In this full-length interview, Jonathan Boyar joins Tobias Carlisle for a wide-ranging conversation covering the origins, philosophy, and enduring edge of the Boyar Value Group. Jonathan explains how the firm evolved from a pure research publication into a respected asset manager, while staying true to its core mission of identifying intrinsically undervalued companies through a private-equity-to-public-equity approach.
He offers an inside look at Boyar’s rigorous idea-generation process, including how analysts uncover opportunities outside the mainstream by focusing on hidden assets, great consumer franchises, fallen angels, and special situations such as spinoffs. Jonathan also discusses the importance of catalysts in avoiding value traps, how the team incorporates lessons from past mistakes to improve its process, and why taking a long-term view and concentrating on underfollowed small- and mid-cap names remain powerful sources of market inefficiency and investment opportunity.
The conversation also highlights Boyar’s research publications—particularly the upcoming Forgotten Forty 2026—and how they give clients access to catalyst-driven ideas and help reinforce the firm’s investment edge. This comprehensive interview offers a clear window into Boyar’s time-tested methodology, its intellectual foundation, and the advantages it brings to long-term, value-oriented investors.
The Origins and Evolution of the Boyar Value Group
In this clip, Tobias Carlisle and Jonathan Boyar discuss how the Boyar Value Group evolved from a pure research publication into a respected asset manager—all while maintaining its private-equity-to-public-equity investment philosophy. The conversation explores the early days of the firm, how its process was built, and how it has stayed true to its core principles for five decades.
How Catalysts Help Us Avoid Value Traps
Jonathan Boyar joins Tobias Carlisle to discuss the importance of catalysts in Boyar’s investment process and how they help differentiate true value opportunities from value traps. He explains how Boyar integrates catalyst identification into intrinsic value analysis to improve decision-making and enhance long-term returns.
How Independent Research Enhances Boyar’s Money Management Edge
This segment explores how Boyar’s in-depth research publications create a meaningful competitive advantage in money management. Tobias and Jonathan discuss how the constant need to generate fresh, high-quality investment ideas for a sophisticated audience sharpens the team’s analytical rigor and directly benefits Boyar’s asset-management clients.
The Key Sources of Market Inefficiency
Tobias and Jonathan examine two enduring sources of market inefficiency that Boyar leverages—Boyar breaks down why taking a long-term view and focusing on small, underfollowed companies continues to create opportunities that most investors overlook.
Learning From Mistakes and Avoiding Value Traps
In this conversation, Tobias and Jonathan discuss how past investment mistakes have strengthened Boyar’s process and improved decision-making over time. They also dive into a current area of the market where the team is debating whether an opportunity represents real value or a potential value trap.
Inside The Forgotten Forty 2026
Tobias and Jonathan explore the upcoming Forgotten Forty 2026, including how the issue is constructed, why it focuses on catalyst-driven ideas, and how it fits into Boyar’s broader research ecosystem. This clip gives viewers a clear look at how the report is assembled and why institutional clients value it.
