The $1.6 Billion Bet on Hard Assets (James Davolos)
We've wanted to have this conversation for 3 years.
Our guest today is James Davolos of Horizon Kinetics, the New York-based deep value firm managing over US$11.5B across a range of contrarian strategies, where James runs the ~$1.6B Inflation Beneficiaries mandate.
The core reason for wanting to speak with James is that he's responsible for fundamentally changing how we view the hard asset market, and what constitutes a great business in this part of the world.
With us, James covers:
- Why we're in the early innings of a long-term, structurally higher inflation regime
- The investment case for capital-light real assets with pricing power & minimal reinvestment needs
- Why the best time to buy royalty companies is when funding markets are breaking down
- How scarce assets are priced differently across precious metals, industrial metals and energy
- Why stock exchanges are royalty businesses in disguise
Follow James:
LinkedIn: https://www.linkedin.com/in/james-davolos-0a1a9a44/
Website: https://horizonkinetics.com
Episode recorded: 09/06/2026
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TIMESTAMPS
(0:00) Higher Inflation Thesis
(4:30) Horizon Kinetics DNA
(9:10) Zero Rates Distortions
(15:00) Tech Duration Meets Reality
(23:20) Capital Light Real Assets
(28:00) Royalty Multiples Explained
(40:30) Streams and Portfolio Build
(50:30) Exchanges, Crypto, and Wrap
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