The World According to Boyar

• Bill Ackman on Investing, Politics, and Turning Howard Hughes into a Modern-Day Berkshire Hathaway

  Episode Summary:In this episode of The World According to Boyar, Jonathan Boyar sits down with Bill Ackman, the legendary hedge fund manager and founder of Pershing Square, to discuss his latest big move involving Howard Hughes, his unfiltered views on politics, and his growing role as an activist investor. Ackman shares his thoughts on the Trump administration, deregulation, and why he believes reducing government inefficiency could be a game changer for the U.S. economy.On the investing front, he dives into his bid to increase his stake in Howard Hughes Corporation, his vision for transforming it into a "modern-day Berkshire Hathaway," and why he believes the market continues to misprice the company. He also addresses concerns about management fees, corporate governance, and what his long-term plans mean for shareholders.Finally, Ackman opens up about his outspoken presence on X (formerly Twitter), why he’s been so vocal on antisemitism and media bias, and how he sees this as part of a larger battle over free speech, democracy, and American values.This is a must-listen episode for investors, market watchers, and anyone interested in how one of the most well-known investors in finance connects the dots between business, politics, and activism.Topics Discussed:🔹 Ackman’s Take on the Trump Administration – Why he believes progress is being made, the risks of moving too fast, and how deregulation could impact everything from defense spending to healthcare.🔹 The DOGE Initiative & Government Inefficiency – Why he believes slashing bureaucracy and eliminating waste could significantly boost economic growth.🔹 Howard Hughes Corporation – His plan to increase his stake, take on a leadership role, and turn the company into a diversified investment powerhouse.🔹 Activism & Media Bias – Why he’s taken a public stance on antisemitism, free speech, and how he believes media narratives are distorting public perception.🔹 His Investing Philosophy – How he approaches capital allocation, business strategy, and why he thinks some of Berkshire Hathaway’s best days could still be ahead.🔹 And much more! To learn more visit:www.boyarvaluegroup.comhttps://boyarresearch.substack.com/or follow us on X @boyarvalue    Biography:Bill Ackman is the CEO of Pershing Square Capital Management, L.P. which he founded in 2003. He is a member of the board of Universal Music Group N.V. (NA:UMG). He serves as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York and as a member of the Board of Dean’s Advisors of the Harvard Business School. Mr. Ackman is co-trustee of The Pershing Square Foundation, part of Pershing Square Philanthropies, that bets on innovative leaders solving humanity’s big societal, environmental, and health challenges. Unlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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• AI, Indexes, and Independent Research: Inside Morningstar’s Strategy with CEO Kunal Kapoor

  Join host Jonathan Boyar as he sits down with Kunal Kapoor, the dynamic CEO of Morningstar, in this episode of The World According to Boyar. Dive into the story behind one of the most influential firms in the financial services industry and discover how Kunal’s leadership has propelled Morningstar to new heights.Kunal discusses Morningstar's mission to empower investor success through independent research and data-driven insights. He shares insights on the evolution of Morningstar, the importance of simplicity and low-cost investment strategies, and the role of technology and AI in the research process. Kunal also talks about Morningstar's growth strategy, including their expansion into private markets, the index business, and the credit ratings sector. Tune in to hear Kunal's thoughts on the future of investing, the importance of company culture, and his perspective on investing in family-controlled businesses. This episode is a must-listen for anyone interested in the future of finance and the strategies driving Morningstar's growth.The Interview Discusses: Kunal Kapoor's Journey: From starting as an analyst to becoming the CEO of Morningstar, a leading firm in the financial services industry.Morningstar's Mission: Empowering investor success through independent research and innovative tools.Market Evolution: The shift from simple portfolios of stocks and bonds to more complex investment vehicles like private equity and managed portfolios.Impact of AI: How Morningstar is integrating AI into its research process with tools like Mo, and the future role of AI in fundamental analysis.Morningstar's Growth: Expanding into new areas like private markets, credit ratings, and index creation, and the challenges of scaling a large organization.Investment Philosophy: The importance of simplicity, low-cost investing, and the value of time arbitrage in achieving long-term success.Challenges of Leadership: Managing a growing, decentralized team while maintaining Morningstar's mission-driven culture.Credit Ratings Business: Morningstar's approach to ethical credit ratings and its competition with entrenched players.Morningstar's Competitive Edge: The benefits of being a mission-driven, long-term-focused, and independent company in the financial industry.Family Controlled Businesses: Thoughts on investing in family-controlled companiesBiography: Kunal Kapoor, CFA, is the chief executive officer of Morningstar. Before assuming his current role in 2017, he served as president, responsible for product development and innovation, sales and marketing, and driving strategic prioritization across the firm.  Since joining Morningstar in 1997 as a data analyst, Kapoor has held a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group. Kapoor holds a bachelor’s degree in economics and environmeUnlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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  40:03
• Interactive Brokers founder, Thomas Peterffy, provides his thoughts on their market position and growth potential. He also shares his incredible journey from humble beginnings to tremendous financial success.

