Horizon Kinetics Buys Mesabi Trust, BTC iShares Silver Trust, iShares S&P Global Timber & Forestry Index Fund, Sells Icahn Enterprises LP, ProShares Short VIX Short-Term Futures ETF, Alphabet Inc

• New Purchases: WOOD, RYN, FXA, WY, FXC, MTCH, CEO, BMO, MSTR, PCH, BHP, SII, COST, SIL, GBX, CTT, BEP, SQ, BNS, RCG,
• Added Positions: MSB, SLV, ICE, GLD, Y, ADM, GDXJ, OSK, NEM, NDAQ, OR, IAA, GDX, CNS, RBA, IAU, WMB, FCX, NTR, NSC, PAG, GOLD, BIP, V, CAT, PM, UNH, TPH, MO, SAND, GBL, WMT, FIS, WTM, ENB, MRK, WPC, PEP, PBT, PFE, VSAT, TD, ROK, RCL, STNE, SEE, SON, EMR, ABT, ABBV, BABA, BKI, BSM, BPYU, CMS, CFX, CMRE, CUB, DORM, DOW, NMZ, ET, FNF, GM, GPC, HON, ISRG, IRM, ABB, MDLZ, MS, NOC, NVS,
• Reduced Positions: TPL, IEP, SVXY, WPM, HHC, LSXMK, LYV, WEN, LBRDK, BAM, FNV, GOOG, GOOGL, LNG, DSL, VGSH, CBOE, CME, PDI, MKL, SAIC, AMZN, CVEO, SHV, LBRDA, LSXMA, RMT, AC, BRK.B, SATS, ELS, FWONK, MSGS, RGLD, AMCX, AAPL, BGCP, BA, DISH, DBL, EXPE, LGF.B, MSGE, MA, PYPL, UPS, AXP, SAN, BAC, CCL, CVX, CSCO, CTR, RQI, CMCSA, DHR, DISCA, DISCK, LLY, FB, FTV, GLIBA, GD, GWW, IPAR, JEF, JNJ, KRP, LVS, LEN, BATRK, FWONA, LILAK, L, MOV, MSGN, NVGS, NBH, NWL, ORCL, PENN, PCI, QSR, VUG, VOO, VIAC, WBT, TLI, MMM, T, ARCC, MUI, BXMT, RA, CSWC, CNP, CEM, CLGX, CSWI, CVS, DIS, DSE, EVV, FHI, FDX, FLO, AJG, GE, GIS, LAND, GS, HD, INTC, RSP, IWC, JPM, JPST, KAR, KYN, KMF, KMB, KHC, LHX, BATRA, LMT, MPC, MAS, NUV, JPS, PFL, MAV, MHI, DGX, RYAM, REZI, SPGI, SBR, SLB, SSP, PHYS, SPY, SU, TFX, TMQ, MTN, VMI, OIH, VXF, VTI, VNOM, SBI, WYNN,
• Sold Out: BP, OXY, PAYX, RES, RDS.A, RRR, QRTEA, PSMT, PGEN, PJT, PEGA, SPG, PARR, NG, JWN, NWSA, NAV, SRG, MHK, SPB, TEN, TSLA, TPRE, TMST, TR, UA, UE, URBN, VB, WTI, WAB, XRX, MGHL, ERIE, AMKR, AQB, ATCO, BOKF, BKE, CLDR, CLNY, CNDT, CLR, CVA, CVI, DBI, EBAY, ESI, EOG, NK, EXTN, GPS, GRBK, GLRE, HRI, HTH, TWNK, LB, LE, LTRPA, MTB, MTZ, AEO, GDL,

For the details of Murray Stahl's stock buys and sells, go to https://www.gurufocus.com/guru/murray+stahl/current-portfolio/portfolio

1. Texas Pacific Land Trust (TPL) - 1,643,707 shares, 30.13% of the total portfolio. Shares reduced by 3.4%
2. Wheaton Precious Metals Corp (WPM) - 2,737,079 shares, 5.45% of the total portfolio. Shares reduced by 6.55%
3. Franco-Nevada Corp (FNV) - 814,298 shares, 4.61% of the total portfolio. Shares reduced by 2.84%
4. CACI International Inc (CACI) - 394,976 shares, 3.42% of the total portfolio. Shares added by 0.56%
5. Brookfield Asset Management Inc (BAM) - 1,751,359 shares, 2.35% of the total portfolio. Shares reduced by 5.5%

Horizon Kinetics initiated holding in iShares S&P Global Timber & Forestry Index Fund. The purchase prices were between $54.98 and $67.57, with an estimated average price of $62.46. The stock is now traded at around $75.47. The impact to a portfolio due to this purchase was 0.13%. The holding were 50,490 shares as of 2020-09-30.

Horizon Kinetics initiated holding in Rayonier Inc. The purchase prices were between $24.49 and $30.1, with an estimated average price of $27.42. The stock is now traded at around $29.56. The impact to a portfolio due to this purchase was 0.1%. The holding were 93,829 shares as of 2020-09-30.

Horizon Kinetics initiated holding in Invesco CurrencyShares Australian Dollar Trust. The purchase prices were between $69.08 and $73.59, with an estimated average price of $71.38. The stock is now traded at around $73.82. The impact to a portfolio due to this purchase was 0.08%. The holding were 26,445 shares as of 2020-09-30.

Horizon Kinetics initiated holding in Weyerhaeuser Co. The purchase prices were between $22.2 and $30.89, with an estimated average price of $27.41. The stock is now traded at around $30.80. The impact to a portfolio due to this purchase was 0.07%. The holding were 62,914 shares as of 2020-09-30.

