James Davolos is a portfolio manager at Horizon Kinetics, a US-based asset manager with a distinctive and long-term investment approach.  We discuss James' evolution as an investor, how the investment and inflation backdrop is changing, and the merits of capital-light, real asset businesses.

Show notes:

[01:48] James discusses how he got into investing

[04:18] The formative years

[06:29] The importance of having a good mentor

[08:47] Horizon Kinetics' core principles

[11:24] Going off the beaten path

[14:15] Capital-light, real asset businesses

[21:51] Structurally higher inflation

[26:30] Localised vs broad inflation

[30:11] LandBridge and Miami International 

[36:19] Optionality

[40:00] The best time to be a royalty company is in a bear market

[43:29] Risks to be aware of

[46:26] Focus on what matters