Organizational Structure

Co-founders Peter Doyle and Murray Stahl each have over 28 years of investment experience.  Peter and Murray oversee all of Kinetics’ investment management efforts and lead a seasoned team of portfolio managers and research analysts. Our investment team, consisting of 20 investment professionals, has an average tenure of 9 years with the Firm and an average industry experience of 17 years.  There has been minimal turnover since the inception of the Firm.

Our Team

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.

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.

Jay H. Kesslen

General Counsel

Jay joined the firm in 1999 and currently serves as General Counsel and is the assistant secretary of the Board. Jay is responsible for managing all legal and compliance matters for the firm. Jay is also the firm’s Anti-Money Laundering Officer and serves as Assistant Secretary for the Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Kinetics Asset Management, LLC, a subsidiary of Horizon Kinetics. Jay holds a BA in Economics from the State University of New York at Plattsburgh (cum laude) and a JD from Albany Law School.

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.

Paul Abel

Senior Portfolio Manager

Paul joined the firm in 1999 and currently serves as Portfolio Manager to the Kinetics Medical Fund and various other private funds. Paul’s primary duties include research and analysis of developing scientific technologies and innovations in the medical and bio-pharmaceutical industries. Prior to joining Kinetics, Paul was employed by Brookhaven National Laboratories, from 1989 through 1999, where he researched, developed and implemented technical and scientific programs and systems in the areas of nuclear physics, computer programming and industrial design. During that time, Paul also provided freelance writing services for the Academic Science and News Review, reporting and offering insight on a myriad of issues and developments in the fields of science and technology. Paul received a BS in Physics from SUNY Stony Brook and holds a Masters Degree in Mechanical/Nuclear Engineering from Manhattan College.

Rich Begun

Senior Portfolio Manager

Rich has over 24 years experience in finance and asset management. He is currently a Senior Portfolio Manager in the Private Client Group and manages custom client accounts. Previously, he was a Senior Portfolio Manager and Senior Vice President at Olstein Capital and a Principal and Global Portfolio Manager at Clay Finlay. Rich also held positions as a Director and Portfolio Manager at Orbitex, and a Vice President and Portfolio Manager at the Bank of New York. In addition to his portfolio management responsibilities, he has also served as a senior research analyst, covering financials, energy, industrials and consumer services. Mr. Begun holds a BS in Economics from Binghamton University, an MA in Economics from Brooklyn College and an MBA from Baruch College, Zicklin School of Business.

Thérèse Byars

Research Analyst

Thérèse joined the firm in 2006 and is responsible for the technical review and editing of all research prior to distribution. Additionally, Thérèse acts as a liaison between portfolio managers and fund administrators for various private funds. She received a BS (magna cum laude) in Economics from Columbia University.

Ryan Casey, CFA®

Research Analyst

Ryan joined the firm in 2011 and is responsible for conducting and authoring research. He has been writing spin-off and global contrarian research for the firm since 2008 as a senior analyst with the Institutional Research Group. Ryan has over eleven years of experience as an equity research analyst, including a senior analyst position with Bear Stearns. He received a BS in Electrical Engineering from the University of Michigan, an MBA from New York University and is a CFA® charter holder.

James Davolos

Portfolio Manager, Research Analyst

James joined the firm in 2005 and currently serves as an Assistant Portfolio Manager for several Kinetics funds. He began his investment career with the firm in 2005, as a member of the trading desk and transitioned to the investment team in December 2006. James began his tenure on the investment team as a junior analyst covering investment and research opportunities for various strategies managed by the firm. James received a BBA in Finance from Loyola University in Maryland and was a member of the Sellinger Scholars business honors program.

Derek Devens, CFA®

Portfolio Manager, Research Analyst

Derek joined the firm in 2010 and has responsibilities in both Research and Portfolio Management for the firm. Derek is a member of the Investment Committee and is responsible for co-managing the Kinetics Alternative Income and the Kinetics Multi-Disciplinary mutual funds and various separate account strategies. Prior to Horizon Kinetics, Derek was a Vice President with Goldman Sachs’ Global Manager Strategies Group where he was responsible for conducting investment manager research. In this capacity, he began evaluating certain Horizon investment strategies on behalf of Goldman starting in 2004. Previously, Derek was a fixed income portfolio manager at both Fischer Francis Trees & Watts as well as Bond Logistix. He received a BS in Civil Engineering from Princeton University and an MBA from New York University. Derek is a CFA® charter holder.

Rory Ewing

Research Analyst

Rory joined the Firm in 2013 as a Research Analyst. Previously, Rory worked at Tempus Quo, an investment firm focused on international, commodity related sectors where he led the trading team. Rory was a founding member of Tempus Quo and was responsible for identifying opportunistic trades, managing position exposures and running operational projects. Prior to his time at Tempus Quo, Rory spent two years as a trader at Pequot Capital, and two years as a capital markets consultant at Thomson Financial. Rory received a BA from Colgate University.

