Boyar Investment Philosophy

Boyar Asset Management (BAM) will only invest in companies whose intrinsic value is believed to be significantly higher than their current market value. Boyar Asset Management seeks to place a realistic value on the worth of a corporation's assets rather than relying solely on generally accepted accounting principles (GAAP) or book value. This approach is supported by internally generated in-depth research and, when necessary, independent consultants. For more information on our research services please click here.

In essence, we view a corporation and its asset base in the same manner a business executive would evaluate it. We take the balance sheet, tear it apart, and reconstruct it in accordance with economic reality rather than GAAP accounting. We believe that if we can purchase assets at significant discounts to their intrinsic values, over time, either the market will accurately reflect those values, or the assets of the corporation will be acquired by a third-party.

Boyar Asset Management will only invest in companies whose intrinsic value it believes to be significantly higher than their current market value. We seek such opportunities across the market cap spectrum and within a wide variety of industries. For more information about our investing style, please click here.

1. Intense, Independent Research

At the heart of good value investing is research. It takes a great deal of time to identify intrinsically undervalued companies. BAM works in conjunction with Asset Analysis Focus ("AAF"), an in-house institutionally oriented research service, published by Mark Boyar & Co. For more information, please click here.

2. Individual Account Management

We construct an investment portfolio for each account taking into consideration factors such as the client's investment objectives and the discount to our perception of intrinsic value for each stock in our universe. Unlike other managers who may create investment portfolios for clients based on a model portfolio, BAM doesn't buy common stocks for new accounts solely because existing accounts under management already own them. An account with us for a year or longer could conceivably be completely different than one we begin managing tomorrow. After all, we'll only take a position in a business when it is selling at a significant discount from what we have assessed as its true value.

3. The Boyar "Buy and Hold" Philosophy

We often hold stocks for years. Our buy and hold philosophy postpones the payment of taxes and reduces commission expense, thereby enabling effective compounding. With the lower capital gains tax rates, turning over stocks quickly (and thus having to pay short term gains tax) makes less sense than ever.