Part 4/14:
Reflecting on recent market performance, Doyle acknowledges that Horizon Kinetics has benefited from being positioned on the right side of the massive liquidity injections during the COVID-19 pandemic. "If you're invested in the right assets," he remarks, "you've done well." Their portfolio gains are partly attributed to their strategic shifts into commodities and hard assets, which became undervalued pre-pandemic and later surged as the market recognized their appeal.
However, he warns that this unprecedented surge in global debt and money supply signals significant risks ahead. Doyle points out that the world faces three main issues: a debt crisis, relentless money printing, and inflated asset valuations—culminating in a precarious economic landscape.