— HORIZON KINETICS LLC —
Horizon Kinetics Launches an Actively Managed Texas Exchange Traded Fund (TEXX)
4th Quarter 2025 Commentary
Speakers should take a beat once in a while—for breath and for questions. The start of a year is a fine season to take that beat, so this Commentary centers on questions that recently came our way. Many have already answered themselves. And though questions around a favored topic—"Why aren't there data centers yet on TPL land?"—can feel urgent, it's way more important to understand the “why” than the “when." The why, believe it or not, has to do with NVIDIA's new chip and planned obsolescence, advanced hydrogeology, and a host of other fascinating factors. These also happen to be keys to predicting the performance risk in the IT sector and the S&P 500 today. So, it’s very much worth understanding, and that’s what our latest Commentary aims to help you do.
James Davolos on The ROI Podcast: Central Banks will Run It Hot
(July 2025) In this conversation, James Davolos and Benjamin Demase of ROI Podcast explore the intricate relationship between central banks and real asset inflation.
Guiding Principles
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Value Driven
We are committed to long-horizon, value driven investing and building long-term, continuous relationships with our clients.
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Research Driven
We rely on our own independent research. Written research, and its discipline, has been the cornerstone of our investment process.
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Contrarian
We are contrarian (fact-based) investors. Our vision is typically opposite the movement of the crowd.
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Long Term Investment Horizon
We measure risk as an impairment of capital. Temporary price variability – ‘quotational’ risk – is not synonymous with capital risk. Returns can be increased by extension of the investment horizon rather than by extension of risk.
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Absolute Returns
Our investment approach stresses absolute returns, integrating fundamental research, discipline and patience with the goal of long-term preservation and compounding of capital.
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Opportunistic
Our strategies are driven by fundamental research and opportunity, not capacity for asset gathering.
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Skin in the Game
We invest alongside our clients and believe that a skin in the game approach is critical to aligning interests.