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Paul Abel
Senior Portfolio Manager

Paul joined the firm in 1999 and currently serves as Portfolio Manager to the Kinetics Medical Fund and various other private funds.  Paul’s primary duties include research and analysis of developing scientific technologies and innovations in the medical and bio-pharmaceutical industries.  Prior to joining Kinetics, Paul was employed by Brookhaven National Laboratories, from 1989 through 1999, where he researched, developed and implemented technical and scientific programs and systems in the areas of nuclear physics, computer programming and industrial design.  During that time, Paul also provided freelance writing services for the Academic Science and News Review, reporting and offering insight on a myriad of issues and developments in the fields of science and technology.  Paul received a BS in Physics from SUNY Stony Brook and holds a Masters Degree in Mechanical/Nuclear Engineering from Manhattan College.


Rich Begun
Senior Portfolio Manager

Rich has over 24 years experience in finance and asset management. He is currently a Senior Portfolio Manager in the Private Client Group and manages custom client accounts.  Previously, he was a Senior Portfolio Manager and Senior Vice President at Olstein Capital and a Principal and Global Portfolio Manager at Clay Finlay.  Rich also held positions as a Director and Portfolio Manager at Orbitex, and a Vice President and Portfolio Manager at the Bank of New York.  In addition to his portfolio management responsibilities, he has also served as a senior research analyst, covering financials, energy, industrials and consumer services.  Mr. Begun holds a BS in Economics from Binghamton University, an MA in Economics from Brooklyn College and an MBA from Baruch College, Zicklin School of Business.


Thérèse Byars
Research Analyst

Thérèse joined the firm in 2006 and is responsible for the technical review and editing of all research prior to distribution. Additionally, Thérèse acts as a liaison between portfolio managers and fund administrators for various private funds. She received a BS (magna cum laude) in Economics from Columbia University.


Ryan Casey, CFA®
Research Analyst

Ryan joined the firm in 2011 and is responsible for conducting and authoring research. He has been writing spin-off and global contrarian research for the firm since 2008 as a senior analyst with the Institutional Research Group. Ryan has over eleven years of experience as an equity research analyst, including a senior analyst position with Bear Stearns. He received a BS in Electrical Engineering from the University of Michigan, an MBA from New York University and is a CFA® charter holder.


James Davolos
Portfolio Manager, Research Analyst

James joined the firm in 2005 and currently serves as an Assistant Portfolio Manager for several funds.  He began his investment career with the firm in 2005, as a member of the trading desk and transitioned to the investment team in December 2006. James began his tenure on the investment team as a junior analyst covering investment and research opportunities for various strategies managed by the firm.  James received a BBA in Finance from Loyola University in Maryland and was a member of the Sellinger Scholars business honors program.


Andrea DeMichele
Client Portfolio Manager

Andrea joined the firm in 2006 and is responsible for supporting Horizon’s Senior Portfolio Managers on various investment strategies. She is a member of the Investment Committee. Prior to her portfolio management role, Andrea worked closely with Horizon for over 10 years while serving as a Director of Research and Senior Analyst at Institutional Research Services, Inc. Andrea received a BBA from the University of Miami.


Derek Devens, CFA®
Portfolio Manager, Research Analyst

Derek joined the firm in 2010 and has responsibilities in both Research and Portfolio Management for the firm. Derek is a member of the Investment Committee and is responsible for co-managing the Kinetics Alternative Income and the Kinetics Multi-Disciplinary mutual funds and various separate account strategies. Prior to Horizon Kinetics, Derek was a Vice President with Goldman Sachs’ Global Manager Strategies Group where he was responsible for conducting investment manager research. In this capacity, he began evaluating certain Horizon investment strategies on behalf of Goldman starting in 2004. Previously, Derek was a fixed income portfolio manager at both Fischer Francis Trees & Watts as well as Bond Logistix. He received a BS in Civil Engineering from Princeton University and an MBA from New York University. Derek is a CFA® charter holder.


Rory Ewing
Research Analyst

Rory joined the Firm in 2013 as a Research Analyst. Previously, Rory worked at Tempus Quo, an investment firm focused on international, commodity related sectors where he led the trading team. Rory was a founding member of Tempus Quo and was responsible for identifying opportunistic trades, managing position exposures and running operational projects. Prior to his time at Tempus Quo, Rory spent two years as a trader at Pequot Capital, and two years as a capital markets consultant at Thomson Financial. Rory received a BA from Colgate University.


Michael Gallant, CFA®
Research Analyst

Michael joined the firm in 2005 as a Research Analyst and is responsible for conducting and authoring research. He is a member of the Investment Committee and has responsibilities in the generation of investment ideas and monitoring current holdings for the firm. Michael authors research primarily for the Contrarian Research Report, which identifies opportunities in the small and mid-capitalization arenas. Prior to Horizon Kinetics, Michael spent two years in the Institutional Accounting Department at Fidelity Investments and he previously worked as a research aide in the U.S. Senate. Michael received a BA from Colby College, and is a CFA® charter holder.


Matthew Houk
Portfolio Manager, Research Analyst

Matt joined the firm in 2008 and has responsibilities in both Research and Portfolio Management. Matt is a member of the Investment Committee and has responsibilities in the identification, analysis and monitoring of certain investment opportunities for the firm.  He is also a co-portfolio manager for the Kinetics Small Cap Opportunities Fund, which is managed by Kinetics Asset Management LLC, and the Virtus Wealth Masters Fund, which is sub-advised by Horizon Asset Management LLC. Previously, from 2005 through 2008, Matt was an Associate with Goldman, Sachs & Co. Matt received a BA in Economics and Political Science from Yale University.


