YouSaid · the spoken record

Jonathan Boyar

lines on the record: 47
first: 2024-01-12
most recent: 2024-01-12
sittings or episodes: 1
sources: podcast

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“Thank you. It was a pleasure, and I look forward to staying in touch. And thanks for your time. And this was a lot of fun.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“First, it was a pleasure being on your show. It was a lot of fun, and I can't believe an hour or whatever it is. It kind of just flew by. Yeah, for those want to know more about the Forgotten 40, you just go to BoyerResearch.com forward slash 2024, you get all the information you need about the Forgotten 40, including some samples from this year's. And one of the things that we did, it's new to Boyer in 2023 was we started a sub stack that has paid and premium content and we put it up basically a stock idea a month for paid subscribers that said BoyerResearch.substack.com. Yeah, I encourage people to go there or just go to Boyervaluegroup.com to learn more about what we do. And we're very different than traditional Wall Street. And we'd love to hear from you.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“As we followed cable vision and owned cable vision for long periods of time, we made a lot of money and our clients made a lot of money in cable vision and eventually sold it. I think if you take a longer term perspective, these discounts can turn into opportunities.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Oh, I mean, for those of you listeners who are in the New York area, they know all too well the trials and tribulations of James Dolan is actually a great podcast series out there called Reign of Error, which details the Dolan Empire and what they have done. And they've been terrible operators of at least the Knicks. Until recently, they've had terrible record. they've owned the team since the 1990s and he's probably one of the least liked people in New York. He's done things like you might have seen his stories with facial recognition going into Madison Square Garden where anyone who is suing them or worked at a law firm that is suing them can't go in. He does not get good press and that gets reflected in the stock price. But I look at, you know,”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“At least, in my opinion, as long as there are billionaires with big egos, the price of these sports teams are just going to increase in value. They're a scarce asset. There's only roughly 30 NBA teams. And that's also a catalyst where there's rumored that they're going to do expand by one or two teams and that there's going to be an expansion fee and that will be divvied up by all the teams and the Knicks will share in that revenue stream. In addition, they have, I believe in a year or so, their media rights for the NBA come up that they're going to have a, it hasn't been renegotiated in about 10 years. It's going to be a significant bump up there. So there's lots of reasons why the stock could go up significantly, even absent a sale of the teams.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Premiums to force value. He had a much, much higher stock price. And people will say, oh, well, Dolan will never sell the team. One, I would say never say never. He did sell cable vision at a great price, by the way, at a great time. And two, if Mark Cuban can sell the Dallas Mavericks, who everyone thought he would be or sell a majority stake in the Dallas Mavericks, it's not far-fetched to think that James Dolan can do the same thing. But there are other ways. that they can unlock shareholder value apps in a sale. They could sell one of the teams. They could sell a stake in one of the teams, which is what's happening with the Toronto Maple Leafs organization. And so there's lots of ways to win. They could buy back a lot of shares. They've already paid one special dividend. They can pay another one. So there's a lot to like. I think you have downside protection and these are valuable assets.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Madison Square Garden is a name we've known for a long period of time. It's controlled by the Dolan family and it suffers from the quote unquote Dolan discount. It was initially part of cable vision and they'd done a variety of spinouts. And Madison Square Garden Sports owns the Knicks and the Rangers are the primary assets of it. And you may or may not have noticed there's been a lot of activity in publicly traded sports teams or in sports teams, private equities that got involved in a big way. Sovereign wealth funds have gotten involved in a big way. And right now the enterprise value of Madison Square Garden sports is roughly $4.5 billion or so. The NICs alone Forbes values at like six and a half billion dollars. The Rangers are close to three, utilizing what historical”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and what I like about them is they didn't chase things. They didn't try and buy, it's not like a private equity firm where, you know, they have to invest the money. They were fine just being profitable.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“It has historically sold at 20. It's peers sell at 20. Let's buy it in hope that there's mean reversion. Well, it could also go the other way where their peers just don't do as well. So you want to have a reason for owning the underlying business, not just these special situations.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Well, Chris is a great guy and a great investor. And he wrote a fantastic book called Hundred Baggers, which I recommend everyone read. And he's right. You want to invest in these compounders. And I don't want to invest in something that's some of the part story that's a mediocre business. That's just one part of it. In some ways, Markell, I'm sorry, Howard Hughes is a some of the part play business, but I also like it's something like discount, but I also like the underlying business and this growth prospect. So you can, you can have your cake and eat it too in this. You just have to be very selective. Chris has the advantage of running extremely concentrated portfolio where I think he probably has 10 or 15 stocks in it. So when you have to pick 40, it's a little harder to do that. But yeah, I fully agree. You want, it's not just, oh, this is selling. A stock is selling at 15 times.