Benji Demase at The ROI Club has been trying to convert me over to his royalty maxxing strategy. And he was smart enough to buy LandBridge (LB) at their IPO, because he’s the royalty king, and he knew the multiple would expand like insulating spray foam. But as a value degenerate, I can’t quite bring myself to see most royalty companies as undervalued. Sure, they are growing across several dimensions, and have no maintenance capex, but there’s something about a 1.3% dividend payment and a 25x price to sales ratio that I could never stomach. Fortunately, one of my subscribers told me about a royalty company that dances to the beat of their own drum, and is small enough and strange enough to be significantly undervalued. So Benji, this one’s for you.