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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
In their Q2 2025 Market Commentary, Horizon Kinetics details why the modern era's greatest passive investing experiment has failed to deliver expected long-term returns, with major equity indexes returning ~8% over 25 years while gold and bitcoin significantly outperformed. ' Furthermore, they...
— Murray Stahl
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