Michael Gallant, CFA®

Research Analyst

Michael joined the firm in 2005 as a Research Analyst and is responsible for conducting and authoring research. He is a member of the Investment Committee and has responsibilities in the generation of investment ideas and monitoring current holdings for the Firm. Michael authors research primarily for the Contrarian Research Report, which identifies opportunities in the small and mid-capitalization arenas. Prior to Horizon Kinetics, Michael spent two years in the Institutional Accounting Department at Fidelity Investments and he previously worked as a research aide in the U.S. Senate. Michael received a BA from Colby College, and is a CFA® charter holder.

Matthew Houk

Portfolio Manager, Research Analyst

Matt joined the firm in 2008 and has responsibilities in both Research and Portfolio Management. Matt is a member of the Investment Committee and has responsibilities in the identification, analysis and monitoring of certain investment opportunities for the firm. He is also a co-portfolio manager for the Kinetics Small Cap Opportunities Fund, which is managed by Kinetics Asset Management LLC, and the Virtus Wealth Masters Fund, which is sub-advised by Horizon Asset Management LLC. Previously, from 2005 through 2008, Matt was an Associate with Goldman, Sachs & Co. Matt received a BA in Economics and Political Science from Yale University.

David Kingsley

Senior Portfolio Manager

David joined the firm in 2006 and is responsible for co-managing various private funds, along with the Kinetics Multi-Disciplinary Fund. David is also a member of the investment team for the Kinetics Alternative Income Fund. Prior to Horizon Kinetics, David held Portfolio Management positions with Kingsley Capital, Schottenfeld Associates and Teleos Asset Management. He received a BSBA from Washington University.

Utako Kojima

Portfolio Analyst

Utako joined the firm in 2010 as a Portfolio Analyst, primarily focusing on the Asia Strategy. Prior, Utako was an equity analyst at AS Hirota Capital Management, LLC. Her experience included consulting in the Valuation Division at Shin-Nihon Ernst & Young Transaction Advisory Services, Tokyo, Japan for a year and a half, where she worked on-site in the Legal/Compliance Department designing and implementing effective transaction analysis processes and systems. Previously, she served in the International Products Client Service and Sales Operation at Deutsche Securities Limited, Tokyo, Japan for two years managing post transaction processes and client services. Utako received a BA in Political Science from Keio University, Tokyo, Japan.

Eric Sites

Assistant Portfolio Manager, Research Analyst

Eric joined Horizon in 2004 and is responsible for conducting and authoring research for the firm. In particular, Eric co-authors the Stahl Report, which identifies opportunities in the large capitalization arena. He is also an Assistant Portfolio Manager for several private funds, and serves on the investment team for the Kinetics Market Opportunities mutual fund. He received a BA from Southern Illinois University in 2000 and an MA from Columbia University, Teachers College in 2002.

Salvator Tiano

Research Analyst

Salvator joined the firm in 2013 as a Research Analyst. Previously, Salvator worked as an Investment Banking Analyst in the Shipping Group of Chatsworth Securities, where he applied his knowledge of the Greek maritime industry. Salvator has also held internships with the Cyprus Popular Bank and EFG Eurobank Equities. Salvator has a BS in Management Science and Technology from Athens University of Economics and Business and a Master in Finance from The Ohio State University, where he was a Weidler Scholar. He is originally from Greece and has served in the Greek Hellenic Army.

Fredrik Tjernstrom, CFA®

Research Analyst

Fredrik joined the firm in 1998 and is responsible for conducting and authoring research. He also acts as an Assistant Portfolio Manager for one of Horizon Kinetics’ private funds. Previously, he was the Director of Research for Brokerage Research Services, an independent research provider which he co-founded. Fredrik has a BSc in Electrical Engineering from Växjö University, Sweden, an MBA with a concentration in Finance and an MSc in Information Systems from Hawaii Pacific University. He also attended Harvard University for parts of his graduate work. Fredrik is a CFA® charter holder.

Steven Tuen, CFA®

Research Analyst

Steven joined the firm in 1996 and is responsible for conducting and authoring research. As a senior analyst, Steven’s responsibilities include coverage of equity and fixed income securities, with particular emphasis on high yield securities. Steven also serves as a co-portfolio manager to various Kinetics Mutual Funds. Previously, Steven spent seven years with Bankers Trust Company as a Portfolio Manager in the Private Client Group, serving high net worth individual and trust accounts. He received a Bachelors of Business Administration from Baruch College – City University of New York. Steve is a CFA® charter holder and a member of the CFA Institute as well as the New York Society of Security Analysts.

Ayako Hirota Weissman, CFA®

Senior Portfolio Manager

Aya joined the firm in 2010 as a Co-Portfolio Manager on the Asia Strategy. With over 26 years of investment experience, Aya was most recently a founder and Chief Investment Officer of AS Hirota Capital Management, LLC. Prior to that her experiences included acting as a portfolio manager specializing in Japanese securities for Kingdon Capital Management, LLC, a New York–based $5.5billion hedge fund, two years as a partner and Portfolio Manager of Feirstein Hirota Japan Partners, a Japanese long/short hedge fund, and 12 years at Salomon Smith Barney Asset Management as Managing Director and Senior Portfolio manager in the US value equity group. She was a founding member of their large cap value equity group with personal responsibility for approximately $2 billion in assets from pension funds, endowments, and mutual funds. She also worked as a securities analyst covering global technology and consumer sectors at Equitable Capital Management. Aya received her MBA from the International Institute for Management Development (IMD) in Lausanne, Switzerland and holds BA in Liberal Arts from International Christian University in Tokyo, Japan. She also studied at Chung Chi College at the Chinese University of Hong Kong as a Japanese Ministry of Education Scholar. Aya is a CFA® charter holder and board member of Japanese American Social Services.

