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 defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $24BAMZN $2.7TCBOE $29B
Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that crowd-driven abandonment of commodity and hard-asset sectors has created durable value in asset-light royalty companies, strategic land holdings and securities exchanges. It describes opportunistic income investments in Cheniere, Hawaiian Electric, partnership structures and senior CLO tranches, while positioning TPL-linked relationships as a source of private-market ideas. 1st Quarter 2026 TPL $24BHE $1.5BLNG $56B