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 16 investment professionals, has an average tenure of 11 years with the Firm and an average industry experience of 20 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, Chief Executive Officer, Co-Founder

Murray is Chairman of the Board of Horizon Kinetics LLC and is 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 serves as the Firm’s Chief Investment Officer, Chief Executive Officer and chairs the Firm’s Investment Committee, which is responsible for portfolio management decisions across the entire Firm. He is also the co-manager for a number of registered investment companies, private funds, and institutional separate accounts.  Additionally, Murray is the Chairman and Chief Executive Officer of FRMO Corp.  He is also a member of the Board of Directors of the Bermuda Stock Exchange, the Minneapolis Grain Exchange, Winland Electronics, Inc., and IL&FS Securities Services Limited.  Prior to co-founding the Firm, 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.  Murray received a Bachelor of Arts in 1976 and Masters of Arts in 1980 from Brooklyn College and an MBA from Pace University in 1985.

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, Chief Compliance Officer

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


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.

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 Virtus Wealth Masters Fund and the Virtus International Wealth Masters Fund, which are sub-advised by Horizon Asset Management LLC, and the Kinetics Small Cap Opportunities Fund, which is advised by Kinetics 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.

Utako Kojima, CFA®

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, CFA®

Research Analyst

Salvator joined the firm in 2013 as a Research Analyst who is focused primarily on global spin-offs. 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 Masters in Finance from Ohio State University, where he was a Weidler Scholar. He is originally from Greece and has served in the Hellenic Army.  Salvator is a CFA® charter holder.

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 30 years of investment experience, Aya was previously 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 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 where she was a founding member of the 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 is a director of SBI Holdings, Inc. in Japan. Aya received her MBA from the International Institute for Management Development (IMD) in Lausanne, Switzerland and holds a 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 Co-Vice Chairman of the Board of Friends Without A Border.

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.

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.