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    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. 

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

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

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    Understanding Dividends: How Companies Allocate Money

    The Boyar Value Group’s 4th Quarter Letter 2023

    The Boyar Value Group’s 4th Quarter Letter 2023

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    Guy Spier, Portfolio Manager of the Aquamarine Fund and Author of the Education of a Value Investor

    Patrick Doyle, Executive Chairman of RBI on: increasing Domino’s share price by 23x; his vision for Tim Hortons and Burger King; and his thoughts on 3G Capital.

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    Understanding Dividends: How Companies Allocate Money

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

    Will Small Caps Stand Out In 2024?

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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