Explore every episode of the podcast The World According to Boyar

Chris Mayer, author of 100 Baggers and The Investor's Odyssey, on what three years on a public company board taught him, how he uses AI as a junior analyst, and what he actually does when a position gets cut in half. Stick around after the goodbye, where we talk stocks unfiltered.

Chris Mayer was the very first guest on The World According to Boyar back in 2018. Eight years later he's back, and he brought a new book with him. Chris runs Woodlock House Family Capital, wrote 100 Baggers, one of my favorite investing books, and just published The Investor's Odyssey, which uses Homer's story of Odysseus tying himself to the mast as a way of thinking about how investors protect themselves from their own worst instincts.

This one covers a lot of ground. Chris explains why he now starts many positions at 2% and lets them earn their way to a full weighting, why he cut most financial media out of his life, and why he believes the return you get on a stock varies inversely with the thickness of the research file. We spend a good chunk of time on Constellation Software, and I asked him what he'd need to see to actually sell it. He of course gave a thoughtful answer.

Chris also talks candidly about his three years on the board of Teqnion, a Swedish public company: the gap between what the board knows and what outside investors think they know, why it gave him more respect for activists, and why he'd join the board of every company he owns if he could. And we compare notes on AI. He has a page-and-a-half prompt that does in 15 minutes what he says would take a junior analyst a couple of weeks.

After we said goodbye, the record button was still on and we kept talking stocks. With Chris's permission, that conversation is at the end of the episode. Names that come up include Pool Corp, Uber, Brown & Brown, Markel, W.R. Berkley, and Rollins.

Get Chris's new book: The Investor's Odyssey

What we cover:

• How managing outside money changed Chris after years of writing a newsletter, and why the losses hurt more
• Why you don't really understand a stock until you own it, and the case for 2% starter positions
• Tying yourself to the mast: the habits Chris uses to save himself from himself
• Sosnoff's Law, or why the best ideas tend to have the thinnest research files
• What Chris looks for in quarterly reports when the plan is to hold for ten years
• Constellation Software: how Chris thinks about a big drawdown when the numbers haven't changed
• Why negative narratives are hard to argue with, and what the late 1990s "old economy" stocks can teach us about AI
• What he actually does when a position is down 30, 40, or 50% (Chuck Akre's advice: do your yoga)
• How Chris spends his day: 80% on existing holdings, 20% on new ideas
• Expert networks, and why maybe 20% of what you hear is worth anything
• AI as a junior analyst: what it does well, and which skills will still matter for investors
• Three years on a public company board: what the outside never sees
• Taxes, holding periods, and whether Chris would invest any differently in a tax-free account
• Thoughts on Pool Corp, Uber, Brown & Brown, Markel, W.R. Berkley, and Rollins

About Chris Mayer

Chris Mayer is the portfolio manager and co-founder of Woodlock House Family Capital, a concentrated, long-term fund he launched in January 2019 after serving as chief investment officer of the Bonner family office. Before that he spent more than a decade writing the investment newsletter Capital & Crisis. He is the author of 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, How Do You Know?, and his newest book, The Investor's Odyssey. Chris sits on the board of Teqnion, a publicly traded Swedish industrial acquirer.

Links

• The Investor's Odyssey: https://www.amazon.com/Investors-Odyssey-Resisting-Sirens-Playing/dp/B0GJ3G6F2S
• 100 Baggers: https://www.amazon.com/100-Baggers-Stocks-100-1/dp/1621291650
• Woodlock House Family Capital: https://www.woodlockhousefamilycapital.com
• Chris on X: https://x.com/chriswmayer

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Red Apple Group founder John Catsimatidis on turning $5 million of Manhattan real estate into $100 million, financing an empire on vendor credit, and the one major business decision he hasn't made yet. 

Episode Overview

John Catsimatidis arrived in New York from a tiny Greek island at six months old, the son of a lighthouse keeper who worked as a busboy to feed his family. He left NYU eight credits short of an engineering degree for the chance to own a piece of the supermarket where he'd been working—and by his twenty-fifth birthday, he owned ten of them. Today his Red Apple Group spans supermarkets, an oil refinery, more than four hundred gas stations, a real-estate portfolio stretching from Manhattan to Florida, and WABC Radio, where he is still on the air nearly every day. Forbes puts his fortune north of $4 billion.

In this episode, Jonathan Boyar sits down with John for a conversation about how the empire actually got built: the vendor credit that stood in for capital before he had any, why he started opening his stores on Sundays (it wasn't the sales—it was making sure the checks he'd written on Friday would clear on Monday), and the Manhattan buildings he began buying in 1977—when, in his words, "the world was coming to an end in New York"—because he needed somewhere to put his stores. Within a few years, $5 million had become $100 million. One of his suppliers saw it coming before he did, telling him over lunch: "You're going to wake up one day and you're going to be worth a lot of money."

Catsimatidis also speaks candidly about succession—his children, he says, "want nothing to do with retail," and a decision about the future of Gristedes is coming in the next few years—and about what he'd do if the new mayor asked him to run New York City's grocery stores himself. At its heart, this is a story that anyone who follows the Boyar Value Group's investment philosophy will recognize: a collection of hard assets compounding quietly for half a century, worth far more than the world realized. Except John Catsimatidis never had to convince the market of anything. He owned the whole thing.

