Show Notes
We've wanted to have this conversation for 3 years.
Our guest today is James Davolos of Horizon Kinetics, the New York-based deep value firm managing over US$11.5B across a range of contrarian strategies, where James runs the ~$1.6B Inflation Beneficiaries mandate.
The core reason for wanting to speak with James is that he's responsible for fundamentally changing how we view the hard asset market, and what constitutes a great business in this part of the world.
With us, James covers:
Why we're in the early innings of a long-term, structurally higher inflation regime The investment case for capital-light real assets with pricing power & minimal reinvestment needs Why the best time to buy royalty companies is when funding markets are breaking down How scarce assets are priced differently across precious metals, industrial metals and energy Why stock exchanges are royalty businesses in disguise Follow James: LinkedIn: https://www.linkedin.com/in/james-davolos-0a1a9a44/ Website: https://horizonkinetics.com
Episode recorded: 09/06/2026
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TIMESTAMPS (0:00) Higher Inflation Thesis (4:30) Horizon Kinetics DNA (9:10) Zero Rates Distortions (15:00) Tech Duration Meets Reality (23:20) Capital Light Real Assets (28:00) Royalty Multiples Explained (40:30) Streams and Portfolio Build (50:30) Exchanges, Crypto, and Wrap
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