  This week, I had the honor of interviewing Thomas Peterffy, the founder of Interactive Brokers, on The World According to Boyar podcast. Thomas’s life exemplifies the American Dream: When he came to the United States from Communist Hungary in 1965, virtually penniless and with no knowledge of English, he immediately began teaching himself computer programming while saving up for a seat on the American Stock Exchange. Using technological advances he himself helped pioneer, Thomas established a successful market-making business, paving the way for his biggest financial success: Interactive Brokers, which has a market capitalization north of $50 billion and where he is by far the biggest shareholder. Stay tuned for my discussion with Mr. Peterffy—I think you’ll find it as educational as it is inspiring.The Interview Discusses:Thomas Peterffy’s background.Challenges of adapting to a new country and finding work.The immigrant mentality and its impact on success.The importance of rewarding merit in a free market economy.The value proposition Interactive Brokers brings to clients.Importance of maintaining a conservative balance sheet and excess capital.Future growth areas, including global markets and professional investors.Interactive Brokers’ unique position in the marketplace.The potential impact of future presidential administrations on business.Thomas’s decision to step down as CEO and focus on his role as chairman.The joy of building and improving the Interactive Brokers platform.Biography:Thomas Peterffy is founder and chairman of Interactive Brokers. A pioneer of digital trading in the 1980s, he was the first to build computer systems able to trade financial assets electronically, independent of direct human intervention. Born in Budapest, Hungary in 1944, he escaped communism in 1965 by emigrating to the United States. He learned computer programming, and his formula for pricing contingent assets was an early version of what is now known as the Black-Scholes model. In 1977, he became a member of the American Stock Exchange. Peterffy built the first automated market-making firm for stocks, options, and futures, which later gave rise to Interactive Brokers, a global, electronic broker with a market capitalization of  over $50 billion.Unlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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  24:19
• From Records to Radio: Bill Wilson's Journey to Leading a Digital Media Empire

  The Interview Discusses:Bill Wilson’s rise from a data-driven marketer at Arista Records to helming a digital-first local media empire.The extraordinary experience of working with Clive Davis. How he utilized traditional radio as a “trojan horse” to build a digital media company.The competitive advantage of  operating in smaller markets.Why a local content strategy is so differentiated in today’s environment.Bill’s thoughts on capital allocation.His views on running a publicly traded company.Why he believes Townsquare’s stock is intrinsically undervalued.How he intends to unlock shareholder value if the stock price languishes.And much more…Biography:Mr. Wilson joined Townsquare in September 2010 and previously served as Co-Chief Executive Officer and Executive Vice President and Chief Content & Digital Officer of the Company. Prior to joining Townsquare, Mr. Wilson was President of AOL Media from 2006 to May 2010 where he had overall responsibility for AOL’s global content strategy. In his nine years at AOL, he also served in a number of roles including President, AOL Programming & Studios and Executive Vice President; and under his leadership, AOL’s content sites grew to reach more than 75 million monthly unique visitors domestically and over 150 million worldwide.Prior to joining AOL in 2001, Mr. Wilson served as Senior Vice President for Worldwide Marketing at Bertelsmann Music Group (BMG), which he joined in 1992, and was responsible for worldwide marketing including artist, digital and non-traditional marketing across more than 50 countries for the world’s biggest artists including Dave Matthews Band, OutKast, Foo Fighters, Whitney Houston, Annie Lennox, Santana and numerous major recording artists over his tenure at BMG.  Mr. Wilson started his career at BMG subsidiary Arista Records under the guidance of Clive Davis and Richard Sanders, where he was a product manager working with artists across numerous genres including Notorious B.I.G., TLC,  Sarah McLachlan, Kenny G and Spiritualized.Mr. Wilson won an Emmy Award in 2006 for the record setting Live 8 program and was named to the Hollywood Reporter’s “Digital Power List” in 2008, which profiles the 50 people who most influence the creation and distribution of content online. In addition, he was profiled in Crain’s New York Business’ “40 under Forty” and Billboard’s “Power Players” in Digital Entertainment in 2005, as well as Hollywood Reporter’s “Next Generation” in 2003, and Radio Ink’s “Most Powerful in Radio” in 2018 - 2023. Mr. Wilson was voted the Radio Board Chair of the National Association of Broadcasters (“NAB”) in June 2021, after serving on the Executive Board of the NAB since 2020 and previously serving as a NAB Board Member. Mr. Wilson was also recently recognized as 2021 “Executive of The Year” by Radio Ink.Mr. Wilson graduated summa cum laude from the State University of New York at Stony Brook with a B.A. in economics and a B.S. in business management and earned a M.B.A. with honors in finance and marketing from Rutgers University’s Graduate School of Management.Unlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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  49:30
• Anthony Scaramucci on resiliency, cryptocurrencies, and much more.

  The Interview Discusses: Anthony’s amazing life story growing up from humble beginnings to becoming a major success on Wall Street.His theory on resiliency and how he was able to recover after being fired from both Goldman Sachs and the White House.Why he is investing in cryptocurrencies.How Bill Miller influenced his investment decision makingHow Warren Buffett cost him a lot of moneyHis support of Israel And much more!Biography:Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs & Co. Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.Every December for over three decades, Boyar Research has published the Forgotten Forty, a curation of comprehensive one-page reports on the 40 companies in our research universe that we believe will outperform the leading indices in the year ahead due to a catalyst we see on the horizon. The Forgotten Forty 2024 is now available for pre-purchase at 50% off until December 20th. To find out more information on this offer, click here. 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: Past performance does not guarantee future results.  Unlocking Investment Opportunities Since 1975 At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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  31:22

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