The World According to Boyar – Details, episodes & analysis

Episode Summary:

In this episode of The World According to Boyar, Jonathan Boyar sits down with Bill Ackman, the legendary hedge fund manager and founder of Pershing Square, to discuss his latest big move involving Howard Hughes, his unfiltered views on politics, and his growing role as an activist investor. Ackman shares his thoughts on the Trump administration, deregulation, and why he believes reducing government inefficiency could be a game changer for the U.S. economy.

On the investing front, he dives into his bid to increase his stake in Howard Hughes Corporation, his vision for transforming it into a "modern-day Berkshire Hathaway," and why he believes the market continues to misprice the company. He also addresses concerns about management fees, corporate governance, and what his long-term plans mean for shareholders.

Finally, Ackman opens up about his outspoken presence on X (formerly Twitter), why he’s been so vocal on antisemitism and media bias, and how he sees this as part of a larger battle over free speech, democracy, and American values.

This is a must-listen episode for investors, market watchers, and anyone interested in how one of the most well-known investors in finance connects the dots between business, politics, and activism.

Topics Discussed:

🔹 Ackman’s Take on the Trump Administration – Why he believes progress is being made, the risks of moving too fast, and how deregulation could impact everything from defense spending to healthcare.

🔹 The DOGE Initiative & Government Inefficiency – Why he believes slashing bureaucracy and eliminating waste could significantly boost economic growth.

🔹 Howard Hughes Corporation – His plan to increase his stake, take on a leadership role, and turn the company into a diversified investment powerhouse.

🔹 Activism & Media Bias – Why he’s taken a public stance on antisemitism, free speech, and how he believes media narratives are distorting public perception.

🔹 His Investing Philosophy – How he approaches capital allocation, business strategy, and why he thinks some of Berkshire Hathaway’s best days could still be ahead.

🔹 And much more!

To learn more visit:

www.boyarvaluegroup.com

https://boyarresearch.substack.com/

or follow us on X @boyarvalue    

Biography:

Bill Ackman is the CEO of Pershing Square Capital Management, L.P. which he founded in 2003. He is a member of the board of Universal Music Group N.V. (NA:UMG). 

He serves as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York and as a member of the Board of Dean’s Advisors of the Harvard Business School. 

Mr. Ackman is co-trustee of The Pershing Square Foundation, part of Pershing Square Philanthropies, that bets on innovative leaders solving humanity’s big societal, environmental, and health challenges. 

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

Join host Jonathan Boyar as he sits down with Kunal Kapoor, the dynamic CEO of Morningstar, in this episode of The World According to Boyar. Dive into the story behind one of the most influential firms in the financial services industry and discover how Kunal’s leadership has propelled Morningstar to new heights.

Kunal discusses Morningstar's mission to empower investor success through independent research and data-driven insights. He shares insights on the evolution of Morningstar, the importance of simplicity and low-cost investment strategies, and the role of technology and AI in the research process. Kunal also talks about Morningstar's growth strategy, including their expansion into private markets, the index business, and the credit ratings sector. Tune in to hear Kunal's thoughts on the future of investing, the importance of company culture, and his perspective on investing in family-controlled businesses. This episode is a must-listen for anyone interested in the future of finance and the strategies driving Morningstar's growth.

The Interview Discusses: 

1. Kunal Kapoor's Journey: From starting as an analyst to becoming the CEO of Morningstar, a leading firm in the financial services industry.
2. Morningstar's Mission: Empowering investor success through independent research and innovative tools.
3. Market Evolution: The shift from simple portfolios of stocks and bonds to more complex investment vehicles like private equity and managed portfolios.
4. Impact of AI: How Morningstar is integrating AI into its research process with tools like Mo, and the future role of AI in fundamental analysis.
5. Morningstar's Growth: Expanding into new areas like private markets, credit ratings, and index creation, and the challenges of scaling a large organization.
6. Investment Philosophy: The importance of simplicity, low-cost investing, and the value of time arbitrage in achieving long-term success.
7. Challenges of Leadership: Managing a growing, decentralized team while maintaining Morningstar's mission-driven culture.
8. Credit Ratings Business: Morningstar's approach to ethical credit ratings and its competition with entrenched players.
9. Morningstar's Competitive Edge: The benefits of being a mission-driven, long-term-focused, and independent company in the financial industry.
10. Family Controlled Businesses: Thoughts on investing in family-controlled companies

Biography:
 
Kunal Kapoor, CFA, is the chief executive officer of Morningstar. Before assuming his current role in 2017, he served as president, responsible for product development and innovation, sales and marketing, and driving strategic prioritization across the firm.
 
