The World According to Boyar
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.
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...
"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 twe...
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...
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 Gam...
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 ch...
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...
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, t...
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 flexibil...
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...
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...
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 ab...
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...
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 la...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 makingHow Warren Buffett cost him a lot of moneyHis 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 S...
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 companiesWhy as a value investor he is comfortable investing in high multiple stocks.W...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:
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…Chip Brewer, CEO of Topgolf Callaway Brands discusses how he turned around Callaway's traditional business and more...
The Interview Discusses:
How he turned around Callaway’s traditional business.How “off course” golf is now larger than “on course” golf.How Topgolf is increasing participation in traditional golf.The economics behind a Topgolf location and why scale matters.Why he does not believe a rising interest rate environment will impact the expansion of TopGolf.How he had the confidence to “bet the company” and purchase Topgolf in 2020 (during the throes of Covid).The significant opportunity they have with Toptracer.His thoughts on the current valuation of Topgolf Callaway Brands.To request a copy of our report...
Tom Gayner, Co-CEO of Markel discusses the evolution of Markel into a Fortune 500 company, the secret to success in the investment business and much more…
The Interview Discusses:
The secret to success in the investment business.His investment thesis on both Home Depot & Diageo.Why investing through the covid crisis was harder than investing through the financial crisis. How covid has impacted Markel’s insurance operations.His thoughts on Berkshire Hathaway investing in Markel.His observations of Warren Buffett as a fellow board member at The Washington Post.How Markel decides whether to invest in private companies through Markel Ventures or in public securities.Why he thinks it is possible for Markel Ventures to one day be larger than Markel’s equity...John Rogers, Co-CEO of Ariel Investments on founding Ariel at the age of 24, the techniques he employs when investing on behalf of clients and more…
The Interview Discusses:
Founding Ariel (which now manages more than $16 billion) at the age of 24.Surviving the stock market crash of 1987 and how he turned this setback into an opportunity to grow both his firm as well as his reputation.Why sitting on corporate boards such as McDonalds and Nike have made him a better investor.How his investment process has evolved overtime.How he constructs portfolios in terms of both diversification of industries and individual stocks. He also discusses how he thinks about the liquidity of a stock when making an investment.Why he believes s...Neil Vogel, CEO of Dotdash Meredith on how they became the largest publisher in the United States and why they can now compete with both Google/Facebook plus much more…
The Interview Discusses:
How Dotdash in a relatively short period of time became the largest publisher in the United States.IAC's recent acquisition of Meredith and why he believes they now have the scale to effectively compete against Facebook and GoogleLessons learned from working with media mogul Barry Diller.The future of print magazines and why Dotdash is intentionally shrinking their subscriber base.The tremendous licensing opportunities they intend to take advantage of.A potential spinout of Dotdash from parent company IAC.Biography:
Neil Vogel is the CEO of Dotdash Meredith, the largest d...
The Wall Street Journal’s Spencer Jakab on the real winners of GameStop mania, Robinhood’s role in encouraging stock speculation (and how it came very close to bankruptcy), and how Chamath Palihapitiya and Elon Musk fueled the flames of the whole debacle.
The Interview Discusses:
His fascinating new book, The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors.Robinhood’s unique business model and whether Robinhood has “democratized” finance as it claims.How Robinhood came very close to the brink of insolvency.The role of “influencers” like Chamath Palihapitiya, Elon Musk, and David Portnoy in driving the speculative excess of 2021.His surprising take on Keith Gill, aka “Roaring Kitty.”Biography:
Spencer Jakab is an award-winning financial journalist and a former top-rated stock analyst at Credit Suisse. He edits the Wall S...
James Hagedorn, Chief Executive Officer and Chairman of the Board Scotts Miracle-Gro CEO on the tremendous opportunity in the cannabis space, potentially spinning off the fast-growing Hawthorne division and more...
The Interview Discusses:
How their cannabis division Hawthorne has grown over 100% over the past two years.Why he decided to enter the cannabis business.His thoughts on the current regulatory environment for cannabis and what he believes needs to change.Where the biggest money will be made in a post cannabis "prohibition" world and where they are investing.The logic of potentially spinning out the Hawthorne business.The demographic shift that is greatly helping their traditional consumer business.A meeting he had with Henry Kravis in ~2007 and what he did in response to that meeting.Why S...Ryan Serhant, CEO and Founder of Serhant on the NYC real estate market, potential technological disruption in the real estate brokerage industry, his firm Serhant, Jolie at 77 Greenwich and more.