Key Topics Covered

• How a clerk at a friend's supermarket ended up owning ten stores by age 25
• Why he opened on Sundays—a survival story about clearing checks, not chasing sales
• Building Red Apple on vendor credit
• The 1977–78 Manhattan real estate purchases that became his first $100 million
• Buying United Refining out of bankruptcy—and what "leadership" means in a turnaround
• The charter jet fleet he built and sold to the man who created NetJets
• The succession question: his children, Gristedes, and what happens next
• What he'd do if the mayor asked him to run New York City's grocery stores
• His plans for WABC—and why, at 77, he still broadcasts nearly every day

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Wall Street Journal journalist Justin Baer on Fidelity’s private empire, the Johnson family, Jerry Tsai, and the company that helped reshape American investing.

Episode Overview

Fidelity is one of the most important financial companies in America — and also one of the least understood. Millions of Americans know it through their 401(k), brokerage account, or mutual funds, but few know the story behind the private, family-controlled Boston firm that helped reshape modern investing.

In this episode, Jonathan Boyar speaks with Wall Street Journal journalist Justin Baer, author of House of Fidelity, about how Fidelity evolved from a mutual fund company into a financial giant spanning asset management, retirement, brokerage, and custody. They discuss the rise of the star portfolio manager, including Jerry Tsai, one of the first true celebrities of the mutual fund industry, whose success helped change the way investment products were marketed.

The conversation also goes inside the Johnson family dynasty: Ned Johnson’s unconventional leadership, the internal skepticism Abby Johnson faced, the dramatic succession battle that followed, and the period when selling Fidelity was seriously considered. At the center of the story is a larger business lesson: Fidelity’s private ownership gave it the freedom to take risks, tolerate inefficiency, invest for the long term, and disrupt its own business in ways that would have been far harder as a public company.

Key Topics Covered

• How Fidelity became far more than a mutual fund company
• Why one of America’s most important financial firms is still so misunderstood
• How Fidelity helped turn stock pickers into stars
• Jerry Tsai, one of the first celebrity portfolio managers, and how he helped put Fidelity on the map
• Ned Johnson’s unusual leadership style and his willingness to take risks others would not
• Why staying private gave Fidelity a major competitive advantage
• The dramatic succession battle inside the Johnson family
• How Abby Johnson overcame internal skepticism and reshaped Fidelity’s future
• The moment selling Fidelity was seriously considered
• Whether Fidelity is likely to remain private for another generation

About Justin Baer

Justin Baer is a veteran journalist and editor at The Wall Street Journal and the author of House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing. His work focuses on major financial institutions, Wall Street, and the evolution of the investment management industry.

Click here to purchase House of Fidelity

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

CNBC’s Senior Markets Commentator—and the show’s first-ever repeat guest—on short selling, AI spending, market concentration, and why the bar is high for what’s been working to keep working.

Episode Overview

In this episode of The World According to Boyar, Jonathan Boyar welcomes back CNBC Senior Markets Commentator Michael Santoli—the first repeat guest in the show’s history, following his December 2020 appearance in the thick of COVID. Drawing on more than three decades covering Wall Street, Santoli breaks down his now-memorable on-air clash with Ryan Cohen over GameStop’s bid for eBay, the return of meme-stock speculation, and the question hanging over everything: Is this market 2021, 1999, or something genuinely new?

From AI capital spending and extreme market concentration to whether value and equal-weight stocks are finally due to lead, Santoli argues that today’s extremes do not yet match the dot-com peak. But, as he puts it, being told by your doctor that “you’re not literally the most unhealthy patient I’ve had in 30 years” does not mean “you’re in great shape.” It’s a clear-eyed, historically grounded read on the enduring mix of speculation and investment—what Santoli, invoking Buffett, calls “a casino attached to a church.”

Key Topics Covered:

Short sellers and the chilling effect: Why short selling is one of the most treacherous games in investing, the “alpha shorts” many hedge funds use, and why even legitimate short sellers have gone quiet.

The Ryan Cohen/GameStop showdown: The backstory behind a tense, revealing on-air exchange over GameStop’s bid for eBay—and what Santoli believes the Chewy-to-GameStop record reveals.

2021, 1999, or both? The retail-trader empowerment of 2021, the narrow-leadership echoes of the dot-com peak, and Santoli’s “unhealthy patient” analogy for today’s market froth.

AI spending and the hardware food chain: Why Santoli suspects the AI hardware complex may be overearning—and whether greater efficiency could eventually undermine today’s hardware economics.

Market concentration, reconsidered: Why a top-heavy S&P 500 may matter less than people fear—and how the bull case quietly shifted from “asset-light cash machines” to “asset-heavy, invest now, reap later.”

Will value and equal weight finally lead? Why durable rotations do not happen “at a full gallop,” and what the October-to-February broadening did—and did not—prove.

Why he doesn’t pick stocks: How being restricted from owning individual securities became “liberating,” his “voluntary tax on the arrogant” take on sports betting, and his philosophy of staying involved while keeping expectations in check.

The evolution of his CNBC role: From appearing on CNBC as a Barron’s contributor to becoming a market “color commentator” and co-anchor of Closing Bell: Overtime—and where financial media is heading as the business shifts toward digital.

The underreported story: The slow-moving demographic and global-population shifts—and the possibility that the Iran episode accelerates investment in renewables—that Santoli believes investors may be overlooking.

