Letters by company

Alerian MLP ETF

2 letters discussing AMLP. Everything written about it on this site is on its ticker page.

Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 TPL $26BAMZN $2.8TCBOE $32BCME $99B
Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that crowd-driven capital flows create durable discounts in royalty businesses, partnerships and other assets outside index mandates. It discusses recovery-stage positions in Hawaiian Electric and Cheniere, private mineral-rights investments, and senior CLO tranches as income sources with inflation protection and limited rate sensitivity. 1st Quarter 2026 AB $3.4BHE $2BLNG $57BMIAX $4.2B