Important Disclosures:
The opinions expressed in these podcasts reflects the opinions of the presenter at the time they were made and are subject to change at any time after the date of a podcast’s production without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. While the statements made in these podcast are based on publicly available information and are believed to be accurate as of the date given, no representation is made with regard to their accuracy or completeness. These podcast are neither an offer, nor a solicitation, to buy or sell securities. Reproduction of any of these podcasts is strictly prohibited. Horizon Kinetics and its affiliates may directly hold, and manage portfolios that have positions in any of the cryptocurrencies and securities mentioned in this material.

Cryptocurrency Risks:
The material below contains information on cryptocurrencies or investment products that provide exposure to cryptocurrencies. The value of a particular cryptocurrency is determined by the supply of and demand for the cryptocurrency in the global market in which such cryptocurrency trades, which consists of transactions on electronic exchanges which are not currently regulated by any U.S. regulator. Pricing on electronic cryptocurrency exchanges and other venues can be volatile and can adversely affect the value of the cryptocurrency being transacted. Currently, there is relatively small use of cryptocurrencies in the retail and commercial marketplace in comparison to the relatively large use by speculators, thus contributing to price volatility that could adversely affect an investment portfolio’s direct or indirect investments in cryptocurrencies. Also, transactions in cryptocurrencies are irrevocable, and stolen or incorrectly transferred cryptocurrencies may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect the value of an investment portfolio’s direct or indirect investment in such cryptocurrency. Only investors who can appreciate the risks associated with an investment should invest in cryptocurrencies or products that offer cryptocurrency exposure. Past performance is not a guarantee of future results.

Consensus Money – Episode 3

Cryptocurrency mining and Horizon Kinetics’ approach to mining with Murray Stahl, Chairman and Chief Investment Officer, Horizon Kinetics LLC. Hosted by Hugh Ross, COO, Horizon Kinetics LLC






1st Quarter 2018 Commentary

The value of the entire stock market relative to GDP – perhaps the most fundamental valuation measure – is pretty much at an all-time high; interest rates aren’t much above their recent all-time lows; the Federal debt/GDP ratio, despite one of the lengthiest economic recoveries on record, is at a high exceeded only in the immediate aftermath of World War II. Yet, despite this traffic jam of systemic risks, and for whatever reason, investors feel sufficiently at ease that they don’t require a real interest rate above zero, or lower stock valuations, as if there financial markets rest in a comfortable equilibrium.






4th Quarter 2017 Commentary

For the first time in quite a long while, clients have been asking about whether their portfolios contain any inflation beneficiaries, whether there’s much leverage. Really, these questions are about practical, functional diversification (as opposed to what the mind recognizes as ‘lip service’ diversification). There is a sense that all the investments are crowded into the same place and are more and more governed by a few shared risks. And perhaps there’s an unasked question, what happens when the music stops, whichever music it is that has made it all work so far.