About Michael Santoli:

Michael Santoli is co-anchor of CNBC’s Closing Bell: Overtime and the network’s Senior Markets Commentator, with more than three decades of experience covering Wall Street. He began his career at Investment Dealers’ Digest before moving to Dow Jones Newswires. He later spent 15 years as a columnist and feature writer at Barron’s, where he wrote the Streetwise column, and was a Senior Columnist at Yahoo Finance before joining CNBC in 2015. A graduate of Wesleyan University, he lives in New York City.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Episode Overview:

In this episode of The World According to Boyar, Jonathan Boyar speaks with Lina Tetelbaum, a corporate partner at Wachtell Lipton, one of the world’s most influential corporate law firms, where she heads the firm’s shareholder engagement and activism defense practice.

Lina takes us inside the world of shareholder activism — how activists choose targets, the small universe of ideas they typically push, how companies and boards respond, and why so many activist campaigns ultimately end in settlements rather than full proxy fights.

We discuss the tension between the changes activists typically call for and long-term business strategy, the role of index funds and proxy advisors, how activists build positions, what really happens behind the scenes in settlement negotiations, and why even controlled companies are not completely immune from activist pressure.

Lina also shares her perspective on Wachtell Lipton’s history in takeover defense and activism, from the era of the poison pill to today’s more complex battles between boards, activists, institutional investors, and other stakeholders.

Topics discussed include: shareholder activism, proxy fights, activist settlements, board governance, index funds, ISS and Glass Lewis, activist nominees, controlled companies, capital allocation, M&A, and long-term value creation.

To receive more of Boyar’s research, interviews, and thoughts on investing, subscribe to our Substack at boyarresearch.substack.com

About Lina Tetelbaum:

Elina (Lina) Tetelbaum is a Corporate Partner and Head of Shareholder Engagement and Activism Defense at Wachtell, Lipton, Rosen & Katz.  Lina regularly counsels on proxy fights, takeover defense, corporate governance, crisis management and mergers and acquisitions. Lina has been named a Dealmaker of the Year by The American Lawyer, one of The Deal’s Top Women in Dealmaking, a Power Player in Shareholder Activism by Financier Worldwide, a Leading Partner in Shareholder Activism by Legal500, a Law360 Rising Star for M&A, and one of the 500 Leading Dealmakers in America by Lawdragon, among other honors.

Lina has advised companies in numerous industries navigating activist situations across an array of established and new activists, including Phillips 66 in its response to three years of activism from Elliott Management and first-ever contested vote by Elliott in the United States, United States Steel Corporation in its successful defense against a proxy contest by Ancora, The J.M. Smucker Co. in its response to activism by Elliott Management, Hexcel Corporation in response to activism by Vision One, Macy’s, Inc. in its response to activism and unsolicited takeover proposals, Match Group in its response to activism by Elliott Management and later Anson Funds, and numerous REITs in their response to activism by Land & Buildings.  Lina has extensive expertise advising companies in response to unsolicited takeover offers, including National Instruments in its $8.2 billion acquisition by Emerson following its unsolicited offer, and Kansas City Southern in its unsolicited transaction with Canadian National Railway and $31 billion acquisition by Canadian Pacific Railway. Lina has also advised public and private companies in a wide range of industries in mergers and acquisitions, including The Free Press in its acquisition by Paramount, Allergan in its $83 billion acquisition by AbbVie, PDC Energy in its $7.6 billion acquisition by Chevron and successful proxy fight defense against Kimmeridge, Barnes Group in its $3.6 billion acquisition by Apollo Global Management, and Masonite International in its $3.9 billion sale to Owens Corning.

Lina is the President of the Stuyvesant High School Alumni Association, an Advisory Board Member of the Harvard Law School Program on Corporate Governance, the John L. Weinberg Center for Corporate Governance at the University of Delaware, and the Yale Law School Center for the Study of Corporate law. She frequently lectures, presents and publishes on corporate governance and M&A at law schools and corporate governance conferences around the world. Lina received an A.B. magna cum laude in Economics from Harvard University and completed a J.D. from Yale Law School, where she served as editor-in-chief of the Yale Journal on Regulation and editor of the Yale Law Journal. After law school, Lina served as a law clerk to the Chief Judge of the U.S. Court of Appeals for the Ninth Circuit.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Josh Brown and Michael Batnick on Ritholtz, Authenticity, and Why Risk Finds a Way

What began as a funny observation from Boyar Value Group founder Mark Boyar — that Josh Brown and Michael Batnick are “the Howard Stern of financial podcasting” — turned out to be a pretty good way into the real story.

Josh and Michael built an audience by being candid, irreverent, and willing to say things much of traditional Wall Street would rather leave unsaid. But underneath the humor is a serious wealth-management business, a disciplined investment process, and a culture that has become a magnet for clients and talent.

In this wide-ranging episode, Jonathan Boyar sits down with Josh and Michael to discuss Ritholtz Wealth Management, their highly successful Compound and Friends podcast, the dangers of making stock picks public, how to build a financial brand today, Porterhouse, and why — in markets as in business — risk finds a way.

