Murray Stahl

Murray Stahl

Last Update: 11-13-2015

Number of Stocks: 503
Number of New Stocks: 14

Total Value: $5,499 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Murray Stahl Watch

  • 3 Investment Opportunities Insiders and Gurus Are Buying

    GuruFocus has various tools and screeners available to make the quest for your next great investment a little bit more efficient.

    A tool of which I am fond is the Double Buy screen. By employing it you can easily screen a list of stocks that have been double tapped by both gurus and insiders. Both types of events tend to trigger my interest, but when they occur simultaneously it is time to pay close attention. I regularly review the list, and these are currently the top three stocks that come up on the screen:


  • Horizon Kinetics 4th Quarter Commentary - Part 2

    Horizon Kinetics - And Where Do We Go From Here?

    A natural question relates to the ETF flow of funds into the largest and most liquid companies: why shouldn’t that continue? Here, we get back to the business of Wall Street.


  • Horizon Kinetics 4th Quarter Commentary - Part 1

    An Important Time

    This review has double significance. One wants, of course, to review the past year: how we are invested and what the next 12 months might bring. However, this is also a moment in the longer sweep of time when investors are well advised to take pause and be particularly thoughtful about how their long-term financial assets are positioned. Because the financial markets now have all of the earmarks of a serious change in valuation – not a good one. First we’ll briefly cover the factors that brought the stock market to this juncture, what stock valuations really look like, what can happen if our concerns are borne out, and what might make it happen. Then, how we are adjusting our investment posture, some examples of what we continue to own and why, and of what else we might wish to own when the time is right – because we think those opportunities will be extraordinary. Also: opportunities in non-traditional income producing securities, because it’s starting to become that time again.


  • Horizon Kinetics' Annual Letter

    Dear Valued Partners,

    In 2015, Horizon Kinetics continued to observe evidence of the impact of indexation as the primary investment modality. At the risk of sounding like a broken record, we can’t help but share yet another data point illustrating the valuation dichotomy created by the ETF divide, which to our knowledge is unprecedented, at least in our three-plus decades of investing experience.


  • Murray Stahl Sees Momentum Bubble in Market Commentary

    Murray Stahl (Trades, Portfolio) of Horizon Kinetics just came out with another market commentary and calls a momentum bubble. It is the second in his series: Under The Hood. I have also discussed the first one on GuruFocus.

    I follow Stahl's writing like a hawk as it is always extremely interesting, often actionable and incredibly concise and clear. It doesn’t appear as if he is talking about his own book, but that could be because his holdings are quite differentiated. In this "Under The Hood" series, Stahl takes aim at the ETF industry. This is a great example of his integrity as Horizon Kinetics, which is critical to his wealth, actually manages several ETFs. Stahl has refused to jump on the bandwagon of selling every ETF that can be sold based on back tested positive results, but instead exploits a number of niche ETFs built around interesting and sustainable ideas, like the wealth indexes.


  • Gilead Among Murray Stahl's Holdings Trading Below Peter Lynch Value

    Murray Stahl (Trades, Portfolio) is the chairman of Horizon Asset Management, the director of Research and co-portfolio manager of the Small Cap Opportunities Fund and the Paradigm Fund.

    Here are the stocks in his portfolio that are trading below the Peter Lynch Value.


  • Howard Marks Buys Distressed Energy Bonds

    Oaktree Capital’s Howard Marks (Trades, Portfolio) spoke at a Goldman Sachs Group Inc.’s (GSJ) U.S. financial services conference in New York and indicated he is interested in the distressed debt market.

    Specifically high-yield bonds of energy companies have slumped and can be had for 60 cents on the dollar, according to the distressed debt specialist. The selloff is caused because of hedges wearing off and companies losing credit lines. The famous distressed investor compares the current environment to the post-Lehman crisis.


  • Murray Stahl's 3rd-Quarter Transactions Lean to Reductions

    Murray Stahl (Trades, Portfolio), chairman of Horizon Asset Management Inc., takes a value approach to investing, a strategy that has produced double-digit returns for Horizon's investors. In the third quarter, though, Stahl's largest deals were reductions of his existing stakes.

    Stahl’s most noteworthy reduction of the third quarter was his sale of 3,120,268 shares of Jarden Corp. (NYSE:JAH), a Boca Raton, Fla.-based provider of a range of consumer goods, for the average price of $52.9 per share. The transaction had a -2.33% impact on Stahl’s portfolio and reduced his stake in the company by more than 44%.


  • Murray Stahl Makes the Case for Buying Beta

    One guru whose writing I follow closely is Murray Stahl (Trades, Portfolio) of Horizon Kinetics. For me, it is all must-read material because it is always thought provoking and levels above the research published by most asset management firms in terms of being actionable.

    Take Stahl's latest market commentary, which deals with the beta of ETFs. Beta, or β, is a metric that communicates past volatility. If a stock’s price has moved a lot, it tends to have a high beta; if a stock’s price has been very stable, it has a low beta. This is measured over a period of years against a benchmark like the S&P 500 and results in a value. The benchmark is equal to 1 and stocks that have exhibited a lot of volatility are above 1 (the higher the greater the volatility) and the stocks below it are more stable than the benchmark. What is important to note is that the value is based on historical price volatility data, which isn’t necessarily a great predictor for the future.


