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The World According to Boyar

The Boyar Value Group

The World According to Boyar brings top investors, best selling authors, and market newsmakers to show you the smartest ways to uncover value in the stock market.

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  • S3 · E5
    Thursday · 32 min

    Ben Levisohn, Editor in Chief of Barron's: How a Story Gets Chosen and Why AI Won't Write It

    The editor in chief of Barron's on stock picks, the "Barron's bump," AI in the newsroom, and where Barron's is headed. I've been reading Barron's for as long as I can remember, and our firm has been fortunate enough to be the subject of a few of its stories. But I had always wondered how a story is chosen, so I asked the person who chooses: Barron's editor in chief, Ben Levisohn. We go behind the scenes to find out how a cover story gets picked, where the ideas come from, whether clicks matter, and why Barron’s so rarely tells readers to short a stock. I also asked how it feels to move markets with the "Barron's bump," the jump a stock often gets on Monday morning after Barron's recommends it over the weekend. When I asked why stock picks so rarely come with position sizing, Ben said adding that kind of risk context to Barron's picks is on the table. Ben also explains how Barron’s uses AI, and why it won’t let AI write its stories. The reason isn’t just about quality. It’s also about lawsuits and copyright. We finish with where Barron's is headed: a community where readers can talk directly with reporters, and Ben's goal of making Barron's the first place anyone turns with an investing question, not just Wall Street and financial advisors. What we cover: From preschool teacher and aspiring musician to proprietary trader in 1998, and the pivot to journalism that led him to the top job at Barron’s How a Barron’s cover story gets chosen, and where the ideas come from The sources he looked for as a reporter: no perma-bulls, no perma-bears, no spin The “Barron’s bump,” when Barron’s tells readers to sell, and why short calls are so rare Why Barron’s stock picks could start coming with risk context, and why a model portfolio is unlikely Why an AI bust could look more like 2008 than the dot-com crash, and what worries him about private credit How he uses AI to test reporters’ pitches, and the legal reasons AI doesn’t write Barron’s stories Why Ben thinks AI won’t shrink the newsroom, but will force reporters to find the stories AI can’t About the guest: Ben Levisohn is the editor in chief of Barron's. He joined Barron's in 2012 as an emerging-markets writer, wrote the Streetwise and Trader columns for a decade, and served as deputy editor and senior managing editor; he led the 2025 launch of Barron's Investor Circle. Before Barron's, he covered markets for The Wall Street Journal and Bloomberg. Earlier, he spent more than seven years as an equities trader. He is a graduate of the University of Chicago and the CUNY Graduate School of Journalism. Links: Barron's: www.barrons.com Barron's Investor Circle: www.barrons.com/investor-circle Boyar Research on Substack: https://boyarresearch.substack.com/ Disclosure: This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our views are subject to change at any time, and we are under no obligation to update listeners if our opinions or positions change. Investing involves risk, including the possible loss of principal. Listeners should do their own research and consult with their own financial, tax, or legal advisors before making any investment decisions. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S3 · E4
    October 21 · 57 min

    Bill Cohan on Leon Black: From Drexel to Apollo, and Could Athene Trigger the Next Financial Crisis?

    Bill Cohan, author of Money to Burn, on how Leon Black built Apollo out of the wreckage of Drexel Burnham and whether the annuity company at the heart of Apollo today could be at the center of the next financial crisis. Bill Cohan is one of my favorite business writers, and this is his second time on the show. His new book, Money to Burn, is the story of Leon Black and Apollo, and it covers a lot of ground: the big deals, the $158 million paid to Jeffrey Epstein, the fall from the top of the firm. What grabbed me was the origin story, so that is where we spend most of our time. Leon Black did not want to go to Wall Street. When he tried, Lehman Brothers turned him down after four rounds of interviews and told him, in Bill's telling, "we don't think you're smart enough." To say they were wrong is a dramatic understatement. He went to Drexel Burnham instead, became the fastest partner in the firm's history, and invented the highly confident letter, a piece of paper with no legal force that let corporate raiders bid for companies they could not afford. When Drexel collapsed in February 1990, Black took the best people he could corral, got a French state-owned bank to put up $800 million, and started buying, at a steep discount, the very bonds Drexel had sold at par. Bill explains why that was the edge: "They knew the credits because they had basically sold all that debt at par to investors." The Executive Life deal, a $6 billion junk-bond portfolio bought for about $3 billion, made Apollo, and it also produced a scandal that led to indictments, a huge fine, and sealed records that Bill still couldn’t get his hands on. We talk about what Leon knew. The second half is about Athene, the annuity company Marc Rowan backed with a $16 million check and that now sits at the center of Apollo. Bill walks through how it works in plain English: take retirees' savings, promise them 5 or 6 percent, lock the money up for seven to ten years, and invest it in loans that yield more. I asked whether that is different from what the banks were doing with mortgage-backed securities before 2008. His answer: "That's right, Jonathan. That's why, you know, to some extent, some people, including me to a certain extent, think that this is deja vu all over again." We get into what happens if Marc is wrong, why Bill does not think it is a Bear or Lehman moment, and the Medallia deal, which he calls a canary in the coal mine for private credit . We close with Epstein, the lawsuits (the women who sued him are "O for 3," in Bill's phrase, and Leon has prevailed), and the question I always ask about a career like this: what will the first two paragraphs of the obituary say? Buy the book: Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street (Portfolio, 2026). Amazon I Bookshop I Barnes & Noble What we cover: • Why the book opens with Eli Black (Leon's father), an Orthodox rabbi turned corporate raider, jumping through a window of the Pan Am Building • The Lehman rejection: "we don't think you're smart enough," and how wrong that was • What Drexel Burnham was, for listeners too young to remember, and why Milken "put the fear of God into corporations" • The highly confident letter: "smoke and mirrors, but it was highly effective," and raiders paid real money for it • Why Mike Milken would not talk to Bill, and why his indictment cannot be found on the internet • Milken's $550 million year, and what Wall Street would look like if Drexel had survived to 2008 • The inside advantage: buying bonds Drexel had sold at par, now trading at 30 or 50 cents • Gillett Holdings and Vail: taking over a company Leon had advised to be built • Executive Life: a $6 billion junk-bond portfolio for 50 cents on the dollar • The Credit Lyonnais shell companies, the indictments, and the question of what Leon knew • Marc Rowan, the $16 million that bought Athene, and why he put it on Apollo's balance sheet instead of in a fund • How an annuity company turns into a private credit machine, and why it is "not that much different than a bank" • "What if Marc's wrong?" and whether this could be a Bear or Lehman moment • Epstein, the $158 million, three lawsuits, and the first two paragraphs of Leon Black's legacy About the guest: William D. Cohan is a founding partner of Puck, where he writes about Wall Street, and a former investment banker who spent 17 years at Lazard Frères, Merrill Lynch and JPMorgan Chase. He is the author of eight books, including The Last Tycoons (Lazard), House of Cards (Bear Stearns), Money and Power (Goldman Sachs) and Power Failure (GE), which he discussed on his first appearance on this show. His latest, Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street, was published by Portfolio in September 2026. Links: Money to Burn: Amazon | Bookshop Bill Cohan at Puck: https://puck.news Bill Cohan on X: @WilliamCohan Bill’s first appearance on The World According to Boyar Boyar Research on Substack: https://boyarresearch.substack.com Memorable moments: “He said, well, basically, we don’t think you’re smart enough and we don’t think you have the personality and what it takes to be an investment banker. He was wrong.” (6:04, Cohan; the last two words are Jonathan’s) “They knew the credits because they had basically sold all that debt at par to investors and now was trading at 30 cents or 50 cents or whatever.” (21:51, Cohan) “So it’s all a confidence game, Jonathan. Nothing has really changed other than so far, it’s working and so far, he’s meeting his obligations and so far, the confidence remains and so far, we haven’t had a credit crunch since 2008.” (about 43:10, Cohan) Disclosure: This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our views are subject to change at any time, and we are under no obligation to update listeners if our opinions or positions change. Investing involves risk, including the possible loss of principal. Listeners should do their own research and consult with their own financial, tax, or legal advisors before making any investment decisions. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S3 · E3
    October 7 · 34 min

