IN THIS EPISODE, YOU’LL LEARN:

• How a company makes the list of the Forgotten Forty.
• Potential catalysts Jonathan looks for in his investments.
• Why Uber remained on the Forgotten Forty list after being the list’s top performer in 2023.
• Jonathan’s thoughts on the underperformance of small-cap stocks since 2015.
• An overview of Interactive Brokers stock.
• Why Bill Ackman has taken a massive stake in Howard Hughes.
• Why Jonathan likes Madison Square Garden Sports Corporation.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: On today’s show. I’m joined by Jonathan Boyar to discuss his newest release of the forgotten 40, which include his firm’s top 40 stocks. They like going into 2024. Jonathan is the president of Boyar’s intrinsic value research and is also a principal of Boyar asset management, which has been managing money, utilizing a value oriented strategy since 1983.

[00:00:21] Clay Finck: Jonathan’s team has a history of finding stocks that outperform. For example, over the past seven years, the average annual return of stocks profiled in their all cap publication returned 18. 9 percent versus 15. 1 percent for the S& P 500. During this episode, Jonathan and I chat about how a company makes a list of the forgotten 40, potential catalysts Jonathan looks for in his investments, why Uber remained on the forgotten 40 list after being the list’s top performer in 2023, Jonathan’s thoughts on the underperformance of small cap stocks since 2015, an overview of interactive broker stock, why Bill Ackman has taken a massive stake in Howard Hughes, why Jonathan likes Madison Square Garden Sports and much more.

[00:01:05] Clay Finck: When reading the names in The Forgotten 40, I was particularly interested in Interactive Brokers. It’s a founder led company with an impressive track record of historical growth and profitability, and still appears to have a long growth runway ahead. In the past year alone, they’ve increased their customer base by over 20%, and over the past 10 years, the total number of accounts has increased by an average of 26 percent per year.

[00:01:29] Clay Finck: They also seem to have a strong competitive moat given their focus on investing in new technologies and providing the lowest fees possible for their customers. Us investors here in the U. S. are pretty used to paying little to no fees in our investment accounts, but much of Interactive Broker’s customer base is abroad where oftentimes it’s actually illegal for brokers to charge zero fees.

[00:01:49] Clay Finck: With the strong balance sheet they have, there’s also a lot of potential for new acquisitions on the horizon. Without further delay, I bring you today’s chat with Jonathan Boyar.

[00:02:02] Intro: You are listening to The Investor’s Podcast, where we study the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.

[00:02:26] Clay Finck: Welcome to The Investors Podcast. I’m your host, Clay Finck. And today I’m thrilled to be joined by Jonathan Boyar. Jonathan, it’s great to have you on the show. 

[00:02:35] Jonathan Boyar: Thanks for having me. I’m really excited. 

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• Boyar Research’s Forgotten Forty.
• Boyar Research’s Substack.
• Books mentioned: 100 Baggers by Chris Mayer.
• Related Episode: TIP518: The Buy List for 2023 w/ Eddy Elfenbein | YouTube video.
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