Investment Team
Paul Abel
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.
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Rich Begun
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.
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Thérèse Byars
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.
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Ryan Casey, CFA®
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.
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James Davolos
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.
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Matthew Houk
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.
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Utako Kojima, CFA®
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.
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Darryl Monasebian
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.
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Eric Sites
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.
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Fredrik Tjernstrom, CFA®
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.