Boyar Value Group 2025 Year-End Review

Citations · 6

• “From the February 19 peak to the early-April low, the S&P 500 fell roughly 21%, briefly meeting the textbook definition of a bear market.”

  p#1 · confidence 95%

• “more than $100 billion flowed into international equity funds during the year, while nearly $400 billion was withdrawn from U.S. equity funds.”

  p#1 · confidence 95%

• “the 25 largest companies in the index gained 27% on average, while the 25 smallest declined by an average of 13%”

  p#1 · confidence 95%

• “FINRA margin debt reached a record $1.2 trillion in November, marking a seventh consecutive monthly increase and standing 36% higher than a year earlier.”

  p#1 · confidence 95%

• “Credit spreads remain historically tight, even as U.S. companies issued roughly $1.7 trillion of investment-grade debt in 2025, with nearly 30% tied to AI-related spending. At current levels, we do not believe investors are being adequately compensated for embedded credit risk in many corporate bond issues.”

  p#1 · confidence 94%

• “We are currently in a period of deeply negative consumer sentiment, despite strong equity-market performance and repeated new all-time highs. In the modern era of U.S. markets, we are not aware of a sustained period in which consumer sentiment has remained this low while equity indices have continued to register new all-time highs over an extended stretch.”

  p#1 · confidence 93%