Fundamental research has been at the heart of our investment process since our inception. We believe that the discipline required to produce written research encourages thorough qualitative and quantitative analysis. Committing ideas to paper also provides a clear reference point for investment theses to be revisited at future points in time.

The following Reports and Compendia are currently produced:

The Contrarian Research Report

Published since the Firm’s inception, the Contrarian Research Report expresses our long-term value, contrarian investment philosophy, and the unconventional thinking we believe is required to identify successful investments. It details out-of-favor, turnaround, or distressed situations with sufficiently discounted valuations as to provide an asymmetrically favorable expected risk/return profile.

The European Contrarian Report

Formerly the Global Contrarian Report, the European Contrarian report identifies undervalued companies, primarily in Western Europe, with earnings dependent on their local economies rather than on global markets or the United States. Companies with limited exposure to U.S. economic cycles can offer genuine international diversification, in contrast to “global” companies that may be domiciled outside of the U.S., yet derive a significant share of their revenues and/or earnings in the U.S.

The Stahl Report

The Stahl Report identifies undervalued or misunderstood companies that typically fall in the mid- to large-cap market capitalization range. Recommendations seek to take advantage of mispricings that result in asymmetrically attractive risk-reward opportunities. These are frequently misunderstood companies, which may be in the midst of a temporary downturn, or which may have a clear catalyst for appreciation, but for which timing is uncertain, making them unappealing to the preponderance of investors.

The Devil’s Advocate Report

The Devil’s Advocate Report presents short sale ideas focused on highly visible, large-capitalization, widely held stocks. The report was established during the period of absurd valuations witnessed during the Tech bubble. Though such a plenitude of short sale opportunities are not available in the current environment, with index product flows supporting extended valuations for the largest, most liquid companies, it is still possible to identify attractive short sale opportunities if one is willing to put in the effort to look for them.

The Fixed Income Contrarian

The Fixed Income Contrarian provides investment recommendations on fixed-income securities with a focus on bonds issued by U.S. corporations. In the current low-interest rate environment, the term “high-yield” has become both a misnomer and misleading. The report is focused on identifying convertible or debt securities with relatively rich yields while avoiding unacceptably high credit risk and interest rate risk, while providing commentary on the historically unprecedented dangers now facing fixed income investors.

The Spin-Off Report

Produced in collaboration with Institutional Research Group, The Spin-Off Report monitors the progress of most U.S. spin-offs from announcement date through completion of the transaction. The Spin-Off Report series includes the Radar and Calendar, which monitor the status of likely and pending transactions, respectively, and Flash reports distributed upon new spin-off announcements, in addition to individual company reports and Compendia. In the Compendium reports, Murray Stahl provides views on the market environment for spin-offs as well as reviews selected transactions.

The European Spin-Off and Restructuring Report

Formerly the Global Spin-Off Report, The European Spin-Off and Restructuring Report, provides in-depth fundamentals analysis of international, particularly European, tax-free spin-offs and other restructuring opportunities. These securities generally result from large companies divesting small subsidiaries in a way that bypasses traditional research coverage, often resulting in discounted valuations. Similar to the Spin-Off Report, the series includes Radar, Calendar, and Flash reports in addition to individual company reports and compendia.

Should you wish to learn more about our research process or inquire about purchasing a subscription to one or more reports, please contact us at 646-495-7333 or email us at All research reports are exclusively marketed by PCS Research Services.

The research reports on this website are authored by Horizon Kinetics LLC. 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.