Murray Stahl

Murray Stahl

Last Update: 02-17-2015

Number of Stocks: 512
Number of New Stocks: 32

Total Value: $7,405 Mil
Q/Q Turnover: 4%

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

Murray Stahl' s Profile & Performance

Profile

Murray 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.

Web Page:http://www.horizonkinetics.com/

Investing Philosophy

Value, Special situations

Total Holding History

Performance of Horizon Asset - Core Value

YearReturn (%)S&P500 (%)Excess Gain (%)
20144.313.69-9.4
20133632.393.6
2012271611.0
3-Year Cumulative80.1 (21.7%/year)74.6 (20.4%/year)5.5 (1.3%/year)
2011-11.22.11-13.3
201012.915.06-2.2
5-Year Cumulative80.6 (12.6%/year)105.1 (15.5%/year)-24.5 (-2.9%/year)
200928.526.462.0
2008-56.5-37-19.5
200728.75.4923.2
200628.515.7912.7
20059.94.915.0
10-Year Cumulative83.5 (6.3%/year)109.4 (7.7%/year)-25.9 (-1.4%/year)
200419.610.888.7
200333.528.684.8
2002-4.6-22.117.5
20013.9-11.8915.8
200020.2-9.129.3
15-Year Cumulative249 (8.7%/year)86.4 (4.2%/year)162.6 (4.5%/year)
19994.121.04-16.9
199834.128.585.5
199735.133.361.7
199616.522.96-6.5

Top Ranked Articles

Horizon Asset Management Q1 Commentary
In recent reviews we have commented on what we believe to be increasingly obvious risks in the equity markets. One of those appears to be in technology stocks, once again the largest sector of the S&P 500 Index, yet now seeming subject to a new round of disruptive technology (the transition from P.C. to tablet computers). Read more...
Murray Stahl's Horizon Kinetics on Sears Canada
It can take weeks or even months to qualify a security or sector for purchase in our portfolios. Recently, it required not so many days, perhaps a Horizon Kinetics record, and it couldn’t have been done without the assistance of the press. This is the article that caught my eye some weeks ago. Note the decisive, emotive terminology. From the headline itself: “Sears Canada…In Bid to Survive”, and from the 2nd sentence in its own standalone paragraph: “…lightens its ballast in a bid to stay afloat.” Read more...
Murray Stahl’s $6.4 Billion Horizon Kinetics Sells Out Six Companies in First Quarter
The New York-based mutual fund company Horizon Kinetics is dedicated to the pursuit of independent, creative thought and its application to investing. In the recent portfolio update of Horizon Kinetics, led by chairman, CIO and co-founder Murray Stahl, GuruFocus research shows 442 stocks, 62 of them new, with a total value of $6.4 billion and a quarter-over-quarter turnover of 9%. The Horizon Kinetics portfolio is weighted with top sectors consumer cyclical at 32.5%, real estate at 20.4% and ETF, options, and preferred at 14.8%. Read more...
JZ Capital Partners – $1.00 for Sale at $0.40?
Price – 350p Read more...
Murray Stahl Adds Howard Hughes, Leucadia National and CBOE Holdings
Murray Stahl is the Co-founder, chairman, and chief envestment officer of Horizon Asset Management Inc. Horizon's investment philosophy places heavy emphasis on the mitigation of risk, assessing risk in terms of the probability of real capital loss. It then selects securities with "asymmetric return properties" where the reward potential exceeds downside risk in magnitude and probability, creating a margin of safety. Horizon also targets companies with strong fundamentals that have fallen out of favor with market consensus. It seeks opportunities when negative news creates an overreaction by analysts and subsequently results in favorable price inefficiencies. Finally, Horizon places a higher emphasis on a qualitative approach rather than a quantitative approach, using quantitative analysis to enhance fundamental research. Read more...
» More Murray Stahl Articles

Commentaries and Stories

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Mason Hawkins Increases Holdings in Murphy Oil
Mason Hawkins (Trades, Portfolio) has been Chairman and Chief Executive Officer Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. Mr. Hawkins attended the University of Florida where he earned a B.A. in Finance, and the University of Georgia where he earned an M.B.A. in Finance. More...

Mason Hawkins, Murphy Oil


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Murray Stahl’s Horizon Kinetics Comments on Coca-Cola
There is no longer a central mechanism for investors to vote with their feet on an individual stock. Taking Coca-Cola (KO), as an example, during the decade of the 1970s, the company generated about 13% annualized earnings growth, some years approaching 20%. For the first 5 years of the ‘70s, the P/E ratio ranged between about 30x and 40x earnings. Few would argue that it wasn’t overvalued. And, as the reversion to the mean principle would dictate, despite a decade of earnings growth that strong, the P/E contracted to 13.6x by 1978 and, over the course of an entire decade, the shares declined by over 45%. More...

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Murray Stahl’s Horizon Kinetics 4Q 2014 Commentary
The annual questions: How will the markets do this year? How have we done? Will it be more of the same or different? Every once in a while, those questions are much more important than usual, not merely of seasonal interest. This is one of those times. More...

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5 Stocks Multiple Gurus Are Buying David Einhorn, Murray Stahl, Joel Greenblatt, Chas - 5 Stocks Multiple Gurus Are Buying
One of GuruFocus’ useful features is the Consensus Picks of Gurus page, which lists stocks that have been bought or sold by multiple gurus. More...

