Research Reports
Senior Management



Murray Stahl
Chairman, Chief Executive Officer, Chief Investment Officer, Co-Founder

Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the Firm. He has over thirty years of investing experience and is responsible for overseeing the Firmís proprietary research. Murray serves as the Firmís Chief Investment Officer, and chairs the Firmís Investment Committee, which is responsible for portfolio management decisions across the entire Firm. He is also the Co-Portfolio Manager for a number of registered investment companies, private funds, and institutional separate accounts. Additionally, Murray is the Chairman and Chief Executive Officer of FRMO Corp. †He is also a member of the Board of Directors of the Bermuda Stock Exchange, the Minneapolis Grain Exchange, Winland Electronics, Inc., and IL&FS Securities Services Limited. Prior to co-founding the Firm, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. †As a senior fund manager, he was responsible for investing the Utility Mutual Fund, along with three of the bankís Common Trust Funds: †The Special Opportunity Fund, The Utility Fund, and The Tangible Assets Fund. †He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank. †Murray received a Bachelor of Arts in 1976, a Masters of Arts in 1980 from Brooklyn College, and an MBA from Pace University in 1985.


Steven Bregman
President, Co-Founder

Steven is the President of Horizon Kinetics and is a co-founder of the Firm. †He is the Portfolio Manager for the Firmís Core Value strategy and is Co-Portfolio Manager for a number of private funds and institutional separate accounts. Steven serves on the Investment Committee, the Board and is a senior member of Horizon Kineticsí research team, with oversight responsibilities for all research reports produced by the Firm. He is also the President, Chief Operating Officer and Chief Financial Officer of FRMO Corp. Previously, he was a senior investment officer in the Private Bank at Bankers Trust Company (1985-1994), where he was a member of the Institutional/Individual Group responsible for the bankís larger individual relationships and for setting equity investment guidelines for the Private Bank. Steven also served as a member of the Special Situations Equity Strategy Group, and in a variety of new product development projects. Steven received a BA from Hunter College.


Peter Doyle
Managing Director, President of Kinetics Mutual Funds, Inc., Co-Founder

Peter is a Managing Director and co-founder of the Firm. †He is a senior member of the research team, and a member of the Investment Committee and the Board. †Peter is a Co-Portfolio Manager for several registered investment companies, private funds, and institutional separate accounts. †He is also responsible for oversight of the Firmís marketing and sales activities and Officer of FRMO Corp. †Previously, Peter was with Bankers Trust Company (1985-1994) as a Senior Investment Officer, where he also served on the Finance, Utility and REIT Research sub-group teams. Peter received a BS from St. Johnís University and an MBA from Fordham University.


Thomas Ewing
Co-Founder

Tom joined the Firm in 1996 and is a member of both the Board and the Investment Committee. Tom oversees Horizonís North Carolina office and is instrumental in the creation of new Horizon Kinetics investment strategies. Previously, Tom was a Marketing Director with Smith Barneyís Capital Management Division (1989-1991) and then a Financial Consultant at Wheat First Butcher Singer (1991-1996). Tom received a BA from Washington & Lee University.


Hugh Ross
Chief Operating Officer

Hugh joined the Firm in 2009 and is responsible for overseeing all non-investment functions for Horizon Kinetics. He is also a member of the Board. Previously, Hugh served as the Chief Operating Officer of the Global Manager Strategies Group within Goldman Sachs Asset Management (GSAM), and immediately prior to this, he served as a compliance officer for both GSAM and Goldmanís Private Wealth Management business. Prior to joining Goldman Sachs, Hugh served as an Associate Counsel for ChaseMellon Shareholder Services and also worked as an attorney with a securities industry boutique law firm whose practice focused on broker/dealer and investment adviser regulatory matters. Hugh received a BBA from Emory University and a JD from New York Law School.†


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