Key Topics Covered:

• Authenticity as a Competitive Advantage
• How Josh and Michael built trust by being candid, irreverent, self-aware, and willing to sound different from traditional Wall Street.
• The Real Business Behind Ritholtz
• Why Ritholtz is not simply a content platform attached to an RIA, but a serious wealth-management firm that also creates influential financial media.
• Building a Talent and Client Flywheel
• How Ritholtz’s audience has helped attract clients, advisors, employees, and like-minded people who already understand the firm’s culture.
• Why Wealth Management Became One of Wall Street’s Best Businesses
• Josh explains why the RIA model has become such a powerful business and how wealth management has reshaped financial media and Wall Street.
• Could Ritholtz Be Built Again Today?
• Josh and Michael discuss whether their content-driven model could be replicated now, and why LinkedIn, YouTube, and owning a niche matter more than ever.
• CNBC, Media, and Market Commentary
• How Josh prepares for CNBC and how Michael has helped sharpen that process.
• The Danger of Public Stock Picks
• Michael draws on lessons from his book Big Mistakes to explain why publicly discussing investments can make it harder to change your mind.
• Porterhouse and Rules-Based Investing
• Josh and Michael discuss Ritholtz’s new Porterhouse equity strategy and why systematic rules can help investors avoid emotional mistakes.
• Why Risk Finds a Way
• A discussion of market leadership, momentum, and the idea that new opportunities tend to emerge even after difficult periods.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Episode Overview

In this wide-ranging conversation, MGM Resorts CEO Bill Hornbuckle offers a candid look at how one of the world’s leading entertainment and hospitality companies is positioning itself for the future. We discuss MGM’s digital evolution, its expanding global footprint, and how leadership evaluates ambitious and complicated long-term opportunities such as the company’s $12 billion project in Japan.

Hornbuckle also shares his perspective on MGM’s relationship with both IAC and Barry Diller, the reasoning behind stepping back from the broader New York casino process. We discussed his thoughts on Macau, the regulatory considerations across key markets, and how MGM decides which projects are worth chasing—and which ones to walk away from.

Key Topics Covered

• iGaming & the Future of Online Sports Betting  

A discussion of how MGM views the long-term importance of iGaming and online sports wagering, the evolving regulatory landscape, and how digital platforms fit into the company’s broader strategy

• Why MGM Stepped Back from the New York Casino Process

A clear discussion of the strategic, regulatory, and economic factors behind MGM’s decision not to pursue the larger New York casino licensing effort.

• The Role of IAC & Barry Diller

How the partnership originated, what IAC contributes, and how it has influenced MGM’s broader digital and strategic roadmap.

• Macau & Japan: Global Perspective

MGM’s long-term view on Macau’s regulatory environment and the complexities of developing a multi-billion-dollar integrated resort in Osaka.

• Risk, Regulation & Strategic Decision-Making

How MGM weighs regulatory, geopolitical, and market-based risks across regions when deciding where—and how—to invest.

Featured Offer from Boyar Research

Take advantage of Boyar's Research’s flagship annual report featuring 40 catalyst-driven stock ideas for the year ahead.

Every company included has been deeply analyzed in a full-length Boyar Research report — the same research trusted by some of the world’s leading hedge funds, family offices, and institutional investors.

Learn more or pre-order here: boyarresearch.com/2026

Offer expires December 15.

About William J. Hornbuckle

William (Bill) J. Hornbuckle is Chief Executive Officer (CEO) and President of MGM Resorts International (NYSE: MGM), a global entertainment company featuring iconic hotels and casinos, meeting and conference spaces, live and theatrical entertainment experiences and an array of restaurant, nightlife and retail offerings across the globe. MGM Resorts’ portfolio includes some of the most recognizable resort brands in the industry, such as Bellagio, MGM Grand, ARIA, Mandalay Bay and Borgata.

As CEO, Mr. Hornbuckle oversees all aspects of MGM Resorts’ strategy, operations and hospitality and gaming development projects. He leads the company’s global development efforts and its digital gaming strategy. He also successfully steered the company through the COVID-19 pandemic, overcoming numerous challenges including the closure of operations, tightly restricted re-openings and new health and safety measures. Mr. Hornbuckle led the strategy and execution of the company’s sale of MGM Growth Properties to Vici Properties and the acquisition of the remaining share of CityCenter and of The Cosmopolitan of Las Vegas.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Episode Overview

In this wide-ranging conversation, legendary investor Bill Nygren discusses how value investing has evolved since the 1980s—and why the traditional valuation metrics many investors still rely on no longer adequately measure a company’s true worth. Nygren explains how intangibles like brand and customer acquisition costs have transformed the investing landscape, why accounting conservatism can obscure opportunity, and what he learned from Warren Buffett’s purchase of Coca-Cola decades ago.

This episode is a masterclass on adapting a classic investment philosophy for the modern age—combining rigorous analysis with intellectual flexibility.

Key Topics Covered

• The evolution of value investing: Why old accounting methods fail to capture the true worth of modern businesses built on brands and technology.
• The Coca-Cola revelation: How Buffett’s investment reshaped Nygren’s definition of value.
• Why financials are misunderstood: Why Nygren sees opportunity in financials despite investor skepticism.
• The hidden risk in the S&P 500: What investors are overlooking about today’s index concentration.
• Airbnb, Merck, and Comcast: How to analyze quality businesses that the market misunderstands.
• AI and investing: Why Nygren believes the biggest winners from AI won’t be chipmakers—but companies that use AI better.
• Position sizing and discipline: How Nygren thinks about portfolio concentration and risk management.

Featured Offer from Boyar Research

Before you dive back into the markets, make sure you take advantage of our limited-time 50% pre-order discount on The Forgotten Forty 2026 — Boyar Research’s flagship annual report featuring 40 catalyst-driven stock ideas for the year ahead.

