Still Room to Run: Jonathan Boyar Discusses Uber, Atlanta Braves Holdings, and Small-Cap Value on Yahoo Finance

Jonathan Boyar recently joined Yahoo Finance to discuss some of the standout ideas from The Forgotten Forty—Boyar Research’s annual list of 40 catalyst-driven stock ideas for the year ahead.

In the interview, Jonathan highlighted several companies that have performed well year-to-date, including Uber, Markel, and Atlanta Braves Holdings, but emphasized that despite recent gains, we still believe there’s meaningful upside remaining.

He pointed to Uber’s evolving narrative around autonomous vehicles, explaining:

“Investors are finally beginning to realize that autonomous vehicles are a beneficiary, not a threat, to Uber’s business model. The beauty of owning Uber is its capital-light structure—others are investing billions in driverless technology while Uber collects a toll.”

Jonathan also shared why Atlanta Braves Holdings remains one of Boyar’s highest-conviction small-cap ideas:

“The company has two clear catalysts. In the short term, the two-year spin-off milestone expires in July, allowing the team to be sold without tax consequences. In the medium term, a 2027 tax law change could push public sports teams like the Braves to go private.”

He added that for good stock pickers there is plenty of opportunity in small cap shares.

“We’re stock selectors by nature. And we believe that over the next 3–5 years, small-cap stock-picking—done right—can dramatically outperform.”

In the full segment you can hear:

1. More on Uber
2. The outlook for small caps shares
3. Why investors might be mispricing some of the most interesting names in the market today.

Transcript:

First, thank you for having me. And yes, the Forgotten 40 is The Forty Best Ideas for the Year Ahead. Uber, Markel, and Atlanta Braves Holdings all had short-term and medium-term catalysts they've done nicely, but we still think there's more room to run in each of them. You know, UBER is an extraordinarily interesting name, and finally, you know, one of the things that I think is helping the stock is how muted the over-response."Frame at 14.96 seconds with subtitle: "The robo-taxi event Tesla had in Austin was; investors are finally starting to realize that autonomous vehicles are a beneficiary, not a threat. And we think they'll continue to do so, although there could be fits and starts along the way. But that's generally not come to pass. To your point, yes, and I agree on that last point, but as we think about the reaction of stock price correlation..." "To these events that Tesla holds, how big are their weight, or maybe just a further proving point for what Uber has talked about even since they've gone public in autonomous driving will bring down operating costs per mile. And thus, something that they have to invest heavily over the course of the next several years. Do you see us finally hitting an inflection point for Uber as consumers become more..."Frame at 44.88 seconds with subtitle: "You know, more familiar with these types of services that are going to offer them driverless vehicles and driverless rides? Well, one of the things, well, two things that are interesting with Uber. One, if you look at the stock market reaction on Elon's announcements, they've gotten less dramatic over time. I mean, remember a year or so ago, the stock was down probably 15-20% in a month over these fears that now it's much less so, and..." "In terms of the investing part of it, the beauty of owning Uber is really a capital-light model. I mean, Waymo, Tesla, all the other ones are the ones investing a significant amount of capital. Uber's just going to be basically collecting toll, which is a great business. We'd much rather own that than the capital-intensive, heavier businesses. And then additionally, here, let's walk through some of these small caps that you're identifying and really believing..." "For the second half of this year, where are you seeing those opportunities? Yeah, I mean, it is broad-based. I mean, small caps are probably one of the cheapest areas of the market. Generally, they do extremely well after the Fed stops a rate-hiking cycle. It has not come to pass yet, so the... and they're also insulated from or could be a beneficiary from tariffs as people invest more in the U.S. Our companies do one..." "Of the ones that we really like, and we discuss your show last time, is Atlanta Braves Holdings. There's two catalysts: one short-term and one medium-term. This short-term catalyst is the two-year spin-off milestone from that they have is set to expire in July, which means they could be sold without any adverse tax consequences. And it's controlled by media mogul John Malone, who is not an emotional owner, and we think he'll take advantage.. "Of these high prices in the trophy assets to sell the team. Plus, in 2027, there's a new tax law that comes out that gives publicly traded sports teams a significant competitive disadvantage to their privately held peers. And I think it will force companies like Atlanta Braves Holdings and other publicly traded sports teams to go private as we're thinking about some of the small caps play and really as you were kind of diving in on this specific play here with Atlanta Braves Holdings. Wonder more broadly across small caps right now, if it's wise for investors to be stock-picking with small caps or if you go towards..."Frame at 119.68 seconds with subtitle: "An index or perhaps, you know, in S&P 500 or S&P 600 rather that has a profitability filter on it. Yeah, I mean, listen, we're biased. We're stock selectors. I think if you're able to do the research and do it right and pick the right stocks, that is where, or Scott's Miracle Grow or some of these others, if not, I think investors over the long period of time probably will do fine in S&P 600 index, but I think stock-picking can do extraordinarily well over the next three and five years, especially in a small-cap arena."

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Important Information: Performance Information. Past performance does not guarantee future results. 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 affiliates of Boyar Research. Any information that may be considered advice concerning a federal tax issue is not intended to be used, and cannot be used, for the purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter discussed herein. Clients of an affiliate of Boyar Research and employees of Boyar Research own shares in Uber, MKL, & BATRK.