 Since joining Morningstar in 1997 as a data analyst, Kapoor has held a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.
 
Kapoor holds a bachelor’s degree in economics and environme

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• Founding Ariel (which now manages more than $16 billion) at the age of 24.
• Surviving the stock market crash of 1987 and how he turned this setback into an opportunity to grow both his firm as well as his reputation.
• Why sitting on corporate boards such as McDonalds and Nike have made him a better investor.
• How his investment process has evolved overtime.
• How he constructs portfolios in terms of both diversification of industries and individual stocks. He also discusses how he thinks about the liquidity of a stock when making an investment.
• Why he believes studying behavior finance is important.
• His thoughts on position sizing and when he decides to sell a stock.
• His investment thesis on both Madison Square Garden Entertainment and Madison Square Garden Sports.

And much more….

Biography:

John’s passion for investing began at age 12 when his father began buying him stocks as Christmas and birthday gifts. His interest in equities grew at Princeton University, where he majored in economics, and over the two-plus years he worked as a stockbroker for William Blair & Company, LLC. In 1983, John founded Ariel to focus on patient, value investing within small- and medium-sized companies. While our research capabilities have expanded across the globe, patience is still the disciplined approach that drives the firm today. Early in his career, John’s investment acumen brought him to the forefront of media attention and culminated in him being selected as Co-Mutual Fund Manager of the Year by Sylvia Porter’s Personal Finance magazine as well as an All-Star Mutual Fund Manager by USA TODAY. Furthermore, John has been highlighted alongside legendary investors Warren Buffett, Sir John Templeton and Ben Graham in the distinguished book: The World’s 99 Greatest Investors by Magnus Angenfelt. His professional accomplishments extend to the boardroom where he is a member of the board of directors of McDonald’s, NIKE, The New York Times Company and Ryan Specialty Group Holdings.
John also serves as vice chair of the board of trustees of the University of Chicago. In 2008, John was awarded Princeton University’s highest honor, the Woodrow Wilson Award, presented each year to the alumnus or alumna whose career embodies a commitment to national service. Following the election of President Barack Obama, John served as co-chair for the Presidential Inaugural Committee 2009, and more recently, he joined the Barack Obama Foundation’s Board of Directors. John received an AB in economics from Princeton University, where he was also captain of the varsity basketball team.


Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition,

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• How Dotdash in a relatively short period of time became the largest publisher in the United States.
• IAC's recent acquisition of Meredith and why he believes they now have the scale to effectively compete against Facebook and Google
• Lessons learned from working with media mogul Barry Diller.
• The future of print magazines and why Dotdash is intentionally shrinking their subscriber base.
• The tremendous licensing opportunities they intend to take advantage of.
• A potential spinout of Dotdash from parent company IAC.

Biography:

Neil Vogel is the CEO of Dotdash Meredith, the largest digital and print publisher in America. Prior to its acquisition of Meredith in December 2021, Mr. Vogel was the CEO of Dotdash, where he led the company’s transformation from a general information website (then About.com) to a vibrant collection of branded properties and one of the largest and fastest-growing online publishers. 

Before joining Dotdash, Mr. Vogel was the Founder and CEO of Recognition Media, a creator and producer of award shows and media properties for digital, creative, and advertising communities including the Webby Awards and the Telly Awards. Prior to starting Recognition Media, Mr. Vogel was Chief Corporate Development Officer at Alloy Media + Marketing, a digital content and marketing services company focused on the teen and youth market. 

Mr. Vogel is a member of the Board of Directors of the Philadelphia Inquirer, the largest newspaper in America operated as a public-benefit corporation and serves as a venture partner at FirstMark Capital. He received a BS in Finance from the Wharton School of Business at the University of Pennsylvania.


Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.  

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses:

• His fascinating new book, The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors.
• Robinhood’s unique business model and whether Robinhood has “democratized” finance as it claims.
• How Robinhood came very close to the brink of insolvency.
• The role of “influencers” like Chamath Palihapitiya, Elon Musk, and David Portnoy in driving the speculative excess of 2021.
• His surprising take on Keith Gill, aka “Roaring Kitty.”

