Horizon Kinetics

Horizon Kinetics, founded in 1994 and led by Murray Stahl, consists of twelve investment analysts responsible for the publication of five distinct research services. These services cover a range of investment strategies and asset classes. Three services are dedicated to the identification of undervalued companies, while others are focused on short sale opportunities, spin-off transactions, fixed-income investing and cryptocurrency.

Investment research services published by Horizon Kinetics include The Contrarian Research Report, The European Contrarian, The Stahl Report, The Devil’s Advocate Report, The Fixed Income Contrarian and The Cryptocurrency Compendium Compilation. 

The Contrarian Series: The Stahl Report, The Contrarian Research Report & The European Contrarian Report

The Stahl Report, The Contrarian Research Report and the European Contrarian utilize a value-oriented investment strategy based upon the unique investment philosophy of Murray Stahl. The research process begins by identifying depressed and out-of-favor companies that possess certain "predictive attributes" such as long product lifecycles, owner-operator management teams, dormant assets, or a potential restructuring. These companies are evaluated through the framework of the "Equity Yield Curve", an investment framework created by Murray Stahl that explains the market’s tendency to heavily discount earnings recovery occurring beyond the short-term investment horizon adhered to by most investors. This subset of companies is moved through a quantitative and fundamental assessment before publication as investment recommendations.

These services also uncover equities which due to liquidity characteristics or industry categorization, have not benefitted from the influx of assets into passive investment vehicles such as exchange traded funds.  The rise of passive investments and the resulting "industrialization of investing" continues to distort asset prices and valuations across financial markets, and these services seek to capitalize upon the unique opportunities arising from this environment.

Since 2020, Murray has written extensively on two forces driving an extended inflationary cycle – interest rates and energy prices - while focusing his team’s research on companies that are not only attractively priced on a fundamental basis, but also positioned to rapidly grow revenue and expand margins as interest rates, labor costs and commodity prices remain elevated.

Each service publishes six to eight comprehensive investment recommendations per year and includes the respective Compendium report, which is published monthly.

The Contrarian Research Report

Deeply undervalued U.S.-listed small and mid-capitalization stocks with asymmetric risk/reward profiles

sample research

Dec 20, 2022
Royal Caribbean Cruises Ltd. (RCL)
Mar 18, 2022
AutoNation Inc. (AN)
Oct 11, 2021
Imperial Oil Ltd. (IMO)
Apr 28, 2021
Cheniere Energy, Inc. (LNG) - UPDATE
Oct 22, 2015
Teck Resources Ltd
Jul 1, 2010
June 2010 Contrarian Compendium
May 8, 1995
Texas Pacific Land Trust

The European Contrarian Report

Deeply undervalued European-listed small and mid-capitalization stocks with asymmetric risk/reward profiles.

sample research

Nov 11, 2022
Stolt-Nielsen (SNI NO)
Oct 4, 2022
Wartsila Oyj Abp (WRT1V FH)
Apr 12, 2021
Ocean Yield ASA
Jun 15, 2020
Dassault Aviation SA (AM FP)

The Stahl Report

Undervalued U.S.-listed, small and mid-capitalization stocks.

sample research

Nov 29, 2021
Huntington Ingalls Industries, Inc. (HII)
Jul 27, 2021
White Mountains Insurance, LTD (WTM)
Mar 10, 2020
The Interpublic Group of Companies, Inc. (IPG)
Dec 27, 2019
Penske Automotive Group, Inc. (PAG)

The Devil's Advocate

Since 1999, The Devil’s Advocate Report has sought to identify short sale ideas through the exploration of structural themes and wide-spread investor misperception. The “logical absurdities” that had characterized the investing environment in the later years of the Internet Bubble provided fertile ground for the launch of The Devil’s Advocate Report. Although the current investing climate may not be characterized by triple-digit earnings multiples on unprofitable companies, equally compelling valuation discrepancies and profound structural changes in equity markets are presenting an abundance of opportunities for the short seller. Each publication of the Devil’s Advocate Compendium provides regular commentary from Murray Stahl regarding industry-specific and market wide themes that are driving our short sale recommendations, as well as three to five short sale ideas. Many of these short sale ideas will be expounded upon into comprehensive, 15-25 page reports.

sample research

Dec 28, 2022
ChargePoint Holdings (CHPT)
Apr 11, 2022
The Western Union Company (WU)
Dec 22, 2021
Wayfair Inc. (W)
Jul 9, 2021
Hyliion Holdings Corp. (HYLN)
Oct 2, 2020
DocuSign, Inc. (DOCU)
Sep 2, 2020
Peloton Interactive, Inc.(PTON)

The Fixed Income Contrarian

The Fixed Income Contrarian provides comprehensive investment recommendations on fixed-income securities with a focus on bonds issued by U.S. corporations. Recommendations often are based upon a contrarian view of company fundamentals where yields reflect investor misperception about balance sheet strength or the rate of balance sheet repair. The Fixed Income Contrarian Compendium provides commentary from Murray Stahl on the unprecedented pitfalls that high-yield investors now face, as well as the risks for companies with a dependency on low-interest rates and yield-seeking investors.

sample research

Oct 28, 2022
Cheniere Energy, Inc.
Apr 12, 2022
Graham Holdings Company
Apr 22, 2020
Fairfax Financial Holdings Ltd.

The Cryptocurrency Compendium

Murray Stahl's commentary and analysis on cryptocurrency and digital assets is compiled into this quarterly research report, providing investors with a reliable source for institutional-grade analysis from a leading source in the space.

sample research

Apr 16, 2021
March 2021 Cryptocurrency Compendium