In a market shaped by index concentration and short-term performance pressures, contrarian strategies are leaning into opportunities others may not have the patience or liquidity to own. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Murray Stahl, CEO, CIO and co-founder of Horizon Kinetics and a portfolio manager for the Paradigm Fund (WWNPX). They discuss the firm’s long-horizon contrarian philosophy, grounded in Stahl’s view that investors optimize for one-year grading periods, and its concept of an equity yield curve to explain why long-duration opportunities can be overlooked. The conversation also covers the fund’s willingness to let winners compound rather than trim positions, the tax considerations behind concentration, Stahl’s framework for Bitcoin exposure and why he views private investments as a natural extension of the strategy in an era of index dominance. The podcast was recorded on Feb. 18.

 

In a market shaped by index concentration and short-term performance pressures, contrarian strategies are leaning into opportunities others may not have the patience or liquidity to own. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Murray Stahl, CEO, CIO and co-founder of Horizon Kinetics and a portfolio manager for the Paradigm Fund (WWNPX). They discuss the firm&rsquo;s long-horizon contrarian philosophy, grounded in Stahl&rsquo;s view that investors optimize for one-year grading periods, and its concept of an equity yield curve to explain why long-duration opportunities can be overlooked. The conversation also covers the fund&rsquo;s willingness to let winners compound rather than trim positions, the tax considerations behind concentration, Stahl&rsquo;s framework for Bitcoin exposure and why he views private investments as a natural extension of the strategy in an era of index dominance. The podcast was recorded on Feb. 18.
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Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and gleam insights from active managers and those who cover the industry.

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and gleam insights from active managers and those who cover the industry.

Inside Active by Bloomberg Intelligence

Horizon’s Stahl on Letting Winners Run

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7476b9ca-89fe-4458-8732-b40900e4a74b/transcript