1969 marked the end of a great bull market and the beginning of a prolonged bear market that lasted for more than a decade. At the market’s apex stocks were blatantly overvalued, and the Dow Jones Industrial Averaged reached 1000 for the first time. In only a few short years that index lost almost fifty percent of its value. Individual stocks fell even more; quite a few companies lost 70% of their market value. In fact, many companies were selling for a quarter of their private market value, and in many instances were selling for their cash and equivalents. Recognizing the need for an institutionally oriented research service focused solely on uncovering companies trading in the marketplace at discounts to their private market value, Mark Boyar started publishing Asset Analysis Focus in 1975.
The prologue to the initial edition of Asset Analysis Focus began by stating this could turn out to be one of the greatest buying opportunities one would have in their life time…As expensive as stocks were in 1969, that is how cheap they are today.
Initially, because of the plethora of undervalued businesses available to purchase, a typical monthly issue would contain a larger number of names, but were much less in-depth than they are today. The service has evolved to include a team of seasoned professionals who identify and analyze in great detail businesses that are worth significantly more than the value the market currently ascribes to them.
In 2010 Boyar’s Intrinsic Value Research began publishing Boyar’s Micro Cap Focus, which identifies and analyzes publicly traded businesses with a market capitalization of less than $500 million that are selling below our estimate of their private market value.
To read the prologue of the first issue of Asset Analysis Focus, click here >>
To read an initial article about Asset Analysis Focus published in 1976 in the New York Times please click here >>
To read an article written by Louis Rukeyser on Asset Analysis Focus published in 1977 please click here >>