--- title: The Boyar Value Group's 3rd Quarter Letter 2025 description: Equity markets delivered another quarter of strong gains. Boyar's Quarterly Letter image: https://www.blog.boyarvaluegroup.com/hubfs/3rd%20quarter%202025%20Shazma.png --- [Skip to content](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-3rd-quarter-letter-2025#main-content) [![logo](https://www.blog.boyarvaluegroup.com/hs-fs/hubfs/Boyar_October2018%20Theme/Images/logo.png?width=110&height=70&name=logo.png "logo")](https://boyarvaluegroup.com) [![logo-inverted](https://f.hubspotusercontent10.net/hubfs/2333817/GiantFocal_Marketplace/March/logos/logo-inverted.svg "logo-inverted")](https://boyarvaluegroup.com) - 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](https://www.blog.boyarvaluegroup.com/hs-fs/hubfs/Boyar_Logo_Asset_Management-May-31-2023-08-39-05-3251-AM.png?width=539&height=200&name=Boyar_Logo_Asset_Management-May-31-2023-08-39-05-3251-AM.png)](https://www.boyarassetmanagement.com/) Boyar Asset Management focuses on investing in the equity securities of intrinsically undervalued companies. [![Boyar\_Logo\_Research-1](https://www.blog.boyarvaluegroup.com/hs-fs/hubfs/Boyar_Logo_Research-1.png?width=358&height=200&name=Boyar_Logo_Research-1.png)](https://www.boyarresearch.com/) Boyar Research was established in 1975 to provide independent research utilizing a business persons approach to stock market investing. - [Insights](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog) #### Blog Read the latest news and insights from the team at Boyar Value Group. ![](https://www.blog.boyarvaluegroup.com/hubfs/Ian%20Cassel_Website%20Thumbnail.png) Microcap Investing with Ian Cassel: The Stocks Wall Street Can't Buy ![](https://www.blog.boyarvaluegroup.com/hubfs/Chris%20Mayer_Website%20Thumbnail.png) Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board ![](https://www.blog.boyarvaluegroup.com/hubfs/Closing%20Bell%202.png) Jonathan Boyar Discusses Uber, MSG Sports, Cooper, and Scotts Miracle-Gro on CNBC's Closing Bell Overtime - [Podcasts](https://boyarvaluegroup.com/the-world-according-to-boyar-podcast-1) #### 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."  ![](https://www.blog.boyarvaluegroup.com/hubfs/Ian%20Cassel_Website%20Thumbnail.png) Microcap Investing with Ian Cassel: The Stocks Wall Street Can't Buy ![](https://www.blog.boyarvaluegroup.com/hubfs/Chris%20Mayer_Website%20Thumbnail.png) Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board ![](https://www.blog.boyarvaluegroup.com/hubfs/Thumbnail_Website_John%20Catsimatidis.png) "I'll Take Manhattan": How John Catsimatidis Built a $4 Billion Empire - [Media Appearances](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/newsroom) #### Media Check out the latest media appearances from the team at Boyar Value Group. ![](https://www.blog.boyarvaluegroup.com/hubfs/Closing%20Bell%202.png) Jonathan Boyar Discusses Uber, MSG Sports, Cooper, and Scotts Miracle-Gro on CNBC's Closing Bell Overtime ![](https://www.blog.boyarvaluegroup.com/hubfs/Yet%20Another%20Value%20New%20Size.png) Jonathan Boyar On The Yet Another Value Podcast Discussing UBER and BATRA ![](https://www.blog.boyarvaluegroup.com/hubfs/Yahoo%20Finance%20Use%20this.png) Boyar Research President Jonathan Boyar Discusses 2026 Forgotten Forty Stock Picks on Yahoo Finance - [Team](https://boyarvaluegroup.com/boyar-value-group-team) - [Contact](https://boyarvaluegroup.com/contact-us) - [Schedule a Meeting](https://www.email.boyarvaluegroup.com/meetings/amalia) [Schedule a Meeting](https://www.email.boyarvaluegroup.com/meetings/amalia) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. # Q3 2025 Market Review: Records, Risks, and Reasons for Caution (and Optimism) [Apr 21, 2026 The Boyar Value Group’s 1st Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-1st-quarter-letter-2026) [Jul 14, 2026 The Boyar Value Group’s 2nd Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-2nd-quarter-letter-2026) [Jul 21, 2026 "I'll Take Manhattan": How John Catsimatidis Built a $4 Billion Empire](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/john-catsimatidis) - [Tweet](https://twitter.com/share) The Boyar Value Group just released our latest [quarterly letter to clients.](https://www.blog.boyarvaluegroup.com/hubfs/3Q_2025_BVG.pdf) Equity markets delivered another quarter of strong gains—small-caps surged to new highs, the S&P 500 hit 28 record