Welcome to the Money Tree Investing Podcast. Stock market, wealth, personal finance, value stocks, invest in your life.

Hello, Smart Money Tree Podcast listeners. Welcome to this week's show. My name is Kirk Chisholm and I'll be your host.

So today, I'm joined with James DeVolos. How are you doing today, James?

Doing great. Thanks for having me.

Really excited to have James come on the show this week and trying to get him on the show for a while.

But James, maybe you could tell us a little bit about your background, so listeners get to know you a little better.

I'm pretty unique in the sense that I joined the current firm. I'm at Horizon Kinetics in December of 2005.

So 18 years, all at the same firm directly out of undergraduate. I know the firm has really allowed me to start in a pretty junior role, transition into

research, ultimately sponsored me from my MBA locally in New York, and then I've finally

taken on some sole portfolio management

responsibility. But, you know, Horizon's been around since 1994. I'd say we're eclectic value.

So we're doing things within the value universe, mostly equities, that you're not going to see

in benchmarks and indices. And that results

in having very different portfolios compared to the broader market. And so I would now more as a

function of opportunity set than any type of formulaic process, I'd consider myself some of a

pseudo specialist in what I call

real asset markets. So broadly, resources, infrastructure, energy, financials, kind of anything

that kind of meets that criteria. And we think we have some really unique ways to play that.

But obviously, a lot of interesting things going on in the world today as it

pertains to these and other assets. Let's dive into those areas because I think there's certainly a lot

to talk about. I know you guys are a good value shop. And it's funny, I mean, we've had, I don't know,

with the last 15, 20 years now, it's been a long time since value's really been in favor.

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