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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Horizon Kinetics maintains long-term conviction in compounding assets despite near-term volatility. Securities exchanges trade at crisis-era valuations while demonstrating resilient business models."
Horizon Kinetics' Q2 2026 commentary emphasizes the power of long-term compounding and the critical importance of time horizons in value realization. The manager maintains conviction in securities exchanges despite 22-38% share price declines, viewing them as resilient century-old businesses now trading at valuations not seen since 2008 while demonstrating superior profit margins and earnings growth. The firm has reduced precious metals royalty positions due to valuation concerns, with companies trading at 2x NAV creating multiple compression risk. Bitcoin remains a core holding with the manager projecting $150,000-$270,000 by the April 2028 halving based on production costs and network value modeling. Land investments including TPL, PrairieSky, and LandBridge are highlighted for their perpetual compounding potential and inflation-beneficiary characteristics. The manager expresses significant concern about AI data center hyperscalers, noting deteriorating business models with the Mag 7 trading at 150x run-rate free cash flow. The commentary stresses that breaking compounding chains through premature selling, even for seemingly better opportunities, often results in lower long-term returns due to the non-linear nature of value accumulation over time.
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