Investors / stance tracking
What Murray Stahl is saying
FollowFollowingUnfollowCo-founder, chairman & CIO, Horizon Kinetics
10 dated public stances tracked since 2026-09-08, most recently 2026-09-08. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Murray Stahl's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Murray Stahl is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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10
tracked stances
10
themes
0
side flips
2026-09-08
last heard
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| CACI | 1 | 1 bullish | 2026-09-08 | |
| DC | 1 | 1 bullish | 2026-09-08 | |
| NON-INDEXED / ACTIVE-MANAGER-FAVORED EQUITIES | 1 | 1 bullish | 2026-09-08 | |
| OWNER-OPERATOR EQUITIES | 1 | 1 bullish | 2026-09-08 | |
| ROYALTY COMPANIES (HARD ASSET ROYALTIES) | 1 | 1 bullish | 2026-09-08 | |
| SECURITIES EXCHANGES | 1 | 1 bullish | 2026-09-08 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-09-08
NON-INDEXED / ACTIVE-MANAGER-FAVORED EQUITIES
bullish
MOI Global · video
The structural tax arbitrage allowing large multinationals to slash effective rates from ~30% to ~15% (2007–2024) — the hidden engine of index outperformance over active managers — is being eliminated or reversed, shifting the performance edge back to active…
“the non-index investments are likely to do better because that advantage is now being eliminated”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
ROYALTY COMPANIES (HARD ASSET ROYALTIES)
bullish
MOI Global · video
Royalty companies compound reserves and value over decades as commodity prices rise at even modest rates (4%/yr = 3x in 30 years) while operating costs stay near zero because third parties run the physical operations — and one holding showed more reserves in…
“I only wish I had done this 30 years ago, but I didn't know 30 years ago. Now I know.”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
DC
bullish
MOI Global · video
Dundee Corporation trades at approximately CAD $1.40 against a self-reported NAV of ~$10/share — an 86% discount driven by hyperbolic discounting of dormant assets and structural exclusion from indexes due to small size, not by any fundamental impairment of…
“It's too small to be in an index, so it's not covered that way”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
URB
bullish
MOI Global · video
Urbana, a closed-end fund, trades at roughly a 37% discount to NAV and holds Quebec land recorded at zero valuation that serious mining companies are actively exploring for gold — dormant asset optionality at a double discount (fund discount plus zero-valued…
“a closed-end fund at maybe a 37% discount to its net assets”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
SECURITIES EXCHANGES
bullish
MOI Global · video
Exchanges possess administrative and regulatory scarcity (regulators limit how many can exist), near-zero marginal cost for incremental volume so marginal revenue flows almost entirely to the bottom line, and are wrapped in a corporate structure unlikely to…
“demand for such licenses should comfortably exceed supply”
Murray Stahl: Owning What Cannot Be Indexed
Texas Pacific Land's century-long share buyback program creates arithmetic compounding of per-share value (declining denominator accelerates return to remaining holders), fracking unlocked mineral rights/water/easements on 1M+ acres previously carried at 'no…
“From my own personal account, I bought some today, just so you know”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
OWNER-OPERATOR EQUITIES
bullish
MOI Global · video
Owner-operators (companies where management owns more equity than anyone else) generated the bulk of historical S&P 500 returns across every nation, but float-weighted indexes systematically underweight them because management ownership reduces publicly…
“What are the odds that the managers with the 100 greatest records should have the lowest valuations of all?”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
WETF
bullish
MOI Global · video
WisdomTree's index licensing business requires almost no capital to operate while generating extraordinarily high returns on that capital in success mode, making it an ideal holding for a firm whose own strategy is to design and license proprietary indexes
“The return on capital of an index in success mode is extraordinarily high”
Murray Stahl: Owning What Cannot Be Indexed
2026-09-08
SHORT PATH-DEPENDENT LEVERAGED INVERSE ETFS
bearish
MOI Global · video
Leveraged inverse ETFs decay toward zero due to daily rebalancing volatility drag regardless of the underlying commodity's net direction — a rule set assembled to gather assets produces a structurally mispriced instrument that can be sold short for…
“A negative plus a negative is a positive. Shorting a short is long.”
Murray Stahl: Owning What Cannot Be Indexed
CACI operates in intelligence information processing rather than commodity defense hardware, which Stahl views as the structurally growing and defensible segment of defense spending as modern warfare centers on information dominance
“Intelligence information processing is the key to the modern battlefield”
Murray Stahl: Owning What Cannot Be Indexed
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