Murray Stahl

Murray Stahl

Last Update: 2014-05-14

Number of Stocks: 520
Number of New Stocks: 24

Total Value: $7,993 Mil
Q/Q Turnover: 5%

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 (%)
20133631.554.5
20122715.411.6
2011-11.22.08-13.3
3-Year Cumulative53.4 (15.3%/year)55 (15.7%/year)-1.6 (-0.4%/year)
201012.915.06-2.2
200928.526.462.0
5-Year Cumulative122.5 (17.3%/year)125.5 (17.7%/year)-3 (-0.4%/year)
2008-56.5-37-19.5
200728.75.6123.1
200628.515.7912.7
20059.94.915.0
200419.6127.6
10-Year Cumulative110.4 (7.7%/year)104.1 (7.4%/year)6.3 (0.3%/year)
200333.528.74.8
2002-4.6-22.117.5
20013.9-11.915.8
200020.2-9.129.3
19994.121-16.9
15-Year Cumulative248.4 (8.7%/year)98.3 (4.7%/year)150.1 (4%/year)
199834.128.65.5
199735.133.41.7
199616.523-6.5

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

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Murray Stahl’s Horizon Kinetics Comments on Platform Specialty Products
A recent purchase in certain strategies is Platform Specialty Products (PAH). Like Wendy’s (WEN), this stock does not trade at a presently low price-to-earnings, or P/E ratio; in fact, it’s somewhat high. However, the company incorporates many predictive attributes that are suggestive that its revenues and earnings several years from now will be far higher than they are today. As a U.S. company, PAH is new, having been listed on the NYSE only since this past January. Its operating business, though, has been around for over 90 years, and PAH was trading on the London Stock Exchange when it was acquired this past October for $1.8 billion by what is known as a blank-check company. The current stock market value is $2.4 billion. A blank check company raises equity capital in order to acquire a target, often within a specified window of time, and this particular one was organized by three well- known parties: Nicolas Beggruen, through his investment company Beggruen Holdings; Bill Ackman, through his hedge fund Pershing More...

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Murray Stahl’s Horizon Kinetics Comments on Wendy’s Company
As the investing world continues to embrace indexation, it assists us in sourcing truly attractive investments in areas that are structurally overlooked (or created) by the mainstream. Wendy’s, a relatively recent purchase and significant holding, is one example. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Urban’s Expansion Plans Look Attractive
Urban Outfitters Inc. (URBN) is a leading lifestyle specialty retail company that operates Urban Outfitters, Anthropologie, Free People, Terrain and BHLDN brands. The company operates in two segments: retail and wholesale apparel. The company’s retail segment consists of its Urban Outfitters, Anthropologie, Free People, Terrain and BHLDN brands, whose merchandise is sold to customers through its stores, websites, mobile applications, catalogs and customer contract centers. More...

LONG, RETAIL, SPECIALTY, LIFESTYLE, URBAN OUTFITTERS, ANTHROPOLOGIE, FREE PEOPLE, TERRAIN


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Another Stock Dropped by Technology Renaissance
After a troubled end of 2013 and a very successful 2014 beginning, Imperial Oil (IMO) may be reaching a growth ceiling. Overall, 2013 resulted in declining revenues and net income, aggravated by a great debt increment and reduced cash flow. Most importantly, operating margin saw a reduction to 2010 levels through the loss of 5 points. Two gurus who anticipated the slower performance were Steven Cohen (Trades, Portfolio) and Jim Simons’ Technology Renaissance. Both gurus sold out the investments made since 2009, transactions which were timely confirmed by the stock’s poor January performance. Fortunately for other investors, the stock's face value recovered through February and exceeded last December’s value. However, given the company’s cyclical performance, doubts concerning future growth remain. More...

ENERGY, OIL, GAS, CANADA


  • Currently 4.50/5

Rating: 4.5/5 (2 votes)

Tennessee Whiskey: The Ultimate Profit Machine
It’s known that American brown spirits are provided throughout the world by very few companies, such as Diageo Plc (ADR) (DEO) and BEAM Inc. (BEAM). However, while these firms focus on Scotch and Bourbon, Brown-Forman Corporation (BF.B) holds the leading market share of Tennessee Whiskey via its famous Jack Daniel’s brand. Despite a distribution scale six times smaller than Diageo, this beverage manufacturer has the most solid balance sheet in the industry, and the longest market presence with its 142 years of family owned business experience. Thus, investment gurus like Steven Cohen (Trades, Portfolio) and Murray Stahl (Trades, Portfolio) recently added more of this company’s shares to their More...

BEVERAGES,ALCOHOLIC DRINKS,SCOTCH,BOURBON,WHISKEY,TENNESSEE,JACK DANIEL'S,LIQUOR


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Murray Stahl on Ascent Capital
In the case of Ascent, again, it's really not the purpose of this call to talk about investments of that type, but just understand that the strategic thrust is to put together a string of acquisitions in burglar alarms, because the whole idea is that burglar alarms are very similar to the cable business, and you know who orchestrates the big mergers in the cable business. It really isn't that different, and with the rise of technology there are all sorts of services that are possible to provide over the conventional burglar alarm wire, and we're in the first inning of seeing those advances happen. And, of course, if you follow Ascent, you'll know it's a small cap company that doesn't have a lot of float, and it's a volatile stock.... It goes up a lot, it goes down a lot and I guess that's the nature of the beast. More...