David Kingsley
Senior Portfolio Manager

David joined the firm in 2006 and is responsible for co-managing various private funds, along with the Kinetics Multi-Disciplinary Fund.  David is also a member of the investment team for the Kinetics Alternative Income Fund. Prior to Horizon Kinetics, David held Portfolio Management positions with Kingsley Capital, Schottenfeld Associates and Teleos Asset Management. He received a BSBA from Washington University.


Utako Kojima, CFA®
Portfolio Analyst

Utako joined the firm in 2010 as a Portfolio Analyst, primarily focusing on the Asia Strategy.  Prior, Utako was an equity analyst at AS Hirota Capital Management, LLC. Her experience included consulting in the Valuation Division at Shin-Nihon Ernst & Young Transaction Advisory Services, Tokyo, Japan for a year and a half, where she worked on-site in the Legal/Compliance Department designing and implementing effective transaction analysis processes and systems.  Previously, she served in the International Products Client Service and Sales Operation at Deutsche Securities Limited, Tokyo, Japan for two years managing post transaction processes and client services. Utako received a BA in Political Science from Keio University, Tokyo, Japan.


John Meditz
Senior Portfolio Manager, Co-Founder

John is a co-founder of the firm and manages customized portfolios for a number of Horizon Kinetics’ private clients. Previously, John was a Senior Portfolio Manager at Bankers Trust Company in the Private Banking Division and a Senior Member of the Trust & Estate Investment Committee. John also is a Board Member/Trustee for several not-for-profit organizations. He received a BA from Fairfield University and an MBA from the Rutgers University Graduate School of Management.


Eric Sites
Assistant Portfolio Manager, Research Analyst

Eric joined Horizon in 2004 and is responsible for conducting and authoring research for the firm. In particular, Eric co-authors the Stahl Report, which identifies opportunities in the large capitalization arena. He is also an Assistant Portfolio Manager for several private funds, and serves on the investment team for the Kinetics Market Opportunities mutual fund. He received a BA from Southern Illinois University in 2000 and an MA from Columbia University, Teachers College in 2002.


Salvator Tiano
Research Analyst

Salvator joined the firm in 2013 as a Research Analyst.  Previously, Salvator worked as an Investment Banking Analyst in the Shipping Group of Chatsworth Securities, where he applied his knowledge of the Greek maritime industry.  Salvator has also held internships with the Cyprus Popular Bank and EFG Eurobank Equities. Salvator has a BS in Management Science and Technology from Athens University of Economics and Business and a Master in Finance from The Ohio State University, where he was a Weidler Scholar. He is originally from Greece and has served in the Greek Hellenic Army.


Fredrik Tjernstrom, CFA®
Research Analyst

Fredrik joined the firm in 1998 and is responsible for conducting and authoring research. He also acts as an Assistant Portfolio Manager for one of Horizon Kinetics' private funds. Previously, he was the Director of Research for Brokerage Research Services, an independent research provider which he co-founded. Fredrik has a BSc in Electrical Engineering from Växjö University, Sweden, an MBA with a concentration in Finance and an MSc in Information Systems from Hawaii Pacific University. He also attended Harvard University for parts of his graduate work. Fredrik is a CFA® charter holder.


Steven Tuen, CFA®
Research Analyst

Steven joined the firm in 1996 and is responsible for conducting and authoring research. As a senior analyst, Steven’s responsibilities include coverage of equity and fixed income securities, with particular emphasis on high yield securities. Steven also serves as a co-Portfolio Manager to various Kinetics Mutual Funds.  Previously, Steven spent seven years with Bankers Trust Company as a Portfolio Manager in the Private Client Group, serving high net worth individual and trust accounts. He received a Bachelors of Business Administration from Baruch College – City University of New York. Steve is a CFA® charter holder and a member of the CFA Institute as well as the New York Society of Security Analysts.


Ayako Hirota Weissman, CFA®
Senior Portfolio Manager, Director of Asia Strategy

Aya joined the firm in 2010, as a Co-Portfolio Manager on the Asia Strategy.  With over 30 years of investment experience, Aya was most recently a founder and Chief Investment Officer of AS Hirota Capital Management, LLC.  Prior to that, her experiences included acting as a portfolio manager specializing in Japanese securities for Kingdon Capital Management, LLC, a New York–based hedge fund; two years as a partner and Portfolio Manager of Feirstein Hirota Japan Partners, a Japanese long/short hedge fund; and 12 years at Salomon Smith Barney Asset Management, as Managing Director and Senior Portfolio manager in the US value equity group.  She was a founding member of their large cap value equity group, with personal responsibility for approximately $2 billion in assets from pension funds, endowments, and mutual funds. She also worked as a securities analyst covering global technology and consumer sectors at Equitable Capital Management. Aya received her MBA from the International Institute for Management Development (IMD) in Lausanne, Switzerland and holds a BA in Liberal Arts from International Christian University in Tokyo, Japan. She also studied at Chung Chi College at the Chinese University of Hong Kong, as a Japanese Ministry of Education Scholar. Aya is a CFA® charter holder. She is a board member of Japanese American Social Services and Friends Without A Border.


Eric Zhou
Research Analyst

Eric joined the Firm in 2014 as a Research Analyst. Eric works primarily on derivative related research, and also supports the Firm’s broader research efforts.  Previously, Eric worked for UBS Wealth Management. Eric received a BS degree from Carroll School at Boston College and an MA degree in the Mathematics of Finance from Columbia University.


© Horizon Kinetics LLC 2014