The Boyar Value Group’s 3rd Quarter Letter 2023

Citations · 6

• “Currently the stocks in the Russell 1000 growth index are selling 3.6 P/E multiple points higher than their long-term average (dating back to 1997), with value shares (represented by the Russell 1000 value index) selling slightly less than their long-term average.”

  p#1 · confidence 95%

• “Small-cap value sells 16% below its 20-year average P/E multiple, while large-cap growth shares are trading at 30% above their 20-year average P/E multiple”

  p#1 · confidence 95%

• “bonds maturing after 10 years or more have decreased by 46% since peaking in March 2020, and 30-year bonds have decreased by 53%. These declines eclipse the average bear market loss of 39% since the 1970s”

  p#1 · confidence 95%

• “The Russell 2000... has trailed the Russell 1000 (an index of larger companies' shares) by ~13% in 2023... currently ~28% below its 2021 high”

  p#1 · confidence 95%

• “since 1950, there has never been a 20-year period when investors did not average a gain of at least 6% per year in the stock market.”

  p#1 · confidence 95%

• “The S&P 500 declined 3.3% for the 3rd quarter... performance of the market-cap weighted S&P 500 index this year (+13.1% through Q3) has been driven primarily by large technology companies”

  p#1 · confidence 95%