This is probably not a bad time to reduce risk.

Read here for more where we explain how Horizon Kinetics have actually been a massive seller not buyer of $TPL shares.

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“Huge $TPL buy from Horizon Kinetics”. What if we were to tell you that Horizon has actually been massive net sellers of $TPL stock over the last 6 years, not buyers.

A more fundamental problem: Sockfoot’s $LB math is not only incorrect, it is also irrelevant. Sockfoot’s model appears plausible and enticing, if you ignore our analysis and solely rely on his representations of our analysis. His model is incorrect, but also irrelevant, and a.

Proof by contradiction: Sockfoot’s $LB math is incorrect. Sockfoot claims: If V_RP = 0, then PWRF for 3P = $0.13 - 0.14/bbl. Except by his own math we show if V_RP, PWRF for 3P = $0.22/bbl, not 0.13-0.14/bbl . Sockfoot claims that if related party Volume (“V_RP”) is zero, then.

But then SOckfoot's core claim is that our calculations of $LB suspect revenue are wrong. The problem we find is that his analysis is both: (i) mathematically (provably) incorrect, and (ii) irrelevant . Let's first start with (i) where we prove his math is incorrect.

A self-described owner of $LB stock, Sockfoot offered a lengthy rebuttal to our first report, the only substantive rebuttal we are aware of. Despite promoting the stock, He agrees with us that $8 million of $LB 's 2024 revenue is suspect:.

Landbridge Holdings $LB: . Questions for Management and How the Bulls’ Related Party Math Does Not Add Up. full report: .

Martin: You can say the word "innovation" as many times as you'd like. but you are not fooling the algos nor real investors. $KD is not an innovator, except maybe in its accounting shenanigans.

Dear Eric Cartman (if that's your real name),. please see our prior tweet. Yes, $KD FCF is seasonally weak. This quarter's FCF burn is WORSE than FCF in the same quarter a year ago. markets care about rate of change and incrementality, and it's bad for KD.

We are on the $KD call. KD has been talking about "losing revenue on purpose" for at least 7ish years - both as part of $IBM, as well as an independently publicly traded company. Fool me once, shame on you. Fool me twice, shame on me.

Listening to the $KD CEO on this call. Martin - like other modern day CEOs - is incredibly talented at using many words to say exactly nothing or fud. For example, he claims they are "winning".Yes yes, losing revenue and burning cash while slashing and burning is "winning".

The $KD results validate what we said in our 2nd KD report: KD is a melting ice cube with a consulting mirage. The so-called "consulting" business is not offsetting organic decline, and worse, is seeding the businesses' obsolesence from $AMZN, $MSFT, $GOOGL . WE REMAIN SHORT $KD.

In our first $KD report, we wrote: “We find the 'Total Signings' metric suspect, as KD reports Total Signings grew from $13.5bn in FY2021 to $16.3bn as of 2024, yet total revenues declined over the same time period.” – . this trend continues, as total signings grew, yet revenue.

$KD revenues declined -3% on a constant currency basis. Notably US revenue declined -8% YoY. These results validate our belief that KD is not a successful turnaround:

$KD Free cash flow worsened even by their 'creative' (and we think misleading and irrelevant) definition of FCF:

Free cash flow burn Yoy actually worsened, whether using a standard definition of FCF or their 'creative' FCF definition: . We calculate FCF declined -267 million for the qtr versus -170 million in the year prior.

$KD released earnings after the close yesterday. KD cash burn has worsened YoY and revenue is down -3% YoY on a constant currency basis. These results validate what we said n March, in our report 👇: we believe KD manipulates reported Adj EBITDA + Adj. FCF to artificially give.

next week*. We just received new information and analysis that will clarify some widely believed misconceptions.

In our MUX report that we published last September, .we expressed concerns about MUX's accounting and also expressed our opinion that Mutares SE & Co. KGaA profits are driven by a circular funding scheme. $LB reminds us of MUX. We believe MUX used related/affiliated parties to

Germany's Securities Regulator - BaFin - Sees indication Mutares Violated Accounting Standards. We warned September of last year that we see accounting irregularities, particularly regarding MUX balance sheet's reported cash position and receivables. It seems BaFin also has