The Boyar Value Group’s 1st Quarter Letter 2025

Citations · 6

• “closed the quarter down 4.6%—its worst performance since 3Q2022. Most of the damage came from last year's highflyers: shares of the so-called "Magnificent Seven" fell nearly 15% on average and were off 21% from their December 2024 peak.”

  p#1 · confidence 95%

• “U.S. equities shed $3.1 trillion in value in a single session.”

  p#1 · confidence 95%

• “crude oil (WTI) falling from $80 a barrel in early January to $64 as of April 18th, consumers are paying less at the pump—a dynamic that acts as a stealth tax cut.”

  p#1 · confidence 95%

• “The S&P 500 as a whole sits at 20.2x forward earnings, roughly 21% above its long-term norm. The top 10 stocks in the S&P 500 now trade at 24.4x (fwd.) earnings on average—still well above their 20.6x historical average”

  p#1 · confidence 95%

• “consumer sentiment had fallen to 57.0—well below its long-term average of 84.4. That puts sentiment just above the lows seen in June 2022 and August 2011, both of which marked excellent long-term buying opportunities!”

  p#1 · confidence 95%

• “After past sentiment troughs, the S&P 500 has delivered 12-month gains of +24.1% on average—compared to just +3.9% after sentiment peaks.”

  p#1 · confidence 95%