| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Boyar Value Group's Q1 2026 letter emphasizes the importance of valuation discipline amid market volatility driven by geopolitical conflict and AI disruption concerns. The quarter saw major indices decline 3-7% while oil surged 77-95% due to Strait of Hormuz disruptions following U.S.-Israel military action against Iran. The managers highlight emerging signs of market leadership broadening beyond mega-caps, with small caps and equal-weighted indices showing relative strength. They warn of a potential quality bubble where investors pay excessive prices for perceived safety in companies like Costco and Walmart, drawing parallels to the Nifty Fifty era. AI concerns dominated technology, with Microsoft declining 23.5% despite strong fundamentals as investors questioned massive infrastructure spending returns. Private credit markets showed stress with borrower bankruptcies and redemption limits. The firm maintains focus on undervalued opportunities like Madison Square Garden Sports and Uber, believing current conditions favor patient value investors willing to look beyond crowded trades. Their disciplined approach targets strong businesses with reasonable valuations and meaningful price-to-value gaps.
Value investing discipline remains paramount in an environment where quality companies trade at excessive valuations while overlooked businesses offer compelling risk-adjusted returns.
The manager maintains a cautious but opportunistic stance, believing the current environment favors value-oriented investors willing to look beyond crowded trades. While acknowledging ongoing risks from geopolitics and valuations, they see compelling opportunities in overlooked areas of the market where expectations are lower and valuations more reasonable.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | ADBE, CRM, MSFT, MSGS, UBER | AI, energy, geopolitics, private credit, Quality, small caps, Valuations, value |
MSFT MSGS UBER |
Boyar Value Group sees opportunity amid Q1 2026 market volatility, warning against quality bubble while identifying value in overlooked names like Madison Square Garden Sports and Uber. Despite geopolitical oil shocks and AI disruption fears hitting mega-caps, they believe market leadership is broadening toward small caps, favoring disciplined value investors over momentum chasers. |
| Jan 16 2026 | 2025 Q4 | VIX | fiscal policy, Market Commentary, monetary policy, Sentiment, Speculation, tariffs, Value Investing, volatility | - | 2025's extreme volatility from tariff policy uncertainty ultimately rewarded patient investors, with the S&P 500 recovering from a 21% drawdown to finish up 18%. While speculation returned through record SPAC activity and margin debt, mixed signals including historically low sentiment amid new market highs suggest success will come from valuation discipline rather than narrative timing. |
| Oct 17 2025 | 2025 Q3 | AAPL, AMZN, GOOGL, JPM, MSFT, NVDA, OPEN | AI, credit, emerging markets, Fed policy, Housing, SPACs, technology, Valuations |
GOOGL NVDA |
Markets hit records in Q3 with S&P 500 up 8%, driven by AI mega-caps, but trade at expensive 23x earnings with speculative excess emerging. Credit spreads compressed dangerously while delinquencies rise. Fed rate cuts could unlock housing demand given structural shortages. Boyar maintains focus on undervalued opportunities amid current market exuberance and stretched valuations. |
| Jul 21 2025 | 2025 Q2 | - | Dollar, Risk Appetite, small caps, Trade Policy, Valuations, volatility | - | Boyar Research sees opportunity in small-cap stocks trading at multi-decade low valuations despite volatile Q2 marked by tariff-induced market swings. While S&P 500 trades at expensive 22x earnings, small caps offer compelling value after years of underperformance. Focus remains on individual company fundamentals rather than macro timing, targeting underfollowed businesses with strong balance sheets and clear catalysts. |
| Apr 27 2025 | 2025 Q1 | NVDA, TSLA | AI, Market Rotation, policy, Sentiment, tariffs, value, volatility | - | Q1 2025's market volatility and tech selloff, driven by tariff uncertainty and AI narrative cracks, created a defensive rotation favoring value over growth. Despite policy-induced turbulence costing markets trillions, underlying fundamentals remain solid. Current deeply negative sentiment historically signals above-average forward returns, presenting opportunity for patient value investors focused on durable businesses rather than headlines. |
