Image Source: Pexels

I had never heard of the stock TPL in my life until I noticed it as one of the best-performing stocks in every single category of the Killer Longs post. Check out this chart:

What I find striking about it is that, yes, it has ascended steadily over the decades, but notice how the nature of the ascent changes.

In the early 1990s, it formed a classic, smooth, perfectly formed rounded bottom. The next rounded bottom was almost textbook.

Afterward, the patterns became progressively:

• Shorter across time;
• Much more irregular;
• Decreasingly powerful

It’s just another illustration about how the “true value” market of 1990 is utterly different than the “anything goes” market of today, since I suspect TPL’s deep store of value has been fully exploited by now.

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