Investors / stance tracking
What Jonathan Boyar is saying
FollowFollowingUnfollowPresident, Boyar Value Group
11 dated public stances tracked since 2025-03-05, most recently 2026-09-30. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Jonathan Boyar's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Jonathan Boyar is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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11
tracked stances
10
themes
0
side flips
2026-09-30
last heard
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2025-03-05 | MKL | owns | +2.7% | +2.2% | +5.9% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| MKL | 2 | 2 bullish | 2026-09-22 | |
| ABNB | 1 | 1 bullish | 2026-09-30 | |
| BATRK | 1 | 1 bullish | 2026-09-30 | |
| BKNG | 1 | 1 bullish | 2026-09-30 | |
| CRM | 1 | 1 bullish | 2026-09-30 | |
| MSGS | 1 | 1 bullish | 2026-09-30 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Burger King North America is now same-store-sales positive after years of being the problem child under Patrick Doyle's proven turnaround playbook, the stock is cheap with a 3-3.5% yield, and refranchising ~1,000 Carol's stores will convert it to a fully…
“There's a lot to like with that story”
Hidden Asset Value in Sports, Travel & Insurance Stocks | Jonathan Boyar Interview
2026-09-30
MSGS
bullish
The Acquirers Podcast · video
MSG Sports' $10B enterprise value lets you buy the Knicks and Rangers combined at a deep discount to recent comparable sales — Lakers forced sale at $12B, Islanders minority stake implying $3B+ for a less prestigious team — with an October spinout into two…
“It makes absolutely no sense that you can buy both the Knicks and the Rangers for $10 billion”
Hidden Asset Value in Sports, Travel & Insurance Stocks | Jonathan Boyar Interview
2026-09-30
BATRK
bullish
The Acquirers Podcast · video
Atlanta Braves Holdings trades at ~$50 but applying the same valuation metrics as the recent Angels sale implies an $88 fair value, and rational capital allocator John Malone or his heirs will eventually sell the franchise
“BATRK, which is the symbol for Atlanta Braves Holdings, which is a $50 stock, it would be an $88 stock”
Hidden Asset Value in Sports, Travel & Insurance Stocks | Jonathan Boyar Interview
Salesforce was caught in the SaaS derating cycle and fell to a price that was finally cheap enough to own after years of being too expensive, making it an opportunistic long in a high-quality franchise
“It was a name that we've always wanted to own. It was always too expensive and then it got down pretty cheap”
Hidden Asset Value in Sports, Travel & Insurance Stocks | Jonathan Boyar Interview
Booking's competitive moat in boutique/small hotel inventory is not replicable by AI agents like Muse, which cannot handle cancellations, EU regulations, or hotel relationships, making the AI-driven selloff an opportunity to buy a high-quality business at a…
“Booking is competitively advantaged and it would be very difficult for someone to replicate what they've done”
Hidden Asset Value in Sports, Travel & Insurance Stocks | Jonathan Boyar Interview
Airbnb's supply-side moat — millions of individual homeowners — cannot be replicated by AI agents, making the Muse-driven selloff even more absurd than Booking's, and AI is actually a productivity beneficiary for the company per its own earnings commentary
“AI is a beneficiary of these companies”
Hidden Asset Value in Sports, Travel & Insurance Stocks | Jonathan Boyar Interview
Uber is growing 30% year-on-year with strong profitability while trading at ~18-19x including SBC — the autonomous-vehicle threat mirrors the late-1990s 'internet will kill old economy' narrative that ultimately benefited companies able to harness the…
“it's a verb — that's when you know you made it”
Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board
Said again: 2026-09-30 (The Acquirers Podcast)
2026-09-22
MKL
bullish
Chris Mayer · video
Markel trades at an 'unbelievably cheap' valuation with activist Janus agitating for the sale of the Ventures division and a more aggressive buyback program — a catalyst path exists to close a discount that has persisted through years of skimpy capital returns
“It's unbelievably cheap and there's an activist Janis involved”
Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board
Said again: 2026-09-30 (The Acquirers Podcast)
Pool Corp's post-COVID valuation premium has fully burned off and the stock now trades below market multiple — as a durable quality compounder this represents a mean-reversion entry into a structurally advantaged distribution business
“it's like in that quality compounder bucket that's gotten destroyed”
Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board
Said again: 2026-09-30 (The Acquirers Podcast)
2026-09-22
WRB
bullish
Chris Mayer · video
W.R. Berkley is a family-run specialty insurer with a net-cash balance sheet and intentionally short fixed-income duration — rising rates directly benefit investment income, providing a built-in hedge while the specialty/E&S franchise compounds at…
“it's family run, net cash balance sheet, duration is very short — if rates rise you have a hedge”
Chris Mayer Returns: The Investor’s Odyssey, AI as a Junior Analyst & Life on a Public Board
2025-03-05
MKL
owns
Bill Ackman · video
Markel is cheap relative to intrinsic value, generates significant cash flow, and is easy for investors to understand — making it an attractive holding company vehicle comparable to what Ackman is trying to build with HHH
“Markel is a name we own. Seems pretty cheap and generates a ton of cash and easy for investors to understand.”
90d +2.7% · 180d +2.2% · 1y +5.9%
Bill Ackman on Howard Hughes, Investing, and Building a Modern-Day Berkshire Hathaway
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