Horizon Kinetics LLC (the “Firm”) is parent company to, among others, Horizon Kinetics Asset Management LLC (the “Adviser”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). This website relates to the research and products offered by the Adviser. This disclosure information relates to this website in general, but certain web pages may contain additional disclosures that are specific to the information being discussed on such page.

Past performance is not a guarantee of future returns and you may lose money. Opinions and estimates offered constitute our judgment as of the date made and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. The information on this site should not be used as a general guide to investing or as a source of any specific investment recommendations. This site, along with the information embedded herein makes no implied or expressed recommendations concerning the way an account or fund should or would be handled.

This is not an offer or solicitation to any person in any jurisdiction in which such action is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. The Firm does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.

The Adviser manages separately managed accounts, mutual funds and private funds. Prior to investing in any product offered by the Adviser you should receive written information about the investment. It is important you review such material carefully so that you understand the risks, fees and other important characteristics.

This material references cryptocurrencies, including bitcoin. Horizon Kinetics’ subsidiaries manage products that seek to provide exposure to bitcoin and other cryptocurrencies. The value of bitcoins is determined by the supply of and demand for bitcoins in the global market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of the bitcoin. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a portfolio’s direct or indirect investments in bitcoin. Bitcoin transactions are irrevocable, and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a portfolio’s direct or indirect investment in bitcoin. Only investors who can appreciate the risks associated with an investment should invest in cryptocurrencies or products that offer cryptocurrency exposure. As with all investments, investors should consult with their investment, legal and tax professionals before investing, as you may lose money.

This website contains links to podcasts and other recorded material. The opinions expressed in these podcasts reflects the opinions of the presenter at the time they were made and are subject to change at any time after the date of a podcast’s production without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. While the statements made in these podcasts are based on publicly available information and are believed to be accurate as of the date given, no representation is made with regard to their accuracy or completeness. These podcasts are neither an offer, nor a solicitation, to buy or sell securities. Reproduction of any of these podcasts is strictly prohibited.

This website contains links to certain of the research reports published by the Firm. Such reports are based on information available to the public, and no representation is made with regard to their accuracy or completeness. They do not represent an offer or solicitation to buy or sell securities. All expressions of opinion reflect the judgment as of the date set forth on the report, and are subject to change. All views expressed in the research reports accurately reflect the research analysts’ opinion about the subject matter contained therein. No part of the research analysts’ compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analysts in the research report.

The Firm, the Adviser and its affiliates and employees may hold positions in the securities mentioned on this website. You may access the Adviser’s regulatory filings on the SEC’s website for additional information about certain of the securities that the Adviser and its principals may hold. It is important that you do not base your investment decisions on our discussion of certain individual securities as one’s overall investment portfolio and individual objectives should be considered when making such a decision.

Please also refer to the links on our website relating to the Terms and Conditions of use of this website and our Privacy Policy information ad contact us at info@horizonkinetics.com if you have questions. Additional information about the Adviser is also available on the SEC’s website at www.adviserinfo.sec.gov.

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