Jonathan Boyar – Intrinsic Value Opportunities

Hosted by
Bill Brewster

Bill Brewster is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

Jonathan Boyar stops by The Business Brew to discuss his investing philosophy. Jonathan is the President of Boyar’s Intrinsic Value Research LLC., an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of Boyar Asset Management, which has been managing money utilizing a value oriented strategy since 1983.

He has been interviewed by Barron’s, Welling on Wall Street and GuruFocus. He spoke at the 2017 London Value Investor Conference, the 2017 GuruFocus Value Conference and the 2017 International Value Investing Conference. He is also a contributor to the latest edition of Harriman’s Book of Investing Rules: The Do’s & Don’ts of the World’s Best Investors. He is a senior contributor to Forbes as well as the host of The World According to Boyar podcast.

We hope you enjoy the discussion. Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.

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Album art photo taken by Mike Ando. Please see https://www.mikeando.com/.

Thank you to @mathewpassy (on Twitter) for the show production.

Youtube:

  • 05:00 – What makes The Berkshire Weekend so great
  • 10:00 – Finding value in non traditional companies/stocks
  • 13:30 – Why there is an opportunity in microcaps sometimes
  • 18:00 – Value + a catalyst vs. value traps
  • 20:00 – Dead money as a mistake
  • 22:30 – Holding on to winners
  • 27:00 – Boyar’s idea generation process and The Forgotten 40
  • 31:00 – Scott’s Miracle Gro
  • 34:00 – Discussion about dogs then Seinfeld
  • 41:30 – Discovery and how they are going to compete
  • 46:52 – Trinity Place Holdings
  • 52:00 – How does Jonathan think about cash shells and being a minority shareholder in that instance
  • 53:20 – What makes MSG a unique asset
  • 58:00 – Assets creating nontraditional value
  • 63:00 – Meme stocks and FOMO
  • 66:00 – What is margin of safety
  • 71:00 – How Jonathan’s father taught him about investing

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

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