Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Horizon Kinetics Murray Stahl | “Today, most Horizon Kinetics clients own shares of a development-stage company in which HK did participate as a private-market insider long before its August 2025 IPO. This is Miami International Holdings (MIAX). MIAX is, colloquially, the Miami Stock Exchange, which includes the array of domestic equities and international listings, futures, options, and clearing. As the first significant new U.S.-licensed securities exchange in almost two decades, it has the competitive advantage of a latest-technology, built-to-suit trading and information platform, and so is expanding very rapidly. Revenue through September 2025 is well over 20% above last year. BSD Analysis: Miami International Holdings operates U.S. securities and derivatives exchanges, most notably the MIAX options platforms. Its technology-first approach has steadily taken market share in a highly regulated, high-barrier industry. Exchange revenues are transaction-driven and highly recurring, benefiting from market volatility rather than fearing it. Operating leverage is meaningful as volumes scale. Regulatory protection limits new competition once platforms are established. MIH remains smaller than legacy exchange giants but is faster and more innovative. This is a niche market-infrastructure compounder with long-term upside.” | BULL | Q4 2025 Jan 1, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
