Letters by company

Penske Automotive Group, INC.

1 letter discussing PAG. 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