What Boyar Value Group does

Boyar Value Group is a privately held, family-controlled financial services firm founded in 1975 by Mark Boyar, operating through two core entities: Boyar Research (founded 1975), which publishes independent equity research on intrinsically undervalued U.S. companies for institutional subscribers; and Boyar Asset Management (founded 1983), a Registered Investment Adviser that manages money for high net worth individuals and institutions via separately managed accounts using proprietary value-oriented equity strategies. The firm runs a lean operation of approximately eight core professionals and monetizes through two distinct revenue streams: (1) recurring asset management fees on separately managed accounts for HNW individuals and institutions, and (2) recurring subscriptions to its research products, anchored by the annual "Forgotten Forty" report featuring 40 catalyst-driven stock ideas and supported by full-length company analyses in its "Asset Analysis Focus" publication. Distribution is primarily direct (managed accounts) supplemented by digital storefront (Shopify) and earned media — including a 2018-launched podcast ("The World According to Boyar"), a Substack newsletter, quarterly client letters, and regular appearances in Barron's, Forbes, Wall Street Journal, CNBC, Yahoo Finance, and Fox Business.

The underlying research process is fundamentally human-driven and fundamental-value oriented rather than technology-based: the firm evaluates public companies "as if acquiring the entire business" using a long-term, catalyst-focused lens, with no disclosed technology products, AI/ML systems, APIs, or proprietary software platforms. There is no parent company, no external institutional shareholders, no funding rounds, no M&A activity beyond a 1987 activist close-end fund acquisition (American Corporate Ltd.), and no disclosed patents or trademarks. The firm operates from two New York City offices (667 Madison Avenue, 5th Floor as headquarters, plus 32 West 39th St., 9th Floor) and serves a global institutional client base of leading asset managers, hedge funds, family offices, and sovereign wealth funds alongside U.S. high-net-worth individuals.

Name

Boyar Value Group

Legal name

Boyar's Intrinsic Value Research LLC

Website

https://boyarvaluegroup.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

11–50 employees

Short description

Boyar Value Group is a family-owned, New York-based financial services firm operating Boyar Research (independent equity research since 1975) and Boyar Asset Management (RIA since 1983), serving institutional investors and high-net-worth individuals with value-oriented research and separately managed accounts.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Management Services: Personalized portfolio management backed by independent research, managing money for high net worth individuals and institutions via separately managed accounts.
2. Research Subscriptions (Forgotten Forty): Annual flagship report featuring 40 catalyst-driven investment ideas selected for potential outperformance, along with quarterly research reports. Each purchase of the Forgotten Forty includes two additional issues with in-depth company reports.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Boyar Value Group provides independent equity research on intrinsically undervalued U.S. companies and value-oriented portfolio management services. Through Boyar Asset Management, it manages separately managed accounts for high net worth individuals and institutions using proprietary value-driven equity strategies. Through Boyar Research, it sells subscription-based independent research, including the annual Forgotten Forty report featuring 40 catalyst-driven stock ideas and the Asset Analysis Focus full-length research publication.

Product overview

Boyar Value Group operates as a financial services firm comprising two distinct entities: Boyar Asset Management (portfolio management for high net worth individuals and institutions via separately managed accounts, founded 1983) and Boyar Research (independent equity research on undervalued U.S. companies, founded 1975). The firm's flagship research product is The Forgotten Forty, an annual December report featuring 40 catalyst-driven stock ideas drawn from full-length reports in their Asset Analysis Focus publication. Supporting offerings include The World According to Boyar podcast and Quarterly Client Letters. The group is known for its long-term, value-oriented investment approach with a private equity mindset, evaluating public companies as if acquiring the entire business.

Differentiator

Problem solved

Functional benefit

Brands

• The World According to Boyar: A podcast that brings top investors, best selling authors, and market newsmakers to discuss value investing strategies.
• The Forgotten Forty
• Asset Analysis Focus

Products and services

• Boyar Asset Management
• Boyar Research
• The Forgotten Forty
• Asset Analysis Focus
• The World According to Boyar Podcast
• Quarterly Client Letters

Quantifiable outcome

• Forgotten Forty top performer: Uber was the list's top performer in 2023
• +1 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• CFRA Research: Independent equity research, forensic accounting, and fund research provider serving institutional clients; competes head-on with Boyar Research for institutional research budgets and offers a similarly subscription-driven model.
• Ariel Investments: Long-tenured value-oriented asset manager for institutional and retail clients; comparable in pursuing patient, fundamental value strategies backed by proprietary in-house research.
• Argus Research: Independent equity research firm providing fundamental company research and model portfolios to institutions and advisors; closely comparable in business model, customer base, and independent-research positioning.
• Value Line: Long-standing independent equity research and ranking subscription provider; directly comparable to Boyar Research in delivering subscription-based independent fundamental research to retail and institutional investors.
• The Motley Fool: Subscription-based independent equity research and investment advice publisher with a strong consumer brand; comparable in monetizing independent investment ideas through recurring subscriptions.
• Zacks Investment Research: Subscription-based equity research, earnings estimates, and ranking service for retail and institutional investors; comparable product model (subscription research) and overlapping value-style coverage.
• Harris Associates (Oakmark Funds): Concentrated, value-driven equity asset manager pursuing long-horizon fundamental research; closely aligned investment philosophy and institutional client base with Boyar Asset Management.
• GAMCO Investors (Gabelli funds): Value-oriented asset manager and affiliated independent research operation; highly comparable value-investing philosophy and concurrent operation of asset management plus published research.
• Tweedy, Browne Company: Boutique deep-value equity manager built on long-term fundamental research with a global, patient approach; philosophically the closest peer to Boyar's 'private-equity mindset' value style.

Broad incumbents

• Morningstar: Scaled incumbent in independent investment research, ratings, and data; broader portfolio than Boyar but directly competes for the same institutional research budgets and retail investor mindshare.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/BoyarValue
• Facebookfacebook.com/boyarvalue
• LinkedInlinkedin.com/company/boyar-intrinsic-value-researc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boyar Value Group