Murray Stahl at Hedgeye Fall 2024 Investing Summit: Inflation and Hard Asset Investing (October 9, 2024) .$INFL - The #inflation Beneficiaries ETF.@Hedgeye @HedgeyeTV @KeithMcCullough .

Everyone seems to believe that Japan's labor force is shrinking. According to the data in the table below, though, that perception is false—and has been false for quite some time. Japan's historically unique and unrecognized resilience in the face of a 30-year period of

Of course, viewed from the perspective of an American seeking diversification away from America, popular international index choices actually move the business exposure back into the U.S.

Moreover, diversification efforts have concentrated on expansion in the U.S. This is entirely logical when viewed from the companies’ perspective. The U.S. is the largest market in the world, and as such, offers expansion opportunities unavailable in their home markets.

Strangely, few seem to have noticed that these large firms have been diversifying away from their home markets. In almost every instance, the overwhelming majority of their revenue is from OUTSIDE their country.

The index would likely use the standard market-capitalization, float-adjusted weighting system, which guarantees that the largest companies will dominate.

If an American investor wanted exposure to another nation, the almost-universal advice would be to purchase either a country index or a broad-based international index with exposure to a variety of nations.

The proposed Golden Dome missile shield could result in $500 billion of additional U.S. defense spending. The revenue from this project would largely fall to a very small number of U.S. defense contractors with minimal aggregate S&P 500 exposure. What's in your index?.

Bitcoin’s market capitalization comfortably exceeds $2 trillion, equal to roughly 5% of the U.S. equities asset class. So when does it "become" an asset class?.$BTC.

Over the past two decades, no country or regional index has even approached a 10% annual return, save Denmark. But its since-inception return was partly due to global pharma firm Novo Nordisk, a 22.2% portfolio weight.

Does the absence of 20+ year double-digit country and global index returns—and the outperformance of gold and bitcoin—contradict the empirical basis of the capital asset pricing theory? Or require a rethink of the universally adopted index-based portfolio structure?.

Japan Owner Operator ETF ($JAPN) (日本　オーナーオペレーター) offers true Japan exposure, in the hidden owner-operator entrepreneurial sector of the market. Company revenues are primarily Japan-generated, unlike the export-oriented firms that dominate the Japan indexes, and

Cheers to the Kinetics Paradigm Fund ($WWNPX), now celebrating its 25th birthday. Since inception, the Fund has achieved annualized returns of 12.89%, compared to the S&P 500’s 7.43%. Learn more about our whole family of funds here:.

Horizon Kinetics congratulates @SandboxAQ on completing its Series E round. We’re thrilled to join investors including Google and NVIDIA in helping build out exceptional technologies vital to the future of biotechnology and material sciences. More here.

Please join us for $INFL (Inflation Beneficiaries Active ETF) portfolio update with James Davolos. March 18, 2025 at 10am EST.Webinar Press Release: Register Here: For Important Disclosures about the Fund:

Horizon Kinetics Inflation Beneficiaries ETF ($INFL) was highlighted in Bloomberg Intelligence’s article “25 ETFs for ‘25: Inflation Beneficiaries ETF Could Hedge Policies”. More on INFL in the 2024 Annual Letter: . @BBGIntelligence #inflation

Asset-Light ETF Takes Novel Approach to Inflation Protection - $INFL @ETFcom.