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“The ventures part will become more and more meaningful. They just need to do a better job of underwriting as it hasn't been ideal for them.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Mean the two examples you gave of conglomerate discounts, people who've owned Markell or certainly Berkshire for 30 years, even if it traded at a discount to what it should be conglomerate, have still been handsomely rewarded. So if you buy great companies, generally good things will happen. You just want to make sure you have good stewards of capital at Tom Gainer, who runs Markell, good investor, very conservative, runs a good operation. They started something called Markell Ventures. I don't know roughly 10 years ago or so where they're investing in private companies and they're dubbed a baby Berkshire. And it's one of these, they're growing book value over time. And in a conservative, prudent manner, they have a nice stock portfolio that's done quite well. And I think the private equity part of the business.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, I think they're spinning out the South Street seaport this year as well as some SSA owned in Vegas, including part of a minor league baseball team, I believe. So that's a catalyst and that could make it more of a pure play type of company and analysts can do a better job of figuring out what it's worth.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Selling at a decent discount to what we perceive NAV to be. And I think NAV will grow significantly over time as they develop more land.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Well, that's what also makes them unique. They're not a re so they don't have to dividend back everything. So they invest it into the company, which is also a competitive advantage. They do it and they grow it. And it's a virtuous cycle where they're able to control the supply of land within an individual community. So they build one of these master plan communities. They make it nice and sell X amount of land to developers, which then end commercial operations, which then makes the raw land. They have there even more valuable and they keep doing that. So they keep a tight lid on supply and demand of supply of the raw land. So they're very strategic of what they do. And one of the things is it probably shouldn't be a public company because you have to take a 10, 15, 20 year time horizon for these type of investments. But, you know, it's.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and land is at historical cost, so the balance sheet is not much help. But we, in our initial initiation report, we went through all the different properties and what they're worth. And yeah, no, it's a ton of digging. It's a ton of work. Our team does a fantastic job with that. And generally, we use very conservative assumptions. We'd rather be surprised from the upside”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“There's also the catalyst where they also own the South Street seaport in Manhattan and some other assets in Las Vegas that they're spinning those out into a separately publicly traded company in 2024. And that should make it a pure play master plan community, which hopefully will give it a higher valuation. And maybe instead of spinning it out, someone ends up buying it. Who knows? I'm talking about this fun-off part. And it's also, it's not particularly well covered on Wall Street. Five analysts cover it. And if you look at other home builders or, you know, other”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“As well, so he's allowed to buy up to, I believe, 40% of the company. Every time the stock gets below 75, it seems that he buys more. So there's sort of an Ackman put in the $75 range. It wouldn't shock us if he takes the company private or if he merges it with his open-ended publicly traded fund because he wants that to be listed in the US and you need an operating business. I don't know exactly how the mechanics of that would work, but that's been a long rumor thing that would happen. But either way, they have tons of, they have 30, I think, 36,000 acres of raw land to develop, 36,000 acres. They have a long runway to increase net operating income for years to come.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“This is a name that Ackman made a lot of money in. It was from General Growth Properties. And after the financial crisis, and Howard Hughes is a master plan community developer in really favorable areas of the country, Texas, Nevada, Phoenix, Hawaii. And you had mentioned that he bought a lot of his shares during COVID. And that was, I think, out of an abundance of caution. The company didn't want to have any liquidity issues. So he's chairman of the company. They issued shares and he was by far the largest buyer of it. And he bought it in the 50s. It's now in the 80s. In retrospect, it wasn't a great deal. But you didn't know what was happening with COVID at the time. And he wanted to make sure the company was alive to fight another day. And shareholders were given the same opportunity to buy shares as.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it significantly advantages interactive brokers because they're the low cost provider as they built the infrastructure. They've built the technology and they have a great platform. So it's favorable. They're going much faster, high single digit growth in the US, which is far below what it is outside the US. It's something that will continue to grow.