Boyar's Research Digest #79
March 2nd, 2025
A Big Week at Boyar Value Group
It’s been a busy week at Boyar Value Group. We just released our February Opportunity Report, featuring an attractive investment idea trading below intrinsic value.
Opportunity: February 2025
It has been a tumultuous few years for the Company featured in this month’s Opportunity Report, but we believe that it remains firmly on the path “from good to great” that began with its IPO just over 10 years ago. Management has greatly improved all aspects of its business model, including its product offerings, its cost base, and the quality of its customers, yet many investors seem to be slow in appreciating the dramatic changes of the past decade. The Company also has a unique opportunity to gain market share following the failure of one of its competitors during the industry fallout in 2023, and the reversal of a mistake by management the year before is set to provide a huge tailwind to earnings over the next 2-3 years.
Meanwhile…
Jonathan sat down with Bill Ackman on the latest episode of The World According to Boyar to discuss his proposal to transform Howard Hughes Corporation, his thoughts on government inefficiency, and why he’s been so vocal on key political and social issues.
On the investing front, Ackman explains why he believes Howard Hughes Corporation remains undervalued and lays out his vision for turning it into a modern-day Berkshire Hathaway. He also breaks down what his bid means for shareholders, his rationale for Pershing Square’s proposed 1.5% management fee, and his long-term strategy for value creation.
Beyond investing, the conversation touches on deregulation, economic growth, and the role of government, with Ackman outlining why he believes cutting bureaucracy could provide a major boost to the U.S. economy. He also discusses his growing presence on X (formerly Twitter), his views on antisemitism, media bias, and free speech, and how these issues tie into broader concerns about democracy and American values.
The Interview Covers:
Howard Hughes Corporation – Why Ackman sees it as an attractive long-term investment and what his proposal means for shareholders.
Government Inefficiency & Economic Growth – How cutting bureaucracy could unlock greater economic potential.
The Trump Administration & Deregulation – His perspective on policy changes and their potential impact on industries like defense and healthcare.
Media & Activism – Why he’s been outspoken on antisemitism, free speech, and how he views the role of media in shaping public perception.
His Investing Philosophy – How he approaches capital allocation, business strategy, and what investors can learn from his approach.
Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal.
Important Information: Performance Information. Past performance does not guarantee future results. The reports in this sample are for informational purposes only and the performance of the stocks selected is not indicative of the performance of all the stocks profiled in Boyar Research. The performance of the stocks selected and the performance of the stocks in Boyar Research may in fact diverge materially. Additional information regarding the performance of other companies featured in Boyar Research is available from Boyar Research upon request. This information is not a recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in any investment vehicle managed or advised by affiliates of Boyar Research. Any information that may be considered advice concerning a federal tax issue is not intended to be used, and cannot be used, for the purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. Clients of an affiliate of Boyar Research and employees of Boyar Research own shares in HHH