    Microcap Investing with Ian Cassel: The Stocks Wall Street Can't Buy

    Microcap investing is one of the last inefficient corners of the stock market, and Ian Cassel has spent 25 years in it. On this episode of The World According to Boyar, Jonathan Boyar talks with the founder of MicroCapClub, portfolio manager at Intelligent Fanatics Capital Management, and author of Stock Picker about why the big institutions can't own these stocks, why most microcaps have to be sold within three years even when they work, and what it actually costs a small company to be public (less than the headlines say). Ian walks through a stock he bought after a fat-finger seller dumped 5% of the company in a day, and the 76 stock-promotion mailers he tracked in a spreadsheet. He explains what he looks for in a microcap CEO, why a CEO who owns 20% of the company can still be the problem, and the story of the Judas goat, which is about how not to build a reputation as a stock picker. And Jonathan asks him whether he'd ever take MicroCapClub public. The answer is short. Key Points From This Episode Why microcap investing differs from investing in mid- and large-cap companies. The structural inefficiencies Ian believes create opportunities for smaller investors. Why Ian views microcaps as particularly suited to investors willing to conduct their own research and form independent conviction. The role profitability plays when Ian evaluates microcap companies. Why small, profitable businesses might choose to enter the public markets. How the research process for microcaps differs from larger cap companies. Why management quality becomes increasingly important as companies get smaller. How Ian looks for repeat winners and management teams that have previously demonstrated entrepreneurial success. Why management changes can provide opportunities to identify potential turnaround situations. Why Ian's intention is to hold investments forever, but the fragility of small businesses often makes that difficult. The concentration risks that can make microcap businesses more vulnerable. Why some microcap companies experience only a "season of winning." The importance of knowing when to sell and accepting portfolio turnover. Why Ian looks for companies that dominate niche markets and can expand into adjacent opportunities.Ian's investment in IHC and what attracted him to the company. Lessons from Ian's investment in disaster-remediation company lnfrasource Holdings around Hurricane Katrina. How and why Ian founded MicroCapClub as a private community for experienced microcap investors. The evolution of MicroCapClub from an idea-generation resource into a global microcap investing community.Ian's acquisition of Planet MicroCap and his ambitions for its investor events. The story of the "Judas goat" and its lesson for aspiring stock pickers. Warning signs for investors entering the microcap market and Ian's experience tracking promotional stock reports. Why Ian suggests new microcap investors focus on profitable businesses. Ian's perspective on insider ownership and why he does not use a specific ownership threshold. Links: To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com To learn more about Ian Cassell and MicroCapClub, please visit microcapclub.com Ian Cassell's book, Stock Picker, is available on Amazon and wherever books are sold. Important Disclosures: The information herein is provided by Boyar's Intrinsic Value Research LLC ("Boyar Research") and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and ( c) should not be construed as investment advice. http://www.boyarvaluegroup.com Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S3 · E2
    September 17 · 42 min

    Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board

    Chris Mayer, author of 100 Baggers and The Investor's Odyssey, on what three years on a public company board taught him, how he uses AI as a junior analyst, and what he actually does when a position gets cut in half. Stick around after the goodbye, where we talk stocks unfiltered. Chris Mayer was the very first guest on The World According to Boyar back in 2018. Eight years later he's back, and he brought a new book with him. Chris runs Woodlock House Family Capital, wrote 100 Baggers, one of my favorite investing books, and just published The Investor's Odyssey, which uses Homer's story of Odysseus tying himself to the mast as a way of thinking about how investors protect themselves from their own worst instincts. This one covers a lot of ground. Chris explains why he now starts many positions at 2% and lets them earn their way to a full weighting, why he cut most financial media out of his life, and why he believes the return you get on a stock varies inversely with the thickness of the research file. We spend a good chunk of time on Constellation Software, and I asked him what he'd need to see to actually sell it. He of course gave a thoughtful answer. Chris also talks candidly about his three years on the board of Teqnion, a Swedish public company: the gap between what the board knows and what outside investors think they know, why it gave him more respect for activists, and why he'd join the board of every company he owns if he could. And we compare notes on AI. He has a page-and-a-half prompt that does in 15 minutes what he says would take a junior analyst a couple of weeks. After we said goodbye, the record button was still on and we kept talking stocks. With Chris's permission, that conversation is at the end of the episode. Names that come up include Pool Corp, Uber, Brown & Brown, Markel, W.R. Berkley, and Rollins. Get Chris's new book: The Investor's Odyssey What we cover: How managing outside money changed Chris after years of writing a newsletter, and why the losses hurt more Why you don't really understand a stock until you own it, and the case for 2% starter positions Tying yourself to the mast: the habits Chris uses to save himself from himself Sosnoff's Law, or why the best ideas tend to have the thinnest research files What Chris looks for in quarterly reports when the plan is to hold for ten years Constellation Software: how Chris thinks about a big drawdown when the numbers haven't changed Why negative narratives are hard to argue with, and what the late 1990s "old economy" stocks can teach us about AI What he actually does when a position is down 30, 40, or 50% (Chuck Akre's advice: do your yoga) How Chris spends his day: 80% on existing holdings, 20% on new ideas Expert networks, and why maybe 20% of what you hear is worth anything AI as a junior analyst: what it does well, and which skills will still matter for investors Three years on a public company board: what the outside never sees Taxes, holding periods, and whether Chris would invest any differently in a tax-free account Thoughts on Pool Corp, Uber, Brown & Brown, Markel, W.R. Berkley, and Rollins About Chris Mayer Chris Mayer is the portfolio manager and co-founder of Woodlock House Family Capital, a concentrated, long-term fund he launched in January 2019 after serving as chief investment officer of the Bonner family office. Before that he spent more than a decade writing the investment newsletter Capital & Crisis. He is the author of 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, How Do You Know?, and his newest book, The Investor's Odyssey. Chris sits on the board of Teqnion, a publicly traded Swedish industrial acquirer. Links The Investor's Odyssey: https://www.amazon.com/Investors-Odyssey-Resisting-Sirens-Playing/dp/B0GJ3G6F2S 100 Baggers: https://www.amazon.com/100-Baggers-Stocks-100-1/dp/1621291650 Woodlock House Family Capital: https://www.woodlockhousefamilycapital.com Chris on X: https://x.com/chriswmayer The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S3 · E1
    July 21 · 27 min

