--- title: The Boyar Value Group 1st Quarter Client Letter - Boyar Value Group description: "The Boyar Value Group just released our latest quarterly letter to clients.  Please find an excerpt of the letter below: Even so, for the first quarter of 2022, the S&P 500 still declined by 4.6% (its first quarterly decline in 2 years) and both the Nasdaq and the Russell 2000 entered bear market territory (typically […]" image: https://www.blog.boyarvaluegroup.com/hubfs/1st%20q%202022-2.png --- [Skip to content](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-1st-quarter-client-letter#main-content) [![logo](https://www.blog.boyarvaluegroup.com/hs-fs/hubfs/Boyar_October2018%20Theme/Images/logo.png?width=110&height=70&name=logo.png "logo")](https://boyarvaluegroup.com) [![logo-inverted](https://f.hubspotusercontent10.net/hubfs/2333817/GiantFocal_Marketplace/March/logos/logo-inverted.svg "logo-inverted")](https://boyarvaluegroup.com) - Boyar Family of Companies #### Boyar Family of Companies Whether uncovering a new idea for our research subscribers, managing pension funds, or handling accounts for individual investors, our research-driven insights help both professional and individual investors pursue their investment goals.  [![Boyar\_Logo\_Asset\_Management-May-31-2023-08-39-05-3251-AM](https://www.blog.boyarvaluegroup.com/hs-fs/hubfs/Boyar_Logo_Asset_Management-May-31-2023-08-39-05-3251-AM.png?width=539&height=200&name=Boyar_Logo_Asset_Management-May-31-2023-08-39-05-3251-AM.png)](https://www.boyarassetmanagement.com/) Boyar Asset Management focuses on investing in the equity securities of intrinsically undervalued companies. 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While not a complete apples-to-apples comparison, as of April 6 the “average stock” in the S&P 500 had declined by almost 17% from its 52-week highs, a figure that for the Russell 3000 exceeds 32%.* [**Please click here to read the letter**](https://www.blog.boyarvaluegroup.com/hubfs/1Q_2022_BVG_letter.pdf) [Blog](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/blog) [Client Letter](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/client-letter) [BVG Client Letter](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/bvg-client-letter) [Apr 21, 2026 The Boyar Value Group’s 1st Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-1st-quarter-letter-2026) [Jul 14, 2026 The Boyar Value Group’s 2nd Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-2nd-quarter-letter-2026) [Jul 21, 2026 "I'll Take Manhattan": How John Catsimatidis Built a $4 Billion Empire](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/john-catsimatidis) [Previous Beware Of False Bargains](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/beware-of-false-bargains) [Next The Boyar Value Group’s 1st Quarter 2022 Client Letter](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-groups-2nd-quarter-2019-client-letter-0-0-0-0-0) ![website footer logo](https://www.blog.boyarvaluegroup.com/hubfs/website%20footer%20logo.webp) Since 1975 the Boyar family of companies has focused on creating value for our clients — by seeking out and investing in companies whose intrinsic value significantly exceeds that of its current market price. ##### Social Links ![facebook](https://www.blog.boyarvaluegroup.com/hubfs/facebook.webp) ### Facebook ![linkedin](https://www.blog.boyarvaluegroup.com/hubfs/linkedin.webp) ### Linkedin ![twitter](https://www.blog.boyarvaluegroup.com/hubfs/twitter.webp) ### Twitter ##### Contact us ![email](https://www.blog.boyarvaluegroup.com/hubfs/email.webp) ### info@boyarvaluegroup.com [mailto:info@boyarvaluegroup.com](mailto:info@boyarvaluegroup.com) ![phone](https://www.blog.boyarvaluegroup.com/hubfs/phone.webp) ### (212) 995-8300 ![map](https://www.blog.boyarvaluegroup.com/hubfs/map.webp) ### 667 Madison Avenue, 5th Floor New York, NY 10065 ##### Newsletter [Subscribe To Our Substack](https://boyarresearch.substack.com/) © 2026 Boyar's Intrinsic Value Research LLC. All rights reserved. | [Terms of Use & Legal Information](https://boyarvaluegroup-4595129.hs-sites.com/terms-of-use-legal-information) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "dateModified" : "2024-10-01", "datePublished" : "2024-10-01", "headline" : "The Boyar Value Group 1st Quarter Client Letter", "image" : [ "https://4595129.fs1.hubspotusercontent-na1.net/hubfs/4595129/1st%20q%202022-2.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-1st-quarter-client-letter", "@type" : "WebPage" } } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Jonathan Boyar", "url" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/author/jonathan-boyar" }, "dateModified" : "2025-11-28T16:47:41.418Z", "datePublished" : "2022-04-13T14:24:22.000Z", "headline" : "The Boyar Value Group 1st Quarter Client Letter - Boyar Value Group", "image" : [ "https://www.blog.boyarvaluegroup.com/hubfs/1st%20q%202022-2.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-1st-quarter-client-letter", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.blog.boyarvaluegroup.com/hubfs/Boyar_Logo_Value_Group-1.png" }, "name" : "Boyar Value Group" } } ```