The Boyar Value Group just released our latest quarterly letter to clients.
From the perspective of the U.S. stock market, 2022 was a miserable year (with the S&P 500 declining 19.4%), but at first 2023 seemed like it was shaping up to be a less volatile year. January’s performance was particularly impressive, with the S&P 500 advancing more than 6%. In response, market participants cautiously began holding out hope for a soft landing. Then economic data started coming in stronger than expected, causing stocks and bonds to swoon as investors worried that the Fed would have to keep interest
rates higher for longer.
But then, seemingly out of nowhere (the way most crises seem to start), a cryptocurrency lender named Silvergate Capital Corp failed, followed by Silicon Valley Bank—the largest banking collapse in the U.S. since Washington Mutual in 2008. To make things worse, on the heels of the SVB closure, Signature Bank also failed. As a result, bank customers throughout the U.S. who had deposits of more than $250,000 (the FDIC insurance cap) became concerned about the safety of their deposits. Regional banks such as First
Republic, with their larger percentage of uninsured depositors, also experienced massive withdrawals, raising questions about their solvency.
Please click here to read the letter.
This information is not a recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in any investment vehicle managed or advised by Boyar Value Group (“Boyar”) or its affiliates. Past performance does not guarantee future results. This material is as of the date indicated, is not complete, and is subject to change. Additional information is available upon request. No representation is made with respect to the accuracy, completeness or timeliness of information and Boyar assumes no obligation to update or revise such information. Boyar Asset Management Inc. is an investment adviser registered with the Securities and Exchange Commission. Registration of an Investment Advisor does not imply any level of skill or training. A copy of current Form ADV Part 2A is available upon request or at www.advisorinfo.sec.gov. Please contact Boyar Asset Management Inc. at (212) 995-8300 with any questions