Every company included has been deeply analyzed in a full-length Boyar Research report — the same research trusted by some of the world’s leading hedge funds, family offices, and institutional investors.

Learn more or pre-order here: boyarresearch.com/2026

Offer expires December 15.

Episode Highlights

• “Conservatism in accounting often comes at the expense of accuracy.”
• “Today’s value investor needs to think harder about intangibles.”
• “Recommending the S&P 500 as a core holding may no longer be prudent—it’s become a concentrated tech bet.”
• “Sometimes what you learn that can’t go in the spreadsheet ends up being the most valuable.”

Featured Companies

Coca-Cola, Comcast, Charter Communications, Airbnb, Merck, Bank of America, Citigroup, Capital One, First Citizens, and NVIDIA.

About Bill Nygren

Bill Nygren is one of the most respected voices in value investing. As Portfolio Manager of the Oakmark Fund and Oakmark Select Fund, he’s built a track record of disciplined, long-term outperformance by focusing on intrinsic value and patient capital allocation.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

Episode Summary:

In this episode, Jonathan Boyar welcomes Chris Halpin, Executive Vice President, Chief Operating Officer, and Chief Financial Officer of IAC—a holding company known for its savvy capital allocation and track record of building internet leaders like Expedia, Match Group, and Ticketmaster. 

Chris brings a unique perspective shaped by senior roles at the NFL and Providence Equity before joining IAC. He and Jonathan explore how IAC is navigating today’s market, why the stock is significantly undervalued, and how the company is positioning key holdings like Dotdash Meredith, Turo, and Care.com for long-term success. 

Whether you're an investor, media strategist, or just someone fascinated by the business of the internet, this episode offers a front-row seat to how IAC is building value in unconventional and often overlooked digital businesses. 

Topics Discussed 

• Chris’s unique journey from private equity to the NFL to IAC 
• The transformation of Dotdash Meredith 
• The business case behind IAC’s OpenAI partnership 
• How IAC is thinking about Turo’s valuation, growth trajectory, and timing around a potential IPO 
• Margin structure and monetization strategy in digital media 
• IAC’s approach to valuation, capital allocation, and market mispricing 
• “Sacred cows” and how IAC avoids them 
• Lessons from working with media rights at the NFL 
• Why Chris thinks IAC is trading at a dramatic discount to fair value 

To learn more visit:

www.boyarvaluegroup.com

https://boyarresearch.substack.com/

or follow us on X @boyarvalue    

Biography:

Christopher Halpin is Executive Vice President, Chief Operating Officer and Chief Financial Officer of IAC. Mr. Halpin leads corporate finance, accounting, M&A, investor relations, and administration functions while also overseeing the day-to-day function and execution of IAC’s businesses.

Prior to his appointment at IAC, Mr. Halpin spent nearly a decade in leadership roles at the National Football League (NFL), most recently serving as Executive Vice President, Chief Strategy & Growth Officer. In this role Mr. Halpin oversaw strategic planning and data and analytics, as well as key growth areas, including managing the NFL’s international business and leading its legalized sports betting strategy. Other past leadership roles at the NFL include Senior Vice President, Consumer Products & Licensing, and Vice President of Media Strategy & Business Development.

Before joining the NFL in June 2013, Mr. Halpin was a Partner and Managing Director at Providence Equity Partners. During his 13 years at Providence, Mr. Halpin worked across the firm's investment activities in the Media & Entertainment, Wireless/Satellite and Business Services sectors, and also opened and served as Co-Head of the firm's Hong Kong office. Mr. Halpin started his career in the Merchant Banking Division of Goldman Sachs & Co.

Mr. Halpin is a graduate of Princeton University with an A.B. in Economics (Phi Beta Kappa, Magna Cum Laude), and is a board member of Turo, the Children's Scholarship Fund, the Ladies Profes

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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. 

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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 environmental policy from Monmouth College and a master’s degree in business administration from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst® designation, is a member of the CFA Society of Chicago, and served on the board of PitchBook, a private firm that provides a comprehensive private equity and venture capital database, prior to its acquisition by Morningstar in lat

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

This week, I had the honor of interviewing Thomas Peterffy, the founder of Interactive Brokers, on The World According to Boyar podcast. Thomas’s life exemplifies the American Dream: When he came to the United States from Communist Hungary in 1965, virtually penniless and with no knowledge of English, he immediately began teaching himself computer programming while saving up for a seat on the American Stock Exchange. Using technological advances he himself helped pioneer, Thomas established a successful market-making business, paving the way for his biggest financial success: Interactive Brokers, which has a market capitalization north of $50 billion and where he is by far the biggest shareholder. Stay tuned for my discussion with Mr. Peterffy—I think you’ll find it as educational as it is inspiring.

The Interview Discusses:

• Thomas Peterffy’s background.
• Challenges of adapting to a new country and finding work.
• The immigrant mentality and its impact on success.
• The importance of rewarding merit in a free market economy.
• The value proposition Interactive Brokers brings to clients.
• Importance of maintaining a conservative balance sheet and excess capital.
• Future growth areas, including global markets and professional investors.
• Interactive Brokers’ unique position in the marketplace.
• The potential impact of future presidential administrations on business.
• Thomas’s decision to step down as CEO and focus on his role as chairman.
• The joy of building and improving the Interactive Brokers platform.

