On April 7, 2026, Murray Stahl, the chairman, chief investment officer, and co-founder of Horizon Kinetics Holding Corporation, passed away unexpectedly. He was 72 years old. His passing has sent shockwaves through the investment community, where he was widely respected as a visionary who reshaped long-term value investing through disciplined research and independent thinking.
Stahl built Horizon Kinetics from the ground up after co-founding the firm in 1994. Under his leadership, the company grew into a publicly traded firm with a market capitalization of approximately $600 million, a debt-free balance sheet, and an investment philosophy focused on long-term horizons. He also served as chairman and CEO of FRMO Corp., a publicly traded entity he co-founded in 1993, which grew to exceed $300 million in market capitalization.
Born and raised in New York, Stahl’s academic journey laid the foundation for his career. He earned a Bachelor of Arts in 1976 and a Master of Arts in 1980 from Brooklyn College, followed by an MBA from Pace University in 1985. These years shaped his deep interest in market structures, financial history, and human behavior, all of which became central to his investment approach.
Before founding Horizon Kinetics, Stahl spent 16 years at Bankers Trust Company, from 1978 to 1994, as a senior portfolio manager and research analyst. There, he oversaw specialized funds, including the Utility Mutual Fund and various common trust funds focused on special opportunities, utilities, and tangible assets.
Stahl was known for his unconventional approach. At Horizon Kinetics, he championed long-term, research-driven strategies that emphasized discipline and independent thinking. He focused on undervalued opportunities that conventional markets often ignored, overseeing the firm’s proprietary research and chairing its investment committee. His philosophy was simple but rare: invest with patience, think for yourself, and look beyond the short term.
Beyond Horizon Kinetics, Stahl served as an independent director on the board of Texas Pacific Land Corporation (TPL) since January 2021. Ty Glover, CEO of TPL, remembered Stahl as “a tremendous advocate” who believed in the company when it was still a little-known, thinly-traded trust. “Today, TPL stands as one of the largest publicly traded energy companies in the world,” Glover said. “A transformation that seemed inconceivable to almost everyone just a decade ago. Everyone, that is, except Murray.” Rhys Best, Chairman of TPL’s Board, added that Stahl “will be greatly missed.”
Stahl also held board positions at Miami International Holdings and, earlier in his career, served on the boards of the Minneapolis Grain Exchange and the Bermuda Stock Exchange. He was known for his tireless dedication to proprietary analysis and portfolio decisions, always seeking investments in less-researched areas with the potential for long-term compounding.
Following his passing, Horizon Kinetics announced a succession plan. Steven Bregman and Peter Doyle were appointed co-chief executive officers, joining co-founder Tom Ewing on a newly established Founders’ Committee to oversee a smooth transition of responsibilities.
Stahl is survived by his wife, Teddi, and their children. His legacy lives on through the culture of independent research he built at Horizon Kinetics, the lasting impact on Texas Pacific Land and other key holdings, and the many professionals he inspired to think differently about investing.