    "I'll Take Manhattan": How John Catsimatidis Built a $4 Billion Empire

    Red Apple Group founder John Catsimatidis on turning $5 million of Manhattan real estate into $100 million, financing an empire on vendor credit, and the one major business decision he hasn't made yet. Episode Overview John Catsimatidis arrived in New York from a tiny Greek island at six months old, the son of a lighthouse keeper who worked as a busboy to feed his family. He left NYU eight credits short of an engineering degree for the chance to own a piece of the supermarket where he'd been working—and by his twenty-fifth birthday, he owned ten of them. Today his Red Apple Group spans supermarkets, an oil refinery, more than four hundred gas stations, a real-estate portfolio stretching from Manhattan to Florida, and WABC Radio, where he is still on the air nearly every day. Forbes puts his fortune north of $4 billion. In this episode, Jonathan Boyar sits down with John for a conversation about how the empire actually got built: the vendor credit that stood in for capital before he had any, why he started opening his stores on Sundays (it wasn't the sales—it was making sure the checks he'd written on Friday would clear on Monday), and the Manhattan buildings he began buying in 1977—when, in his words, "the world was coming to an end in New York"—because he needed somewhere to put his stores. Within a few years, $5 million had become $100 million. One of his suppliers saw it coming before he did, telling him over lunch: "You're going to wake up one day and you're going to be worth a lot of money." Catsimatidis also speaks candidly about succession—his children, he says, "want nothing to do with retail," and a decision about the future of Gristedes is coming in the next few years—and about what he'd do if the new mayor asked him to run New York City's grocery stores himself. At its heart, this is a story that anyone who follows the Boyar Value Group's investment philosophy will recognize: a collection of hard assets compounding quietly for half a century, worth far more than the world realized. Except John Catsimatidis never had to convince the market of anything. He owned the whole thing. Key Topics Covered How a clerk at a friend's supermarket ended up owning ten stores by age 25 Why he opened on Sundays—a survival story about clearing checks, not chasing sales Building Red Apple on vendor credit The 1977–78 Manhattan real estate purchases that became his first $100 million Buying United Refining out of bankruptcy—and what "leadership" means in a turnaround The charter jet fleet he built and sold to the man who created NetJets The succession question: his children, Gristedes, and what happens next What he'd do if the mayor asked him to run New York City's grocery stores His plans for WABC—and why, at 77, he still broadcasts nearly every day The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E21
    July 7 · 39 min

    Inside Fidelity: The Private Dynasty That Changed American Investing

    Wall Street Journal journalist Justin Baer on Fidelity’s private empire, the Johnson family, Jerry Tsai, and the company that helped reshape American investing. Episode Overview Fidelity is one of the most important financial companies in America — and also one of the least understood. Millions of Americans know it through their 401(k), brokerage account, or mutual funds, but few know the story behind the private, family-controlled Boston firm that helped reshape modern investing. In this episode, Jonathan Boyar speaks with Wall Street Journal journalist Justin Baer, author of House of Fidelity, about how Fidelity evolved from a mutual fund company into a financial giant spanning asset management, retirement, brokerage, and custody. They discuss the rise of the star portfolio manager, including Jerry Tsai, one of the first true celebrities of the mutual fund industry, whose success helped change the way investment products were marketed. The conversation also goes inside the Johnson family dynasty: Ned Johnson’s unconventional leadership, the internal skepticism Abby Johnson faced, the dramatic succession battle that followed, and the period when selling Fidelity was seriously considered. At the center of the story is a larger business lesson: Fidelity’s private ownership gave it the freedom to take risks, tolerate inefficiency, invest for the long term, and disrupt its own business in ways that would have been far harder as a public company. Key Topics Covered How Fidelity became far more than a mutual fund company Why one of America’s most important financial firms is still so misunderstood How Fidelity helped turn stock pickers into stars Jerry Tsai, one of the first celebrity portfolio managers, and how he helped put Fidelity on the map Ned Johnson’s unusual leadership style and his willingness to take risks others would not Why staying private gave Fidelity a major competitive advantage The dramatic succession battle inside the Johnson family How Abby Johnson overcame internal skepticism and reshaped Fidelity’s future The moment selling Fidelity was seriously considered Whether Fidelity is likely to remain private for another generation About Justin Baer Justin Baer is a veteran journalist and editor at The Wall Street Journal and the author of House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing. His work focuses on major financial institutions, Wall Street, and the evolution of the investment management industry. Click here to purchase House of Fidelity The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E20
    June 18 · 39 min

    Casino Attached to a Church: Michael Santoli on Speculation, the AI Boom, and Echoes of 2021 and 1999

