The World According to Boyar

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Join host Jonathan Boyar as he sits down with Kunal Kapoor, the dynamic CEO of Morningstar, in this episode of The World According to Boyar. Dive into the story behind one of the most influential firms in the financial services industry and discover how Kunal’s leadership has propelled Morningstar to new heights.

Kunal discusses Morningstar's mission to empower investor success through independent research and data-driven insights. He shares insights on the evolution of Morningstar, the importance of simplicity and low-cost investment strategies, and the role of technology and AI in the research process. Kunal also talks about Morningstar's growth strategy, including their expansion into private markets, the index business, and the credit ratings sector. Tune in to hear Kunal's thoughts on the future of investing, the importance of company culture, and his perspective on investing in family-controlled businesses. This episode is a must-listen for anyone interested in the future of finance and the strategies driving Morningstar's growth.

The Interview Discusses:

Kunal Kapoor's Journey: From starting as an analyst to becoming the CEO of Morningstar, a leading firm in the financial services industry.
Morningstar's Mission: Empowering investor success through independent research and innovative tools.
Market Evolution: The shift from simple portfolios of stocks and bonds to more complex investment vehicles like private equity and managed portfolios.
Impact of AI: How Morningstar is integrating AI into its research process with tools like Mo, and the future role of AI in fundamental analysis.
Morningstar's Growth: Expanding into new areas like private markets, credit ratings, and index creation, and the challenges of scaling a large organization.
Investment Philosophy: The importance of simplicity, low-cost investing, and the value of time arbitrage in achieving long-term success.
Challenges of Leadership: Managing a growing, decentralized team while maintaining Morningstar's mission-driven culture.
Credit Ratings Business: Morningstar's approach to ethical credit ratings and its competition with entrenched players.
Morningstar's Competitive Edge: The benefits of being a mission-driven, long-term-focused, and independent company in the financial industry.
Family Controlled Businesses: Thoughts on investing in family-controlled companies

Biography:
Kunal Kapoor, CFA, is the chief executive officer of Morningstar. Before assuming his current role in 2017, he served as president, responsible for product development and innovation, sales and marketing, and driving strategic prioritization across the firm.

Since joining Morningstar in 1997 as a data analyst, Kapoor has held a variety of roles at the firm, including leadership positions in research and innovation. He served as director of mutual fund research and was part of the team that launched Morningstar Investment Services, Inc., before moving on to other roles including director of business strategy for international operations, and later, president and chief investment officer of Morningstar Investment Services. During his tenure, he has also led Morningstar.com® and the firm’s data business as well as its global products and client solutions group.

Kapoor holds a bachelor’s degree in economics and environme

Unlocking Investment Opportunities Since 1975

At the Boyar Value Group, we've dedicated nearly five decades to the pursuit of value on behalf of our clients. Founded in 1975, our firm has earned a reputation as a trusted source for uncovering undervalued opportunities in the stock market.

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This week, I had the honor of interviewing Thomas Peterffy, the founder of Interactive Brokers, on The World According to Boyar podcast. Thomas’s life exemplifies the American Dream: When he came to the United States from Communist Hungary in 1965, virtually penniless and with no knowledge of English, he immediately began teaching himself computer programming while saving up for a seat on the American Stock Exchange. Using technological advances he himself helped pioneer, Thomas established a successful market-making business, paving the way for his biggest financial success: Interactive Brokers, which has a market capitalization north of $50 billion and where he is by far the biggest shareholder. Stay tuned for my discussion with Mr. Peterffy—I think you’ll find it as educational as it is inspiring.

The Interview Discusses:

Thomas Peterffy’s background.
Challenges of adapting to a new country and finding work.
The immigrant mentality and its impact on success.
The importance of rewarding merit in a free market economy.
The value proposition Interactive Brokers brings to clients.
Importance of maintaining a conservative balance sheet and excess capital.
Future growth areas, including global markets and professional investors.
Interactive Brokers’ unique position in the marketplace.
The potential impact of future presidential administrations on business.
Thomas’s decision to step down as CEO and focus on his role as chairman.
The joy of building and improving the Interactive Brokers platform.

