Organizational Structure

Co-founders Peter Doyle and Murray Stahl each have over 30 years of investment experience.  Peter and Murray oversee all of Horizon Kinetics’ investment management efforts and lead a seasoned team of portfolio managers and research analysts. Our investment team, consisting of 19 investment professionals, has an average tenure of 18 years with the Firm and an average industry experience of 31 years.  There has been minimal turnover in senior investment personnel since the inception of the Firm.

Our Team

Peter Doyle

Managing Director, President of Kinetics Mutual Funds, Inc., Co-Founder

Peter is a Managing Director and co-founder of the Firm.  He is a senior member of the research team, and a member of the Investment Committee and the Board.  Peter is a Co-Portfolio Manager for several registered investment companies, private funds, and institutional separate accounts.  He is also responsible for oversight of the Firm’s marketing and sales activities and is the Vice President of FRMO Corp.  Previously, Peter was with Bankers Trust Company (1985-1994) 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 Executive Officer, Chief Investment Officer, Co-Founder

Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the Firm. He has over thirty years of investing experience and is responsible for overseeing the Firm’s proprietary research. Murray serves as the Firm’s Chief Investment Officer, and chairs the Firm’s Investment Committee, which is responsible for portfolio management decisions across the entire Firm. He is also the Co-Portfolio 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 Minneapolis Grain Exchange, the Bermuda Stock Exchange and Texas Pacific Land Corporation. 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, a 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 President of Horizon Kinetics and is a co-founder of the Firm.  He is a senior member of the Firm’s research team, a member of the Investment Committee and Board, and supervises all research reports produced by the Firm.  As one of the largest independent research firms, Horizon Kinetics focuses on structurally inefficient market sectors, including domestic spin-offs, global spin-offs (The Spin-Off Report and (Global Spin-Off Report), distressed debt (Contrarian Fixed Income) and short sale candidates (Devil’s Advocate), among others.  Horizon Kinetics has also taken an interest in creating functionally improved indexes, such as the Spin-Off Indexes and the Wealth Indexes (which incorporate the owner-operator return variable). Steve is also the President and CFO of FRMO Corp., a publicly traded company with interests in Horizon Kinetics and is a member of the Board of Directors of Winland Electronics, Inc.  He received a BA from Hunter College, and his CFA® Charter in 1989. Steve has authored a variety of papers, notably “Spin-offs Revisited: A Review of a Structural Pricing Anomaly” (1996) and “Equity Strategies and Inflation” (2012).

Alun Williams

Chief Operating Officer

Alun joined the Firm in 2009 and, after 12 years as the firm’s Director of Trading and Operations, took over the role of Chief Operating Officer in 2021. As Chief Operating Officer, Alun is responsible for overseeing daily operations and administrative functions for Horizon Kinetics. Prior to 2009, Alun was at Goldman Sachs where he was the head of GSAM Operations Salt Lake City. Alun joined Goldman Sachs in 1996 and in his time there held a number of operational and control positions within the equity, private wealth and asset management divisions. Alun received a BSc in Business Administration from Bath University, England.

Jay Kesslen

General Counsel, Managing Director

Jay joined the Firm in 1999 and currently serves as General Counsel, Managing Director, and is a member of the Board.    He oversees all aspects of the Firm’s legal affairs, advises on all material compliance matters, and is responsible for the Firm’s corporate governance.  Jay is the Firm’s Anti-Money Laundering Officer and also serves as a Director for several private funds managed by subsidiaries of the Firm.  He is also Vice President and Assistant Secretary for Kinetics Mutual Funds, Inc., a series of U.S. mutual funds managed by Horizon Kinetics Asset Management LLC, a subsidiary of the Firm.  Jay also serves as the General Counsel of FRMO Corp., a publicly traded company.  Jay holds a BA in Economics from the State University of New York at Plattsburgh (cum laude) and a JD from Albany Law School.

Russell Grimaldi

Chief Compliance Officer, Associate General Counsel

Russ joined the Firm in 2005 and currently serves as the Chief Compliance Officer and Associate General Counsel. He oversees the Firm’s compliance program and supports all legal and regulatory functions. Russ has substantial experience with the rules and regulations governing the investment management industry and is a frequent speaker at various industry events. He is also a member of several of the Firm’s operating committees and is the Anti-Money Laundering Compliance Officer for the Firm’s offshore private funds. Russ holds a BA in Legal Studies from Quinnipiac University (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 Horizon Kinetics Asset Management, 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 supporting the Firm’s research team, primarily working with the CEO and President.  She also serves as Corporate Secretary of FRMO Corp., a publicly traded company.  Prior to joining the Firm, she was a professional violinist and private teacher in New York City. Thérèse attended the Hartt School of Music and 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 Co-Portfolio Manager for the Inflation Beneficiaries ETF (INFL), the Internet Fund as well as several private funds and institutional separate accounts. He began his investment career with the Firm in 2005, as a member of the trading desk and joined the investment team in December 2006. James began his tenure on the investment team as a generalist 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 an MBA from New York University.