The Interview Discusses:
The state of the NYC real estate market and why he believes it will quickly become a seller’s market.Areas outside of NYC where he is currently finding compelling long-term investment opportunities.His firm Serhant which he launched in the beginning of the pandemic.The process he takes when branding properties including Jolie located at 77 Greenwich Street.Potential technological disruption in the real estate brokerage industry.How he leveraged his fame from The Million Dollar Listing show to become one of the country’s most successful real estate brokers.How he utilizes socia...IAC CEO Joey Levin on why his company took a 12% stake in MGM, which companies within IAC he is most excited about, lessons learned from working with Barry Diller, and how he approaches capital allocation.
The Interview Discusses:
Lessons learned from working with media mogul Barry Diller. Why they decided to take a 12% stake in casino giant MGM.Which businesses within the IAC portfolio he is most excited about.How he approaches capital allocation at IAC.Which stage he believes Angi is at in their fixed priced transformation.Why he believes Angi’ s “take rate” will increase with time.IAC’s major competitive advantage.Why he believes Care.com is a major opportunity for IAC.
Important Disclosures. The information herein is provided by Boyar’s Intrinsic Val...
Legendary investor Leon Cooperman on asset allocation, interest rates, Berkshire Hathaway, and where he is currently finding value in the stock market
The Interview Discusses:
How his investment strategy has evolved since retiring from managing money professionally.His thoughts on asset allocation. Which areas of the stock market he is currently finding value in.How to invest in a potentially rising interest rate environment.His sell discipline when investing in equities.
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 constr...
David Zaslav, CEO of Discovery, Inc. on the future of streaming and Discovery Plus
The Interview Discusses:
How he helped launch CNBC, What it was like working in the cable industry when it finally started to gain popularity, David’s views on the current media landscape and where he believes there could be consolidation, His thoughts on how content will be bundled in the future, David’s thoughts on the current multiples for content companies and why Netflix and Disney have been able to garner premium multiples, What it was like working with Jack Welch, John Malone, and the Dolan family, And much more…
Biography:
As Presid...
Michael Santoli, Senior Markets commentator at CNBC on how he has used his experience covering 9/11 and has applied that to Covid-19. He also discusses the importance of Twitter in journalism.
The Interview Discusses:
Michael’s fascinating career from being a columnist and feature writer at Barron’s to becoming a Senior Markets Commentator on CNBC. The importance of Twitter as a tool for journalists. Michael’s famous source, ‘the mystery broker’. How Michael has used his experience covering 9/11 and has applied that to Covid-19.His thoughts on the possible rotation from growth to value in the equity markets.Biography:
Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network’s Global Headquarters in Englewood Cliffs, N.J.
Previously...
David M. Rubenstein, Co-Founder & Co-Executive Chairman of The Carlyle Group, on how private equity deals are evolving and his recent book "How To Lead."
The Interview Discusses:
How Zoom and other technologies will change how we conduct business going forward. David’s views on how the pandemic has impacted the global economy. How the private equity world is changing in terms of the types of deals they are doing. Key skills needed to be an effective fundraiser. How The Carlyle Group almost went out of business early in the firm’s existence. The reasons behind writing his latest book: How to Lead: Wisdom from The World Greatest CEOs, Founders And Game Changers. Key qualities of effective leadership from interviews with many of t...Sir Martin E. Franklin, Founder & CEO of Mariposa Capital/ Founder of Jarden Corporation, on SPACs, Capital Allocation, Acquisition Strategy and Business Success.
The interview Discusses:
The differences between the current business climate and the one at the start of his career in the 1980s. His views on when share buybacks are appropriate.Why capital allocation was so critical for shareholder returns at Jarden. Executives he believes are good capital allocators. How he managed to gain control of the company that eventually turned into Jarden. The acquisition strategy he employed while running Jarden (that he still employs today). How he evaluated brand equity when making acquisitions of consumer products companies. Why he believes he would have had the same success...Brandon Ridenour, CEO Of ANGI Discusses how ANGI is disrupting the home services industry.
The Interview Discusses:
