The Boyar Value Group’s 2nd Quarter Letter 2025

Citations · 6

• “the S&P 500 gaining 10.9%—erasing its 1Q losses and bringing its year-to-date return to +6.2%”

  p#1 · confidence 95%

• “the average effective U.S. tariff rate surged to its highest level since the 1930s”

  p#1 · confidence 95%

• “small caps are now trading near a 20-year low versus large caps based on enterprise value to EBIT—a valuation gap not seen since the aftermath of the dot-com bubble”

  p#1 · confidence 95%

• “the VIX surged to 52.3—its highest reading since the early pandemic days. The market's response was brutal, with the S&P 500 falling 19% from its prior high”

  p#1 · confidence 95%

• “The S&P 500 is currently trading at about 22 times expected earnings—well above its long-term average of around 16.5x. the equity risk premium has fallen to just 2.4%, its lowest level since the early 2000s”

  p#1 · confidence 95%

• “The average international mutual fund gained 11.9% in Q2 and is now up 19% year-to-date. The U.S. dollar index has fallen nearly 11% year-to-date—its worst start to a year since 1973”

  p#1 · confidence 95%