Research Library

Horizon Kinetics' research team has authored in excess of 1,000 research reports. Below are selected samples of our writings:

Reviews a recent article by Nobel laureate Robert C. Merton about the importance of focusing on income needs rather than volatility or asset levels in retirement planning, compares the valuation characteristics of exchange-traded funds tracking emerging markets indexes to those tracking major domestic indexes, and discusses historical profit margins at utilities and brand name companies. Featured companies: Alliant Techsystems Inc. (ATK), Automatic Data Processing, Inc. (ADP), Energizer Holdings Inc. (ENR), and Harbinger Group Inc. (HRG).
Considers the recent performance and relative valuations of the S&P 500 Index and the Russell 2000 Index and the cash flows into and out of the investment products that track them and discusses land companies as a hedge against inflation. Featured companies: World Fuel Services Corp. (INT), Tredegar Corp. (TG), American Homes 4 Rent (AMH), and Lexington Realty Trust (LXP), as well as an update on Cal-Maine Foods, Inc. (CALM).
Discusses the impact of decoupling on the utilities industry, developments in solar energy and the potential results for electric utilities, as well as factor investing in the context of the utilities and solar industries. Featured companies: Nuance Communications, Inc., Toll Brothers Inc., SEACOR Holdings Inc., and Ryland Group Inc., as well as an update on Molina Healthcare, Inc.
Considers the actions taken by corporations to reduce their risk profile, namely increasing their cash balance and liquidity ratios, discusses some companies with more leverage in the balance sheet, and reviews U.S. corporate, mortgage, and  Treasury debt levels since 1980.  Featured companies: Kimberly-Clark Corp. (KMB), Exelis Inc. (XLS), Simon Property Group Inc. (SPG), and Starwood Property Trust Inc. (STWD)
Discusses the continued search for yield by investors, some of whom are turning to emerging markets investments as a result and reviews closed-end funds as a potential source of yield.  Featured companies: Ally Financial Inc., LMP Corporate Loan Fund Inc. (TLI), Brookfield Real Estate Services Inc. (BRE), and Texas Competitive Electric.
Considers predictive variables in the context of Real Estate Companies, discusses real estate owners with investment management businesses, and reviews the contraction of mortgage debt levels as well as the premium at which municipal bonds trade as compared to Treasuries.  Featured companies: Smith & Wesson Holding Corp. (SWHC), Biglari Holdings, Inc. (BH), Denny’s Corp. (DENN), Teletech Holdings Inc. (TTEC), Updates on Oaktree Capital Group, LLC (OAK), The Wendy’s Company (WEN).
Discusses issues related to interest rate risk, reviews a selection of closed end municipal high-yield bond funds, and compares a municipal bond portfolios to a mixed fixed income portfolio. Featured companies: Nuveen Short Duration Credit Opportunities Fund (JSD), Nuveen Michigan Quality Income Municipal Fund (NUM), Millicom International Cellular S.A. (MIICF), Lamar Media Corporation (LAMR)
Discusses the methodology used to construct growth and value indexes, questions the use of quantitative criteria in the absence of qualitative assessment in assigning growth or value labels, compares the spending levels allocated to education and to advertising, and examines the MLP industry. Featured companies: Booz Allen Hamilton Holding Corp. (BAH), Boardwalk Pipeline Partners, LP (BWP), Biglari Holdings Inc. (BH), Spirit AeroSystems Holdings, Inc. (SPR).
Addresses the credit crisis of 2012, Master Limited Partnerships, the phenomenon of Wikipedia, and topics related to the Russell 2000 Index.  Featured companies: Cemex (CX), Meritor, Inc. (MTOR), MGM Resorts International (MGM).
Discusses the impact of the low interest rate environment on fixed income investors and examines data regarding the funded/unfunded status of pension plans as well as the discount rates assumed by companies in calculating the present value of their post-employment benefit obligations.  Stocks covered: Lockheed Martin Corp. (LMT), Huntington Ingalls Industries Inc. (HOO), United States Steel Corp. (X), AK Steel Holding Corp. (AKS).
Discusses the credit crisis of 2012, the risks of Financial Preferred stocks, and U.S. Bond market tradable debt statistics.  Featured companies: American International Group, Inc. (AIG), CenturyLink, Inc. (CTL), Arch Coal Inc. (ACI), Vanguard Extended Duration Treasury ETF (EDV).
Examines the profit margins of companies in the S&P 500 Index, private equity valuations, and the decline in fundamental company research. Featured companies: Archer Daniels Midland (ADM), Tiffany & Co. (TIF), American International Group, Inc. (AIG), TE Connectivity Ltd. (TEL).
Highlights companies with significant investments in other publicly-traded companies, including Brookfield Asset Management (BAM) Henderson Land Development (12 HK), and WPX Energy, Inc. (WPX).
Discusses the business of indexation and its impact on stock prices, low price to book value stocks, and statistics related to the Federal Deposit Insurance Corporation (FDIC). Stocks covered: McDonald’s Corp. (MCD), Procter & Gamble (PG),DST Systems, Inc. (DST), iShares Barclays TIPS Bond Fund (TIP).
Addresses tail risk as an asset class, dividend-related ETFs, statistics related to tobacco, and the sociology of industry. Featured companies: Standard Pacific (SPF), Nuveen Investments, Vulcan Materials (VMC), Jefferies Group (JEF)
Examines the representation of various companies in ETFs,  introduces the concept of "orphan stocks," which are poorly represented in ETFs,  and discusses statistics related to the Russell 2000 Index and to Leveraged Equity ETFs.  Stocks covered: Jefferies Group (JEF), Seabord Corporation (SEB), Aircastle Limited (AYR), Willis Lease Finance (WLFC).
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