Horizon Kinetics

Horizon Kinetics LLC is an independent investment research and asset management firm headquartered in New York, managing approximately $7 billion in assets through a distinctive contrarian, value-oriented investment approach that emphasizes independent research, intellectual humility, and the pursuit of investment opportunities in overlooked, misunderstood, or undervalued segments of the financial markets. Founded in 1994 by Murray Stahl, Steven Bregman, and Peter Doyle, Horizon Kinetics has built a reputation for producing deeply researched, thought-provoking investment commentary and managing portfolios with genuine differentiation from the index-heavy, consensus-driven approaches that characterize much of the institutional investment management industry. According to its website at horizonkinetics.com, the firm manages separately managed accounts, closed-end funds, and ETFs for institutional and individual investors who appreciate original thinking, concentrated conviction, and long-term investment orientation.

Horizon Kinetics' investment philosophy, described at horizonkinetics.com, is grounded in the conviction that the most attractive investment opportunities are typically found in areas of the market that are misunderstood, neglected, or actively avoided by the consensus — creating pricing inefficiencies that reward patient, research-intensive investors willing to hold positions through extended periods of underperformance before their investment thesis is recognized by the broader market. The firm's research process involves deep fundamental analysis of individual business models, competitive dynamics, valuation metrics, and the long-term secular forces that will determine which businesses create durable wealth over 10-to-20-year investment horizons. Horizon Kinetics has developed distinctive and widely read research perspectives on a range of investment themes including the risks of passive index investing, the investment merits of royalty companies and commodity-linked businesses, and the long-term inflation implications of monetary policy.

Horizon Kinetics is also the manager of the Texas Pacific Land Corporation-adjacent Horizon Kinetics Inflation Beneficiaries ETF (INFL) — an actively managed ETF designed to provide exposure to businesses that benefit from inflation through ownership of hard assets, royalties, and other inflation-linked revenue streams that increase in value when inflation rises. According to horizonkinetics.com, the INFL ETF reflects the firm's long-held conviction that investors are underallocated to businesses with natural inflation hedging characteristics and that the long period of low inflation that preceded the 2021-2022 inflation surge created systematic mispricing of inflation-beneficiary business models. Horizon Kinetics' combination of original investment research, contrarian investment philosophy, inflation beneficiary investment thesis, concentrated portfolio management, and institutional publishing presence establishes it as one of the most intellectually distinctive and independently minded investment management firms in the industry.