Murray Stahl

Horizon Kinetics

Last Update: 2013-05-16

Number of Stocks: 442
Number of New Stocks: 62

Total Value: $6,440 Mil
Q/Q Turnover: 9%

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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.hamincny.com/

Investing Philosophy

Value, Special situations

Total Holding History

Embed:

Performance of Horizon Asset - Core Value

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	27	15.4	11.6
2011	-11.2	2.08	-13.3
2010	12.9	15.06	-2.2
3-Year Cumulative	27.3 (8.4%/year)	35.5 (10.7%/year)	-8.2 (-2.3%/year)
2009	28.5	26.46	2.0
2008	-56.5	-37	-19.5
5-Year Cumulative	-28.8 (-6.6%/year)	8 (1.5%/year)	-36.8 (-8.1%/year)
2007	28.7	5.61	23.1
2006	28.5	15.79	12.7
2005	9.9	4.91	5.0
2004	19.6	12	7.6
2003	33.5	28.7	4.8
10-Year Cumulative	106.5 (7.5%/year)	99.7 (7.2%/year)	6.8 (0.3%/year)
2002	-4.6	-22.1	17.5
2001	3.9	-11.9	15.8
2000	20.2	-9.1	29.3
1999	4.1	21	-16.9
1998	34.1	28.6	5.5
15-Year Cumulative	243.5 (8.6%/year)	93.8 (4.5%/year)	149.7 (4.1%/year)
1997	35.1	33.4	1.7
1996	16.5	23	-6.5

Top Ranked Articles

Horizon Asset Management Q1 Commentary

May 8, 2011

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...

JZ Capital Partners – $1.00 for Sale at $0.40?

November 15, 2011

Price – 350p Read more...

Murray Stahl Adds Howard Hughes, Leucadia National and CBOE Holdings

August 22, 2011

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...

Horizon Kinetics Comments on Dish Network

October 18, 2012

From the third quarter commentary of Murray Stahl's Horizon Kinetics: Read more...

Horizon Kinetics Comments on Leucadia National

October 18, 2012

From the third quarter commentary of Murray Stahl's Horizon Kinetics: Read more...

» More Murray Stahl Articles

Commentaries and Stories

Currently 5.00/5

Rating: 5.0/5 (4 votes)

Horizon Kinetics' Q1 2013 Commentary

April 17, 2013

In his first quarter letter, Murray Stahl discusses Sears (SHLD), Tourmaline Oil Corp. (TOU), Texas Pacific Land Trust (TPL), Wendy's Co. (WEN), Viacom (VIA) and the markets. To read the commentary, go here. More...

Currently 3.00/5

Rating: 3.0/5 (2 votes)

Horizon Kinetics Q4 2012 Commentary

January 21, 2013

I thought this was one very enjoyable read. They touch on a concept that I've always considered important but never been able to put into words as effectively as Horizon has in this commentary. More...

Currently 2.29/5

Rating: 2.3/5 (7 votes)

Horizon Kinetics Comments on WPX Energy

October 18, 2012

From the third quarter commentary of Murray Stahl's Horizon Kinetics: More...

Currently 2.70/5

Rating: 2.7/5 (10 votes)

Horizon Kinetics Comments on Leucadia National

October 18, 2012

From the third quarter commentary of Murray Stahl's Horizon Kinetics: More...

Currently 2.56/5

Rating: 2.6/5 (9 votes)

Horizon Kinetics Comments on Cisco Systems

October 18, 2012

From the third quarter commentary of Murray Stahl's Horizon Kinetics: More...

Currently 3.60/5

Rating: 3.6/5 (5 votes)

Horizon Kinetics Comments on Dish Network

October 18, 2012

From the third quarter commentary of Murray Stahl's Horizon Kinetics: More...

Currently 2.60/5

Rating: 2.6/5 (5 votes)

Horizon Kinetics' Murray Stahl Second-Quarter Commentary

July 20, 2012

Little has changed since our last commentary. The owner-operator companies continue to be remarkably discounted high-quality investment vehicles and, as per previous commentaries, we are exceedingly comfortable about their prospective rates of return, especially versus broad market indexes. Although we will close with the customary review of some of our holdings, and despite the fact that these commentaries have traditionally been about equities and our major equity strategies, we'll commence with what I think is a necessary discussion about interest rates. More...

Currently 4.43/5

Rating: 4.4/5 (7 votes)

Horizon Kinetics' First Quarter Commentary with Discussion on XOM, AAPL, QCOM, INTC, HPQ, HHC

April 24, 2012

Murray Stahl is the Chairman of Horizon Asset Management Inc. The firm's fourth-quarter letter, below, contains an overview of the market environment as well as discussions on individual stocks: More...

Currently 2.40/5

Rating: 2.4/5 (5 votes)

Horizon Kinetics’ Fourth Quarter Market Commentary by Murray Stahl and Steven Bregman

January 19, 2012

The full article can also be found at the Horizon Kinetics' website. More...

Currently 3.29/5

Rating: 3.3/5 (7 votes)

JZ Capital Partners – $1.00 for Sale at $0.40?

November 15, 2011

Price – 350p More...

PRIVATE EQUITY, NAV

Currently 3.00/5

Rating: 3.0/5 (9 votes)

Murray Stahl Adds Howard Hughes, Leucadia National and CBOE Holdings

August 22, 2011

MURRAY STAHL, GURU NEWS

Currently 3.08/5

Rating: 3.1/5 (13 votes)

Horizon Asset Management Q1 Commentary

May 8, 2011

Currently 3.25/5

Rating: 3.3/5 (4 votes)

Murray Stahl Comments on China Property Companies; Top Holdings: BAM, BRK.B, PM, IMO, LUK

September 8, 2010

Murray Stahl of Horizon Asset Management, Inc published his 2Q2010 Commentary. His firm’s representative Horizon Core Value Fund typically invests in 25-50 stocks. The fund’s stated time horizon is five years. The fund turns over ever slowly each year at a pace of about 20%. The fund strives to invest “fundamentally superior businesses trading below our estimate of intrinsic value”. (Read the fund’s factsheet here. More...