— HORIZON KINETICS LLC —
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.
4th Quarter 2024 Commentary
Though most investors may spend more time these days thinking about AI and data centers (and not enough about the national debt), you’ll find most of these themes boil down, surprisingly, to three Things: Natural Gas, Water, and Bitcoin. These might be keys to truly participating in, yet not suffering from, these Roaring ‘20s.
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.