ADBE - Horizon Kinetics Commentary Q4 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.
• For reference, MicroStrategy is an enterprise software company, and this past August and September, Mr. Saylor directed it to use $425 million of its $500 million of balance sheet cash to purchase bitcoin.
• That deficit means the government has to borrow $4.422 trillion more, which will be a 15.9% increase in the total Federal debt.
• Even during the midst of the global pandemic and recession, even before a recovery in normal travel activity, oil and gas demand is recovering and excess supply is being drawn down.

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