Horizon Kinetics Q3 Investor Letter

Horizon Kinetics recently published its 2017 Q3 investor letter (a copy of which can be download below). In the letter, the fund discussed two new asset classes cryptocurrencies and blockchain technology that can significantly disrupt industry sectors in all the mainstream stock indexes. Cryptocurrencies – such as bitcoins – have been gaining a lot of attention this year. At the end of 2016, CME Group, the giant among derivatives and futures exchanges, launched two bitcoin price indexes in a bid to enable a bitcoin futures contract. In August this year, Chicago Board Options Exchange announced plans to establish a bitcoin futures contract within the coming year. Late last month, fifth-largest ETF company ProShares applied to the SEC to offer two bitcoin ETFs –Bull version and Bear version – subject to the availability of a bitcoin futures contract.

Click here to download Horizon Kinetics’ investor letter and learn about the fund’s thesis on cryptocurrencies and blockchain technology.