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Cheap: Acquired at a discount of at least 20% to a growing net asset value
Owner-operator: Horizon Kinetics owns nearly one quarter of the shares
Disclosures: Improving as part of Horizon's campaign
Excellent financial condition: Debt-free
Texas Pacific Land Trust has been one of the best-performing stocks of the last 20 years, returning 17% annually. The Trust dates to 1888 and formed part of the land holdings of the old Texas & Pacific Railroad. It is