HorizonKinetics

2026 New Year Letter from Our Founders Some clients have remarked on the private funds we’ve presented in recent years. Have we wandered from the value investing path? The answer is “the opposite.” Here's a deeper explanation, without character limits:  horizonkinetics.com/whats-new/

In this episode of Inside Active, host @DavidCohne, mutual fund and active management analyst @BBGIntelligence, speaks with Murray Stahl, CEO, CIO, and co-founder of @HorizonKinetics and a portfolio manager for the Paradigm Fund ($WWNPX). They discuss the firm’s equity yield curve concept, letting winners compound, tax considerations behind concentration, Stahl’s framework for bitcoin exposure, and his views on private investments as a natural extension of the strategy in an era of index dominance. #HorizonKinetics horizonkinetics.com/videos/murray-…

Brandon Colavita (Horizon Kinetics Blockchain Development ETF Portfolio Manager) and Benjamin Demase (@TheRoyaltyKing) explore why traditional securities exchanges may be best positioned to dominate the tokenization revolution. $BCDF #HorizonKineticsETFs horizonkinetics.com/videos/brandon…

INFL 5-Year Anniversary Update: horizonkinetics.com/app/uploads/IN… $INFL #inflation #InTheNasdaq

Following the 5-year anniversary of the Horizon Kinetics Inflation Beneficiary ETF, James Davolos, Portfolio Manager at Horizon Kinetics, joined @InvestmentNews anchor Gregg Greenberg to discuss how $INFL compares to other inflation-fighting strategies. horizonkinetics.com/videos/james-d…

(4 of 4) No less important than understanding that water supply is not elastic—demand cannot induce more production—is to know that only about 0.5% of all the world's water is available fresh water.

(3 of 4) Water is another matter. It cannot be drawn from any source at a rate above the natural refresh rate. If this is done, the source will be severely damaged.

(1 of 4) Water is used as a heat exchanger in thermal electric power plants. There is no other way to operate a power plant. Most of the fuel used—and therefore heat generated—is just wasted.

(10 of 10) In this case, managers will merely emulate the practice of every other credentialed profession. If they are not compelled to exit their circles of competence—and not forced to transact when there is no obvious need to—this should generally improve investment outcomes.

(9 of 10) Consequently, in the aforementioned scenario, active managers will be undiversified, while clients who retain enough managers will always be diversified. In other words, the burden of diversification will not be placed on active managers. They will be specialized.

(1 of 10) Among the professions, portfolio management is perhaps the only one in which the practitioner is strongly encouraged—and, in many instances, required—to be a generalist.

(7 of 7) Bitcoin was designed to consistently increase its purchasing power against fiat currencies. Importantly, bitcoin was not designed to replace fiat currencies, but to operate in parallel.

(6 of 7) The originators or inventors of $BTC wished the supply of coins to increase at an ever-diminishing rate. Why? Every fiat currency in history—with its centralized control and policy priorities—suffered ever-expanding supply and lost purchasing power.

(1 of 7) The originators of $BTC wished to avoid some of gold's deficiencies. One that may astonish readers is that gold can be—and actually has been—an inflationary currency.