In short: Private / gray-market — not owned (too illiquid for Smead). Has the most Clearwater scale and is "minting cash," trades a higher valuation than the public players. His puzzle: why not go public, drop the big dividend, and roll up Headwater/Tamarack all-stock — his theory is they've "made so much money, they just don't care."
51:29Let's use an example. Let's use the Clearwater cuz I think that needs to consolidate. Is Spur has the most scale in that market right now. — Yeah. — Now, — It's incredible. — do I think Spur uh and by the way, again, we don't own it, just so your listeners know. But do I think Spur's done a really good job? Yeah.
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