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Especially in one of the areas that they're trying to grow in these RIA space where those are extremely sticky because once you have all your clients signed up where you're now the custodian and broker of record for them, no one wants to have an excuse for a client to leave. And that gives you an excuse. So it's a really good business high switching cost. It's a very, very different business than Fidelity and Chuaba.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“I mean, outside the US, they're growing in Australia, they're growing in Europe, they're Asia. It's kind of across the board.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Were options market maker type of business and they've switched. And it was the right move. And people gravitate towards them. And their marketing hasn't been particularly effective. They've just been growing via word of mouth, which is the way you want to grow your business. Obviously, you would love to have great marketing too, but the fact that if one person tells another means you have a good product out there and yeah, it's a name that we like.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Is a history of profitability, they also have a pristine balance sheet. It's a lazy balance sheet. I mean, they need some of it as part of their business, but those are also the catalysts. Maybe they increase their dividend significantly or do a big share buyback or things that they could do. As I said, the CEO or the founder is almost 80 years old. Does he sell this company to another one? There's a lot to like there. It's one of these that I think are, obviously, I wish we had this show 10 years ago and people had invested in interactive brokers as it's been a fantastic performer.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“A model where there's free commissions, but within there, but you get worse execution and they've had very little uptake on it. So there's value in what they do. They have low cost margin lending, you know, lots of different things that make people want to use them and their technology is fantastic. They try to automate everything possible. So, and they're really growing in the hedge fund space, especially the ones that are $50 million and below funds. So there's lots to like about it. And we like these businesses that can continue to grow free, like an Uber, continue to grow for years and years and years and have a huge runway for success. And it's, you know, I think, and if you can buy them at a reasonable multiple, I don't have the multiple right in front of you, but it's significantly below its historic one. Over time, if you are a patient, generally good things happen.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think he's done a fantastic job of growing this business. And it looks like they have. And going back to those words compounders, years of many years of 20% plus account growth. And in the US, it's essentially a commoditized business with fidelity and Schwab. But that's if you just want to kind of invest in the US, the interactive brokers platform is easy with currency conversions. It's easy to invest throughout the world. Also, most of their accounts are, or the vast majority, are held outside the US where people actually still do pay commissions because payment for order flow, which is how fidelity and schwab are able to offer zero commission trading, it's illegal. And should remain so. And what they've noticed was they do have a”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“There is value in energy. Maybe I'll be completely wrong, but it's one that I would avoid. And another reason is you have to be right twice. Ideally, you want to buy a stock and hold it for long periods of time and let the magic of tax deferred compounding happen. And with energy names kind of have to trade in and out of them. And that's tax inefficient. So it's something we avoid.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no, if you were going, yeah, everyone say be defensive in 2023 and all these other things that were the laggards. And I just think, listen, there's lots of different ways to invest. I just, to me, it makes more sense to know about the companies you're investing in. One thing, just going back the outlook for the year and things such as that, that I think is important to note, one of the things you might have noticed in the Forgotten 40s and absence of energy names. Those are names that we've historically have avoided over the last couple years as energy has been the, you know, the favorite. I think it's the best performing sector since the market bottom after during COVID take a 10-year view. It's been a horrible place to invest. Capital destroying businesses, cyclical. So while a lot of value investors think”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yes. And then the year after the election, I think is the worst part of the cycle because people realize all those great promises aren't going to occur. So it's amazing that this happens pretty consistently, but it does. But the one thing I would say is 2024 does not look like a typical election year, although maybe I don't know what a typical election year looks like. I think all bets are out the window on it, you know. And people who are strategists, they got 2024 for the most part, 2023 for the most part, dead wrong. Nothing that they said occurred would. So I would be wary of making strategic calls for the year. I think you're better off being more strategic in the stocks that you pick and not macro outlook.