and operated investment adviser. With a long-term absolute return mindset, and based on first-hand research, our portfolios tend to be concentrated and avoid tracking or mimicking any benchmark or index.
• Texas Pacific Land Corp is entering into a strategic alliance with two cryptocurrency mining companies to develop a mining operation on some of TPL’s land.
• The public discussion has now turned to how “aggressive” the central bank will be in raising interest rates in order to try to stem inflation.
• Debt-to-GDP ratio can increase for a very prolonged period of time, like the 39 years from1980 to 2019, without the economy experiencing serious inflationary pressures.
• If the supply of oil were to grow even as high as 2% a year, while the supply of currency to pay for it is growing at 12% a year, then the price of oil measured in currency is going to go up.

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