Eric Zhou

Research Analyst

Eric joined the Firm in 2014 as a Research Analyst. Eric works primarily on derivative related research, and also supports the Firm’s broader research efforts. Previously, Eric worked for UBS Wealth Management. Eric received a BS degree from Carroll School at Boston College and an MA degree in the Mathematics of Finance from Columbia University.

Chris Bell

National Sales Manager

Chris joined the firm in 2001 and currently serves as National Sales Manager, where he assists in the oversight of a national wholesaling team that works with institutional broker-dealers. Prior to joining the firm, Chris was employed by Howard Investment Management as a Director, overseeing institutional and retail sales. From 1998 through 2001, Chris served as an investment advisor with Du Pasquier & Co, Inc., in Paris, France. From 1997 through 1998, he was President of USEXPAT Consulting, a French investment advisor where he had discretionary management responsibility. Chris also held positions with Janney Montgomery Scott and First Albany Corporation. Chris received a BA from Old Dominion University in 1984 and is a Certified Financial Planner.

Robert Conrad

Vice President

Robert joined the firm in 2014 and is responsible for relationships with Horizon Kinetics’ direct client base, focusing on High Net Worth Individuals, Registered Investment Advisors, Family Offices, and Institutions. Robert brings 18 years of Institutional experience to Horizon Kinetics, most recently as Vice President, Director of Consultant Relations with Credit Suisse. Robert has also held consultant and client-facing roles with DuPont Capital, Oppenheimer Capital, and PIMCO. He received a BS in Business Administration from Chapman University. Robert is also a veteran of the U.S. Marine Corps where he spent six years as an Intelligence Analyst.

Tom Gormley

Vice President

Tom joined the firm in 2005 and is responsible for relationships with Broker Dealers and Registered Investment Advisors. Prior to joining Horizon Kinetics, Tom was a Capital Markets Consultant with Target Investments, from 2001 through 2005. From 1997 through 1999, Tom served as a Regional Principal with JP Morgan Chase in Connecticut. Tom began his investment career in 1974 and has held positions with Prudential Bache, Shearson Lehman and KPMG. Tom graduated Manhattan College (summa cum laude) with a BS in Accounting.

Marc Schumacher

Vice President

Marc originally joined the firm in 2001 through 2002 and rejoined in 2007. He is responsible for the sale of mutual funds, separate accounts and private funds to financial advisors at national, regional, and independent broker dealers. Previously, Marc worked as a Financial Advisor at Josephthal and Company. He began his investment career in 1991 at various brokerage houses. Marc studied Communication at Northeastern University.

Bob Uly

Vice President

Bob joined the firm in 2003 and is responsible for assisting in the oversight and servicing of national accounts. Additionally, he is responsible for relationships with broker dealers and registered investment advisors. Bob began his investment career in 1982 and has held employment at Target Investors, Prudential Securities, Smith Barney, National Securities & Research Corp and LGS Energy, a subsidiary of a publicly traded NYSE utility. Bob started his career with Ocean Drilling and Exploration, where he served as an onsite Manager at both domestic and international locations. Bob received a BA from Tulane University and also holds an MBA from Tulane.

Agustin Krisnawahjuesa, CFA®

Director of Client Service & Business Development

Agustin joined the firm in 2010 and is responsible for client services and business development functions of the firm. Previously, Agustin was a Vice President at Goldman Sachs Asset Management, concentrating in asset allocation analytics as well as fixed income and GTAA manager selection research efforts. Prior to that, Agustin worked at JPMorgan Asset Management, with roles in asset allocation portfolio construction and implementation, quantitative research and manager selection. Agustin received a B.S. in Economics from The Wharton School of the University of Pennsylvania. Agustin is also a CFA® charter holder.

Lisa Quick Archibald

Vice President, Client Service & Business Development

Lisa joined the firm in 2013 and has responsibilities in both client service and business development. Prior to joining the firm, Lisa served as the Director of Investor Relations and Administration for Broad Hollow Partners, a private equity fund. Prior to Broad Hollow, Lisa was an associate of the Private Funds Group at Credit Suisse Securities (USA) LLC. Prior to Credit Suisse, Lisa spent five years at Goldman Sachs & Co. where she held associate roles in the Private Wealth Management business and the International Tax Group. Before Goldman Sachs, Lisa was a senior tax consultant in the Banking & Securities Tax practice at Deloitte & Touche LLP. Lisa holds a BS in Accounting and a BS in Psychology from the University of Florida and an MBA from the Leonard N. Stern School of Business at New York University. Lisa is a CPA in the state of New York.