--- title: The Boyar Value Group 4th Quarter Client Letter - Boyar Value Group description: The million-dollar question is whether the S&P 500 can continue its positive momentum for a fourth consecutive year. Certainly 3-year winning streaks are not unheard of, having occurred 11 times since 1927,but we also note that the S&P 500 dropped after six of those 3-year streaks. image: https://www.blog.boyarvaluegroup.com/hubfs/4%20q%202021-1.png --- [Skip to content](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-4th-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. [![Boyar\_Logo\_Research-1](https://www.blog.boyarvaluegroup.com/hs-fs/hubfs/Boyar_Logo_Research-1.png?width=358&height=200&name=Boyar_Logo_Research-1.png)](https://www.boyarresearch.com/) Boyar Research was established in 1975 to provide independent research utilizing a business persons approach to stock market investing. - [Insights](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog) #### Blog Read the latest news and insights from the team at Boyar Value Group. ![](https://www.blog.boyarvaluegroup.com/hubfs/3q%202026.png) The Boyar Value Group’s 3rd Quarter Letter 2026 ![](https://www.blog.boyarvaluegroup.com/hubfs/William%20D.%20Cohan_website%20thumbnail.png) Bill Cohan on Leon Black: From Drexel to Apollo, and Could Athene Trigger the Next Financial Crisis? ![](https://www.blog.boyarvaluegroup.com/hubfs/Ian%20Cassel_Website%20Thumbnail.png) Microcap Investing with Ian Cassel: The Stocks Wall Street Can't Buy - [Podcasts](https://boyarvaluegroup.com/the-world-according-to-boyar-podcast-1) #### Podcast "The World According to Boyar podcast brings top investors, best selling authors, and market newsmakers to show you the smartest ways to uncover value in the stock market."  ![](https://www.blog.boyarvaluegroup.com/hubfs/William%20D.%20Cohan_website%20thumbnail.png) Bill Cohan on Leon Black: From Drexel to Apollo, and Could Athene Trigger the Next Financial Crisis? ![](https://www.blog.boyarvaluegroup.com/hubfs/Ian%20Cassel_Website%20Thumbnail.png) Microcap Investing with Ian Cassel: The Stocks Wall Street Can't Buy ![](https://www.blog.boyarvaluegroup.com/hubfs/Chris%20Mayer_Website%20Thumbnail.png) Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board - [Media Appearances](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/newsroom) #### Media Check out the latest media appearances from the team at Boyar Value Group. ![](https://www.blog.boyarvaluegroup.com/hubfs/Closing%20Bell%202.png) Jonathan Boyar Discusses Uber, MSG Sports, Cooper, and Scotts Miracle-Gro on CNBC's Closing Bell Overtime ![](https://www.blog.boyarvaluegroup.com/hubfs/Yet%20Another%20Value%20New%20Size.png) Jonathan Boyar On The Yet Another Value Podcast Discussing UBER and BATRA ![](https://www.blog.boyarvaluegroup.com/hubfs/Yahoo%20Finance%20Use%20this.png) Boyar Research President Jonathan Boyar Discusses 2026 Forgotten Forty Stock Picks on Yahoo Finance - [Team](https://boyarvaluegroup.com/boyar-value-group-team) - [Contact](https://boyarvaluegroup.com/contact-us) - [Schedule a Meeting](https://www.email.boyarvaluegroup.com/meetings/amalia) [Schedule a Meeting](https://www.email.boyarvaluegroup.com/meetings/amalia) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. # The Boyar Value Group 4th Quarter Client Letter [Oct 23, 2026 The Boyar Value Group’s 3rd Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/3rd-quarter-letter-2026) [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) - [Tweet](https://twitter.com/share) The Boyar Value Group just released our latest [quarterly letter to clients.](https://www.blog.boyarvaluegroup.com/hubfs/4Q_2021_BAM%20Ltr_BVG.pdf) We’ve observed before that the S&P 500 is being driven by a handful of mega-cap stocks, but things haven’t always been this lopsided. Based on data from JP Morgan, as of January 20, 2022, the top 10 companies in the market-cap-weighted S&P 500 accounted for 29.8% of the index (vs. ~17% back in 1996) and boasted an average forward multiple of 30.3x (vs. an average of 19.8x since 1996). Interestingly, says Gary Shilling, writing for Bloomberg, the decade before the average company’s market cap grows large enough to usher it into the S&P 500’s “top 10,” it outperforms the broader market by 10% a year (hardly surprising, with outperformance the driving factor in becoming a big company in the first place!)—but after companies join the top 10 club, they tend to underperform the broader market by 1.5% over the following 10 years. ***Anyone considering investing in some of the S&P 500’s larger stocks should keep this trend in mind, remembering what the great Wayne Gretzky used to say “skate to where the puck is going to be, not where it has been.”*** [**Please click here to read the letter**](https://www.blog.boyarvaluegroup.com/hubfs/4Q_2021_BAM%20Ltr_BVG.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) [Oct 23, 2026 The Boyar Value Group’s 3rd Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/3rd-quarter-letter-2026) [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) [Previous The Boyar Value Group’s 4th Quarter 2021 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) [Next Boyar in Barron’s: 6 Value Stocks for 2022 From the Forgotten Forty](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/newsroom/boyar-in-barrons-6-value-stocks-for-2022-from-the-forgotten-forty) ![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 4th Quarter Client Letter", "image" : [ "https://4595129.fs1.hubspotusercontent-na1.net/hubfs/4595129/4%20q%202021-1.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-4th-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" : "2025-11-28T16:48:23.995Z", "datePublished" : "2022-01-26T15:42:38.000Z", "headline" : "The Boyar Value Group 4th Quarter Client Letter - Boyar Value Group", "image" : [ "https://www.blog.boyarvaluegroup.com/hubfs/4%20q%202021-1.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-4th-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" } } ```