Steven Bregman is the President and a Senior Portfolio Manager of Horizon Kinetics LLC, a Firm he co-founded in 1994 dedicated to long-horizon, creative approaches to investing, away from mass-market, asset allocation driven orthodoxy. He is a senior member of the Firm’s research team and supervises all research reports produced by the Firm. As one of the largest independent research firms, Horizon focuses on structurally inefficient market sectors, including domestic spin-offs, global spin-offs (The Spin-Off Report and (Global Spin-Off Report), distressed debt (Contrarian Fixed Income) and short sale candidates (Devil’s Advocate), among others. Horizon Kinetics has also taken part in creating functionally improved indexes, such as the Spin-Off Indexes and the Wealth Indexes (which incorporate the owner-operator return variable). Mr. Bregman is also the President and CFO of FRMO Corp., a publicly traded company with interests in Horizon Kinetics. He received a BA from Hunter College, and a CFA in 1989. Mr. Bregman has authored a variety of reports, notably “Spin-offs Revisited: A Review of a Structural Pricing Anomaly” (1996) and “Equity Strategies and Inflation” (2012).