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.

The World According to Boyar is a business podcast hosted by Unknown Host, with 30 episodes on record and a Required Pod Score of 80.

Unknown Host hosts The World According to Boyar, a business show with 30 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Episode #2

  Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board

  Sep 17, 202643 minS3

  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 published The Investor's Odyssey , which uses Homer's story of Odysseus tying himself to the mast as a way of thinking about how investors protect themselves from their own worst instincts. This one covers a lot of ground. Chris explains why he now starts many positions at 2% and lets them earn their way to a full weighting, why he cut most financial media out of his life, and why he believes the return you get on a stock varies inversely with the thickness of the research file. We spend a good chunk of time on Constellation Software, and I asked him what he'd need to see to actually sell it. He of course gave a thoughtful answer. Chris also talks candidly about his three years on the board of Teqnion, a Swedish public company: the gap between what the board knows and what outside investors think they know, why it gave him more respect for activists, and why he'd join the board of every company he owns if he could. And we compare notes on AI. He has a page-and-a-half prompt that does in 15 minutes what he says would take a junior analyst a couple of weeks. After we said goodbye, the record button was still on and we kept talking stocks. With Chris's permission, that conversation is at the end of the episode. Names that come up include Pool Corp, Uber, Brown & Brown, Markel, W.R. Berkley, and Rollins. Get Chris's new book: The Investor's Odyssey What we cover: How managing outside money changed Chris after years of writing a newsletter, and why the losses hurt more Why you don't really understand a stock until you own it, and the case for 2% starter positions Tying yourself to the mast: the habits Chris uses to save himself from himself Sosnoff's Law, or why the best ideas tend to have the thinnest research files What Chris looks for in quarterly reports when the plan is to hold for ten years Constellation Software: how Chris thinks about a big drawdown when the numbers haven't changed Why negative narratives are hard to argue with, and what the late 1990s "old economy" stocks can teach us about AI What he actually does when a position is down 30, 40, or 50% (Chuck Akre's advice: do your yoga) How Chris spends his day: 80% on existing holdings, 20% on new ideas Expert networks, and why maybe 20% of what you hear is worth anything AI as a junior analyst: what it does well, and which skills will still matter for investors Three years on a public company board: what the outside never sees Taxes, holding periods, and whether Chris would invest any differently in a tax-free account Thoughts on Pool Corp, Uber, Brown & Brown, Markel, W.R. Berkley, and Rollins About Chris Mayer Chris Mayer is the portfolio manager and co-founder of Woodlock House Family Capital, a concentrated, long-term fund he launched in January 2019 after serving as chief investment officer of the Bonner family office. Before that he spent more than a decade writing the investment newsletter Capital & Crisis. He is the author of 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, How Do You Know?, and his newest book, The Investor's Odyssey. Chris sits on the board of Teqnion, a publicly traded Swedish industrial acquirer. Links The Investor's Odyssey: https://www.amazon.com/Investors-Odyssey-Resisting-Sirens-Playing/dp/B0GJ3G6F2S 100 Baggers: https://www.amazon.com/100-Baggers-Stocks-100-1/dp/1621291650 Woodlock House Family Capital: https://www.woodlockhousefamilycapital.com Chris on X: https://x.com/chriswmayer The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com. Disclosure This podcast is for informational and educational purposes only and should not be considered investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services. The views expressed by guests are their own and do not necessarily reflect the views of Boyar Research or its affiliates. Boyar Research, its affiliates, employees, and accounts managed by its affiliates may own shares of companies mentioned in this episode. Our vi...

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  Episode #1

  "I'll Take Manhattan": How John Catsimatidis Built a $4 Billion Empire

  Jul 21, 202628 minS3

  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 twenty-fifth birthday, he owned ten of them. Today his Red Apple Group spans supermarkets, an oil refinery, more than four hundred gas stations, a real-estate portfolio stretching from Manhattan to Florida, and WABC Radio, where he is still on the air nearly every day. Forbes puts his fortune north of $4 billion. In this episode, Jonathan Boyar sits down with John for a conversation about how the empire actually got built: the vendor credit that stood in for capital before he had any, why he started opening his stores on Sundays (it wasn't the sales—it was making sure the checks he'd written on Friday would clear on Monday), and the Manhattan buildings he began buying in 1977—when, in his words, "the world was coming to an end in New York"—because he needed somewhere to put his stores. Within a few years, $5 million had become $100 million. One of his suppliers saw it coming before he did, telling him over lunch: "You're going to wake up one day and you're going to be worth a lot of money." Catsimatidis also speaks candidly about succession—his children, he says, "want nothing to do with retail," and a decision about the future of Gristedes is coming in the next few years—and about what he'd do if the new mayor asked him to run New York City's grocery stores himself. At its heart, this is a story that anyone who follows the Boyar Value Group's investment philosophy will recognize: a collection of hard assets compounding quietly for half a century, worth far more than the world realized. Except John Catsimatidis never had to convince the market of anything. He owned the whole thing. Key Topics Covered How a clerk at a friend's supermarket ended up owning ten stores by age 25 Why he opened on Sundays—a survival story about clearing checks, not chasing sales Building Red Apple on vendor credit The 1977–78 Manhattan real estate purchases that became his first $100 million Buying United Refining out of bankruptcy—and what "leadership" means in a turnaround The charter jet fleet he built and sold to the man who created NetJets The succession question: his children, Gristedes, and what happens next What he'd do if the mayor asked him to run New York City's grocery stores His plans for WABC—and why, at 77, he still broadcasts nearly every day The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