Biography:

Thomas Peterffy is founder and chairman of Interactive Brokers. A pioneer of digital trading in the 1980s, he was the first to build computer systems able to trade financial assets electronically, independent of direct human intervention. Born in Budapest, Hungary in 1944, he escaped communism in 1965 by emigrating to the United States. He learned computer programming, and his formula for pricing contingent assets was an early version of what is now known as the Black-Scholes model. In 1977, he became a member of the American Stock Exchange. Peterffy built the first automated market-making firm for stocks, options, and futures, which later gave rise to Interactive Brokers, a global, electronic broker with a market capitalization of  over $50 billion.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses:

• Bill Wilson’s rise from a data-driven marketer at Arista Records to helming a digital-first local media empire.
• The extraordinary experience of working with Clive Davis. 
• How he utilized traditional radio as a “trojan horse” to build a digital media company.
• The competitive advantage of  operating in smaller markets.
• Why a local content strategy is so differentiated in today’s environment.
• Bill’s thoughts on capital allocation.
• His views on running a publicly traded company.
• Why he believes Townsquare’s stock is intrinsically undervalued.
• How he intends to unlock shareholder value if the stock price languishes.
• And much more…

Biography:

Mr. Wilson joined Townsquare in September 2010 and previously served as Co-Chief Executive Officer and Executive Vice President and Chief Content & Digital Officer of the Company. Prior to joining Townsquare, Mr. Wilson was President of AOL Media from 2006 to May 2010 where he had overall responsibility for AOL’s global content strategy. In his nine years at AOL, he also served in a number of roles including President, AOL Programming & Studios and Executive Vice President; and under his leadership, AOL’s content sites grew to reach more than 75 million monthly unique visitors domestically and over 150 million worldwide.

Prior to joining AOL in 2001, Mr. Wilson served as Senior Vice President for Worldwide Marketing at Bertelsmann Music Group (BMG), which he joined in 1992, and was responsible for worldwide marketing including artist, digital and non-traditional marketing across more than 50 countries for the world’s biggest artists including Dave Matthews Band, OutKast, Foo Fighters, Whitney Houston, Annie Lennox, Santana and numerous major recording artists over his tenure at BMG.  Mr. Wilson started his career at BMG subsidiary Arista Records under the guidance of Clive Davis and Richard Sanders, where he was a product manager working with artists across numerous genres including Notorious B.I.G., TLC,  Sarah McLachlan, Kenny G and Spiritualized.

Mr. Wilson won an Emmy Award in 2006 for the record setting Live 8 program and was named to the Hollywood Reporter’s “Digital Power List” in 2008, which profiles the 50 people who most influence the creation and distribution of content online. In addition, he was profiled in Crain’s New York Business’ “40 under Forty” and Billboard’s “Power Players” in Digital Entertainment in 2005, as well as Hollywood Reporter’s “Next Generation” in 2003, and Radio Ink’s “Most Powerful in Radio” in 2018 - 2023. Mr. Wilson was voted the Radio Board Chair of the National Association of Broadcasters (“NAB”) in June 2021, after serving on the Executive Board of the NAB since 2020 and previously serving as a NAB Board Member. Mr. Wilson was also recently recognized as 2021 “Executive of The Year” by Radio Ink.

Mr. Wilson graduated summa cum laude from the State University of New York at Stony Brook with a B.A. in economics and a B.S. in business management and earned a M.B.A. with honors in finance and marketing from Rutgers University’s Graduate School of Management.

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses: 

• Anthony’s amazing life story growing up from humble beginnings to becoming a major success on Wall Street.
• His theory on resiliency and how he was able to recover after being fired from both Goldman Sachs and the White House.
• Why he is investing in cryptocurrencies.
• How Bill Miller influenced his investment decision making
• How Warren Buffett cost him a lot of money
• His support of Israel 
• And much more!

Biography:

Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs & Co. 

Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Every December for over three decades, Boyar Research has published the Forgotten Forty, a curation of comprehensive one-page reports on the 40 companies in our research universe that we believe will outperform the leading indices in the year ahead due to a catalyst we see on the horizon. The Forgotten Forty 2024 is now available for pre-purchase at 50% off until December 20th. To find out more information on this offer, click here.


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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses:

• Growing up in Iran and how having a global upbringing has  impacted him as an investor.
• Why he is more comfortable investing in the United States.
• How his grandparents fleeing Nazi Germany has impacted his investment decision making.
• His experience as an investor during the financial crisis and how he invests during uncertain times.
• What about the current geopolitical landscape scares him as an investor.
• His thoughts on holding cash as an investment.
• His opinion on investing in small capitalization companies
• Why as a value investor he is comfortable investing in high multiple stocks.
• Why he owns Mastercard & Bank of America.

Biography:
 
Guy Spier is a Zurich based author and investor. 

Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University where he studied at Brasenose College with the British Prime minister David Cameron.  

After completing his MBA, Guy started the Aquamarine Fund which is an investment vehicle inspired by the original 1950's Buffett partnerships, and run with a close replication of the original Buffett partnership rules. The focus is on investing for long term capital appreciation and capital preservation by running a portfolio of equity investments with the goal of acquiring companies with outstanding long-term economics at a reasonable price and where there is a sufficient margin of safety between the company’s market price and its intrinsic value. Typical investors include high net worth individuals, family offices and private banks. 

In 2008 Guy made news by bidding $650,000 with his friend, Mohnish Pabrai, to have a charity lunch with Warren Buffett.  

