Skip to content
  • 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

    Boyar Asset Management focuses on investing in the equity securities of intrinsically undervalued companies.

    Boyar_Logo_Research-1

    Boyar Research was established in 1975 to provide independent research utilizing a business persons approach to stock market investing.

  • Insights

    Blog

    Read the latest news and insights from the team at Boyar Value Group.

    Thomas Peterffy's insights on Interactive Brokers' market position, growth potential, and his journey from humble beginnings to tremendous financial success.

    What It Takes To Be A Value Investor Today?

    From Records to Radio: Bill Wilson's Journey to Landing a Digital Media Empire

  • Podcasts

    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." 

    Thomas Peterffy's insights on Interactive Brokers' market position, growth potential, and his journey from humble beginnings to tremendous financial success.

    From Records to Radio: Bill Wilson's Journey to Landing a Digital Media Empire

    Anthony Scaramucci on resiliency, cryptocurrencies, and much more.

  • Media Appearances

    Media

    Check out the latest media appearances from the team at Boyar Value Group.

    What It Takes To Be A Value Investor Today?

    Understanding Dividends: How Companies Allocate Money

    Comcast, Atlanta Braves, and 3 Other Forgotten Value Stocks With Potential to Grow

  • Team
  • Contact
  • Schedule a Meeting

The Boyar Value Group 4th Quarter Client Letter

The Boyar Value Group just released our latest quarterly letter to clients.

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