The Boyar Value Group just released our latest quarterly letter to clients.
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.