Biography:

Spencer Jakab is an award-winning financial journalist and a former top-rated stock analyst at Credit Suisse. He edits the Wall Street Journal’s “Heard on the Street” column and previously wrote the daily investing column “Ahead of the Tape.” Prior to joining the Journal he wrote for the “Lex” and “On Wall Street” columns at Britain’s Financial Times.


Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.  

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• How their cannabis division Hawthorne has grown over 100% over the past two years.
• Why he decided to enter the cannabis business.
• His thoughts on the current regulatory environment for cannabis and what he believes needs to change.
• Where the biggest money will be made in a post cannabis "prohibition" world and where they are investing.
• The logic of potentially spinning out the Hawthorne business.
• The demographic shift that is greatly helping their traditional consumer business.
• A meeting he had with Henry Kravis in ~2007 and what he did in response to that meeting.
• Why Scotts has been a “pandemic beneficiary.” 
• His thoughts on inflation.
• How they have changed their marketing to target millennials. 
• Their innovative weather partnership with IBM that could greatly enhance their marketing.
• Why he believes private label is not a threat to his consumer business.
• How they incentivized employees during the pandemic.

Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.  

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• The state of the NYC real estate market and why he believes it will quickly become a seller’s market.
• Areas outside of NYC where he is currently finding compelling long-term investment opportunities.
• His firm Serhant which he launched in the beginning of the pandemic.
• The process he takes when branding properties including Jolie located at 77 Greenwich Street.
• Potential technological disruption in the real estate brokerage industry.
• How he leveraged his fame from The Million Dollar Listing show to become one of the country’s most successful real estate brokers.
• How he utilizes social media to successfully market properties.

Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.  

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• Lessons learned from working with media mogul Barry Diller. 
• Why they decided to take a 12% stake in casino giant MGM.
• Which businesses within the IAC portfolio he is most excited about.
• How he approaches capital allocation at IAC.
• Which stage he believes Angi is at in their fixed priced transformation.
• Why he believes Angi’ s “take rate” will increase with time.
• IAC’s major competitive advantage.
• Why he believes Care.com is a major opportunity for IAC.

Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.  

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• How his investment strategy has evolved since retiring from managing money professionally.
• His thoughts on asset allocation. 
• Which areas of the stock market he is currently finding value in.
• How to invest in a potentially rising interest rate environment.
• His sell discipline when investing in equities.

 
Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.  

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

The Interview Discusses: 

• How he helped launch CNBC, 
• What it was like working in the cable industry when it finally started to gain popularity, 
• David’s views on the current media landscape and where he believes there could be consolidation, 
• His thoughts on how content will be bundled in the future, 
• David’s thoughts on the current multiples for content companies and why Netflix and Disney have been able to garner premium multiples, 
• What it was like working with Jack Welch, John Malone, and the Dolan family, 
• And much more…

Biography:

As President and CEO, David Zaslav sets the strategy and oversees all operations for Discovery’s global suite of brands across pay-TV, free-to-air, direct-to-consumer and other digital platforms. Under his leadership, Discovery began trading as a public company in 2008 and became a Fortune 500 company in 2014. More recently under Zaslav, Discovery acquired Scripps Networks Interactive, in a transaction which closed in 2018. The new Discovery comprises nearly 20% of ad-supported pay-TV viewership in the U.S. and nearly 7 billion monthly video views, making it #1 pay-TV portfolio in the U.S. 

Since Zaslav took the helm, Discovery has launched some of the fastest-growing cable networks in the U.S., including Investigation Discovery, a leading network for women in total day delivery; and OWN: Oprah Winfrey Network, a top network for African American women. Under his leadership, Discovery networks have hit numerous milestones, with TLC breaking all cable viewing trends and recording its most-watched year ever in primetime for 2020. Brands including HGTV, Food Network, TLC and ID regularly rank among the most-popular networks for their core demo of female viewers. 

The company’s global distribution platform has, under Zaslav’s leadership, expanded to 3 billion cumulative worldwide viewers with a diverse set of brands, creating an unmatched international portfolio for viewers, advertisers and distributors. Zaslav has diversified Discovery’s content offering with investments such as Discovery Kids in Latin America, the leading preschool network across the region. Discovery has further strengthened its presence in key international markets through numerous transactions including the acquisition of Eurosport, which led to the groundbreaking agreement with the International Olympic Committee making Discovery and Eurosport the home of the Olympic Games across Europe through 2024.


Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Researc

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com