Cboe Global Markets, Inc.

• Horizon Kinetics 2nd Quarter Commentary ↗ Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 TPL $26BAMZN $2.8TCBOE $32BCME $99B
• Horizon Kinetics 4th Quarter Commentary ↗ Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators. 4th Quarter 2025 TPL $26BAB $3.4BAMG $9.4BATUSF $2.8B

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