--- title: The Boyar Value Group's 2nd Quarter Letter 2020 - Boyar Value Group description: Individual investors stack the odds of investment success in their favor when they stay the course and take a long-term view. Yet data from Dalbar tells us that over the past 30 years, when the S&P 500 averaged a 9.65% annual advance, the average investor gained a mere 6.81%. Why such a degree of underperformance? Partly because investors let their emotions get the better of them and chase the latest investment fad (or pile into equities at market peaks and sell out at market troughs)—and partly because they sell for nonfundamental reasons, such as a rise in a company’s share price (or in an index). image: https://www.blog.boyarvaluegroup.com/hubfs/2nd%20q%202020.png --- [Skip to content](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/uncategorized/the-boyar-value-groups-2nd-quarter-letter-2023-0-1#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. 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[Please click here to read the entire letter.](https://www.blog.boyarvaluegroup.com/hubfs/2Q_2020_BAM%20Letter.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) [Oct 23, 2026 The Boyar Value Group’s 3rd Quarter Letter 2026](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/3rd-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 Jonathan Boyar Discusses The Investment Case For Disney, Twitter, Madison Square Garden Sports/ Entertainment and Berkshire Hathaway](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/newsroom/value-investing-conference) [Next The Boyar Value Group 2nd Quarter 2020 Client Letter](https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/blog/the-boyar-value-group-2nd-quarter-2020-client-letter) ![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" : "The Boyar Value Group’s 2nd Quarter Letter 2020", "image" : [ "https://4595129.fs1.hubspotusercontent-na1.net/hubfs/4595129/2nd%20q%202020.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/uncategorized/the-boyar-value-groups-2nd-quarter-letter-2023-0-1", "@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" : "2025-11-28T17:40:02.845Z", "datePublished" : "2020-07-15T20:01:00.000Z", "headline" : "The Boyar Value Group's 2nd Quarter Letter 2020 - Boyar Value Group", "image" : [ "https://www.blog.boyarvaluegroup.com/hubfs/2nd%20q%202020.png" ], "mainEntityOfPage" : { "@id" : "https://www.blog.boyarvaluegroup.com/boyar-value-group-blog/uncategorized/the-boyar-value-groups-2nd-quarter-letter-2023-0-1", "@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" } } ```