CONSENSUS PICKS


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Two of Stahl's Fourth-Quarter Transactions May Be Instructive for Investors Murray Stahl - Two Of Stahl's Fourth-Quarter Transactions May Be Instructive For Investors
Guru Murray Stahl (Trades, Portfolio) is chairman of Horizon Asset Management, Inc., which produced a 27 percent return in 2012 and a 36 percent return the year after that. More...

STOCKS, VIDEO, RETAIL, TECHNOLOGY


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FPA Capital Fund Adds Two New Technology Stocks to the Portfolio
FPA Capital Fund (Trades, Portfolio) recently added two new stocks to its portfolio valued at $8.82 billion. The portfolio now has a total of 25 stocks. More...

TECHNOLOGY STOCKS


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Betting on a Fairly Value Stock with a Bullish Sentiment
In a previous article we analyzed the relative valuation of the stock,and concluded that it is trading higher and as a result, it is difficult to identify if there exists an adequate margin of safety to buy the stock. So, in this article let's take a closer look at W.W. Grainger, Inc. (GWW), and analyze the intrinsic value with an absolute valuation model. More...

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Murray Stahl’s Horizon Kinetics Comments on Royal Gold Inc
An idiosyncratic security with benefits – a diversifier More...

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Murray Stahl’s Horizon Kinetics 3Q 2014 Commentary
This year’s commentaries review some of the surprising ways in which scientific-seeming or rule-based approaches to investing, which are now the norm and implemented via exchange-traded funds (ETFs) and index-based mutual funds, are foiled in practice by the social science reality of the fluid marketplace. A formulaic approach can work for a while, until a sufficient number of additional investors apply it. Their aggregate actions impact the supply/demand balance, valuations change, and the formula can no longer work. In reviewing some popular building blocks of the asset allocation model of investing, we have, hopefully, demonstrated: More...

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W.W. Grainger Should Be a Profitable Investment Jeremy Grantham,Murray Stahl - W.W. Grainger Should Be A Profitable Investment
In this article, let's take a look at W.W. Grainger, Inc (GWW), a $16.92 billion market cap company, which is the largest global distributor of industrial and commercial supplies, such as hand tools, electric motors, light bulbs and janitorial items. More...

revenue, stock, industrial supplies


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Expedia Has Made Astute Acquisitions
In this article, let's take a look at Expedia Inc. (EXPE), a $10.89 billion market cap company tha is one of the world's largest online travel services companies. Businesses include Expedia, Hotels.com and Hotwire. In December 2011, Expedia spun off TripAdvisor as a publicly traded company. More...

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General Motors Reinstated Dividend Payment
In this article, let´s consider General Motors Company (GM), a $49.36 billion market cap that is the world's second-largest producer of cars and trucks. It has a trailing P/E ratio that indicates that the stock is relatively overvalued (PE 50.9x vs Industry Median 15.8x). More...

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Murray Stahl on Icahn Enterprises
Murray Stahl (Trades, Portfolio): My favorite stock at the moment is Icahn Enterprises, which is something we have owned for, I think, 14 years, and it is our third-largest holding. As you know, it is comprised of an assortment of assets. It owns Apple (AAPL) and other securities. It owns two assets that trade more or less at their stated net asset value, but I think they are undervalued. One of them is the Fontainebleau Hotel and Casino in Las Vegas, which owns an 80% completed building. All around that casino there is building activity going on and then there is this hulk. It cost about $3 billion to construct that structure to be 80% complete. To construct it today would cost even more. That is an asset that could be monetized and could be worth a lot of money. We should mention that Icahn Enterprises bought the Fontainebleau Hotel and Casino for 10 cents on the dollar in 2008 or 2009. That $2 billion is not on the balance sheet; More...

MURRAY STAHL


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FRMO Corporation's 2014 Annual Meeting of Shareholders Transcript
Murray Stahl (Trades, Portfolio): Thank you, Therese, and thanks, everybody, for coming today. More...

MURRAY STAHL


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Genuine Parts Co. is the Largest Independent Distributor of Automotive Parts
In this article, let's take a look at Genuine Parts Co (GPC), a $13.75 billion market cap company, which is a leading wholesale distributor of automotive replacement parts, industrial parts and supplies and office products. More...

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BNY Mellon: Despite Some Weaknesses Is Still Attractive
In this article, let's take a look at The Bank of New York Mellon Corporation (BK), a $44.66 billion market cap company, which is a leader in securities processing and also provides a range of banking, asset management and other financial services. More...

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Boeing Focuses on the Upside and the Downside
In this article, let's take a look at The Boeing Company (BA), ), a $88.78 billion market cap company, which is the largest aircraft manufacturer in the world, and one of the largest aerospace and defense giant that conducts business through three operating segments. More...

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Murray Stahl’s Horizon Kinetics Comments on TRI Pointe Homes
TRI Pointe Homes (TPH) is a recent addition to some of our portfolios. It was founded in the depths of the Credit Crisis in 2009 by former homebuilding industry executives. Their objective was to acquire land lots in distressed regions, particularly in California and Colorado, which could be utilized for future home construction. TRI Pointe was certainly not alone. A number of companies led by astute investors acquired enormous amounts of land in heavily distressed areas such as California, Arizona, and Nevada. More...

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Horizon Kinetics Second Quarter 2014 Commentary
The Shaky Foundations of Asset Allocation Practices, Continued More...

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