| Oct 24 2024 | 2024 Q3 | AMZN, GOOGL, META, SMCI | AI, Market Rotation, rates, REITs, small caps, Utilities, value | - | Market leadership broadened in Q3 as value significantly outperformed growth and AI hype moderated. Boyar sees best opportunities in undervalued small-caps, which should benefit from Fed rate cuts. While cautiously optimistic about sector rotation, they emphasize valuation discipline and maintaining cash reserves given elevated market valuations and historical sentiment patterns suggesting potential weakness ahead. |
| Jul 19 2024 | 2024 Q2 | AAPL, MSFT, NVDA, SMCI | AI, Concentration, contrarian, Market Timing, small caps, technology, value | - | Boyar Value Group sees opportunity in small and mid-cap value despite extreme market concentration in AI-driven large-caps. With the Magnificent Seven contributing 61% of S&P 500 gains and trading at 37x earnings, they advocate contrarian positioning in undervalued smaller companies. Expected rate cuts could catalyze small-cap outperformance after prolonged underperformance. |
| Apr 26 2024 | 2024 Q1 | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, RDDT, SMCI, TSLA | AI, contrarian, growth, interest rates, Market Concentration, Speculation, value | - | Boyar Value Group maintains their contrarian value approach amid Q1's AI-driven rally and market speculation. While concerned about elevated valuations and speculative froth, they see the normalized higher interest rate environment as favorable for value investing, historically outperforming growth when 10-year yields are 4%-5%. They believe value stocks are positioned for durable resurgence. |
| Jan 20 2024 | 2023 Q4 | - | AI, interest rates, Market Concentration, small caps, technology, valuation, value | - | Boyar Research sees opportunity in undervalued small-cap value stocks trading below historical averages while expressing concern about AI stock valuations and market concentration. With rates normalizing above 3%, they expect value to outperform growth after years of underperformance. High investor optimism and elevated market multiples warrant caution despite potential for small-cap leadership. |
| Oct 24 2023 | 2023 Q3 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | growth, Market Analysis, rates, small caps, valuation, value | - | Small-cap value offers compelling opportunities at 16% below historical averages while growth stocks remain expensive. Rising rates have created a bear market in small-caps, but historical patterns favor outperformance during recoveries. Bond losses rival major equity bear markets. Patient long-term investors focused on undervalued securities are positioned to benefit from mean reversion and recovery dynamics. |
| Dec 7 2023 | 2023 Q2 | AAPL, META, MSFT, NVDA, TSLA | AI, long-term, Market Concentration, small caps, technology, value | - | Value managers see opportunity in small-cap stocks trading at significant discounts while AI-driven mega-caps reach unsustainable valuations. Market concentration at multi-decade highs with top 10 S&P 500 stocks at 31.7% weight. Small-cap value cheapest area at 14.9x earnings but requires careful selection due to widespread unprofitability and credit risks. |
| Mar 4 2023 | 2023 Q1 | AAPL, AMZN, BAC, IBM, JPM, MSFT, NVDA, T | Banking, Crisis, growth, interest rates, opportunity, value | - | Banking crisis creates opportunity for patient investors. Small-cap value stocks trade at attractive 93% of historical averages while large-cap growth is expensive at 128% of norms. Regional bank failures from Fed rate hikes should pass like previous crises. Extreme consumer pessimism and concentrated market performance in mega-cap tech stocks present compelling long-term opportunities for disciplined value investors. |
| Nov 1 2023 | 2022 Q4 | - | - | - | |
| Mar 11 2022 | 2022 Q3 | - | - | - | |
| Jul 13 2022 | 2022 Q2 | - | - | - | |
| Nov 4 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIArtificial intelligence was a defining theme as investors questioned whether enormous AI spending would generate adequate returns. Microsoft exemplified these concerns, facing worries about AI disrupting traditional software while spending heavily on AI infrastructure. The broader software sector declined sharply as markets worried AI might threaten existing businesses. |
