▶Davolos consistently advocates for investing in hard assets, specifically royalty and streaming companies, as a primary strategy to combat a new inflationary environment, citing their capital-light nature and long-term value optionality.Jun 2026
▶He repeatedly critiques official inflation metrics like the US Consumer Price Index (CPI), arguing they are methodologically flawed, particularly in their use of 'owner's equivalent rent,' and therefore understate real-world price increases.Jun 2026
▶A core tenet of his investment philosophy is a long-term holding period, with his firm, Horizon Kinetics, underwriting investments for a minimum of 5 years and an ideal timeframe of 7 years to forever.Jun 2026
▶He champions specific capital-light business models, such as financial exchanges and royalty companies, for their ability to generate high operating margins (40-60%) and benefit from transaction volume and volatility.Jun 2026
▶His assertion that the global economy is in the 'early innings' of a 'very long cycle of structurally higher inflation' presents a contrarian view to mainstream economic forecasts that often treat inflation as more cyclical or transitory.Jun 2026
▶Davolos's argument that the market narrative of software as an 'unassailable moated business' is permanently broken challenges the long-held tech industry consensus that has awarded premium, long-duration valuations to software companies.Jun 2026
▶His claim that a significant portion of US real estate is 'essentially frozen' due to being underwritten at perpetually low interest rate assumptions suggests a more severe and prolonged downturn for the sector than many institutional analyses predict.Jun 2026
▶His inclusion of Bitcoin as a likely long-term component of asset allocation, due to its finite supply, places him in a camp that is still debated and not fully accepted by many traditional asset managers.Jun 2026
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