MURRAY STAHL


  • Currently 4.50/5

Rating: 4.5/5 (2 votes)

Murray Stahl on Sears Hometown
Suffice it to say this much: in the case of Sears Hometown (SHOS) I have some stock. I'm not selling mine. It's a big factor in appliances. There are 22 million shares outstanding and you know what appliances are tied to. Appliances are basically tied to two things—home sales and home renovations. So it's a nice balance sheet. It certainly doesn't have any major liabilities. If and when —maybe I should say when and not if—home sales and home renovation activity in this country return to normal, there's a lot of operating leverage for Sears Hometown. If they don't, well then the share price reflects it. More...

MURRAY STAHL


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

A Look at the Profitability of a Boston Brewer
The domestic beer market is characterized by vast competition, as much as consumer preferences. While imported AB InBev and MillerCoors concentrate 80% of the overall market, Boston Beer Company Inc. (SAM) is most popular along the East Coast. In fact, not only is this craft brewer the fourth-largest in the U.S., but it’s also the largest publicly traded brewer nationwide. Under its flagship brand, Samuel Adams, the firm has achieved large scale, having sold 3.4 million barrels of beer in 2013 alone. More...

LONG, BEVERAGES, BREWERS, BEER, BOSTON


  • Currently 4.36/5

Rating: 4.4/5 (11 votes)

Murray Stahl's Horizon Kinetics on Texas Pacific Land Trust
Texas Pacific Land Trust (the “Trust”) will be the last example of a company that despite being much higher in price than it was a year ago, is actually cheaper. The Trust was actually Horizon Kinetics’ first research report. At that time, in early 1995, it traded at $4.00 per share. At yearend 2013, the shares closed at $99.99, which works out to about a 19% annualized return. More...

MURRAY STAHL, HORIZON KINETICS


  • Currently 3.00/5

Rating: 3.0/5 (2 votes)

Murray Stahl's Horizon Kinetics on DreamWorks Animation
DreamWorks Animation, about the 3rd largest holding in the Core Value strategy, more than doubled this year, and is about 35% higher than when the position size was increased this past June. Yet, I believe that the shares are cheaper today than they were 12 or 18 months ago. Until then, DreamWorks did one thing: it made animated movies, and it was analyzed and valued as such. We thought it did two things: the movie making and, over time, the building of its movie library, which may be valued separately and had the characteristics of a dormant asset. Here’s what has happened in the past 18 months or so, none of which has yet had time to make an appreciable, visible impact upon revenues or earnings: More...

  • Currently 4.83/5

Rating: 4.8/5 (6 votes)

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.” More...

MURRAY STAHL, HORIZON KINETICS


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Murray Stahl's FRMO Corporation - 2013 Annual Meeting of Shareholders (Transcript)
FRMO Corporation Annual Meeting of Shareholders More...

MURRAY STAHL


  • Currently 4.33/5

Rating: 4.3/5 (3 votes)

Horizon Kinetics Third Quarter Commentary
No one can accuse us, in these pages, of not being diligent in using our words, though we have been accused at times of using too many. So this review switches modalities somewhat, with more exhibits and fewer words. What won't switch are the themes, which are as relevant as ever: 1) the important and dysfunctional ways in which indexation is affecting security valuations, risk, and returns; and 2) the antithesis of indexation—active management and individual security selection, of which we, certainly, are practitioners. More...

  • Currently 2.00/5

Rating: 2.0/5 (1 vote)

Horizon Kinetics - Canadian Real Estate Companies and REITs (December 2013)
In their continued search for yield, many investors have turned to Real Estate Investment Trusts (“REITs”). These companies pay out a significant percentage of their earnings as dividends; accordingly, they have historically provided a high level of income. However, a high dividend payout ratio leaves little in the way of earnings that can be reinvested in the business, such that the REIT must sell more shares in order to acquire additional income‐producing properties. Lately, in order to support continued dividend increases—which are required to support continued share issuance—many REITs have also resorted to reducing their capital expenditures below the levels that will ultimately be required to properly maintain their properties. We have previously touched on these and other risks associated with investing in American REITs and, for the most part, prefer to implement any real estate exposure through owner‐operated real estate development and management companies rather than through REITs. Real estate developers frequently have dormant assets, in that undeveloped land generates no cash flow, which makes such developers more difficult to value using standard metrics such More...

HORIZON KINETICS


  • Currently 4.75/5

Rating: 4.8/5 (4 votes)

Interview with Murray Stahl of Horizon Kinetics (May 2013)
To Each His Own More...

MURRAY STAHL, HORIZON KINETICS


  • Currently 3.63/5

Rating: 3.6/5 (8 votes)

Rising Population: Can Food Processors Deliver Profits?
Demand for farm products has steadily risen through the past 50 years as the population continues to grow, placing additional pressure upon producers to deliver. Also, health issues, rising supply costs and government regulation have recently curtailed profits. So, as demand for farm products increases and supply struggles to meet the increasing demand, what does the future hold for Archer-Daniels Midland (ADM), Leucadia National (LUK) and Tyson Foods (TSN)? More...

FARM, PRODUCTS, CHICKEN, CATTLE, SOY, WHEAT


  • Currently 4.00/5

Rating: 4.0/5 (7 votes)

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%. More...

OIL & GAS – E&P, LEISURE, CAPITAL MARKETS, BIOTECHNOLOGY, DRUG MANUFACTURERS - SPECIALTY AND GENERIC, EDUCATION & TRAINING SERVICES


  • Currently 5.00/5

Rating: 5.0/5 (5 votes)

Horizon Kinetics' Q1 2013 Commentary
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 (4 votes)

Horizon Kinetics Q4 2012 Commentary
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 2.11/5

Rating: 2.1/5 (9 votes)

Horizon Kinetics Comments on WPX Energy
From the third quarter commentary of Murray Stahl's Horizon Kinetics: More...

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