    CNBC’s Senior Markets Commentator—and the show’s first-ever repeat guest—on short selling, AI spending, market concentration, and why the bar is high for what’s been working to keep working. Episode Overview In this episode of The World According to Boyar, Jonathan Boyar welcomes back CNBC Senior Markets Commentator Michael Santoli—the first repeat guest in the show’s history, following his December 2020 appearance in the thick of COVID. Drawing on more than three decades covering Wall Street, Santoli breaks down his now-memorable on-air clash with Ryan Cohen over GameStop’s bid for eBay, the return of meme-stock speculation, and the question hanging over everything: Is this market 2021, 1999, or something genuinely new? From AI capital spending and extreme market concentration to whether value and equal-weight stocks are finally due to lead, Santoli argues that today’s extremes do not yet match the dot-com peak. But, as he puts it, being told by your doctor that “you’re not literally the most unhealthy patient I’ve had in 30 years” does not mean “you’re in great shape.” It’s a clear-eyed, historically grounded read on the enduring mix of speculation and investment—what Santoli, invoking Buffett, calls “a casino attached to a church.” Key Topics Covered: Short sellers and the chilling effect: Why short selling is one of the most treacherous games in investing, the “alpha shorts” many hedge funds use, and why even legitimate short sellers have gone quiet. The Ryan Cohen/GameStop showdown: The backstory behind a tense, revealing on-air exchange over GameStop’s bid for eBay—and what Santoli believes the Chewy-to-GameStop record reveals. 2021, 1999, or both? The retail-trader empowerment of 2021, the narrow-leadership echoes of the dot-com peak, and Santoli’s “unhealthy patient” analogy for today’s market froth. AI spending and the hardware food chain: Why Santoli suspects the AI hardware complex may be overearning—and whether greater efficiency could eventually undermine today’s hardware economics. Market concentration, reconsidered: Why a top-heavy S&P 500 may matter less than people fear—and how the bull case quietly shifted from “asset-light cash machines” to “asset-heavy, invest now, reap later.” Will value and equal weight finally lead? Why durable rotations do not happen “at a full gallop,” and what the October-to-February broadening did—and did not—prove. Why he doesn’t pick stocks: How being restricted from owning individual securities became “liberating,” his “voluntary tax on the arrogant” take on sports betting, and his philosophy of staying involved while keeping expectations in check. The evolution of his CNBC role: From appearing on CNBC as a Barron’s contributor to becoming a market “color commentator” and co-anchor of Closing Bell: Overtime—and where financial media is heading as the business shifts toward digital. The underreported story: The slow-moving demographic and global-population shifts—and the possibility that the Iran episode accelerates investment in renewables—that Santoli believes investors may be overlooking. About Michael Santoli: Michael Santoli is co-anchor of CNBC’s Closing Bell: Overtime and the network’s Senior Markets Commentator, with more than three decades of experience covering Wall Street. He began his career at Investment Dealers’ Digest before moving to Dow Jones Newswires. He later spent 15 years as a columnist and feature writer at Barron’s, where he wrote the Streetwise column, and was a Senior Columnist at Yahoo Finance before joining CNBC in 2015. A graduate of Wesleyan University, he lives in New York City. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E19
    June 12 · 44 min

    Inside Shareholder Activism with Wachtell Lipton’s Lina Tetelbaum

    Episode Overview: In this episode of The World According to Boyar, Jonathan Boyar speaks with Lina Tetelbaum, a corporate partner at Wachtell Lipton, one of the world’s most influential corporate law firms, where she heads the firm’s shareholder engagement and activism defense practice. Lina takes us inside the world of shareholder activism — how activists choose targets, the small universe of ideas they typically push, how companies and boards respond, and why so many activist campaigns ultimately end in settlements rather than full proxy fights. We discuss the tension between the changes activists typically call for and long-term business strategy, the role of index funds and proxy advisors, how activists build positions, what really happens behind the scenes in settlement negotiations, and why even controlled companies are not completely immune from activist pressure. Lina also shares her perspective on Wachtell Lipton’s history in takeover defense and activism, from the era of the poison pill to today’s more complex battles between boards, activists, institutional investors, and other stakeholders. Topics discussed include: shareholder activism, proxy fights, activist settlements, board governance, index funds, ISS and Glass Lewis, activist nominees, controlled companies, capital allocation, M&A, and long-term value creation. To receive more of Boyar’s research, interviews, and thoughts on investing, subscribe to our Substack at boyarresearch.substack.com About Lina Tetelbaum: Elina (Lina) Tetelbaum is a Corporate Partner and Head of Shareholder Engagement and Activism Defense at Wachtell, Lipton, Rosen & Katz. Lina regularly counsels on proxy fights, takeover defense, corporate governance, crisis management and mergers and acquisitions. Lina has been named a Dealmaker of the Year by The American Lawyer, one of The Deal’s Top Women in Dealmaking, a Power Player in Shareholder Activism by Financier Worldwide, a Leading Partner in Shareholder Activism by Legal500, a Law360 Rising Star for M&A, and one of the 500 Leading Dealmakers in America by Lawdragon, among other honors. Lina has advised companies in numerous industries navigating activist situations across an array of established and new activists, including Phillips 66 in its response to three years of activism from Elliott Management and first-ever contested vote by Elliott in the United States, United States Steel Corporation in its successful defense against a proxy contest by Ancora, The J.M. Smucker Co. in its response to activism by Elliott Management, Hexcel Corporation in response to activism by Vision One, Macy’s, Inc. in its response to activism and unsolicited takeover proposals, Match Group in its response to activism by Elliott Management and later Anson Funds, and numerous REITs in their response to activism by Land & Buildings. Lina has extensive expertise advising companies in response to unsolicited takeover offers, including National Instruments in its $8.2 billion acquisition by Emerson following its unsolicited offer, and Kansas City Southern in its unsolicited transaction with Canadian National Railway and $31 billion acquisition by Canadian Pacific Railway. Lina has also advised public and private companies in a wide range of industries in mergers and acquisitions, including The Free Press in its acquisition by Paramount, Allergan in its $83 billion acquisition by AbbVie, PDC Energy in its $7.6 billion acquisition by Chevron and successful proxy fight defense against Kimmeridge, Barnes Group in its $3.6 billion acquisition by Apollo Global Management, and Masonite International in its $3.9 billion sale to Owens Corning. Lina is the President of the Stuyvesant High School Alumni Association, an Advisory Board Member of the Harvard Law School Program on Corporate Governance, the John L. Weinberg Center for Corporate Governance at the University of Delaware, and the Yale Law School Center for the Study of Corporate law. She frequently lectures, presents and publishes on corporate governance and M&A at law schools and corporate governance conferences around the world. Lina received an A.B. magna cum laude in Economics from Harvard University and completed a J.D. from Yale Law School, where she served as editor-in-chief of the Yale Journal on Regulation and editor of the Yale Law Journal. After law school, Lina served as a law clerk to the Chief Judge of the U.S. Court of Appeals for the Ninth Circuit. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E18
    May 28 · 1 hr 3 min

    Are Josh Brown and Michael Batnick the Howard Stern of Financial Podcasting?