Matthew Houk

Portfolio Manager, Research Analyst

Matt joined the Firm in 2008 and has responsibilities in both Research and Portfolio Management. Matt is involved in the identification, analysis and monitoring of certain investment opportunities for the Firm. He is also a Co-Portfolio Manager for several registered investment companies including the Kinetics Small Cap Opportunities Fund, the Kinetics Multi-Disciplinary Income Fund, and the Kinetics Alternative Income Fund. Matt is also the Co-Chairman and Co-Chief Executive Officer of Winland Holdings Corporation, where he serves as a member of the Audit Committee, Investment Committee, Compensation Committee, and Nominating/Governance Committee. Previously, Matt was with Goldman, Sachs & Co. He 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 Firm’s Asia Strategy.  Prior to this, Utako was an equity analyst at AS Hirota Capital Management, LLC. Her experience includes consulting in the Valuation Division at Shin-Nihon Ernst & Young Transaction Advisory Services, Tokyo, Japan. Previously, she served in the International Products Client Services and Sales Operations group at Deutsche Securities Limited, Tokyo, Japan, managing post transaction processes and client services.  Utako received a BA in Political Science from Keio University, Tokyo, Japan, and is a CFA® charter holder.

Darryl Monasebian

Senior Portfolio Manager

Darryl joined the Firm in 2022 and currently serves as a Senior Portfolio Manager. Before joining the Firm, Darryl served as an Executive Vice President at Oxford Funds, LLC from 2005 to 2022. Prior to that, he held several positions including a Director in the Merchant Banking Group at BNP Paribas, a Director at Swiss Bank Corporation, and a Senior Account Officer at Citibank. Darryl began his career as an Investment Analyst in the Corporate Investments Department at Metropolitan Life Insurance Company. He has over 30 years of professional experience. Darryl received a BS degree in Management Science/Operations Research from Case Western Reserve University and a MBA from Boston University’s Graduate School of Management.

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.

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, Director of Asia Strategy

Aya joined the firm in 2010, as a Co-Portfolio Manager for 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 a 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 responsibility for approximately $2 billion in assets. She also worked as a securities analyst covering global technology and consumer sectors at Equitable Capital Management. Aya is a non-executive board member of Toshiba Corp. and was previously a non-executive board member of SBI Holdings, Inc. in Japan. Aya received an MBA from the International Institute for Management Development (IMD) in Lausanne, Switzerland and 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® charterholder. She is a member of the U.S.-Japan Council and serves on its investment committee. She also serves on Japan ICU Foundation’s investment committee.

Chris Bell

National Sales Manager

Chris joined the Firm in 2001 and currently serves as National Sales Manager, where he is responsible for a national wholesaling team that primarily focuses on the distribution of the Kinetics Mutual Funds. 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 adviser 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.

James (Jimmy) McShane

Vice President

Jimmy originally joined the Firm in 2007 through 2009, and rejoined in 2015 as a member of the Firm’s wholesaling team.  He is responsible for the sale of mutual funds, separate accounts and private funds to financial advisors at national, regional, and independent broker dealers. Jimmy has been in the financial services industry since 1991, most recently, from 2009 to 2015, as a Vice President of Sales at Virtus Investment Partners, Inc.  Previous to that, he was a Senior Vice President at AIG SunAmerica and a Vice President with Natixis Global Asset Management.  Jimmy received a BS from Stonehill College in 1991.

Marc Schumacher

Vice President

Marc originally joined the Firm in 2001 through 2002 and rejoined in 2007 as a member of the Firm’s wholesaling team.  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 working for several brokerage firms prior to Josephthal. Marc studied Communications at Northeastern University.

Bob Uly

Vice President

Bob joined the Firm in 2003 and is a member of the Firm’s wholesaling team with responsibility for relationships with broker dealers and registered investment advisers.  Bob began his investment career in 1982. Prior to joining the Firm he worked for 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 and an MBA from Tulane University.

Agustin Krisnawahjuesa, CFA®

Director of Client Service & Business Development

Agustin joined the Firm in 2010 and is responsible for institutional client service and business development. 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.