Biography:

Thomas Peterffy is founder and chairman of Interactive Brokers. A pioneer of digital trading in the 1980s, he was the first to build computer systems able to trade financial assets electronically, independent of direct human intervention. Born in Budapest, Hungary in 1944, he escaped communism in 1965 by emigrating to the United States. He learned computer programming, and his formula for pricing contingent assets was an early version of what is now known as the Black-Scholes model. In 1977, he became a member of the American Stock Exchange. Peterffy built the first automated market-making firm for stocks, options, and futures, which later gave rise to Interactive Brokers, a global, electronic broker with a market capitalization of over $50 billion.

Unlocking Investment Opportunities Since 1975

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The Interview Discusses:

Bill Wilson’s rise from a data-driven marketer at Arista Records to helming a digital-first local media empire.
The extraordinary experience of working with Clive Davis.
How he utilized traditional radio as a “trojan horse” to build a digital media company.
The competitive advantage of operating in smaller markets.
Why a local content strategy is so differentiated in today’s environment.
Bill’s thoughts on capital allocation.
His views on running a publicly traded company.
Why he believes Townsquare’s stock is intrinsically undervalued.
How he intends to unlock shareholder value if the stock price languishes.
And much more…

Biography:

Mr. Wilson joined Townsquare in September 2010 and previously served as Co-Chief Executive Officer and Executive Vice President and Chief Content & Digital Officer of the Company. Prior to joining Townsquare, Mr. Wilson was President of AOL Media from 2006 to May 2010 where he had overall responsibility for AOL’s global content strategy. In his nine years at AOL, he also served in a number of roles including President, AOL Programming & Studios and Executive Vice President; and under his leadership, AOL’s content sites grew to reach more than 75 million monthly unique visitors domestically and over 150 million worldwide.

Prior to joining AOL in 2001, Mr. Wilson served as Senior Vice President for Worldwide Marketing at Bertelsmann Music Group (BMG), which he joined in 1992, and was responsible for worldwide marketing including artist, digital and non-traditional marketing across more than 50 countries for the world’s biggest artists including Dave Matthews Band, OutKast, Foo Fighters, Whitney Houston, Annie Lennox, Santana and numerous major recording artists over his tenure at BMG. Mr. Wilson started his career at BMG subsidiary Arista Records under the guidance of Clive Davis and Richard Sanders, where he was a product manager working with artists across numerous genres including Notorious B.I.G., TLC, Sarah McLachlan, Kenny G and Spiritualized.

Mr. Wilson won an Emmy Award in 2006 for the record setting Live 8 program and was named to the Hollywood Reporter’s “Digital Power List” in 2008, which profiles the 50 people who most influence the creation and distribution of content online. In addition, he was profiled in Crain’s New York Business’ “40 under Forty” and Billboard’s “Power Players” in Digital Entertainment in 2005, as well as Hollywood Reporter’s “Next Generation” in 2003, and Radio Ink’s “Most Powerful in Radio” in 2018 - 2023. Mr. Wilson was voted the Radio Board Chair of the National Association of Broadcasters (“NAB”) in June 2021, after serving on the Executive Board of the NAB since 2020 and previously serving as a NAB Board Member. Mr. Wilson was also recently recognized as 2021 “Executive of The Year” by Radio Ink.

Mr. Wilson graduated summa cum laude from the State University of New York at Stony Brook with a B.A. in economics and a B.S. in business management and earned a M.B.A. with honors in finance and marketing from Rutgers University’s Graduate School of Management.

Unlocking Investment Opportunities Since 1975

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The Interview Discusses:

Anthony’s amazing life story growing up from humble beginnings to becoming a major success on Wall Street.
His theory on resiliency and how he was able to recover after being fired from both Goldman Sachs and the White House.
Why he is investing in cryptocurrencies.
How Bill Miller influenced his investment decision making
How Warren Buffett cost him a lot of money
His support of Israel
And much more!