    Josh Brown and Michael Batnick on Ritholtz, Authenticity, and Why Risk Finds a Way What began as a funny observation from Boyar Value Group founder Mark Boyar — that Josh Brown and Michael Batnick are “the Howard Stern of financial podcasting” — turned out to be a pretty good way into the real story. Josh and Michael built an audience by being candid, irreverent, and willing to say things much of traditional Wall Street would rather leave unsaid. But underneath the humor is a serious wealth-management business, a disciplined investment process, and a culture that has become a magnet for clients and talent. In this wide-ranging episode, Jonathan Boyar sits down with Josh and Michael to discuss Ritholtz Wealth Management, their highly successful Compound and Friends podcast, the dangers of making stock picks public, how to build a financial brand today, Porterhouse, and why — in markets as in business — risk finds a way. Key Topics Covered: Authenticity as a Competitive Advantage How Josh and Michael built trust by being candid, irreverent, self-aware, and willing to sound different from traditional Wall Street. The Real Business Behind Ritholtz Why Ritholtz is not simply a content platform attached to an RIA, but a serious wealth-management firm that also creates influential financial media. Building a Talent and Client Flywheel How Ritholtz’s audience has helped attract clients, advisors, employees, and like-minded people who already understand the firm’s culture. Why Wealth Management Became One of Wall Street’s Best Businesses Josh explains why the RIA model has become such a powerful business and how wealth management has reshaped financial media and Wall Street. Could Ritholtz Be Built Again Today? Josh and Michael discuss whether their content-driven model could be replicated now, and why LinkedIn, YouTube, and owning a niche matter more than ever. CNBC, Media, and Market Commentary How Josh prepares for CNBC and how Michael has helped sharpen that process. The Danger of Public Stock Picks Michael draws on lessons from his book Big Mistakes to explain why publicly discussing investments can make it harder to change your mind. Porterhouse and Rules-Based Investing Josh and Michael discuss Ritholtz’s new Porterhouse equity strategy and why systematic rules can help investors avoid emotional mistakes. Why Risk Finds a Way A discussion of market leadership, momentum, and the idea that new opportunities tend to emerge even after difficult periods. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S1 · E17
    Nov 26, 2025 · 37 min

    MGM’s Big Bets: Bill Hornbuckle on Las Vegas, Japan, and Digital Expansion

    Episode Overview In this wide-ranging conversation, MGM Resorts CEO Bill Hornbuckle offers a candid look at how one of the world’s leading entertainment and hospitality companies is positioning itself for the future. We discuss MGM’s digital evolution, its expanding global footprint, and how leadership evaluates ambitious and complicated long-term opportunities such as the company’s $12 billion project in Japan. Hornbuckle also shares his perspective on MGM’s relationship with both IAC and Barry Diller, the reasoning behind stepping back from the broader New York casino process. We discussed his thoughts on Macau, the regulatory considerations across key markets, and how MGM decides which projects are worth chasing—and which ones to walk away from. Key Topics Covered iGaming & the Future of Online Sports Betting A discussion of how MGM views the long-term importance of iGaming and online sports wagering, the evolving regulatory landscape, and how digital platforms fit into the company’s broader strategy Why MGM Stepped Back from the New York Casino Process A clear discussion of the strategic, regulatory, and economic factors behind MGM’s decision not to pursue the larger New York casino licensing effort. The Role of IAC & Barry Diller How the partnership originated, what IAC contributes, and how it has influenced MGM’s broader digital and strategic roadmap. Macau & Japan: Global Perspective MGM’s long-term view on Macau’s regulatory environment and the complexities of developing a multi-billion-dollar integrated resort in Osaka. Risk, Regulation & Strategic Decision-Making How MGM weighs regulatory, geopolitical, and market-based risks across regions when deciding where—and how—to invest. Featured Offer from Boyar Research Take advantage of Boyar's Research’s flagship annual report featuring 40 catalyst-driven stock ideas for the year ahead. Every company included has been deeply analyzed in a full-length Boyar Research report — the same research trusted by some of the world’s leading hedge funds, family offices, and institutional investors. Learn more or pre-order here: boyarresearch.com/2026 Offer expires December 15. About William J. Hornbuckle William (Bill) J. Hornbuckle is Chief Executive Officer (CEO) and President of MGM Resorts International (NYSE: MGM), a global entertainment company featuring iconic hotels and casinos, meeting and conference spaces, live and theatrical entertainment experiences and an array of restaurant, nightlife and retail offerings across the globe. MGM Resorts’ portfolio includes some of the most recognizable resort brands in the industry, such as Bellagio, MGM Grand, ARIA, Mandalay Bay and Borgata. As CEO, Mr. Hornbuckle oversees all aspects of MGM Resorts’ strategy, operations and hospitality and gaming development projects. He leads the company’s global development efforts and its digital gaming strategy. He also successfully steered the company through the COVID-19 pandemic, overcoming numerous challenges including the closure of operations, tightly restricted re-openings and new health and safety measures. Mr. Hornbuckle led the strategy and execution of the company’s sale of MGM Growth Properties to Vici Properties and the acquisition of the remaining share of CityCenter and of The Cosmopolitan of Las Vegas. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E16
    Nov 5, 2025 · 59 min

    From Book Value To Brand Value. Bill Nygren On Why Modern Investing Requires Seeing Beyond The Balance Sheet