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Basically, the presidential election years are the second best performing years, I believe, in the presidential election cycle. And we get a lot of data from, I buy each year the stock traders almanac, which is, it's a great read. You got a lot. I mean, I'm one of these people who like statistics. And while I don't invest by it, I think it's good to kind of learn what kind of historical patterns there are. One of the ones that I thought was interesting was regardless of which party is the ultimate victor, in 16 of the past 18 presidential election years, the last seven months in total have seen gains in the S&P 500. But there are big exceptions. The two exceptions were in 2000 where the results were delayed of the presidential election. And I really hope that's not the case this year. And the other one, it was during the”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no, it's been a painful time to be in small caps. And yet some people recently have been blaming interest rates or the rise in interest rates for that, but obviously there are a long period of that time where interest rates were basically zero, which, you know, so that's not really the culprit in my opinion. I think you just have to go back historically. If you look at the period before the dot-com bust, there was a long period where the Russell significantly lagged the S&P 500. And then, and I'm not saying that these periods are exactly analogous, but history tends to rhyme. The period after the dot-com bust, the S&P basically did nothing and the Russell shined. And I think we're going to enter a period such as that. And that's a period.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Ever thought they could, and you want to have some dry powder there? So, yeah, so I don't know if that kind of answered the questions that you were looking for, but happy to elaborate”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“It's yeah, the macro is a dangerous thing because you can always scare yourself out of investing as Buffett famously talks about all the bad things that happened in the 20th century, yet the Dow went from 41 to whatever it went to. And people who invested the day before Black Monday or the people who invested the day before the crash of 87, you know, as long as it held on for a long period of time did fine. So you try and filter out the noise as best as you can and don't let headlines scare you. Obviously, you have to be cognizant of things and I'm someone who when I'm buying stocks for myself or clients, I generally don't take a full position right away as I think as I've learned, stocks can get a heck of a lot cheaper than”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Kind of compounding business that you want to own these for the long term, stocks like these could go down 30, 40 percent, but over the long period of time, I think the trend is up and to the right.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no, we're still riding with Uber. Can't promise another 100% game, but they're firing on all cylinders. They have great CO and DARA. They're becoming more and more profitable. They have a huge moat. I mean, Lyft is competitively disadvantaged because it's a network effect business. And it's certainly not as cheap as last year. But just because a stock goes up, not a reason to sell it. And just because a stock goes up is also not a reason not to include it in this year's list again because we still like the business. We still think it's intrinsically undervalued. There's a long runway for growth. There's lots of things that they could be doing in terms of advertising, et cetera, that we like. And it's one of these names that I think it gets thrown at a lot, but is a long-term...”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“For a full year, which would lead to index inclusion. And that was a catalyst. And Uber is far from a traditional value stock.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“There's lots of different catalysts. I mean, there's could they do a massive share buyback? Could they spin out a division and asset sale? Could they make an attractive acquisition? One of the names I think we'll probably talk about, you know, interactive brokers, is there an octogenarian, an 80-year-old man with no heir or a parent who owns a lot of stock sooner or later himself or his or her heirs sell the business? Well, the guy at Interactive Brokers, I think is 79. He's getting close to oxygen area in status. There's lots of different reasons for a company to go up in price. You just have to try and pinpoint it. Could it be included in an index? One of the things, you know, we included, we had Uber last year, and I believe one of the catalysts we cited was inclusion in the S&P 500 because they were finally at least we thought going to become gap profit.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“I mean, I think it's a case-by-case basis. I mean, private equity, I've said some of the savviest investors there while there was a lot of capital chasing deals, they want to make money and they want to own, they have to own the underlying business, so they have to like the underlying business. So they have to usually have some sort of premium unless it's a take under. But I think it's a case-by-case basis. And you probably, the smaller in the cap spectrum you go, the higher the probably the premium it is because it just might not be reflected in the price. It also depends, is this an owner operated business? You know, they're not going to sell just for a 20% premium. They're only going to sell when they think they're really getting more than fair value for the company.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Arbitrary calendar date, but we found it helpful, and there's different schools of thought. There are investors who I respect a lot who think value is its own catalyst. I just happen to, you know, I guess it's the way I was taught. I think you want to look for these realizations and reasons for it. So we try and tell a story. Why is the stock going to go up over a reasonable period of time? And generally, with the exception of Forgotten 40, a reasonable period of time is two to three years.