Software Infrastructure Disruption Valuations Technology |
OilOil markets experienced dramatic gains following geopolitical conflict, with WTI crude rising 77% and Brent crude climbing 95% due to disruptions in the Strait of Hormuz. Energy stocks were the quarter's standout performers, gaining 37.2% as supply disruptions sent prices sharply higher. |
Energy Geopolitics Supply Disruption Commodities | |
Private CreditPrivate credit markets showed signs of stress with borrower bankruptcies and fund losses leading to redemption limits. Concentrated exposure to struggling software companies heightened investor anxiety, creating self-reinforcing cycles reminiscent of 2008 concerns, though the manager believes this remains different from the subprime crisis. |
Credit Stress Redemptions Software Risk | |
QualityThe manager warns of a potential quality bubble where investors pay excessive prices for perceived safety in companies like Costco, Walmart, and Cintas. Drawing parallels to the Nifty Fifty era, they argue that great businesses can become poor investments when starting valuations are too high, leaving little room for error. |
Valuations Safety Bubble Premium Risk | |
Small CapsSmall caps showed signs of life with the Russell 2000 posting modest gains while large caps declined. Equal-weighted indices outperformed cap-weighted versions, suggesting potential broadening of market leadership beyond mega-cap dominance. Historical patterns indicate periods of extreme concentration eventually give way to broader participation. |
Leadership Rotation Concentration Breadth Opportunity | |
ValueThe manager emphasizes their value-oriented approach, finding compelling opportunities outside crowded trades in companies like Madison Square Garden Sports and Uber. They believe current environment favors investors willing to look where others are not, focusing on strong businesses with reasonable valuations and meaningful gaps between price and intrinsic value. |
Opportunity Discipline Intrinsic Patience Contrarian | |
| 2025 Q4 |
TechnologyThe Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects. |
Software Hardware Semiconductors Internet Communications |
| 2025 Q3 |
AIArtificial intelligence continues to drive market performance with mega-cap companies powering gains, but transformation takes time. AI-related spending is fueling the economy through billions in data center, chip, and software investments, though productivity gains may arrive gradually after years of adoption. Near-term AI spending is inflationary due to infrastructure costs, while deflationary benefits from automation may come later. |
Data Centers Semiconductors Automation Productivity Infrastructure |
RatesFederal Reserve rate expectations have been a major market driver with growing hopes for additional cuts beyond September's 25-basis-point reduction. The Trump administration has pressed for more aggressive cuts, raising concerns about Fed independence. Lower rates could unlock housing demand and stimulate broader economic activity through mortgage rate relief. |
Fed Policy Monetary Policy Housing Mortgage Independence | |
Credit StressCorporate credit markets show concerning signs with investment-grade bonds paying only 0.74% over Treasuries and junk bonds at 2.7% spreads - both near historical lows. Early delinquencies are rising across auto loans, credit cards, student loans, and mortgages. Investors are not being adequately compensated for credit risk at current levels. |
Corporate Bonds Spreads Delinquencies Risk Premium Credit Quality | |
SPACsMore than 90 SPACs have raised $20 billion in 2025, making it the busiest year since 2023. This activity represents one of several signs of speculative excess in current markets alongside elevated IPO first-day gains and individual stock volatility. |
Speculation Capital Raising Market Excess IPOs Volatility | |
MortgageHousing could be a key economic swing factor given structural shortages requiring 16 million new homes by 2033. Higher mortgage rates have frozen both buyers and sellers, but potential Fed rate cuts could unleash pent-up demand, driving transactions, construction, and broader economic ripple effects through furniture and renovation spending. |
Housing Shortage Construction Demand Economic Impact Wealth Effect | |
| 2025 Q2 |
Trade PolicyTrump's Liberation Day tariff announcement created significant market volatility, with universal 10% tariffs and reciprocal tariffs up to 50% on major trade deficit countries. The VIX surged to 52.3 and markets fell 19% before most tariffs were paused. Selective tariff rollbacks including electronics exemptions and EU delays helped ease investor anxiety. |
Tariffs Trade Policy China Volatility |
Small CapsSmall-cap stocks continue to lag large caps significantly, with the Russell 2000 declining 1.8% in H1 2025 versus S&P 500's 136% advance since May 2019. Small caps are trading near 20-year lows versus large caps on EV/EBIT basis, creating potential opportunities as valuations reach multi-decade lows. History suggests performance spreads eventually close. |
Russell 2000 Valuation Underperformance Opportunity | |
DollarThe U.S. dollar index fell nearly 11% year-to-date, its worst start since 1973 when the U.S. cut ties between dollar and gold. The 7% Q2 decline boosted international returns as foreign gains became more valuable when converted to dollars. Dollar weakness helps U.S. exporters but raises import costs and may reflect fiscal discipline concerns. |
Currency International Exports Inflation | |
VolatilityThe VIX surged to 52.3 in April following tariff announcements, reaching levels only seen 75 times in 35 years during major crises. Historically, after VIX closes above 50, the S&P 500 has averaged 34.4% returns over the next year and 71.6% over three years. The VIX retreated to 16.7 by quarter-end as markets recovered. |
VIX Fear Crisis Recovery | |
Risk AppetiteWall Street analysts are more bullish than in years with 56.4% of ratings as buys, the highest since early 2022 before a 25% market decline. Gold climbed 5% in Q2 after 20% in Q1, Bitcoin returned above $100,000, and corporate buybacks remain elevated with over $1 trillion expected this year. Speculative appetite appears strong despite elevated risks. |
Sentiment Gold Bitcoin Buybacks | |
| 2025 Q1 |
VolatilityMarkets experienced significant volatility in Q1 2025 with the S&P 500 down 4.6% after hitting record highs. The VIX posted both its highest level since COVID and largest single-day drop on record. Trading volumes exploded with over 98 billion shares traded in one week alone as investors grappled with policy-driven uncertainty. |
VIX Trading volumes Market swings Policy uncertainty Fear gauge |
Trade PolicyPresident Trump's tariff threats and policy uncertainty drove much of the market selloff. Liberation Day on April 2nd unveiled sweeping tariffs that cost markets $3.1 trillion in a single session. The administration later announced a 90-day pause on many reciprocal tariffs amid mounting pressure, though tariffs on China were significantly increased. |
Tariffs Liberation Day Reciprocal tariffs China tariffs Policy shock | |
AICracks appeared in the AI narrative during Q1, fueled by the emergence of Chinese LLM rival DeepSeek. The Magnificent Seven tech stocks fell nearly 15% on average and were off 21% from their December 2024 peak. Nvidia's multiple dropped from 53x trailing earnings to 35x as AI enthusiasm waned. |
DeepSeek Magnificent Seven LLM AI narrative Tech selloff | |
ValueThe market underwent a rotation from growth to value as former laggards outperformed. Energy gained 10.2%, Health Care 6.5%, and Consumer Staples 5.2% while previous leaders like Consumer Discretionary fell 13.8% and Technology dropped 12.7%. Investors took a more defensive position as the rubber band finally began to snap back. |
Market rotation Defensive positioning Sector rotation Former laggards Multiple compression | |
| 2024 Q3 |
AIThe first half of 2024 was dominated by AI excitement, but Q3 brought a reality check as investors questioned whether AI spending will translate into profits. Companies like Alphabet and Amazon saw stocks slide despite continued AI investment, reflecting growing recognition that turning AI potential into profits will take time and significant investment. |
Artificial Intelligence Capital Expenditures Profitability Technology Spending Data Centers |
Small CapsThe Russell 2000 advanced 9.3% in Q3 after a slow start to the year. Small-cap stocks are still about 7% below all-time highs, and the managers believe some of the best bargains can be found in this segment in an arguably overextended market. Lower interest rates should provide tailwinds for smaller companies with higher floating-rate debt levels. |