    Episode Overview In this wide-ranging conversation, legendary investor Bill Nygren discusses how value investing has evolved since the 1980s—and why the traditional valuation metrics many investors still rely on no longer adequately measure a company’s true worth. Nygren explains how intangibles like brand and customer acquisition costs have transformed the investing landscape, why accounting conservatism can obscure opportunity, and what he learned from Warren Buffett’s purchase of Coca-Cola decades ago. This episode is a masterclass on adapting a classic investment philosophy for the modern age—combining rigorous analysis with intellectual flexibility. Key Topics Covered The evolution of value investing: Why old accounting methods fail to capture the true worth of modern businesses built on brands and technology. The Coca-Cola revelation: How Buffett’s investment reshaped Nygren’s definition of value. Why financials are misunderstood: Why Nygren sees opportunity in financials despite investor skepticism. The hidden risk in the S&P 500: What investors are overlooking about today’s index concentration. Airbnb, Merck, and Comcast: How to analyze quality businesses that the market misunderstands. AI and investing: Why Nygren believes the biggest winners from AI won’t be chipmakers—but companies that use AI better. Position sizing and discipline: How Nygren thinks about portfolio concentration and risk management. Featured Offer from Boyar Research Before you dive back into the markets, make sure you take advantage of our limited-time 50% pre-order discount on The Forgotten Forty 2026 — Boyar Research’s flagship annual report featuring 40 catalyst-driven stock ideas for the year ahead. Every company included has been deeply analyzed in a full-length Boyar Research report — the same research trusted by some of the world’s leading hedge funds, family offices, and institutional investors. Learn more or pre-order here: boyarresearch.com/2026 Offer expires December 15. Episode Highlights “Conservatism in accounting often comes at the expense of accuracy.” “Today’s value investor needs to think harder about intangibles.” “Recommending the S&P 500 as a core holding may no longer be prudent—it’s become a concentrated tech bet.” “Sometimes what you learn that can’t go in the spreadsheet ends up being the most valuable.” Featured Companies Coca-Cola, Comcast, Charter Communications, Airbnb, Merck, Bank of America, Citigroup, Capital One, First Citizens, and NVIDIA. About Bill Nygren Bill Nygren is one of the most respected voices in value investing. As Portfolio Manager of the Oakmark Fund and Oakmark Select Fund, he’s built a track record of disciplined, long-term outperformance by focusing on intrinsic value and patient capital allocation. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E15
    Jun 3, 2025 · 46 min

    Inside IAC: Chris Halpin on Unlocking Value in Turo, Dotdash Meredith, and the Future of Digital Media

    Episode Summary: In this episode, Jonathan Boyar welcomes Chris Halpin, Executive Vice President, Chief Operating Officer, and Chief Financial Officer of IAC—a holding company known for its savvy capital allocation and track record of building internet leaders like Expedia, Match Group, and Ticketmaster. Chris brings a unique perspective shaped by senior roles at the NFL and Providence Equity before joining IAC. He and Jonathan explore how IAC is navigating today’s market, why the stock is significantly undervalued, and how the company is positioning key holdings like Dotdash Meredith, Turo, and Care.com for long-term success. Whether you're an investor, media strategist, or just someone fascinated by the business of the internet, this episode offers a front-row seat to how IAC is building value in unconventional and often overlooked digital businesses. Topics Discussed Chris’s unique journey from private equity to the NFL to IAC The transformation of Dotdash Meredith The business case behind IAC’s OpenAI partnership How IAC is thinking about Turo’s valuation, growth trajectory, and timing around a potential IPO Margin structure and monetization strategy in digital media IAC’s approach to valuation, capital allocation, and market mispricing “Sacred cows” and how IAC avoids them Lessons from working with media rights at the NFL Why Chris thinks IAC is trading at a dramatic discount to fair value To learn more visit: www.boyarvaluegroup.com https://boyarresearch.substack.com/ or follow us on X @boyarvalue Biography: Christopher Halpin is Executive Vice President, Chief Operating Officer and Chief Financial Officer of IAC. Mr. Halpin leads corporate finance, accounting, M&A, investor relations, and administration functions while also overseeing the day-to-day function and execution of IAC’s businesses. Prior to his appointment at IAC, Mr. Halpin spent nearly a decade in leadership roles at the National Football League (NFL), most recently serving as Executive Vice President, Chief Strategy & Growth Officer. In this role Mr. Halpin oversaw strategic planning and data and analytics, as well as key growth areas, including managing the NFL’s international business and leading its legalized sports betting strategy. Other past leadership roles at the NFL include Senior Vice President, Consumer Products & Licensing, and Vice President of Media Strategy & Business Development. Before joining the NFL in June 2013, Mr. Halpin was a Partner and Managing Director at Providence Equity Partners. During his 13 years at Providence, Mr. Halpin worked across the firm's investment activities in the Media & Entertainment, Wireless/Satellite and Business Services sectors, and also opened and served as Co-Head of the firm's Hong Kong office. Mr. Halpin started his career in the Merchant Banking Division of Goldman Sachs & Co. Mr. Halpin is a graduate of Princeton University with an A.B. in Economics (Phi Beta Kappa, Magna Cum Laude), and is a board member of Turo, the Children's Scholarship Fund, the Ladies Profes The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E14
    Feb 27, 2025 · 1 hr 6 min

    Bill Ackman on Investing, Politics, and Turning Howard Hughes into a Modern-Day Berkshire Hathaway

    Episode Summary: In this episode of The World According to Boyar, Jonathan Boyar sits down with Bill Ackman, the legendary hedge fund manager and founder of Pershing Square, to discuss his latest big move involving Howard Hughes, his unfiltered views on politics, and his growing role as an activist investor. Ackman shares his thoughts on the Trump administration, deregulation, and why he believes reducing government inefficiency could be a game changer for the U.S. economy. On the investing front, he dives into his bid to increase his stake in Howard Hughes Corporation, his vision for transforming it into a "modern-day Berkshire Hathaway," and why he believes the market continues to misprice the company. He also addresses concerns about management fees, corporate governance, and what his long-term plans mean for shareholders. Finally, Ackman opens up about his outspoken presence on X (formerly Twitter), why he’s been so vocal on antisemitism and media bias, and how he sees this as part of a larger battle over free speech, democracy, and American values. This is a must-listen episode for investors, market watchers, and anyone interested in how one of the most well-known investors in finance connects the dots between business, politics, and activism. Topics Discussed: 🔹 Ackman’s Take on the Trump Administration – Why he believes progress is being made, the risks of moving too fast, and how deregulation could impact everything from defense spending to healthcare. 🔹 The DOGE Initiative & Government Inefficiency – Why he believes slashing bureaucracy and eliminating waste could significantly boost economic growth. 🔹 Howard Hughes Corporation – His plan to increase his stake, take on a leadership role, and turn the company into a diversified investment powerhouse. 🔹 Activism & Media Bias – Why he’s taken a public stance on antisemitism, free speech, and how he believes media narratives are distorting public perception. 🔹 His Investing Philosophy – How he approaches capital allocation, business strategy, and why he thinks some of Berkshire Hathaway’s best days could still be ahead. 🔹 And much more! To learn more visit: www.boyarvaluegroup.com https://boyarresearch.substack.com/ or follow us on X @boyarvalue Biography: Bill Ackman is the CEO of Pershing Square Capital Management, L.P. which he founded in 2003. He is a member of the board of Universal Music Group N.V. (NA:UMG). He serves as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York and as a member of the Board of Dean’s Advisors of the Harvard Business School. Mr. Ackman is co-trustee of The Pershing Square Foundation, part of Pershing Square Philanthropies, that bets on innovative leaders solving humanity’s big societal, environmental, and health challenges. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E13
    Aug 13, 2024 · 40 min

