Horizon Kinetics LLC, founded in 1994, is an independently owned and operated investment adviser. We adhere to a long-term, contrarian, fundamental value investment philosophy that the founders established in 1985 at Bankers Trust Company. Horizon Kinetics has over 70 employees, with primary offices in New York City and White Plains, New York.
Horizon Kinetics was founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns. We believe that investors are better served not by taking more risk, but by extending their investment time horizon, which affords far wider ranges of opportunity and valuation than are available to time-constrained institutional investors. The startling degree of return possibility ignored by a short-term focus is most easily seen in the Equity Yield Curve, a chart you will not find elsewhere.
And while all acknowledge the tremendous power of compounding, practically speaking (and by definition) this benefit simply cannot be harnessed in a short time frame. Our investment strategies – supported entirely by our independent, fundamental research – typically reflect contrarian views that seek to take advantage of the short-term focus of the marketplace.
Publishing research has been the cornerstone of our investment process. We believe that requiring research analysts to frame their investment ideas in writing helps avoid the common behavioral finance error of adjusting one’s investment thesis in response to short-term market price fluctuations. Our research team produces a variety of research publications for the institutional investment community covering undervalued and often systematically mispriced classes of securities, ranging from global spin-offs to distressed debt.
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With a long-term absolute return mindset, and based on first-hand research, our portfolios tend to be concentrated and avoid tracking or mimicking any benchmark or index. An investment and research process that is de-linked from the standard short-term relative-return benchmarking that leads to crowd-investing behavior should be expected to produce returns that are generally less correlated with other managers and funds. Accordingly, our strategies might be considered diversifying elements within broader asset allocations. Horizon Kinetics offers separately managed accounts, mutual funds and alternative investment products suitable for individual and institutional investors, through its wholly owned registered investment advisers. These include the Kinetics Mutual Funds, Inc. series of open-end registered investment funds.
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