MSFT - Horizon Kinetics Commentary Q3 2020

• Horizon Kinetics LLC, founded in 1994, is an independently owned and operated investment adviser. With a long-term absolute return mindset, and based on first-hand research, our portfolios tend to be concentrated and avoid tracking or mimicking any benchmark or index.
• There is no end of examples of bubbles, from smaller ones like biotech in the ‘90s and again in 2000 and again in 2015, to larger ones like technology and internet stocks in the late ‘90s.
• BP announced its ambition to be a net-zero carbon emissions company by 2050 or sooner, and to help the world get to net zero.
• To meet a zero-percent emissions target, total solar andwind, plus storage, would need to be at least 3x the existing fossil fuel baseloadcapacity.
• Using these two largest U.S. energy companies as benchmarks,the share prices seem to discount the near total elimination of fossil fuelusage in 10 to 12 years.

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