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  Episode #21

  Inside Fidelity: The Private Dynasty That Changed American Investing

  Jul 7, 202640 minS2

  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 Baer, author of House of Fidelity , about how Fidelity evolved from a mutual fund company into a financial giant spanning asset management, retirement, brokerage, and custody. They discuss the rise of the star portfolio manager, including Jerry Tsai, one of the first true celebrities of the mutual fund industry, whose success helped change the way investment products were marketed. The conversation also goes inside the Johnson family dynasty: Ned Johnson’s unconventional leadership, the internal skepticism Abby Johnson faced, the dramatic succession battle that followed, and the period when selling Fidelity was seriously considered. At the center of the story is a larger business lesson: Fidelity’s private ownership gave it the freedom to take risks, tolerate inefficiency, invest for the long term, and disrupt its own business in ways that would have been far harder as a public company. Key Topics Covered How Fidelity became far more than a mutual fund company Why one of America’s most important financial firms is still so misunderstood How Fidelity helped turn stock pickers into stars Jerry Tsai, one of the first celebrity portfolio managers, and how he helped put Fidelity on the map Ned Johnson’s unusual leadership style and his willingness to take risks others would not Why staying private gave Fidelity a major competitive advantage The dramatic succession battle inside the Johnson family How Abby Johnson overcame internal skepticism and reshaped Fidelity’s future The moment selling Fidelity was seriously considered Whether Fidelity is likely to remain private for another generation About Justin Baer Justin Baer is a veteran journalist and editor at The Wall Street Journal and the author of House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing . His work focuses on major financial institutions, Wall Street, and the evolution of the investment management industry. Click here to purchase House of Fidelity The Boyar Value Group: Uncovering Investment Opportunities Since 1975 Founded in 1975, The Boyar Value Group has spent more than five decades seeking to uncover undervalued opportunities in the stock market. Through Boyar Research, we provide in-depth, independent research focused on businesses we believe are misunderstood, underfollowed, or trading at a meaningful discount to intrinsic value. Our investment management business applies that same research-driven discipline to manage portfolios for both institutions and individuals, utilizing our private equity approach to stock market investing. To learn more about The Boyar Value Group, please visit www.boyarvaluegroup.com. Never miss another Boyar podcast, market insight, or other valuable content — subscribe to our Substack at boyarresearch.substack.com.

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  Episode #20

  Casino Attached to a Church: Michael Santoli on Speculation, the AI Boom, and Echoes of 2021 and 1999

  Jun 18, 202639 minS2

  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 GameStop’s bid for eBay, the return of meme-stock speculation, and the question hanging over everything: Is this market 2021, 1999, or something genuinely new? From AI capital spending and extreme market concentration to whether value and equal-weight stocks are finally due to lead, Santoli argues that today’s extremes do not yet match the dot-com peak. But, as he puts it, being told by your doctor that “you’re not literally the most unhealthy patient I’ve had in 30 years” does not mean “you’re in great shape.” It’s a clear-eyed, historically grounded read on the enduring mix of speculation and investment—what Santoli, invoking Buffett, calls “a casino attached to a church.” Key Topics Covered: Short sellers and the chilling effect: Why short selling is one of the most treacherous games in investing, the “alpha shorts” many hedge funds use, and why even legitimate short sellers have gone quiet. The Ryan Cohen/GameStop showdown: The backstory behind a tense, revealing on-air exchange over GameStop’s bid for eBay—and what Santoli believes the Chewy-to-GameStop record reveals. 2021, 1999, or both? The retail-trader empowerment of 2021, the narrow-leadership echoes of the dot-com peak, and Santoli’s “unhealthy patient” analogy for today’s market froth. AI spending and the hardware food chain: Why Santoli suspects the AI hardware complex may be overearning—and whether greater efficiency could eventually undermine today’s hardware economics. Market concentration, reconsidered: Why a top-heavy S&P 500 may matter less than people fear—and how the bull case quietly shifted from “asset-light cash machines” to “asset-heavy, invest now, reap later.” Will value and equal weight finally lead? Why durable rotations do not happen “at a full gallop,” and what the October-to-February broadening did—and did not—prove. Why he doesn’t pick stocks: How being restricted from owning individual securities became “liberating,” his “voluntary tax on the arrogant” take on sports betting, and his philosophy of staying involved while keeping expectations in check. The evolution of his CNBC role: From appearing on CNBC as a Barron’s contributor to becoming a market “color commentator” and co-anchor of Closing Bell: Overtime —and where financial media is heading as the business shifts toward digital. The underreported story: The slow-moving demographic and global-population shifts—and the possibility that the Iran episode accelerates investment in renewables—that Santoli believes investors may be overlooking. About Michael Santoli: Michael Santoli is co-anchor of CNBC’s Closing Bell: Overtime and the network’s Senior Markets Commentator, with more than three decades of experience covering Wall Street. He began his career at Investment Dealers’ Digest before moving to Dow Jones Newswires. He later spent 15 years as a columnist and feature writer at Barron’s, where he wrote the Streetwise column, and was a Senior Columnist at Yahoo Finance before joining CNBC in 2015. A graduate of Wesleyan University, he lives in New York City. Unlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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  Episode #19

