Mr. Boyar: Boyar Asset Management and its various affiliates, including the Boyar Value Fund, are value investors in the truest sense of the word. In essence, we are businessmen who ferret out mispriced companies in the marketplace. We take a company's balance sheet, tear it apart, reconstruct it in accordance with economic reality, as opposed to generally accepted accounting principles, and place our own values on the company. It is our belief that if the market doesn't accurately assess the value of those businesses, then over a reasonable period of time, somebody will come in and acquire those companies at a premium to our purchase price.
TWST: What type of companies? Does the market cap size play an important
part?
Mr. Boyar: We're agnostic; we will look at the biggest of the big and
the smallest of the small. We will invest in businesses solely because
of the discount between their private market value and their stock
market price, which has been ignored by the market, so size really
doesn't matter.
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