    AI, Indexes, and Independent Research: Inside Morningstar’s Strategy with CEO Kunal Kapoor

    Join host Jonathan Boyar as he sits down with Kunal Kapoor, the dynamic CEO of Morningstar, in this episode of The World According to Boyar. Dive into the story behind one of the most influential firms in the financial services industry and discover how Kunal’s leadership has propelled Morningstar to new heights. Kunal discusses Morningstar's mission to empower investor success through independent research and data-driven insights. He shares insights on the evolution of Morningstar, the importance of simplicity and low-cost investment strategies, and the role of technology and AI in the research process. Kunal also talks about Morningstar's growth strategy, including their expansion into private markets, the index business, and the credit ratings sector. Tune in to hear Kunal's thoughts on the future of investing, the importance of company culture, and his perspective on investing in family-controlled businesses. This episode is a must-listen for anyone interested in the future of finance and the strategies driving Morningstar's growth. The Interview Discusses: Kunal Kapoor's Journey: From starting as an analyst to becoming the CEO of Morningstar, a leading firm in the financial services industry. Morningstar's Mission: Empowering investor success through independent research and innovative tools. Market Evolution: The shift from simple portfolios of stocks and bonds to more complex investment vehicles like private equity and managed portfolios. Impact of AI: How Morningstar is integrating AI into its research process with tools like Mo, and the future role of AI in fundamental analysis. Morningstar's Growth: Expanding into new areas like private markets, credit ratings, and index creation, and the challenges of scaling a large organization. Investment Philosophy: The importance of simplicity, low-cost investing, and the value of time arbitrage in achieving long-term success. Challenges of Leadership: Managing a growing, decentralized team while maintaining Morningstar's mission-driven culture. Credit Ratings Business: Morningstar's approach to ethical credit ratings and its competition with entrenched players. Morningstar's Competitive Edge: The benefits of being a mission-driven, long-term-focused, and independent company in the financial industry. Family Controlled Businesses: Thoughts on investing in family-controlled companies Biography: Kunal Kapoor, CFA, is the chief executive officer of Morningstar. Before assuming his current role in 2017, he served as president, responsible for product development and innovation, sales and marketing, and driving strategic prioritization across the firm. Since joining Morningstar in 1997 as a data analyst, Kapoor has held a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group. Kapoor holds a bachelor’s degree in economics and environmental policy from Monmouth College and a master’s degree in business administration from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst® designation, is a member of the CFA Society of Chicago, and served on the board of PitchBook, a private firm that provides a comprehensive private equity and venture capital database, prior to its acquisition by Morningstar in lat The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E12
    May 29, 2024 · 24 min

    Interactive Brokers founder, Thomas Peterffy, provides his thoughts on their market position and growth potential. He also shares his incredible journey from humble beginnings to tremendous financial success.

    This week, I had the honor of interviewing Thomas Peterffy, the founder of Interactive Brokers, on The World According to Boyar podcast. Thomas’s life exemplifies the American Dream: When he came to the United States from Communist Hungary in 1965, virtually penniless and with no knowledge of English, he immediately began teaching himself computer programming while saving up for a seat on the American Stock Exchange. Using technological advances he himself helped pioneer, Thomas established a successful market-making business, paving the way for his biggest financial success: Interactive Brokers, which has a market capitalization north of $50 billion and where he is by far the biggest shareholder. Stay tuned for my discussion with Mr. Peterffy—I think you’ll find it as educational as it is inspiring. The Interview Discusses: Thomas Peterffy’s background. Challenges of adapting to a new country and finding work. The immigrant mentality and its impact on success. The importance of rewarding merit in a free market economy. The value proposition Interactive Brokers brings to clients. Importance of maintaining a conservative balance sheet and excess capital. Future growth areas, including global markets and professional investors. Interactive Brokers’ unique position in the marketplace. The potential impact of future presidential administrations on business. Thomas’s decision to step down as CEO and focus on his role as chairman. The joy of building and improving the Interactive Brokers platform. Biography: Thomas Peterffy is founder and chairman of Interactive Brokers. A pioneer of digital trading in the 1980s, he was the first to build computer systems able to trade financial assets electronically, independent of direct human intervention. Born in Budapest, Hungary in 1944, he escaped communism in 1965 by emigrating to the United States. He learned computer programming, and his formula for pricing contingent assets was an early version of what is now known as the Black-Scholes model. In 1977, he became a member of the American Stock Exchange. Peterffy built the first automated market-making firm for stocks, options, and futures, which later gave rise to Interactive Brokers, a global, electronic broker with a market capitalization of over $50 billion. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E11
    Apr 30, 2024 · 49 min

    From Records to Radio: Bill Wilson's Journey to Leading a Digital Media Empire

    The Interview Discusses: Bill Wilson’s rise from a data-driven marketer at Arista Records to helming a digital-first local media empire. The extraordinary experience of working with Clive Davis. How he utilized traditional radio as a “trojan horse” to build a digital media company. The competitive advantage of operating in smaller markets. Why a local content strategy is so differentiated in today’s environment. Bill’s thoughts on capital allocation. His views on running a publicly traded company. Why he believes Townsquare’s stock is intrinsically undervalued. How he intends to unlock shareholder value if the stock price languishes. And much more… Biography: Mr. Wilson joined Townsquare in September 2010 and previously served as Co-Chief Executive Officer and Executive Vice President and Chief Content & Digital Officer of the Company. Prior to joining Townsquare, Mr. Wilson was President of AOL Media from 2006 to May 2010 where he had overall responsibility for AOL’s global content strategy. In his nine years at AOL, he also served in a number of roles including President, AOL Programming & Studios and Executive Vice President; and under his leadership, AOL’s content sites grew to reach more than 75 million monthly unique visitors domestically and over 150 million worldwide. Prior to joining AOL in 2001, Mr. Wilson served as Senior Vice President for Worldwide Marketing at Bertelsmann Music Group (BMG), which he joined in 1992, and was responsible for worldwide marketing including artist, digital and non-traditional marketing across more than 50 countries for the world’s biggest artists including Dave Matthews Band, OutKast, Foo Fighters, Whitney Houston, Annie Lennox, Santana and numerous major recording artists over his tenure at BMG. Mr. Wilson started his career at BMG subsidiary Arista Records under the guidance of Clive Davis and Richard Sanders, where he was a product manager working with artists across numerous genres including Notorious B.I.G., TLC, Sarah McLachlan, Kenny G and Spiritualized. Mr. Wilson won an Emmy Award in 2006 for the record setting Live 8 program and was named to the Hollywood Reporter’s “Digital Power List” in 2008, which profiles the 50 people who most influence the creation and distribution of content online. In addition, he was profiled in Crain’s New York Business’ “40 under Forty” and Billboard’s “Power Players” in Digital Entertainment in 2005, as well as Hollywood Reporter’s “Next Generation” in 2003, and Radio Ink’s “Most Powerful in Radio” in 2018 - 2023. Mr. Wilson was voted the Radio Board Chair of the National Association of Broadcasters (“NAB”) in June 2021, after serving on the Executive Board of the NAB since 2020 and previously serving as a NAB Board Member. Mr. Wilson was also recently recognized as 2021 “Executive of The Year” by Radio Ink. Mr. Wilson graduated summa cum laude from the State University of New York at Stony Brook with a B.A. in economics and a B.S. in business management and earned a M.B.A. with honors in finance and marketing from Rutgers University’s Graduate School of Management. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E10
    Dec 19, 2023 · 31 min

