Horizon Kinetics Q4 2025 Commentary

Comstock/Stockbyte via Getty Images Introduction: Questions That Answer Themselves Speakers should take a beat once in a while—for breath and for questions. The most relevant question on any agenda must be, for the person who asked it, their question. The start of a year is a fine season to take that beat, so this Commentary centers on questions that recently came our way. Let us begin with two verbatim client questions, from October and December, which were publicly answered shortly thereafter by TPL i ...