Russell 2000 Valuations Interest Rates Floating Rate Debt Market Opportunities | |
ValueValue stocks significantly outperformed growth in Q3, with the Russell 1000 Value Index returning 9.4% versus growth equities. The managers emphasize that a great company is not always a great investment, stressing that valuation discipline matters even with the best companies, drawing parallels to the Nifty Fifty era. |
Value Investing Russell 1000 Value Valuation Discipline Growth vs Value Investment Philosophy | |
RatesThe Fed's half-point rate cut helped drive market gains, with more reductions forecast before year-end. The 10-year Treasury yield dropped to 3.8% from 4.3%, and the yield curve turned positive in September after being inverted since mid-2022. Lower rates should particularly benefit smaller companies with floating-rate debt. |
Federal Reserve Interest Rates Yield Curve Monetary Policy Treasury Yields | |
| 2024 Q2 |
AIAI companies soared an average of 14.7% in Q2 while non-AI firms declined 1.2%. The Magnificent Seven tech titans contributed 61% of S&P 500 gains in H1 2024, with Nvidia alone accounting for 31% of the index's rise. Even utilities advanced 9.4% partly due to AI-driven electricity demand expectations. |
Artificial Intelligence Technology Nvidia Computing Electricity |
Small CapsSmall-cap stocks continued underperformance, trading 17% below all-time highs as of June 30. The Russell 2000 would have posted negative returns in H1 2024 without Super Micro Computers' 188% gain. Historical precedent suggests potential outperformance following tech bubble periods, with small-caps outperforming the S&P 500 by 114% from 2000-2014. |
Russell 2000 Underperformance Valuation Interest Rates Opportunity | |
ValueThe managers emphasize finding intrinsically undervalued stocks particularly among small and mid-cap shares despite major indices being arguably overextended. They advocate for a contrarian approach, noting that the best values are in the small-cap arena rather than the S&P 500. |
Undervalued Contrarian Intrinsic Value Mid Cap Opportunity | |
| 2024 Q1 |
AIInvestors continued their love affair with all things AI, sending Nvidia up 80% during 1Q 2024. Other stocks that investors believe will benefit from AI are drawing similar attention: Super Micro Computer Inc, and MicroStrategy, for example, advanced by 255% and 170%, respectively. Signs of speculation in the financial markets abound with these AI-related investments. |
Nvidia Semiconductors Technology Speculation Growth |
ValueAccording to JP Morgan, since 1979 there have been 71 months when 10-year Treasuries were 4%-5%. During those times, value stocks' annualized total return was 11.2%, versus 9.4% for growth shares. The normalization of 10-year yields above 3%, in combination with elevated growth stock valuations, suggests that value shares may be primed for a durable resurgence. |
Interest Rates Outperformance Valuations Growth Resurgence | |
RatesThe Federal Reserve started hiking rates aggressively in March 2022, bringing the Fed funds rate from near zero to 5.25%-5.5% in less than 1½ years. While CPI inflation has cooled from a peak of 9.1% in June 2022, it has remained stuck in a 3.0%-4.0% range, stubbornly higher than the Fed's 2.0% target. Most Fed officials believe that short-term rates will likely close out 2024 in the 4.5%-5.0% range. |
Federal Reserve Inflation Monetary Policy Economic Policy Yields | |
Risk AppetiteSigns of speculation in the financial markets abound with Bitcoin having advanced ~61% for the quarter after various Bitcoin ETFs were made available to the public. Similarly, the Donald Trump-controlled Truth Social sported a market cap of ~$8 billion despite having posted tens of millions of dollars in losses and having generated a paltry ~$4 million in sales in 2023. As contrarians, we are given pause by the results of the latest Bank of America fund manager survey, with two-thirds of respondents not expecting a recession during the next 12 months. |
Speculation Bitcoin Contrarian Market Sentiment Froth | |
| 2023 Q4 |
Small CapsSmall-cap value shares are the cheapest part of the U.S. stock market, trading 2.6% below their 20-year average while large-cap growth trades 39% above. Small-caps have significantly underperformed since 2015 but historically outperform during recessions and periods of dollar strength. Rising interest rates have hurt small-caps as 38% of their debt is floating-rate and 47% comes due before 2030. |
