It's interesting in the sense that it's a car crash? Very problematic management/governance. One or two grown-ups trying to turn it around, but I think too late. Nice feature, Dave.
You might want to take a look at sliceNote. Similar idea to royalty exchange. I think you can also invest in portfolios of royalties. It’s been on my list of things to look at (which never seems to get smaller)
I came across the Mills Music Trust some time ago. I group it with several securities which are entertaining stories but not great investments. Other examples are Adams Express -- before it was renamed -- and the former Laclede Gas. Stories like these keep investing interesting.
Not familiar. I worry a bit about the incentive structure on some of these companies. I think they have a lot of motivation to grow as quickly as possible and that might lead to losing discipline on purchasing.
Royalties are phenomenal structures, but you have to be pretty crafty and unconventional when purchasing...and obviously as you said, lots of public structures have goofy incentives.
At least back in 2013, Paul McCartney owned 29.67% of Mills Music Trust through MPL Communications, Ltd. The value of his stake was a pittance relative to his net worth but interesting nonetheless.
It looks like that was the last time they had to file a proxy. I see some ownership filings, but all First Eagle nothing from Sir Paul or MPL. The next time you see him in concert ask him. Or call the Fab Forum on Wednesday night at 9:00 PM on Sirius XM. Tom Frangione might know. 😉
Horizon Kinetics has extensive coverage of various semi weird to fully weird royalties.
nicely adjacent to the recent squabble on UMG vs tiktok (who simply seems just too cheap to pay).
Hipgnosis fund in the UK is pretty interesting
It's interesting in the sense that it's a car crash? Very problematic management/governance. One or two grown-ups trying to turn it around, but I think too late. Nice feature, Dave.
Great post, Dave! Hope you've been well.
You might want to take a look at sliceNote. Similar idea to royalty exchange. I think you can also invest in portfolios of royalties. It’s been on my list of things to look at (which never seems to get smaller)
I came across the Mills Music Trust some time ago. I group it with several securities which are entertaining stories but not great investments. Other examples are Adams Express -- before it was renamed -- and the former Laclede Gas. Stories like these keep investing interesting.
Really interesting article I didn’t know about royalty exchange
great stuff Dave...I've looked at all those previously. Definitely a niche. Have you looked at RSVR?
Not familiar. I worry a bit about the incentive structure on some of these companies. I think they have a lot of motivation to grow as quickly as possible and that might lead to losing discipline on purchasing.
agree 100%.
Royalties are phenomenal structures, but you have to be pretty crafty and unconventional when purchasing...and obviously as you said, lots of public structures have goofy incentives.
You ever looked into Drug royalties. Some really interesting funds but not a huge space. Was looking at DRI
Mills Music Trust just declared its Q1 distribution. $0.56, down 16% year-over-year.
Even lower in the 2nd quarter. Hopefully no troubles with EMI.
At least back in 2013, Paul McCartney owned 29.67% of Mills Music Trust through MPL Communications, Ltd. The value of his stake was a pittance relative to his net worth but interesting nonetheless.
It looks like that was the last time they had to file a proxy. I see some ownership filings, but all First Eagle nothing from Sir Paul or MPL. The next time you see him in concert ask him. Or call the Fab Forum on Wednesday night at 9:00 PM on Sirius XM. Tom Frangione might know. 😉