Letters by company
Miami International Holdings, INC.
4 letters discussing MIAX. 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 2026 New Year Letter from Our Founders Horizon Kinetics argues that private investments in exchanges, royalties and Permian infrastructure extend its long-horizon value discipline, citing TPL, MIAX, LandBridge and WaterBridge. It avoids AI-IT mega-caps while seeking beneficiaries controlling land, water and natural gas, and says continual chip replacement makes sector cash-flow forecasts internally inconsistent. 2025 ICE $86BLB $6.6BMIAX $3.1B
- 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
- Greenhaven Road Capital Partners Fund Q1 Horizon Kinetics Holding Company is presented as an overlooked, management-aligned asset manager whose cash and investments, prospective incentive fees and recurring management business exceed its market valuation. Greenhaven Road explains that Maran Capital’s large HKHC position fits its preference for inexpensive, lightly followed companies outside major indices. fourth quarter 2025 HKHC $417M
