Our People



Murray Stahl
Chairman, Chief Investment Officer, Co-Founder

Murray is Chairman of the Board of Horizon Kinetics and was a co-founder of the Firm.  He has over thirty years of investing experience and is responsible for overseeing the Horizon Kinetics Research Team. Murray also serves as Chairman of the Firm’s Investment Committee, which is responsible for all portfolio management decisions.  Previously, 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 bank’s 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.  By 1994, Murray managed approximately $600 million in trust and fund assets and was deeply involved in new product development.  Murray received a BA and MA from Brooklyn College and an MBA from Pace University.


Doug Kramer
Chief Executive Officer

Doug joined Horizon in 2010 as CEO.  He has over twenty years of experience building businesses and serving clients in the investment management industry.  He is a board member of Horizon Kinetics LLC. Prior to Horizon Kinetics, Doug was a Managing Principal of Quadrangle Group. Prior to Quadrangle, Doug was a Partner of Goldman, Sachs & Co. where he served as Chief Investment Officer and head of the Global Manager Strategies Group within Goldman Sachs Asset Management (GSAM). Doug was responsible for manager selection across all traditional asset classes for Goldman's private wealth management businesses globally. In addition, Doug oversaw the strategic development of GSAM's Institutional Fiduciary Management business where he served as Chief Investment Officer. Prior to Goldman Sachs, Doug worked at Columbia Energy Group in Houston, TX and as a portfolio manager at Fischer Francis Trees & Watts, Inc. where he managed corporate and mortgage-backed fixed income portfolios. Doug has a BS from the Wharton School of the University of Pennsylvania and an MBA with Beta Gamma Sigma honors from Columbia University.


Steven Bregman
President, Co-Founder,Senior Portfolio Manager

Steven is the Portfolio Manager of Horizon’s Core Value strategy and was a co-founder of the Firm. Steven serves on the Investment Committee, the Board and is a senior member of Horizon Kinetics’ Research Team, with oversight responsibilities for all research reports produced by the Firm. 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 bank’s 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. By 1994 Steven managed approximately $600 million in private client assets. He received a BA from Hunter College.


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 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 Goldman’s 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.


Peter Doyle
President Kinetics Mutual Funds, Inc., Co-Founder, Senior Portfolio Manager

Peter is a Senior Member of Horizon Kinetics’ Research Team. He is a member of the Investment Committee and the Board and manages customized portfolios for a number of Horizon Kinetics’ private clients. Peter is also the President of the Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management LLC, a subsidiary of Horizon Kinetics. Previously, Peter was with Bankers Trust Company 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. John’s 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 Horizon’s North Carolina office and is instrumental in the creation of new Horizon Kinetics investment strategies. Previously, Tom was a Marketing Director with Smith Barney’s 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.


© Horizon Kinetics LLC 2014