The “World’s Most Patient Investor” Adapts with the Changing Times

reminiscences of a stock operator pdf

Since 1975 Boyar Research has been producing independent research focused on identifying undervalued equities. During this time they’ve developed a reputation as savvy long-term investors.  In fact, Barron’s once described the company’s founder, Mark Boyar, as being the “world’s most patient investor.”

Boyar Research has never abandoned its core philosophy of analyzing a company in the same manner as an acquirer would, always attempting to buy the proverbial dollar for fifty cents. However, as with all successful investors, Boyar’s investing process has evolved to fit the times.

One of the main ways Boyar Research’s approach has changed is that they’ve become more catalyst driven, moving away from their original focus on finding companies that were “net-net’s” as well as uncovering deeply undervalued businesses regardless of the presence of a catalyst (for those unfamiliar with what a “net-net” is, see However, in this age of instantly-available market information; marketplace, anomalies like “net-net’s are quite rare (Boyar Research was founded when calculators were considered cutting edge technology). Instead Boyar is now focused on finding mispriced securities that have identifiable catalysts to help unlock shareholder value such as announced and possible spinoffs, potential merger & acquisition activity, or the potential for the company to either buy back a lot of stock or pay out a special dividend to shareholders. As Mark Boyar told us, “You can buy the greatest company in the world, but if it does not go up in price, it does not do you any good.

Boyar’s report “The Forgotten Forty”

This catalyst-driven approach is best illustrated in Boyar’s renowned report: “The Forgotten Forty.” Released each year around Christmas time, The Forgotten Forty contains the companies that make up Boyar’s “investable universe” (meaning that company has been profiled in Boyar’s flagship publication Asset Analysis Focus.)

The Forgotten Forty Report contains the forty companies that Boyar believes will outperform the leading indices in the year ahead and has earned both an impressive long and short-term track record.  So far the 2012-2013 Forgotten Forty picks have advanced 32.5% versus 22% for the S&P 500 (INDEXSP:.INX). Over the past ten years, The Forgotten Forty has advanced 6.65% per year versus the S&P 500’s 4.38% per year.*

Boyar’s economic outlook

The Forgotten Forty Report is much more than just a list of Boyar Research’s top stock ideas for the year ahead; it’s a 45-page intelligence report filled with one-page snapshots detailing Boyar’s investment theses for each company profiled. Each snapshot details a catalyst or reason why Boyar believes the stock will advance in the year ahead and in most instances includes Boyar’s estimate of the company’s intrinsic or private market value. The report also contains Boyar’s economic outlook for the year ahead.

Boyar Research has been kind enough to provide our readers with a link to download their last Forgotten Forty report free of charge, which you can obtain by going to and using offer code VWF40. 

You can also save 15% off the 2014 Forgotten Forty (a savings of $825) when you reserve your copy by 11/26 with offer code VWF4015 at

*Past performance is no guarantee of future results


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