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Because of the way we look at companies through the lens of an acquirer and that they're cheap by an acquisition candidate's standards, a fair amount of the names that we profile end up being acquired, actually two from last year's list were a company called Univar and Hostess Brands were both acquired. And being a takeout is never the sole reason for owning a business or writing about a business because that could take a long time, but you want to have a reason for owning. And my father has instilled in me, you can find the greatest company in the world selling it at a cheap price. But if it doesn't ascend in value, doesn't do you any good. There has to be a reason, a change, something that will make the market recognize what you're seeing. And realistically, does a catalyst happen within that one year? Who knows? I mean, that's just kind of an”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“In market cap, which is the high end of the Russell 2000 value. And the vast majority of those 19 are in the like 5 billion or less range, roughly. So we're heavily weighted. Everyone's definition of small cap is a bit different, but we're of the belief that small cap is set for a renaissance. 2024, could it be the year of the small cap, possibly. If not this year, maybe next year. But that's a big theme of ours.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“I'd say on average, it's about 50% turnover because throughout the year, we're coming up with new ideas and almost by definition, if we like the ideas that we're coming up with, they'll be decently represented in the Forgotten 40. Plus, you want to take blast from the past, the things that we might have profiled five, ten years ago that we've been tangentially following and see that there's a catalyst on the horizon for value realization. So we just want to pick our 40 best stocks while we're cognizant of not having 40 financial names or 40 industrial names. We just want to have the best, put the best roster out there in a variety of industries, variety of market caps. But I think it's interesting that this year's class, 19 of the 40 names are sub 10 billion.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“But remember, it also works both ways right before the financial crisis thing I read yesterday, the day before I had forgotten the statistics, but the financial sector was almost a quarter of the S&P 500. So you live by the sword, you die by the sword. So it's, I'm not saying what happened to financial stocks is going to happen to technology stocks, but when you have 10 stocks that are 32% of an index, most of which are in the technology space kind of broadly defined, things can get a little dicey.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it was for a value manager, we actually did quite well. I don't know the exact in front of me. I think it was roughly, we were up 15 or so percent give or take, which significantly beat the Russell 2000 value, which was 8%, and it also beat the S&P 500 equal weight. It didn't beat the S&P 500 as we're an equal weight at 40 stock portfolio and to beat the magnificent seven would have been a hard feat to do, but we were proud of the results doing this for a long time. And it's also, you know, there are times where the performance is great. There are times where it's not as good. What I would say is no one buys every stock in it. I think it's just a great kind of idea generator and it lets people, we want people to think, you know, what's the year going to look like? What type of stocks do I want to invest in?”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“As a reference guide, and it's really helpful for me as a portfolio manager when starting out the year, I have a list of 40 stocks to choose from and it's a good kind of update internally. Our team does a lot of work to do it. We have four great analysts, both myself and my father, and it's something we enjoy doing, and it's something we think our subscribers like to receive.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Really, the 1990s, we've been publishing something called The Forgotten 40, which contains our 40 best ideas for the year ahead. And they're not our cheapest names. They're names in order to get into the publication. We had to profiled it in one of our full-length reports. And we think there has to be a catalyst for meaningful capital appreciation in the coming year. So we do this via one-page snapshots. get sent to everyone between Christmas and New Year's gets printed and we're old fashioned. We still send everything to be a hard copy. While these reports are one page in length, there's a lot of meat behind it. It's not just us sitting around the table and saying, hey, Intel looks cheap, which it's not in the Forgotten 40, by the way, but just as an example, we had to profiled Intel before. So people love utilizing.”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. Yeah. No, the Forgotten 40 is one of our most popular products and it's a little bit of an anomaly for us. So just by way of background, the firm was started by my father in 1975 as a research boutique to look for companies the way and acquire wood. What would Warren Buffett pay for an entire business? And that's kind of the thrust of the service. And we're long-term patient investors. In fact, you know, Baron's one's called my dad the world's most patient investor. I'm not as patient as he is, but I'm pretty patient. And my dad's still very much involved with the firm. We do these monthly or almost monthly research reports that take a three to five year kind of time horizon, which is an anomaly with Wall Street research. But we realize not everyone is as patient as we are. So since the”
2024-01-12 · We Study Billionaires · TIP599: Top Stocks for 2024 w/ Jonathan Boyar · IDENTIFIED FROM THE TRANSCRIPT