closes, and AI enthusiasm continued to fuel mega-cap momentum. Yet beneath the headline strength, risks are building: stretched valuations, fragile credit markets, and early signs of consumer strain suggest a more complicated picture. In this quarter’s letter, we explore: - **The rally’s drivers and durability**—and why history warns explosive gains are tough to sustain. - **AI and productivity**—why transformative technologies rarely deliver immediate efficiency boosts, and why today’s investment boom may prove more fragile than investors expect. - **Housing as a potential swing factor**—how easing rates could unlock a powerful new tailwind. - **Emerging markets’ comeback**—driven by a weaker dollar and shifting capital flows, and what we believe investors should do. - **Credit and speculation**—why investors aren’t being paid to take risk in corporate bonds, and how speculative excess is creeping back. At Boyar, we continue to focus on uncovering undervalued businesses with clear catalysts for appreciation—because history shows it is precisely in periods of optimism and speculation when patience and selectivity create the best long-term results. [Please click here to read the entire letter.](https://www.blog.boyarvaluegroup.com/hubfs/3Q_2025_BVG.pdf) [Client Letter](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/client-letter) [BAM Client Letter](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/tag/bam-client-letter) [Apr 21, 2026 The Boyar Value Group’s 1st Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-1st-quarter-letter-2026) [Jul 14, 2026 The Boyar Value Group’s 2nd Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-2nd-quarter-letter-2026) [Jul 21, 2026 "I'll Take Manhattan": How John Catsimatidis Built a $4 Billion Empire](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/john-catsimatidis) [Previous The Boyar Value Group’s 2nd Quarter Letter 2025](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-1st-quarter-letter-2025) [Next Bargain Hunting with Jonathan Boyar on Barron’s Live](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/bargain-hunting-with-jonathan-boyar-on-barrons-live) ![website footer logo](https://www.blog.boyarvaluegroup.com/hubfs/website%20footer%20logo.webp) Since 1975 the Boyar family of companies has focused on creating value for our clients — by seeking out and investing in companies whose intrinsic value significantly exceeds that of its current market price. ##### Social Links ![facebook](https://www.blog.boyarvaluegroup.com/hubfs/facebook.webp) ### Facebook ![linkedin](https://www.blog.boyarvaluegroup.com/hubfs/linkedin.webp) ### Linkedin ![twitter](https://www.blog.boyarvaluegroup.com/hubfs/twitter.webp) ### Twitter ##### Contact us ![email](https://www.blog.boyarvaluegroup.com/hubfs/email.webp) ### info@boyarvaluegroup.com [mailto:info@boyarvaluegroup.com](mailto:info@boyarvaluegroup.com) ![phone](https://www.blog.boyarvaluegroup.com/hubfs/phone.webp) ### (212) 995-8300 ![map](https://www.blog.boyarvaluegroup.com/hubfs/map.webp) ### 667 Madison Avenue, 5th Floor New York, NY 10065 ##### Newsletter [Subscribe To Our Substack](https://boyarresearch.substack.com/) © 2026 Boyar's Intrinsic Value Research LLC. All rights reserved. | [Terms of Use & Legal Information](https://boyarvaluegroup-4595129.hs-sites.com/terms-of-use-legal-information) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "dateModified" : "2024-10-01", "datePublished" : "2024-10-01", "headline" : "Q3 2025 Market Review: Records, Risks, and Reasons for Caution (and Optimism)", "image" : [ "https://4595129.fs1.hubspotusercontent-na1.net/hubfs/4595129/3rd%20quarter%202025%20Shazma.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-3rd-quarter-letter-2025", "@type" : "WebPage" } } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Jonathan Boyar", "url" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/author/jonathan-boyar" }, "dateModified" : "2025-11-28T15:34:01.244Z", "datePublished" : "2025-10-15T16:05:55.000Z", "headline" : "The Boyar Value Group's 3rd Quarter Letter 2025", "image" : [ "https://www.blog.boyarvaluegroup.com/hubfs/3rd%20quarter%202025%20Shazma.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/the-boyar-value-groups-3rd-quarter-letter-2025", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.blog.boyarvaluegroup.com/hubfs/Boyar_Logo_Value_Group-1.png" }, "name" : "Boyar Value Group" } } ```