In short: Referenced only — the example of the concentrated long-term holder behind TPL and LandBridge: a thin float dampens volatility, but "you don't know what they will do with their position."
41:58So it's the same thing with LandBridge. It's the same thing with TPL. If a fund like Kinetic — Horizon, yeah — Yeah. If they try, I mean they're not stupid. If they cut their position off in one week, it's like sending all their shares, it won't happen you know, but there's a risk of you don't know what they will do with their position and even management, they won't say it, but sometimes they don't even know what they will do, so there's a risk to it, but it also comes with maybe an advantage of it's less volatile because you would have less floating
In short: The firm's legacy concentrated mutual funds — "letting the winners run and compound," Murray Stahl's "intelligent undiversification"; right for some, less appropriate for others.
47:38So letting the winners run and compound and so that could be right for some people, less appropriate for others. But Murray really believed strongly in individual stock picking and what he would call intelligent undiversification. — And also as my former mentor Peter Lynch would say, I'm sure Murray would agree, Peter was opposed to diworsification.
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