— HORIZON KINETICS LLC —
1st Quarter 2026 Commentary
This Commentary pauses on the impermanence of that which so many investors over time—at least for awhile— thought to be inherently special or in permanent great demand. Exceedingly few tradeable things within the market (as opposed to the market itself and crowd behavior) are very long-lived. Crowd behavior and market-structure biases likewise create episodic discounts for long-term, income-focused investors, most particularly for those who spend, rather than reinvest, their income. This is when sufficiently great yield premiums or principal accretion possibilities provide a pathway to counteract the serious failing of bonds: unprotected exposure to the purchasing power debasement of inflation. It’s no small thing.
James Davolos on Far From The Finishing Post Podcast with Troy Asset Management
(Recorded on March 27, 2026)
Horizon Kinetics Launches an Actively Managed Texas Exchange Traded Fund (TEXX)
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.