His book, “The Education of a Value Investor” has sold more than 40,000 copies and has also been translated into Hebrew, German, Japanese, Korean, Polish, Mandarin and Spanish.

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses:

• His remarkable turnaround of Domino’s Pizza where he increased the share price by 23x.
• The opportunity he saw at Restaurant Brands that convinced him to invest $30 million personally in the company’s shares (and pledge to hold it for 5 years).
• The dynamics of working for a company controlled by private equity firm 3G.
• The importance of franchisee profitability for his turnaround plan.
• Tim Hortons extraordinary success in Canada and how that can be replicated in other parts of the world. 
• Why Burger King International is performing well and Burger King US is struggling.
• Could Tim Hortons alone eventually be worth more than Restaurant Brands is currently? 
• His role as Executive Chairman.
• What it was like being on Jim Cramer’s Mad Money.
• The difference between his role at Restaurant Brands where he is Executive Chairman and his role at Best Buy where he is Non-Executive Chairman. 
• ---And much more! 

Nothing in this podcast constitutes investment advice.  

Biography:

Mr. Doyle was appointed Executive Chairman of RBI in November 2022 to accelerate growth for franchisees and shareholders. Most recently, he has served as an executive partner of the Carlyle Group, a global diversified investment firm, focused on the consumer sector. Prior to that he served as the chief executive officer of Domino’s Pizza, from March 2010 to June 2018, having served as president from 2007 to 2010, as executive vice president of Domino’s Team USA from 2004 to 2007 and as executive vice president of Domino’s Pizza International from 1999 to 2004. Mr. Doyle has served on the board of directors of Best Buy Co., Inc. since November 2014 and has been the Chairman of Best Buy’s board since May 2020.


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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses: 

• The rise and fall of GE.
• What could have been done to save General Electric.
• Who is to blame for GE’s demise.
• His in-depth interviews with both Jack Welch and Jeff Immelt. 
• The fundamental error that Jack Welch made that tarnished his legacy.
• How GE capital almost filed for bankruptcy during the financial crisis.
• What Disney can learn from GE’s succession issues.
• The mistake GE made by selling NBC Universal to Comcast (and one thing about the deal you probably  never knew).
• His latest media venture called Puck.
• And much more…

William D. Cohan, a former senior Wall Street M&A investment banker for 17 years at Lazard Frères & Co., Merrill Lynch and JPMorganChase, is the New York Times bestselling author of three non-fiction narratives about Wall Street: Money and Power. His new book Power Failure: The Rise and Fall of an American Icon, about the rise and fall of GE, once the world’s most powerful, valuable and important company, was published in November 2022 by Penguin Random House. He is a founding partner of Puck, a digital publication owned and operated by journalists, and a writer-at-large for Air Mail. For 13 years, he was a special correspondent at Vanity Fair. 


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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses:

• How he turned around Callaway’s traditional business.
• How “off course” golf is now larger than “on course” golf.
• How Topgolf is increasing participation in traditional golf.
• The economics behind a Topgolf location and why scale matters.
• Why he does not believe a rising interest rate environment will impact the expansion of TopGolf.
• How he had the confidence to “bet the company” and purchase Topgolf in 2020 (during the throes of Covid).
• The significant opportunity they have with Toptracer.
• His thoughts on the current valuation of Topgolf Callaway Brands.

To request a copy of our report on Topgolf Callaway Brands that appeared in the recently released Boyar's Forgotten Forty, please click here. 


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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses: 

• The secret to success in the investment business.
• His investment thesis on both Home Depot & Diageo.
• Why investing through the covid crisis was harder than investing through the financial crisis. 
• How covid has impacted Markel’s insurance operations.
• His thoughts on Berkshire Hathaway investing in Markel.
• His observations of Warren Buffett as a fellow board member at The Washington Post.
• How Markel decides whether to invest in private companies through Markel Ventures or in public securities.
• Why he thinks it is possible for Markel Ventures to one day be larger than Markel’s equity portfolio.
• Why most investors who tried to use insurance operations as funding mechanisms have failed.
• How he decides to add to existing equity positions.
• The advantages of having low turnover in his equity portfolio that most investors do not appreciate.
• His thoughts on when it is appropriate to use leverage.
• Markel’s capital allocation priorities.
• His thoughts on the cable industry...

For more information on the 2023 Markel Shareholders Meeting, please visit  www.MarkelShareholdersMeeting.com

For any questions or to ask a copy of the Markel report, please email us at boyarresearch@boyarvaluegroup.com.


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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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, 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 ri

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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 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 futu

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses: 

• Michael’s fascinating career  from  being a columnist and feature writer at Barron’s  to becoming a Senior Markets Commentator on CNBC. 
• The importance of Twitter as a tool for journalists. 
• Michael’s famous source, ‘the mystery broker’. 
• How Michael has used his experience covering 9/11 and has applied that to Covid-19.
• His thoughts on the possible rotation from growth to  value in the equity markets.

Biography:

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network’s Global Headquarters in Englewood Cliffs, N.J. 

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Santoli has covered the Wall Street beat for more than 20 years. Prior to joining Yahoo in 2012, he spent 15 years as a columnist and feature writer for Barron’s magazine. From 1993 to 1997, Santoli was a reporter at Dow Jones Newswires, covering the securities industry, and was awarded two Dow Jones Newswire Awards for distinguished real time journalism.

Santoli is a graduate of Wesleyan University and lives in New York City.


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.  

