The contrarians often prove to be market prophets with a “don’t follow the crowd” policy. Horizon Kinetics’ CEO and CIO Murray Stahl joins Cormac Kinney, founder and CEO of Diamond Standard Co., for a must-see, deep dive on building investment ideas that make use of network effects, infrastructure changes, and scarce commodities. Stahl shares how he got into Bitcoin as early as 2015 and his philosophy on how to hedge inflation. Kinney and Stahl discuss their involvement in Kinney’s company, Diamond Standard, and how the concept of a fungible diamond commodity can create a unique digital ecosystem backed by a physical commodity. Stahl also provides color on how to take macro trends and build creative investment opportunities around them, which could end up becoming the markets’ next big thing. Recorded on November 2, 2021.