Schumacher

Horizon Kinetics

[Schumacher @MS10312008]

@rebv808 Calmer than you would think. He had a way of seeing through the noise & expressing his thoughts through context keeping it simple. His demeanor and historical knowledge was unmatched. His analytical mind was second to none. First Monday w/out Murray today. very sad day

[Schumacher @MS10312008]

@Simi_2210_ 179. I just doubled and subtracted 3

[Schumacher @MS10312008]

@APompliano

https://t.co/c7GMNc7odq

[Schumacher @MS10312008]

@rebv808 I worked with him since 2000 and this was my favorite Murray Stahl interview

[rebv @rebv808]

Others may be interested in this 2021 interview with Stahl, which is the only one I've found where he discusses his early life (along with building HK and FRMO):
https://t.co/KwBXF3ylLY
(alt) https://t.co/nMTLQ9p7aI

[Schumacher @MS10312008]

@samcallah He would have liked you

[Divergent Capital @Divergent7651]

Three of Murray Stahl's important insights on land:

1) Land is the only perpetual business asset;

2) Land becomes more scarce over time;

3) Land can serve different, progressively higher-value functions over time.

There appears to be a new, higher value function that $TPL's land can now serve - data centres and power generation.

I guess the difficult part is determining: (1) What's that future value worth now; and (2) Is that value already reflected in today's price.

Or if that's too difficult, you could just sidecar Murray Stahl, who's been purchasing $TPL shares as recently as 15 Jan '26 at ~$330.

[Hedgeye @Hedgeye]

"Bitcoin is the most conservative investment you can possibly make."
-Murray Stahl

Horizon Kinetics CEO, CIO, and Co-Founder Murray Stahl joined Hedgeye CEO @KeithMcCullough during the "Hedgeye Investing Summit."

Stahl laid out his prediction for #BTC and why it's a smart investment in 2024 and beyond.

He also showed why unsustainable money printing and deficit growth is creating a huge issue and compounding inflation.

Here's your access to the full interview 👇

[Hedgeye @Hedgeye]

Two and a half miracles have kept inflation in check for the past 42 years! 🚨

Hear Murray Stahl, one of the top commodity investors break down his theory and dive into #Bitcoin with @KeithMcCullough.

Watch the full interview for FREE: https://t.co/ZVLavC45iu

[Gary @garyHeff]

@ToddSullivan Very sad to hear this. As they say in the press release, the company will begin the work of preserving and growing Murray's legacy. For those unfamiliar I recommend this book.

[Dylan Marrello @ragingbullcap]

The 20+ years of Murray Stahl's shareholder letters at $FRMO and the company's trajectory more broadly are just so so bizarre. Yet, shrouded by all the eccentricity, they've quietly compounded BVPS at more than 25% since 2001. A fascinating person and company, particularly given the combination of a really patient, value obsessed, Buffett disciple building a crypto business at a glacial pace through a pink sheet stock makes for a natural investor base of practically zero.

[Schumacher @MS10312008]

@johnjdagostino @valuechad "Mondays with Murray" for the last 26 years we had him to ourselves, BEST DAY OF THE WEEK!! I couldn't wait for the weekends to end. The education he instilled in us is will be sorely missed .

Mondays will never be the same!

RIP Sir.

[Alix Pasquet @alixpasquet]

Murray Stahl passes and TPL goes down $4.8B in market cap yesterday. Murray owned TPL since the 90s.

I met Murray some years ago as we were on a flight going to the same conference at Blackberry Farms in Tennessee. I looked across the aisle and there was a man reading a book called “Neither Friend Nor Foe: The European Neutrals In World War II”. My grandfather had a great saying: "always meet someone whom a book or a question introduces you to". So I introduced myself and we started one of the most interesting conversations I had had in years. I learned a ton.

I had lunch with Murray once and asked him “how do I improve as a portfolio manager?” and he said “you have to Pareto Optimize your portfolio.” and he proceeded to explain that you needed to analyze and use criteria to force rank the 20% of your ideas that you believed would potentially generate 80% of your profits and size those more aggressively. Then you needed to identify the 20% of your ideas that you believe were potentially 80% of your losses and get out.

Murray was versatile as a value investor. Just a few examples of his calls which showed his analytical wingspan. He was talking about owning Bitcoin in 2015 when the price was ~$300. Murray begin to speak about the SBC problems in tech (must read for today's issues in certain stocks. "THE SOCIOLOGY (AND TIPPING POINTS) OF STOCK COMPENSATION" is the memo) back in December of 2020, a reality that most investors have not even woken up to TODAY.

Deepest condolences to the @horizonkinetics team.

Thanks for teaching a generation of us, Murray. Wherever you are, the people there are improving, as are their returns. May your memory be a blessing. I know for me it will be.

[Benjamin Demase @TheRoyaltyKing]

A tribute to Murray Stahl.
I was in the middle of writing this piece when I received news of his passing.
I finished it today and have made it freely accessible to all.
I hope he would’ve enjoyed it.

[John D'Agostino @johnjdagostino]

I met Murray Stahl years back. Someone connected us as he was heavily investing in global exchanges and I had recently left one. I hadn't heard of him, but a quick reference check made me intensely curious. I went to his (surprisingly simple) offices for what was meant to be a 45 min chat. That turned into a 3 hour discussion about markets, the power/limitations of liquidity pools and the pursuit of happiness and intellectualism. I learned more in those three hours than any other. Knowing as little as I did about Murray, I think he would want me to share the top two takeaways changed my life:

- Murray allocated blocks of time each week to read. Sit in a room by yourself and devour whatever reading you have put off. Give yourself enough time to read and ponder. Put in your calendar as rigidly and religiously as you would exercise.

- Always have a new pursuit you are working on. When I met Murray, he was learning Japanese. Dedicate yourself to achieving a basic level of mastery, then find a new pursuit. Because of Murray, since then every 3 years I try to master a new life skill, woodworking, plumbing, electrical, sewing...etc. Stay hungry for knowledge.

Thank you Murray, and rest in both peace and the pursuit of enlightenment.

https://t.co/ZKTwLsaX9A

[HorizonKinetics @HorizonKinetics]

(1 of 5) A Giffen good—named after the Scottish economist Robert Giffen (1837-1910)—is a cheap, ordinary product subject to the conventional laws of supply and demand. Giffen goods can flourish in times of recession.

[HorizonKinetics @HorizonKinetics]

(1 of 8) The prediction market operates 24 hours per day, seven days per week, unlike conventional security and commodity markets. Traditional markets operate within normal banking hours so that cash can be transferred to settle transactions.

[Schumacher @MS10312008]

@shortbus_ace out off west palm as well

[HorizonKinetics @HorizonKinetics]

Brandon Colavita (Horizon Kinetics Blockchain Development ETF Portfolio Manager) and Benjamin Demase (@TheRoyaltyKing) explore why traditional securities exchanges may be best positioned to dominate the tokenization revolution.
$BCDF #HorizonKineticsETFs

https://t.co/sC74ncdZlA

[HorizonKinetics @HorizonKinetics]

INFL 5-Year Anniversary Update: https://t.co/fnciirdyvn
$INFL #inflation #InTheNasdaq