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Horizon Kinetics Q3 Investor Letter - Great Read As Always

Dear Superinvestor Bulletin Follower,

The Superinvestor Bulletin has one of Horizon Kinetics high conviction positions in our portfolio.  If you have been following Murray Stahl (or me for that matter) you better believe that the position is one that lies outside of the index fund bubble that is the S&P 500 today.

You can read Stahl's Q3 investor letter through the link below, as per usual it is well worth the effort:

Horizon Kinetics Q3 2017 Investor Letter

About The Superinvestor Bulletin Portfolio

Every idea that goes into the portfolio of my subscription service is a high conviction idea from one of the best investors in the world.  As a group these investors have significantly outperformed the overall market for decades.

If I build a portfolio made up of ideas from a group of investors who generate 15 to 20 percent annualized returns shouldn't my performance match the group?

No...it should actually do better since I don't pay their performance and management fees which nick up to 5 percent from their returns.

I present the best idea I can find in their portfolios every month.  In the year and a half my service has been running we have vastly outperformed the market.  Not because I'm smart, but because the people whose ideas I steal are very, very smart.

Come take a free trial and see why my results are so good so far:

Seeking Alpha Author Research

Your portfolio will thank you for it.

Reese Morgan

Editor, The Superinvestor Bulletin