If you like unique businesses that stand out for wide-moat competitive advantages, strong cash flows and secular tailwinds, then you may want to consider Texas Pacific Land Corp (TPL). This unique “oil & gas” company blends real estate (Permian basin land), energy royalties and water resources, and the shares have pulled back despite ongoing strong fundamentals. This report reviews the business, growth, valuation, risks and competitive advantages, and then concludes with a strong opinion about investing.