Russell 2000 Valuation Interest Rates Dollar Recession |
ValueWith 10-year yields normalizing above 3% and elevated growth stock valuations, value shares may be primed for a durable resurgence after underperforming growth during the period of ultra-low rates. Historical data shows value stocks outperform growth when interest rates are in the 4%-5% range, with annualized returns of 10% versus 8% for growth. |
Interest Rates Growth Outperformance Yields | |
AIThe firm is concerned about the valuation of stocks that Wall Street believes will be big winners in AI. The top 10 largest stocks in the S&P 500, many of which are AI-related, are selling for 26.9x forward earnings, 38% higher than the rest of the market and at multidecade high weightings of 32% of the index. |
Valuation Concentration Technology Magnificent Seven | |
| 2023 Q3 |
Small CapsSmall-cap value is the cheapest part of the market, selling 16% below its 20-year average P/E multiple. The Russell 2000 has been in a bear market since late 2021 and has underperformed due to rising rates and higher debt refinancing costs. However, small-caps historically outperform during recoveries and have beaten large-caps by over 16% in the 12 months after recessions start. |
Russell 2000 Value Bear Market Refinancing Recovery |
ValueValue shares represented by the Russell 1000 value index are selling slightly less than their long-term average, while growth stocks are selling 3.6 P/E multiple points higher than their long-term average. The gap between the S&P 500's most and least expensive stocks is considerable at 14.3x versus the 25-year average of 11.7x. |
Russell 1000 Growth Premium P/E Ratios Valuation Gap Undervalued | |
RatesRising interest rates have significantly impacted markets, with the Federal Reserve signaling rates would remain higher for longer. Bond losses have been substantial, with 30-year bonds declining 53% since March 2020. Higher rates are particularly challenging for small companies due to shorter debt maturities and higher floating-rate debt exposure. |
Federal Reserve Bond Losses Floating Rate Debt Maturity Higher For Longer | |
| 2023 Q2 |
AIAI obsession is driving investor behavior and market gains, with companies like Nvidia and Microsoft benefiting significantly. The manager notes investors' willingness to bid up AI-related index heavyweights despite broader market concerns. |
Artificial Intelligence Technology Nvidia Microsoft Growth |
Small CapsSmall-cap value represents the cheapest area of the US market at 14.9x vs 20-year average of 16.8x. The Russell 2000 is down 24% from 2021 highs and has significantly underperformed large caps. However, 45.5% of Russell 2000 companies are unprofitable with concerning debt coverage ratios. |
Russell 2000 Value Underperformance Credit Risk | |
ValueAfter a stellar 2022, value investing has struggled in 2023 with growth outperforming value by 23% in the first five months. Investors have pulled over $15 billion from value-focused ETFs. The manager emphasizes the importance of selectivity and long-term perspective in value investing. |
Russell 1000 Value Outflows Underperformance Contrarian | |
SemiconductorsNvidia advanced an unsustainable 189% in the first half of 2023, reaching over $1 trillion market cap. The semiconductor sector has been a key driver of the technology rally, though the manager characterizes Nvidia's gains as unsustainable. |
Nvidia Technology Valuation Bubble | |
| 2023 Q1 |
Regional BanksRegional banks experienced massive withdrawals and stress due to asset-liability mismatches between short-term deposits and long-term securities. SVB, Signature Bank, and First Republic faced solvency concerns as uninsured depositors withdrew funds en masse following unrealized losses on investment portfolios. |
Banking Credit Stress Deposits Interest Rates |
Interest RatesThe Federal Reserve raised rates from 0% to 4.75%-5.00% range in response to inflation, creating significant stress in the banking system. The rapid rate increases caused unrealized losses on bank portfolios and contributed to the banking crisis. |
Fed Policy Monetary Policy Inflation Banking | |