Horizon Kinetics initiated holding in Invesco CurrencyShares Canadian Dollar Trust. The purchase prices were between $72.36 and $75.54, with an estimated average price of $73.95. The stock is now traded at around $76.74. The impact to a portfolio due to this purchase was 0.05%. The holding were 17,205 shares as of 2020-09-30.

Horizon Kinetics initiated holding in Match Group Inc. The purchase prices were between $90.36 and $120.71, with an estimated average price of $105.79. The stock is now traded at around $145.42. The impact to a portfolio due to this purchase was 0.04%. The holding were 9,478 shares as of 2020-09-30.

Horizon Kinetics added to a holding in Mesabi Trust by 94.74%. The purchase prices were between $15.51 and $21.66, with an estimated average price of $18.85. The stock is now traded at around $26.49. The impact to a portfolio due to this purchase was 0.48%. The holding were 1,142,665 shares as of 2020-09-30.

Horizon Kinetics added to a holding in BTC iShares Silver Trust by 182.28%. The purchase prices were between $16.71 and $27, with an estimated average price of $22.68. The stock is now traded at around $22.82. The impact to a portfolio due to this purchase was 0.14%. The holding were 239,079 shares as of 2020-09-30.

Horizon Kinetics added to a holding in SSgA SPDR Gold Shares by 75.06%. The purchase prices were between $166.62 and $193.89, with an estimated average price of $179.71. The stock is now traded at around $175.48. The impact to a portfolio due to this purchase was 0.1%. The holding were 33,733 shares as of 2020-09-30.

Horizon Kinetics added to a holding in Alleghany Corp by 39.11%. The purchase prices were between $471.19 and $567.21, with an estimated average price of $525.58. The stock is now traded at around $605.77. The impact to a portfolio due to this purchase was 0.09%. The holding were 15,320 shares as of 2020-09-30.

Horizon Kinetics added to a holding in Archer-Daniels Midland Co by 65.39%. The purchase prices were between $37.81 and $47.77, with an estimated average price of $43.7. The stock is now traded at around $50.36. The impact to a portfolio due to this purchase was 0.07%. The holding were 91,696 shares as of 2020-09-30.

Horizon Kinetics added to a holding in VanEck Vectors Junior Gold Miners ETF by 36.99%. The purchase prices were between $49.13 and $64.05, with an estimated average price of $57.64. The stock is now traded at around $53.11. The impact to a portfolio due to this purchase was 0.05%. The holding were 84,287 shares as of 2020-09-30.

Horizon Kinetics sold out a holding in BP PLC. The sale prices were between $17.46 and $24.26, with an estimated average price of $21.66.

Horizon Kinetics sold out a holding in Occidental Petroleum Corp. The sale prices were between $9.99 and $18.18, with an estimated average price of $14.13.

Horizon Kinetics sold out a holding in eBay Inc. The sale prices were between $48.61 and $59.27, with an estimated average price of $55.04.

Horizon Kinetics sold out a holding in Royal Dutch Shell PLC. The sale prices were between $25.17 and $33.98, with an estimated average price of $30.27.

Horizon Kinetics sold out a holding in Mohawk Industries Inc. The sale prices were between $70.47 and $103.38, with an estimated average price of $90.1.

Horizon Kinetics sold out a holding in Morgan Group Holding Co. The sale prices were between $6.14 and $20, with an estimated average price of $8.84.

Horizon Kinetics reduced to a holding in Icahn Enterprises LP by 24.99%. The sale prices were between $47.65 and $57.7, with an estimated average price of $50.45. The stock is now traded at around $50.55. The impact to a portfolio due to this sale was -0.46%. Horizon Kinetics still held 787,077 shares as of 2020-09-30.

Horizon Kinetics reduced to a holding in ProShares Short VIX Short-Term Futures ETF by 20.85%. The sale prices were between $30.68 and $36.54, with an estimated average price of $34.24. The stock is now traded at around $42.05. The impact to a portfolio due to this sale was -0.35%. Horizon Kinetics still held 1,147,260 shares as of 2020-09-30.

Horizon Kinetics reduced to a holding in Alphabet Inc by 29.45%. The sale prices were between $1415.21 and $1728.28, with an estimated average price of $1525.89. The stock is now traded at around $1818.55. The impact to a portfolio due to this sale was -0.09%. Horizon Kinetics still held 4,037 shares as of 2020-09-30.

Horizon Kinetics reduced to a holding in Alphabet Inc by 27.18%. The sale prices were between $1409.39 and $1717.39, with an estimated average price of $1523.87. The stock is now traded at around $1811.33. The impact to a portfolio due to this sale was -0.08%. Horizon Kinetics still held 4,148 shares as of 2020-09-30.

Horizon Kinetics reduced to a holding in DoubleLine Income Solutions Fund by 43.59%. The sale prices were between $15.44 and $16.78, with an estimated average price of $16.01. The stock is now traded at around $16.28. The impact to a portfolio due to this sale was -0.08%. Horizon Kinetics still held 187,695 shares as of 2020-09-30.

Horizon Kinetics reduced to a holding in PIMCO Dynamic Income Fund by 39.55%. The sale prices were between $24.01 and $25.36, with an estimated average price of $24.72. The stock is now traded at around $27.10. The impact to a portfolio due to this sale was -0.07%. Horizon Kinetics still held 120,361 shares as of 2020-09-30.