The Acquirers Podcast Jonathan Boyar on opportunistic value in $UBER, $UNF, $HHH, $MSGS, $BATRA and $MRK | S07 E41
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Nov 20, 2025 In this engaging conversation, Jonathan Boyer, Principal of Boyer Value, shares insights on his firm’s shift to quality investing. He discusses the challenges of market distortions, the importance of a thorough research process, and how to identify value traps. Boyer highlights notable investment strategies, including a high-conviction stance on Uber and the potential of Madison Square Garden Sports. He also reflects on macro trends, the impact of passive investing, and attractive picks in healthcare, providing an enlightening look at opportunistic value investing.
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Private-Equity Lens For Public Stocks
- Boyer Value describes itself as opportunistic, taking a private-equity view of public markets to find acquisition discounts.
- They require a catalyst and patience of 2–4 years to avoid value traps and realize wins.
Use Time Arbitrage Actively
- Exploit time arbitrage: think in two-to-four-year horizons because most investors seek instant results.
- Focus where coverage is thin like small- and micro-cap names to capture mispricings.
Manual, Contrarian Idea Generation
- Idea generation is manual: analysts are paid to read and be contrarian, not rely on formulas.
- They prioritize hidden assets, consumer franchises masked by corporate names, fallen angels, and special situations.