ValueSmall-cap value shares are trading at 93% of their historical 20-year average PE, representing the best bargains in the stock market. Value shares are currently more attractive than growth stocks on a valuation basis relative to history. |
Valuation Small Caps Opportunity | |
GrowthGrowth shares significantly outperformed value in Q1 2023, with large-cap growth gaining 14.4%. However, growth shares are expensive, trading at 128% of their 20-year average PE for large-cap growth. |
Valuation Performance Expensive |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | Fund Letters | Boyar Value Group | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Azure, Cloud computing, Enterprise Technology, SaaS, Software, Value | Login |
| Apr 21, 2026 | Fund Letters | Boyar Value Group | MSGS | Madison Square Garden Sports Corp | Entertainment | Broadcasting & Entertainment | Bull | New York Stock Exchange | asset value, entertainment, New York, Private Market Value, Sports Franchises, Sum-of-parts, Trophy Assets, Value Disconnect | Login |
| Apr 21, 2026 | Fund Letters | Boyar Value Group | UBER | Uber Technologies Inc | Software - Application | Internet Software & Services | Bull | New York Stock Exchange | autonomous vehicles, cash flow generation, contrarian, mobility, network effects, Platform economics, Ridesharing, technology platform | Login |
| Oct 17, 2025 | Fund Letters | Mark Boyar | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, datacenter, GPUs, growth, Hardware, semiconductors, technology | Login |
| Oct 17, 2025 | Fund Letters | Mark Boyar | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Dominance, growth, Search, technology | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft was a good example of those crosscurrents. On one hand, investors began to worry that advances in artificial intelligence could weaken the value of traditional software products, including core offerings such as Office 365, as competing AI tools from companies like Anthropic and Google became more widely adopted. On the other hand, Microsoft was also being judged as one of the companies spending enormous sums to build the infrastructure for the next phase of AI growth (Microsoft's capex spending in FY 2025 [ended June 30] was $65 billion, well up from the $15 billion it was spending just 5 years prior). The result was a sharp stock price decline. Microsoft, which until recently was the world's largest company by market capitalization and traded at an elevated 31x multiple of earnings (NTM), lost 23.5% of its value during the first three months of the year. We have long considered Microsoft to be one of the world's best businesses. Its Azure cloud business sales grew 39% in the December quarter and likely could have grown even faster had the company devoted all of its AI computing capacity to Azure rather than directing part of it toward internal initiatives such as improving Microsoft 365 Copilot. In our view, that choice reflects well on management's long-term thinking. At current prices, Microsoft is trading at 21.3x NTM earnings, its lowest earnings multiple since December 2018. Could the stock fall further? Absolutely. But at today's valuation, we believe it is becoming increasingly compelling for long-term, patient investors. |
| MSGS | Madison Square Garden Sports is one example. The company owns the New York Knicks and the New York Rangers, two of the most valuable sports franchises in the world, yet we believe the public market continues to value those assets far below what they would command in a private market transaction. |
| UBER | Uber is another. While many investors remain focused on long-term fears surrounding autonomous vehicles, we believe the market is underappreciating the strength of the company's current business, its growing cash flow generation, and the potentially valuable role it could play in a future dominated by autonomous vehicles. |
| CRM | The broader software sector was hit in similar fashion. The iShares Expanded Tech-Software Sector ETF (IGV) declined 24.3% during the quarter, with once-market darlings such as Salesforce (-29.5%) and Adobe (-30.5%) falling even more. |
| ADBE | The broader software sector was hit in similar fashion. The iShares Expanded Tech-Software Sector ETF (IGV) declined 24.3% during the quarter, with once-market darlings such as Salesforce (-29.5%) and Adobe (-30.5%) falling even more. |
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