boyarvaluegroup
From Crisis Comes Opportunity (For the Patient Investor)From the perspective of the U.S. stock market, 2022 was a miserable year (with the S&P 500 declining 19.4%), but until recently, 2023 was shaping up to be a stronger year. January’s performance was particularly impressive, with the S&P 500 advancing more than 6%. In response, market participants cautiously began holding out hope for a soft landing. Q4 2022 hedge fund letters, conferences and more But then, seemingly out of nowhere (the way most crises seem to start), a cryptocurrency lender named Silvergate Capital Corp failed, followed b...
ValueWalk
Boyar Value Group commentary for the fourth quarter ended December 31, 2021. Q4 2021 hedge fund letters, conferences and more "We do a lot of thinking and not a lot of acting. A lot of investors do a lot of acting, and not a lot of thinking." - Lou Simpson, Former Portfolio Manager of Berkshire Hathaway’s GEICO subsidiary. A Look BackBased on stock market returns and corporate earnings alone, U.S. equity investors should be thrilled with 2021’s results, with every sector of the S&P 500 having posted at least a 17% increase. Energy, real estate, and financials were the standouts, advancing 54.6...
ValueWalk
Below are Boyar Value Group‘s thoughts on the latest quarterly results of Scotts Miracle-Gro Co (NYSE:SMG). Q3 2021 hedge fund letters, conferences and more Recent Results4Q FY 2021 ResultsCompany wide sales decreased by 17% to $737.8 million (ahead of consensus at $680.8 million or a 23% decline) due to difficult comparisons with the prior year’s quarter robust growth and other quarterly dynamics (discussed below). SMG reported a loss of $0.82 a share in the quarter (ahead of consensus at $0.87 a share) compared with a profit of $0.06 a share in the year ago quarter.In the U.S. Consumer busin...
ValueWalk
Boyar Value Group commentary for the third quarter ended September 30, 2021. Q3 2021 hedge fund letters, conferences and more “Cryptocurrencies, regardless of where they’re trading today, Will eventually prove to be worthless. Once the exuberance Wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in Cryptocurrencies.” – John Paulson Stock market investors have a laundry list of worries these days, from partisan bickering over the infrastructure package and a massive social and climate spending bill (amid a high-stakes game of political chicken over the d...
ValueWalk
Boyar Value Group commentary for the second quarter ended June 30, 2021. Q2 2021 hedge fund letters, conferences and more “The fact that a security carries high valuation metrics doesn’t mean it’s overpriced, and the fact that another has low valuation metrics doesn’t mean it’s a bargain.” - Howard Marks Compared with the first quarter of 2021, when the Georgia Senate runoff elections secured Democratic control of Congress (via the vice-presidential tiebreaker), protestors descended on the Capitol Building, and Archegos Capital imploded, the second quarter of 2021 was tranquil. This calmness w...
ValueWalk
Boyar Value Group commentary for the first quarter ended March 2021. “Don’t mistake activity for achievement.” – John Wooden Q1 2021 hedge fund letters, conferences and more If Hollywood made a movie based on the events that drove financial markets during 1Q 2021, most viewers would find the plotline too farfetched. (Then again, the same could probably be said for most of 2020’s major headlines!) The year started out with the Georgia senate runoff races securing Democratic control of Congress (via the Vice President’s Senate tiebreaking authority), paving the way for more fiscal stimulus than ...
ValueWalk
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