  Inside Shareholder Activism with Wachtell Lipton’s Lina Tetelbaum

  Jun 12, 202645 minS2

  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 changes activists typically call for and long-term business strategy, the role of index funds and proxy advisors, how activists build positions, what really happens behind the scenes in settlement negotiations, and why even controlled companies are not completely immune from activist pressure. Lina also shares her perspective on Wachtell Lipton’s history in takeover defense and activism, from the era of the poison pill to today’s more complex battles between boards, activists, institutional investors, and other stakeholders. Topics discussed include: shareholder activism, proxy fights, activist settlements, board governance, index funds, ISS and Glass Lewis, activist nominees, controlled companies, capital allocation, M&A, and long-term value creation. To receive more of Boyar’s research, interviews, and thoughts on investing, subscribe to our Substack at boyarresearch.substack.com About Lina Tetelbaum: Elina (Lina) Tetelbaum is a Corporate Partner and Head of Shareholder Engagement and Activism Defense at Wachtell, Lipton, Rosen & Katz. Lina regularly counsels on proxy fights, takeover defense, corporate governance, crisis management and mergers and acquisitions. Lina has been named a Dealmaker of the Year by The American Lawyer , one of The Deal ’s Top Women in Dealmaking, a Power Player in Shareholder Activism by Financier Worldwide , a Leading Partner in Shareholder Activism by Legal500 , a Law360 Rising Star for M&A, and one of the 500 Leading Dealmakers in America by Lawdragon , among other honors. Lina has advised companies in numerous industries navigating activist situations across an array of established and new activists, including Phillips 66 in its response to three years of activism from Elliott Management and first-ever contested vote by Elliott in the United States, United States Steel Corporation in its successful defense against a proxy contest by Ancora, The J.M. Smucker Co. in its response to activism by Elliott Management, Hexcel Corporation in response to activism by Vision One, Macy’s, Inc. in its response to activism and unsolicited takeover proposals, Match Group in its response to activism by Elliott Management and later Anson Funds, and numerous REITs in their response to activism by Land & Buildings. Lina has extensive expertise advising companies in response to unsolicited takeover offers, including National Instruments in its $8.2 billion acquisition by Emerson following its unsolicited offer, and Kansas City Southern in its unsolicited transaction with Canadian National Railway and $31 billion acquisition by Canadian Pacific Railway. Lina has also advised public and private companies in a wide range of industries in mergers and acquisitions, including The Free Press in its acquisition by Paramount, Allergan in its $83 billion acquisition by AbbVie, PDC Energy in its $7.6 billion acquisition by Chevron and successful proxy fight defense against Kimmeridge, Barnes Group in its $3.6 billion acquisition by Apollo Global Management, and Masonite International in its $3.9 billion sale to Owens Corning. Lina is the President of the Stuyvesant High School Alumni Association, an Advisory Board Member of the Harvard Law School Program on Corporate Governance, the John L. Weinberg Center for Corporate Governance at the University of Delaware, and the Yale Law School Center for the Study of Corporate law. She frequently lectures, presents and publishes on corporate governance and M&A at law schools and corporate governance conferences around the world. Lina received an A.B. magna cum laude in Economics from Harvard University and completed a J.D. from Yale Law School, where she served as editor-in-chief of the Yale Journal on Regulation and editor of the Yale Law Journal . After law school, Lina served as a law clerk to the Chief Judge of the U.S. Court of Appeals for the Ninth Circuit. Unlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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