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The Interview Discusses: 

• How Zoom and other technologies will change how we conduct business going forward. David’s views on how the pandemic has impacted the global economy. 
• How the private equity world is changing in terms of the types of deals they are doing. Key skills needed to be an effective fundraiser. 
• How The Carlyle Group almost went out of business early in the firm’s existence.  
• The reasons behind writing his latest book: How to Lead: Wisdom from The World Greatest CEOs, Founders And Game Changers. 
• Key qualities of effective leadership from interviews with many of the world’s most accomplished leaders including:  Justice Ruth Bader Ginsburg, Dr. Anthony Fauci, Jamie Dimon,  President Bill Clinton, President George W. Bush and more. 
• Which historical figure he would most like to have as a guest on his  show and what would he ask. 
• And much more…

Biography: 

David M. Rubenstein is a Co-Founder and Co-Executive Chairman of The Carlyle Group, one of the world’s largest and most successful private investment firms. Mr. Rubenstein co-founded the firm in 1987. Since then, Carlyle has grown into a firm managing $221 billion from 31 offices around the world. 

Mr. Rubenstein is Chairman of the Boards of Trustees of the John F. Kennedy Center for the Performing Arts and the Council on Foreign Relations; a Fellow of the Harvard Corporation; a Regent of the Smithsonian Institution; a Trustee of the National Gallery of Art, the University of Chicago, Memorial Sloan-Kettering Cancer Center, Johns Hopkins Medicine, the Institute for Advanced Study, the National Constitution Center, the Brookings Institution, and the World Economic Forum; a Director of the Lincoln Center for the Performing Arts and the American Academy of Arts and Sciences; and President of the Economic Club of Washington.

Mr. Rubenstein is a member of the American Philosophical Society, Business Council, Harvard Global Advisory Council (Chairman), Madison Council of the Library of Congress (Chairman), Board of Dean’s Advisors of the Business School at Harvard, Advisory Board of the School of Economics and Management at Tsinghua University (former Chairman), and Board of the World Economic Forum Global Shapers Community.  

Mr. Rubenstein is an original signer of The Giving Pledge, a significant donor to all of the above-mentioned non-profit organizations, and a recipient of the Carnegie Medal of Philanthropy, and the MoMA’s David Rockefeller Award, among other philanthropic awards.

Mr. Rubenstein has been a leader in the area of Patriotic Philanthropy, having made transformative gifts for the restoration or repair of the Washington Monument, Monticello, Montpelier, Mount Vernon, Arlington House, Iwo Jima Memorial, the Kennedy Center, the Smithsonian, the National Archives, the National Zoo, the Library of Congress, and the National Museum of African American History and Culture. Mr. Rubenstein has also provided to the U.S. government long-term loans of his rare copies of the Magna Carta, the Declaration of Independence, the U.S. Constitution, the Bill of Rights, the Emancipation Proclamation, the 13th Amendment, the first map of the U.S. (Abel Buell map), and the first book printed in the U.S. (Bay Psalm Book). 

Mr. Rubenstein is the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS, and Leadership Live with David Rubenstein by Bloomberg Media; and the author of The American Story: Conversations with Master Historians, a book published by Simon & Schuster in October 2019, and How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers, a book published by Simon & Schuster in September 2020.


Important Disclosures. The infor

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

The interview Discusses: 

• The differences between the current business climate and the one at the start of his career in the 1980s. 
• His views on when share buybacks are appropriate.
• Why capital allocation was so critical for shareholder returns at Jarden. 
• Executives he believes are good capital allocators.  
• How he managed to gain control of the company that eventually turned into Jarden. 
• The acquisition strategy he employed while running Jarden (that he still employs today). 
• How he evaluated brand equity when making acquisitions of consumer products companies. 
• Why he believes he would have had the same success today even with the growing popularity of private label brands from Amazon and Costco. 
• His current views on Newell. His latest SPAC (which he is partnering with Viking Global on) and what his acquisition strategy will be. 
• And much more…

Biography:

Sir Martin E. Franklin is the Founder and CEO of Mariposa Capital, a Miami based family investment firm focused on long term value creation across various industries. Mr. Franklin serves as Founder and Executive Chairman of Element Solutions Inc., Co-Founder and Co-Chairman of Nomad Foods Limited, Co-Founder and Co-Chairman of APi Group Corporation and Chairman and controlling shareholder of Royal Oak Enterprises, LLC. He is a principal and executive officer of several otherprivate investment entities.

Prior to founding Mariposa Capital, Mr. Franklin founded Jarden Corporation in 2001. Under his leadership, Jarden grew from approximately $300 million in revenues to more than $10 billion, comprised of over 120 global brands and 35,000 employees before it was acquired by Newell Brands in April 2016. He served as Executive Chairman of Bollé, Inc. from 1997 to 2000 and Chairman and Chief Executive Officer of Benson Eyecare Corporation from 1992 to its sale in 1996. Jarden and Benson generated over 5,000% and 1,800% stock returns to their investors respectively.

Mr. Franklin received a BA from the University of Pennsylvania. A father of four, he resides in Miami, FL with his wife Julie. He is an avid endurance sports enthusiast and an active supporter of a number of charities including the Challenged Athletes Foundation and Wounded Warriors Project.

To read the transcript of this interview click here.


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

The Boyar Value Group: Uncovering Investment Opportunities Since 1975

Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market.

Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value.

Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing.

To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com.

Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

Disclosure

This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...