The Boyar Value Group’s 4th Quarter Letter 2023

Citations · 6

• “The top 10 stocks in the S&P 500, which account for a staggering 32% of the index, were responsible for 86% of the S&P 500's gains in 2023.”

  p#1 · confidence 95%

• “the 10 largest stocks by market capitalization in the S&P 500 were selling for 26.9x earnings (fwd.), against an average valuation (for the index's 10 largest stocks) of 20.2x since 1996. What's more, they currently sell at a multiple 38% higher than the rest of the market”

  p#1 · confidence 95%

• “small-cap value is selling ~2.6% below its 20-year average”

  p#1 · confidence 95%

• “41% of the companies in the Russell 2000 are unprofitable, and earnings before interest and taxes cover a much smaller percentage of their interest expenses than among their large-cap brethren.”

  p#1 · confidence 92%

• “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%

• “Going into 2023, the consensus among Wall Street strategists was that a recession was imminent, and that the S&P would advance a mere 6%.”

  p#1 · confidence 93%