Jonathan Boyar runs Boyar Value Group, the firm his father Mark started in 1975 as a research service and grew into Boyar Asset Management in 1983. The idea has not changed in fifty years: ignore what Wall Street pays as a multiple of earnings and ask what an acquirer would pay for the whole business. If the stock trades at a big discount to that number, it is interesting. If not, you do not have to swing. Jonathan puts 70 to 80 percent of his own net worth into the same stocks he buys for clients, turns the portfolio over about 10 percent a year, and says most days he does nothing.
The best example is Madison Square Garden. When the Knicks and Rangers were sitting inside one company at an enterprise value that made no sense next to what the teams were worth, Boyar wrote a public letter to James Dolan asking him to split them apart. The company did, the press picked it up, and the position outperformed. Patience got rewarded faster than they expected.
We break down:
Valuing a public company the way a buyer would, and why that gives you a margin of safety the multiple never will
Why SpaceX at 20 times revenue is a pass, and what makes a boring business worth paying up for
Running a concentrated, tax-efficient book for about 100 clients with 10 percent turnover and six investment professionals
Value traps, and why the catalyst matters as much as the discount
The research business: six publications a year, the summer "Fresh Looks", the "Forgotten 40" every December, and a $600-a-year newsletter
The private equity roll-up wave in wealth management: crazy multiples, a bad fiduciary for the end client, and why Jonathan is not selling
Advice for the plumber in Wichita with cash to invest: index funds if you do not know what you are doing, and buy the corrections
Sports teams as an asset class, second-order effects of tax rules, and billionaires with egos
AI as the great democratizer of information, and why Boyar still does not use it for analysis
The private-market arbitrage, Watsco rolling up HVAC distributors, and why cash flow is what people actually care about
My take: I left finance for air filters because I wanted something unlikely to change. Jonathan stayed in finance and built the same thing: a process that does not care what is fashionable, a client base that buys into it, and the patience to do nothing most days. Most owners I meet who sell end up afraid of losing what they have. A business you control, throwing off cash, is the opposite of that. That is boring money.
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