Horizon Kinetics

The Horizon Research Group, founded in 1994 and headed by Murray Stahl, consists of ten 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, fixed-income investing, and spin-off transactions.

In addition to the publication of comprehensive investment recommendations, Murray holds a weekly meeting devoted to the discussion of investment ideas and themes within the scope of one particular research service. The scope of each week’s discussion rotates between the areas covered by the seven research services produced by Horizon. These meetings produce the Compendium reports which are included as part of each service. These publications provide Murray with a forum for discussing investment themes and framing new company-specific investment theses. The Compendium reports have also been the primary channel through which Murray has communicated his views on Bitcoin and other cryptocurrencies.

Investment research services published by Horizon Kinetics include The Contrarian Research Report, The European Contrarian, The Stahl Report, The Devil’s Advocate Report, and The Fixed Income Contrarian. The Spin-Off Report and European Spin-Off & Restructuring Report are published in collaboration with the Institutional Research Group. Please see the Institutional Research page for details on those services.

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

Since 1994, The Stahl Report, The Contrarian Research Report and the European Contrarian have employed 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/ongoing restructuring. Firms of this nature are evaluated through the framework of the "Equity Yield Curve", a central investment idea created by Murray that explains the market’s tendency to heavily discount corporate events occurring beyond the typical short-term investment horizon adhered to by most investors. This subset of companies is then moved through a detailed quantitative and fundamental assessment before being published as detailed 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. Many such companies are managed by "owner-operators" with remarkable records of shareholder value creation. 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.

Each service publishes 12-15 comprehensive investment recommendations per year and includes the respective Compendium report, which is published monthly.

The Contrarian Research Report

This service focuses on deeply undervalued U.S.-listed small and mid-capitalization stocks with asymmetric risk/reward profiles

sample research

Oct 22, 2015
Teck Resources Ltd
Jul 12, 2012
Oaktree Capital Group, LLC
Oct 18, 2011
Brookfield Residential Properties Inc.
Jul 1, 2010
June 2010 Contrarian Compendium
Jul 7, 2009
General Growth Properties, Inc.
Jun 18, 2008
Jarden Corp.
May 8, 1995
Texas Pacific Land Trust

The European Contrarian Report

This service focuses on deeply undervalued European-listed small and mid-capitalization stocks with asymmetric risk/reward profiles.
 

sample research

Dec 15, 2016
Obrascon Huarte Lain S.A.
Jun 25, 2012
Ferrovial SA
Mar 7, 2012
Bolloré S.A.
Feb 1, 2012
Hellenic Exchanges S.A.
Nov 8, 2011
Grupo Bimbo, SAB de CV
Mar 30, 2011
Lai Sun Garment (International) Limited
Nov 17, 2010
Grupo Aeroportuario del Sureste
Aug 1, 2010
August 2010 Global Contrarian Report Compendium
May 26, 2010
Television Broadcasts Limited

The Stahl Report

This service focuses on undervalued, but not deeply depressed, U.S.-listed, small and mid-capitalization stocks
 

sample research

Oct 24, 2014
DreamWorks Animation SKG, Inc
Oct 1, 2013
Royal Caribbean Cruises Ltd.
May 1, 2012
May 2012 Stahl Report Compendium
Nov 17, 2011
The Walt Disney Company
Nov 1, 2011
November 2011 Stahl Report Compendium
May 10, 2011
D.R. Horton, Inc.
Feb 1, 2011
February 2011 Stahl Report Compendium
Oct 18, 2010
MasterCard Inc.
Jul 12, 2010
CarMax, Inc.
Feb 4, 2010
Thermo Fisher Scientific Inc.
Sep 23, 2005
Awaiting the Manifestation of Value
Jun 29, 2005
The Misapprehension Towards The Earnings Of The Defense Companies
Jun 14, 2004
Is Cash Flow Better Than Growth?
Mar 31, 2004
Investing In the Aftermath of the Energy Trading Debacle

The Devil's Advocate

Since inception in 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 full length (15 - 25 page) research reports.

sample research

Jul 31, 2015
Fitbit Inc.
Jul 31, 2011
Advanced Micro Devices, Inc.
May 3, 2010
Research In Motion
Apr 7, 2010
April 2010 Devil's Advocate Compendium
May 3, 2002
Studies in Absurdity
REFLECTIONS ON ELECTRONIC ARTS, INC.
Mar 18, 2001
A Profound Question:
Will Technology Companies Be Restored To Their Former Luster?

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. In the current low-interest rate environment, where the term "high-yield" has become somewhat of a misnomer, the service is aimed at identifying securities with relatively rich yields while avoiding unacceptably high credit risk. 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 approaching risks for companies with a dependency on low-interest rates and yield-seeking investors.

sample research

Oct 17, 2012
Iconix Brand Group 2.5% Convertible Notes due 6/1/2016