In short: A stated personal holding, disclosed as his route to LandBridge: "a company that I own via my holdings in FRMO Corp." FRMO is the Horizon Kinetics-affiliated holding company whose research he opens the week praising — "These guys are some deep thinkers. Even though Murray Stahl has passed, I am happy to see that the deep thinking is still present." No valuation, target or sizing is given; the disclosure is what carries the stance — he owns the vehicle for the scarce-asset exposure he says he wants more of.
FRMO is a small, thinly traded holding company associated with Horizon Kinetics — the research firm whose quarterly letter Polomny opens this week's email by praising. Rather than running an operating business, it holds interests in asset managers, exchanges, crypto-mining assets and stakes in the kinds of hard-asset companies Horizon Kinetics writes about. Owning it is closer to buying a share of a research-driven investment partnership than buying a stock in an industry.
Polomny's disclosure is what makes it relevant: LandBridge is "a company that I own via my holdings in FRMO Corp." So FRMO is his chosen vehicle — one purchase that gives him exposure to a basket of the scarce-asset ideas he wants, assembled by people he trusts ("these guys are some deep thinkers… even though Murray Stahl has passed, the deep thinking is still present"). He gives no valuation, no sizing and no price target here; the stance rests entirely on the fact that he owns it and on the approval he extends to the people running it. The corresponding risks are the usual ones for this structure — you are trusting the manager's judgment, the shares are illiquid, and what you actually own is a look-through claim on other holdings rather than a business you can value directly.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.