Murray Stahl

Biography

Murray Stahl studied at Brooklyn College and Pace University and spent 16 years at Bankers Trust (1978 to 1994) as a portfolio manager and research analyst. He co-founded Horizon Kinetics in 1994 and served as its chairman, chief executive and chief investment officer, chairing the investment committee, and was also chairman and chief executive of FRMO Corp. He died suddenly on 7 April 2026.

In their own words

Horizon Kinetics’s largest US holdings

From the Q2 2026 13F, worth $8.8bn in total. See every holding and change

1. Texas Pacific LandTPL48.6%
2. Grayscale Bitcoin Trust EtfGBTC6.3%
3. Landbridge CompanyLB5.2%
4. Hawaiian Electric IndustriesHE3.4%
5. Miami International HoldingsMIAX3.3%
6. Waterbridge Infrastructure LWBI3.0%
7. Wheaton Precious MetalsWPM2.1%
8. Permian Basin Royalty TrustPBT1.9%
9. Franco NevadaFNV1.8%
10. Grayscale Bitcoin Mini Trust ETFBTC1.8%

Also at Horizon Kinetics

• Steven Bregman Co-founder, president and co-chief executive