Alpha Vulture
Deep value, special situations, long-term horizon, micro-cap

FRMO: A Fantastic Business At A Terrible Price

Horizon Kinetics is a successful asset manager with $9.1B in AUM. The company itself is privately owned, but it's nevertheless possible for investors to own a piece of the business through FRMO Corp. (OTCPK:FRMO). This $300 million micro cap company is run by Murray Stahl and Steven Bregman, the same people who co-founded Horizon Kinetics and continue to run the company today. Murray Stahl is the Chief Investment Officer while Steven Bregman is Director of Research at Horizon Kinetics. They have a pretty impressive investment track record, and the great thing is that they will work for free for you if you own FRMO. They are not getting paid a salary at FRMO, but they own a sizable...

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