— HORIZON KINETICS LLC —
Horizon Kinetics Launches Japan Owner Operator
ETF (日本 オーナーオペレーター ETF)
(Ticker: JAPN)
1st Quarter 2025 Commentary
There's no end of news about AI and the grand data-center boom. New technology is always an exciting show. But is there a legitimate, long-term, high-order investment opportunity? In this quarter’s Commentary, some of that homework’s been done, along with a perhaps more fundamentally rational, anti-take-a-flyer alternative to sector and security selection.
James Davolos on In the Money Podcast: Real World Investing, Real Results
(April 15, 2025) In this wide-ranging conversation, James Davolos and Amber Kanwar discuss why we’re leaving behind the “golden era” of ultra-low interest rates, globalization, and free capital, and entering a new investing regime marked by inflation, deglobalization, and resource scarcity.
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.