---
title: The Boyar Value Group's 4th Quarter Client Letter - Boyar Value Group
description: We believe that over the long term, either the stock market will come to reflect the business’s true value or an acquirer will purchase it for its true worth, as we’ve seen so many times before.
---

[Boyar Value Group Blog](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog)

# [The Boyar Value Group's 4th Quarter Client Letter - Boyar Value Group](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyars-value-group-2nd-quarter-client-letter)

 Written by [Jonathan Boyar](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/author/jonathan-boyar) | Jul 14, 2022

The Boyar Value Group just released our [latest quarterly letter to clients.](https://www.blog.boyarvaluegroup.com/hubfs/4Q_2022_BAM_letter_Final_BVG.pdf)

Please find an excerpt of the letter below:

A Look Back at 2022

2022 was a painful year for equity investors and speculators alike. The major U.S. stock indices all declined, with the Nasdaq losing ~33% and the S&P falling by ~18%, while the Dow Jones Industrial Average lost “only” ~7%. International and emerging market equity investors weren’t spared, either, with the MSCI All Country World index of developed and emerging market equities down almost 20% in 2022 (the worst decline since 2008). London’s FTSE 100, which consists largely of energy, mining, and pharmaceutical companies, was a rare bright spot, increasing slightly in pounds sterling. According to  
Tommy Stubbington and Adam Samson, writing in the Financial Times, the market value of companies traded across all global stock exchanges dropped approximately $25 trillion in 2022.

[**Please click here to read the letter**](https://www.blog.boyarvaluegroup.com/hubfs/4Q_2022_BAM_letter_Final_BVG.pdf)

[View full post](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyars-value-group-2nd-quarter-client-letter)

```json
{
  "@context" : "http://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Jonathan Boyar"
  },
  "dateModified" : "2025-11-28T16:40:36.774Z",
  "datePublished" : "2022-07-14T14:47:29Z",
  "headline" : "The Boyar Value Group’s 4th Quarter Client Letter",
  "image" : {
    "@type" : "ImageObject",
    "height" : 321,
    "url" : "https://4595129.fs1.hubspotusercontent-na1.net/hubfs/4595129/4th%20q%202022-1.png",
    "width" : 800
  },
  "mainEntityOfPage" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyars-value-group-2nd-quarter-client-letter",
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "height" : 60,
      "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png",
      "width" : 60
    },
    "name" : "Boyar Value Group Blog "
  }
}
```