Horizon Kinetics LLC is a fundamental value, contrarian-oriented (fact-based) investment adviser. Founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns, we believe that investors are better served not by taking more risk, but by extending their investment time horizon, which affords far wider ranges of opportunity and valuation than are available to time-constrained investors.
While all acknowledge the tremendous power of compounding, practically speaking (and by definition) this benefit simply cannot be harnessed in a short time frame. Our investment strategies – supported entirely by our own independent, fundamental research – typically reflect contrarian views that seek to take advantage of the short-term focus of the marketplace.
Written research has been the cornerstone of our investment process.
We believe that requiring research analysts to frame their investment ideas in writing helps avoid the common behavioral finance error of adjusting one’s investment thesis in response to short-term market price fluctuations. Our research team produces a variety of publications for the institutional investment community covering undervalued and often systematically mispriced classes of securities.
With a long-term, absolute-return mindset, our portfolios tend to be concentrated and avoid tracking or mimicking any benchmark or index. Our investment process produces returns that are generally less correlated with other managers and funds.