  • Chase Coleman's Tiger Global Buys Anheuser-Busch, Time Warner Cable

    As a “Tiger Cub,” or former protégé of the legendary investor Julian Robertson (Trades, Portfolio), it’s little surprise that Chase Coleman (Trades, Portfolio) has achieved his own success at his investment firm Tiger Global Management, which manages about $20 billion.

    Despite being known as one of the best and youngest investors today, the firm has suffered some losses recently due to the slowdown in the Chinese economy. The public equity fund is invested heavily in Chinese internet stocks such as Vipshop Holdings (NYSE:VIPS) and Autohome Inc. (NYSE:ATHM), which are down 33% and 25% for the year.


  • Biogen Among Murray Stahl's Holdings With Growing Earnings

    Murray Stahl (Trades, Portfolio) is the chairman of Horizon Asset Management Inc. He is also director of Research and co-portfolio manager of the Small Cap Opportunities Fund and the Paradigm Fund.

    The following are the most undervalued stocks in his portfolio that have growing EPS over the last five years.


  • Notes From Murray Stahl's FRMO Shareholder Meeting

  • Time to Take Profits on NASDAQ

    NASDAQ Inc. (NASDAQ:NDAQ) is one of the world’s largest providers of trading, clearing, exchange technology, regulatory, securities listing and information and public company services. NASDAQ operates in four business segments: market services, listing services, information services and technology solutions.

    NASDAQ’s market services include equity and derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading and clearing, and broker services. Its transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes.


  • Insiders Are Buying WidePoint and Selling Paycom

    The All-In-One Guru Screener can be used to find insider buys over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying to “$1,000,000+” and duration to "September 2015."

    According to the above filters, the following are the recent buys from company insiders during the third week of September.


  • Murray Stahl Focuses on Existing Stakes in Second Quarter

    Horizon Asset of Murray Stahl (Trades, Portfolio)’s Horizon Kinetics hit something of a speed bump in its annual returns in 2014. It returned only 4.3% to investors after logging returns of 36% in 2013 and 27% in 2012. That may help to explain, in part, why Stahl’s second-quarter emphasis was on his existing stakes, not new ones.

    Stahl did invest in more than a dozen new buys in the second quarter, but all were small by guru standards. His most significant activity involved adding to or reducing existing stakes in his portfolio.


  • FRMO Corp.'s 2015 Shareholder Letter

  • Murray Stahl's Second Quarter Shareholder Letter

    Dear Fellow Shareholders,

    The past year was a year of harvesting. As noted in the 2014 Shareholder Letter, we have been gradually disposing of our closed end fund investments that have been primarily oriented towards bonds. It might be recalled that these were purchased during the aftermath of the 2008 bond market crisis when the bond market essentially ceased to function. Closed end funds were not only priced at very significant discounts to net asset value, but most bonds, apart from U.S. Treasury Securities, sold at substantial discounts to par value. Years of ultra-accommodative monetary policy have certainly changed this circumstance. We concluded that the after tax returns from this point forward are likely to be at best in the low single digits and these returns are not at all proportional to the risk of continued investment. Hence, we have been sellers of these funds for the past year.


  • Insider Buys at Ares Capital Corporation

    Penelope Roll (Insider Trades), CFO of Ares Capital Corporation (ARCC), bought 7,500 shares of the company on Aug. 24. The average price per share was $15.22 for a total transaction of $114,150. Ares Capital Corporation is a financing company specializing in senior secured loans and mezzanine debt. The company’s market cap is $4.73 billion.

    The volume of insider buys for the company decreased from 2012 to 2014; however, the number of insider buys increased during the same period of time. There were four transactions totaling 434,350 shares of ARCC in 2012, and 25 transactions totaling 161,662 shares in 2014. 1440606035235.png 1440606042707.png Roll made six insider buys totaling 21,500 shares of the company since August 2011. Ares Capital Corporation CAO, Vice President, and Treasurer Scott Lem (Insider Trades) also bought 1,275 shares of the company on Aug. 21. The average price per share was $15.52. Lem bought 7,087 shares of the company since August 2014, and the earliest insider buy decreased about 10% since the purchase. For more information about insider transactions with Ares Capital Corporation, click here.


  • Morgan Stanley Raises Tesla's Price Target

    Shares of Tesla Motors, Inc. (NASDAQ:TSLA) are jumping in Monday´s trading $8.41 or 3.46% to $251.56 per share. I think this is a stock to watch close during the trading day. But why?

    Although Morgan Stanley (NYSE:MS) maintained its overweight rating, the target price was adjusted to $465 from $280, saying the automaker is in a unique position to dominate the market.


  • LendingTree Climbs Despite Doubts of Business

    During the last trading sessions, share price of LendingTree Inc (TREE) has risen by 40% after recent reports of results of the last quarter (Q2 2015).

    The company reported a positive net income of $4.7 million while during the same quarter of the last year it reported a loss. Revenue jumped 139% year over year and 29% from the first quarter of the year.


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