Boyar Uniqueness of Research

Uniqueness of Boyar Research Compared to Traditional Wall Street Research

1. We have been publishing AAF continuously since 1975 and we believe we are one of the oldest institutionally investor oriented subscription research services on Wall Street.

2. Unlike traditional Wall Street research, we do not primarily focus on quarterly earnings. Instead we look at an entity in the same manner a businessman would and determine through detailed analysis the intrinsic or private market value of a company. Basically, we tear apart a company’s balance sheet and reconstruct it in accordance with economic reality as opposed to generally acceptable accounting principles.

3. We have systematized our methodology and use a number of proprietary approaches such as: the hidden asset method, the business value method, the franchise approach, “fallen angels,” and work outs to identify companies selling below our estimate of their intrinsic or private market value.

4. Every summer we profile an industry or area of the economy that is out of favor on Wall Street. These issues have been at times quite provocative but in most instances, over the long term have proven to be quite successful. We profiled the retail sector in 2004 (retailers with substantial real estate holdings), and dual class shares in 2005. For an excerpt from our latest issue on the leisure sector click here.

5. Every December we publish the Forgotten Forty, which provides our clients with snapshots of 40 companies that have been extensively researched in the past. The companies contained in this publication are the businesses within our universe that we believe could outperform the leading indices in the years ahead. Over the past ten years the Forgotten Forty has significantly outperformed the major indices.*

6. Because of the disciplined and proprietary approach of our research and the characteristic of the companies we profile, a large percentage of the businesses we have profiled have been taken over. Approximately 40%* of all of the companies we have written extensive research reports on have been taken over or liquidated, the vast majority at a significant premium to when we initially profiled them.

7. A fair number of companies we follow are not covered by traditionally Wall Street research. Consequently, we believe this adds significant value to our readership.