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Horizon Kinetics Letters & Research Archive

Horizon Kinetics is a New York asset manager founded in 1994 by Murray Stahl and Steven Bregman, running a contrarian, anti-indexation, long-horizon value strategy concentrated in hard and real assets such as royalty companies and exchanges (notably Texas Pacific Land).

11 pieces · 2023–2026 · updated every Monday

2026

05-061st Quarter 2026 CommentaryThis commentary explains how market fads create opportunities. When everyone piles into one sector (like AI), other sectors (like energy or metals) get ignored and become cheap. For ordinary investors…→04-01In Memory of Murray Stahl — A Message from the BoardThis notice announces the death of Murray Stahl, founder and CEO of investment firm Horizon Kinetics. But the company had a plan: two co-founders who worked with him for over 40 years take over immedi…→01-294th Quarter 2025 CommentaryThis report digs into the real story behind the AI data center boom. While many focus on building facilities and buying chips, the author argues the true winners are those who own scarce resources lik…→01-152026 New Year Letter from Our FoundersThis founder letter explains why they've recently invested in private funds, crypto mining, and data centers—it's not a departure from value investing but an extension. Their core insight: stocks are…→

2025

11-01Cryptocurrency by the NumbersThis report uses hard data to make a simple point: the dollar keeps losing value, while Bitcoin keeps gaining. Since 1913, the dollar has lost over 96% of its purchasing power. Meanwhile, Bitcoin's to…→10-303rd Quarter 2025 CommentaryThis report says that over the past 25 years, ETFs (funds that track an index) have only returned 7%-8% annually, far below the 10%+ many expect. The stock market is now too concentrated in a few tech…→08-052nd Quarter 2025 CommentaryThis report challenges the idea that index funds are a safe bet. Over the past 20 years, the S&P 500 ETF returned about 8% annually, while gold returned 10.4%. Why? Index funds create new shares endle…→04-301st Quarter 2025 CommentaryThis report says that while AI and data center spending is massive—potentially bigger than WWII US military spending—you don't need to chase hot AI stocks. The author's portfolio already benefits natu…→01-304th Quarter 2024 Commentary→01-152025 New Year Letter from Our FoundersThis piece explains a big shift in crypto: Bitcoin ETFs are now trading more than Apple stock, and the next step could be a lending market with its own interest rate, independent of central banks. Sol…→

2023

04-01Royalties as an Asset Class→