This Commentary was composed just before the midterm elections changed the Texas governorship; the final version includes a special hot-off-the-presses section on the subsequent selloff in a number of our Texas and Permian Basin related holdings. All that activity is fortuitously fitting. Although this Commentary contains much discussion about those very companies, the underlying theme is all about short-term investor reactions to false news signals. Here at Horizon Kinetics, we work really hard to not pay attention to short-term share price behavior—because it’s misinformation. It then befalls us to explain why an event might not actually be relevant. There’s an irony; we purport to be long-term investors, but find ourselves enmeshed in short-term questions all the way. There are understandable reasons for this, all of which are explored in the coming pages. And, rest assured, we will get to the election implications as well.
3rd Quarter 2026 Commentary
This Commentary was composed just before the midterm elections changed the Texas governorship; the final version includes a special hot-off-the-presses section on the subsequent selloff in a number of our Texas and Permian Basin related holdings. All that activity is fortuitously fitting. Although this Commentary contains much discussion about those very companies, the underlying theme is all about short-term investor reactions to false news signals. Here at Horizon Kinetics, we work really hard to not pay attention to short-term share price behavior—because it’s misinformation. It then befalls us to explain why an event might not actually be relevant. There’s an irony; we purport to be long-term investors, but find ourselves enmeshed in short-term questions all the way. There are understandable reasons for this, all of which are explored in the coming pages. And, rest assured, we will get to the election implications as well.