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analysis of today's markets.

Should we ride the inflation winners?

Hi everyone, welcome to the ReelVision daily briefing with me today's James Devola's

portfolio manager at Horizon Kinetics.

Hi James, welcome to the daily briefing.

Hi, thanks so much for having me.

So it's your first time with us, not on ReelVision, but on the daily briefing.

So for those who may not be familiar with your gifts with you, give us a little overview

of your investment approach and framework.

What do you focus on?

Sure, so this short answer is hard assets, which basically real asset companies.

So finite, inelastic demand, tangible, but also we overlay what we call a capital-like

business model.

So high operating margin, operating leverage, minimal capital intensity, both in terms of

working capital and debt.

We have kind of been focused on a lot of these themes for a lack of better word for decades

at my firm.

...