Jon Boyar of Boyar Research for an (almost) annual discussion on the “Forgotten 40” — a curated list of 40 overlooked, value-oriented stocks. Jon outlines major 2025 themes including SMID caps and financials, before diving into deep valuations and sale potential for the Atlanta Braves, plus long-term positioning of Uber in an autonomous future. They also touch on media exposure, structural incentives, and the potential for corporate activism to unlock value in overlooked names.
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[00:00:00] Intro to podcast and guest
[00:02:53] History and aim of Forgotten 40
[00:04:14] Turnover and name selection for 2025
[00:05:13] Key 2025 themes: SMID & financials
[00:06:42] Financials overweight rationale explained
[00:08:07] Braves ownership, real estate, and thesis
[00:10:59] Tax code change and sale incentive
[00:12:09] Valuation math for Atlanta Braves
[00:15:13] Media rights and sale timing risk
[00:18:00] Malone incentives and sale complications
[00:22:27] MLB work stoppage risk and reward
[00:25:50] Baseball trends and geographic pull
[00:26:15] MSGS ownership, family dynamics
[00:29:53] Generational control and liquidity questions
[00:30:54] Mark Cuban sale as precedent
[00:33:36] Media names: fewer included this year
[00:35:11] Uber thesis: misunderstood and evolving
[00:37:25] AV risk vs strategic opportunity
[00:39:03] Valuation vs zero-risk scenario
[00:41:01] Eats vs Dash vs Instacart
[00:41:56] Consumer pushback and price sensitivity
[00:45:50] Waymo or Tesla acquisition logic
[00:49:17] Bonus pick: UniFirst & Cintas pursuit
[00:52:05] Activism, family dynamics, and valuation
[00:53:11] Wrap-up and links to Forgotten 40
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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/
