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General/Horizon Kinetics

Update: Is Horizon Kinetics still buying?

Posted by TPLinvestorsAdmin on

A few days ago, I asked why Horizon Kinetics is selling and referred to data from whalewisdom.com. Looking at another website such as Fintel, gives us a completely different picture – they appear to be buying exaclty 49 stocks every single day. Don’t ask me why it’s 49, 7 more than 42 or 7². Thanks Murray, at least one person is buying stocks back.

One thing that is strange: Looking at the exchange times and sales list, I don’t find the amount 49. Horizon’s order could have been executed with another order – I’ll keep a closer watch in the next couple of days…

How do you interpret the data? Where does the difference from Fintel and Whalewisdom come from? Let me know!

TPL times and sales list, August 7th, 2019
General/Horizon Kinetics

Why does Horizon Kinetics sell?

Posted by TPLinvestorsAdmin on

Yes, you have read correctly. Horizon Kinetics, TPL’s by far largest shareholder, appears to be selling the stock according to recent data from Whalewisdom:

Why do they sell? It is interesting that they mentioned and praised TPL in all quarterly market commentaries (e.g. this one for Q1 19), but not in the most recent one for Q2, where they didn’t mention TPL at all.

Obviously they currently have or at least recently had the fight with the two remaining TPL trustees, so it makes sense to focus on that fight and not comment about it in the market commentary. But why do they sell? Their position is so large, it won’t be possible to get out of the position at any reasonable price. Or do they maybe just want the price to drop a little to buy the stock back at a lower price?

On the other hand, how reliable is this data? Further down the table, there is this entry, which cannot seem to be true, in my opinion:

What’s your view on this?