TPL - Horizon Kinetics Q3 2021 Letter

• 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.
• One reason might be that some of the holdings in older-vintage accounts have become so dominant, and so much the subject of questions and response in prior quarterly reviews, that it might seem that little else is going on.
• The incentive system and business structure of the investment industry is, with few exceptions, built around these three time horizons: this year’s quarter vs. last year’s quarter, the balance of this year, and next year.
• When thinking about making actual investments in what are generally termed inflation beneficiary securities, one should bear in mind that even as financial news fills with talk of how to hedge against inflation, and use the same terminology, they will not be speaking about the same investments we are.

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