    Anthony Scaramucci on resiliency, cryptocurrencies, and much more.

    The Interview Discusses: Anthony’s amazing life story growing up from humble beginnings to becoming a major success on Wall Street. His theory on resiliency and how he was able to recover after being fired from both Goldman Sachs and the White House. Why he is investing in cryptocurrencies. How Bill Miller influenced his investment decision making How Warren Buffett cost him a lot of money His support of Israel And much more! Biography: Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs & Co. Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School. Every December for over three decades, Boyar Research has published the Forgotten Forty, a curation of comprehensive one-page reports on the 40 companies in our research universe that we believe will outperform the leading indices in the year ahead due to a catalyst we see on the horizon. The Forgotten Forty 2024 is now available for pre-purchase at 50% off until December 20th. To find out more information on this offer, click here. Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • Nov 8, 2023 · 1 hr 6 min

    Guy Spier, Portfolio Manager of the Aquamarine Fund and Author of the Education of a Value Investor and His Thoughts on the Current Geopolitical Landscape.

    The Interview Discusses: Growing up in Iran and how having a global upbringing has impacted him as an investor. Why he is more comfortable investing in the United States. How his grandparents fleeing Nazi Germany has impacted his investment decision making. His experience as an investor during the financial crisis and how he invests during uncertain times. What about the current geopolitical landscape scares him as an investor. His thoughts on holding cash as an investment. His opinion on investing in small capitalization companies Why as a value investor he is comfortable investing in high multiple stocks. Why he owns Mastercard & Bank of America. Biography: Guy Spier is a Zurich based author and investor. Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University where he studied at Brasenose College with the British Prime minister David Cameron. After completing his MBA, Guy started the Aquamarine Fund which is an investment vehicle inspired by the original 1950's Buffett partnerships, and run with a close replication of the original Buffett partnership rules. The focus is on investing for long term capital appreciation and capital preservation by running a portfolio of equity investments with the goal of acquiring companies with outstanding long-term economics at a reasonable price and where there is a sufficient margin of safety between the company’s market price and its intrinsic value. Typical investors include high net worth individuals, family offices and private banks. In 2008 Guy made news by bidding $650,000 with his friend, Mohnish Pabrai, to have a charity lunch with Warren Buffett. His book, “The Education of a Value Investor” has sold more than 40,000 copies and has also been translated into Hebrew, German, Japanese, Korean, Polish, Mandarin and Spanish. Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E8
    Jun 22, 2023 · 38 min

    Patrick Doyle, Executive Chairman of RBI on: increasing Domino's share price by 23x; his vision for Tim Hortons and Burger King; and his thoughts on 3G Capital.

    The Interview Discusses: His remarkable turnaround of Domino’s Pizza where he increased the share price by 23x. The opportunity he saw at Restaurant Brands that convinced him to invest $30 million personally in the company’s shares (and pledge to hold it for 5 years). The dynamics of working for a company controlled by private equity firm 3G. The importance of franchisee profitability for his turnaround plan. Tim Hortons extraordinary success in Canada and how that can be replicated in other parts of the world. Why Burger King International is performing well and Burger King US is struggling. Could Tim Hortons alone eventually be worth more than Restaurant Brands is currently? His role as Executive Chairman. What it was like being on Jim Cramer’s Mad Money. The difference between his role at Restaurant Brands where he is Executive Chairman and his role at Best Buy where he is Non-Executive Chairman. ---And much more! Nothing in this podcast constitutes investment advice. Biography: Mr. Doyle was appointed Executive Chairman of RBI in November 2022 to accelerate growth for franchisees and shareholders. Most recently, he has served as an executive partner of the Carlyle Group, a global diversified investment firm, focused on the consumer sector. Prior to that he served as the chief executive officer of Domino’s Pizza, from March 2010 to June 2018, having served as president from 2007 to 2010, as executive vice president of Domino’s Team USA from 2004 to 2007 and as executive vice president of Domino’s Pizza International from 1999 to 2004. Mr. Doyle has served on the board of directors of Best Buy Co., Inc. since November 2014 and has been the Chairman of Best Buy’s board since May 2020. Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  • S2 · E7
    Mar 10, 2023 · 48 min

    William Cohan, Best selling author discusses his latest book Power Failure: The Rise and Fall of an American Icon

    The Interview Discusses: The rise and fall of GE. What could have been done to save General Electric. Who is to blame for GE’s demise. His in-depth interviews with both Jack Welch and Jeff Immelt. The fundamental error that Jack Welch made that tarnished his legacy. How GE capital almost filed for bankruptcy during the financial crisis. What Disney can learn from GE’s succession issues. The mistake GE made by selling NBC Universal to Comcast (and one thing about the deal you probably never knew). His latest media venture called Puck. And much more… William D. Cohan, a former senior Wall Street M&A investment banker for 17 years at Lazard Frères & Co., Merrill Lynch and JPMorganChase, is the New York Times bestselling author of three non-fiction narratives about Wall Street: Money and Power. His new book Power Failure: The Rise and Fall of an American Icon, about the rise and fall of GE, once the world’s most powerful, valuable and important company, was published in November 2022 by Penguin Random House. He is a founding partner of Puck, a digital publication owned and operated by journalists, and a writer-at-large for Air Mail. For 13 years, he was a special correspondent at Vanity Fair. Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results. The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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