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Dedicated to the pursuit of independent, creative thought and its application to the practice of investing.
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Murray Stahl on Value Investor Insight
Worth the Time

February 2024:
Murray Stahl of Horizon Kinetics describes how his strategy and process drive him toward “less-researched and less frequently trafficked investments,” his current provocative views on China and the Magnificent Seven, why he remains a long-term bull on bitcoin, and what he thinks the market is missing in PrairieSky, Mesabi Trust, CACI, and Urbana Corp.

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Money Tree Investing Podcast – Challenging Conventional Wisdom: Alternative Insights From James Davolos (May 2024)

In the first 40 minutes of this podcast, James Davolos from Horizon Kinetics and discuss challenging conventional wisdom in the world of investing. This exciting discussion delved into the intricacies of market dynamics, particularly focusing on the enduring trend of growth outperforming value. James dissects the evolution of this trend, attributing it to factors such as passive investing, low-interest rates, and fiscal spending. If you would like to access the Royalties as an Asset Class report, please contact your Horizon Kinetics representative or email

Latest Commentary
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4th Quarter 2023 Commentary

Our Q4 2023 is now available.

Product Announcement
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New Year Letter

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We wish you much health, joy and prosperity in 2024!

In The Press
Corporate Update
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As we approach the 30th anniversary of our founding in 1994, we are pleased to announce our intention to bring Horizon Kinetics LLC public - more details enclosed.

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Guiding Principles

  • Value Driven

    We are committed to long-horizon, value driven investing and building long-term, continuous relationships with our clients.

  • Research Driven

    We rely on our own independent research. Written research, and its discipline, has been the cornerstone of our investment process.

  • Contrarian

    We are contrarian (fact-based) investors. Our vision is typically opposite the movement of the crowd.

  • 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.

  • 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.

  • Opportunistic

    Our strategies are driven by fundamental research and opportunity, not capacity for asset gathering.

  • Skin in the Game

    We invest alongside our clients and believe that a skin in the game approach is critical to aligning interests.