Biography:

Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio.

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman in 2001. Earlier, he worked in Private Wealth Management at Goldman Sachs & Co.

Scaramucci served on President Donald J. Trump’s 16-person Presidential Transition Team Executive Committee, and in 2017 briefly served as Chief Strategy Officer of the Export-Import (EXIM) Bank and White House Communications Director. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Every December for over three decades, Boyar Research has published the Forgotten Forty, a curation of comprehensive one-page reports on the 40 companies in our research universe that we believe will outperform the leading indices in the year ahead due to a catalyst we see on the horizon. The Forgotten Forty 2024 is now available for pre-purchase at 50% off until December 20th. To find out more information on this offer, click here.

Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.

Unlocking Investment Opportunities Since 1975

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The Interview Discusses:

Growing up in Iran and how having a global upbringing has impacted him as an investor.
Why he is more comfortable investing in the United States.
How his grandparents fleeing Nazi Germany has impacted his investment decision making.
His experience as an investor during the financial crisis and how he invests during uncertain times.
What about the current geopolitical landscape scares him as an investor.
His thoughts on holding cash as an investment.
His opinion on investing in small capitalization companies
Why as a value investor he is comfortable investing in high multiple stocks.
Why he owns Mastercard & Bank of America.

Biography:
Guy Spier is a Zurich based author and investor.

Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University where he studied at Brasenose College with the British Prime minister David Cameron.

After completing his MBA, Guy started the Aquamarine Fund which is an investment vehicle inspired by the original 1950's Buffett partnerships, and run with a close replication of the original Buffett partnership rules. The focus is on investing for long term capital appreciation and capital preservation by running a portfolio of equity investments with the goal of acquiring companies with outstanding long-term economics at a reasonable price and where there is a sufficient margin of safety between the company’s market price and its intrinsic value. Typical investors include high net worth individuals, family offices and private banks.

In 2008 Guy made news by bidding $650,000 with his friend, Mohnish Pabrai, to have a charity lunch with Warren Buffett.

His book, “The Education of a Value Investor” has sold more than 40,000 copies and has also been translated into Hebrew, German, Japanese, Korean, Polish, Mandarin and Spanish.

Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible loss of principal. Important Information: Past performance does not guarantee future results.

Unlocking Investment Opportunities Since 1975

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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The Interview Discusses:

His remarkable turnaround of Domino’s Pizza where he increased the share price by 23x.
The opportunity he saw at Restaurant Brands that convinced him to invest $30 million personally in the company’s shares (and pledge to hold it for 5 years).
The dynamics of working for a company controlled by private equity firm 3G.
The importance of franchisee profitability for his turnaround plan.
Tim Hortons extraordinary success in Canada and how that can be replicated in other parts of the world.
Why Burger King International is performing well and Burger King US is struggling.
Could Tim Hortons alone eventually be worth more than Restaurant Brands is currently?
His role as Executive Chairman.
What it was like being on Jim Cramer’s Mad Money.
The difference between his role at Restaurant Brands where he is Executive Chairman and his role at Best Buy where he is Non-Executive Chairman.
---And much more!

Nothing in this podcast constitutes investment advice.

Biography:

Mr. Doyle was appointed Executive Chairman of RBI in November 2022 to accelerate growth for franchisees and shareholders. Most recently, he has served as an executive partner of the Carlyle Group, a global diversified investment firm, focused on the consumer sector. Prior to that he served as the chief executive officer of Domino’s Pizza, from March 2010 to June 2018, having served as president from 2007 to 2010, as executive vice president of Domino’s Team USA from 2004 to 2007 and as executive vice president of Domino’s Pizza International from 1999 to 2004. Mr. Doyle has served on the board of directors of Best Buy Co., Inc. since November 2014 and has been the Chairman of Best Buy’s board since May 2020.

Important Disclosures. The information herein is provided by Boyar’s Intrinsic Value Research LLC (“Boyar Research”) and: (a) is for general, informational purposes only; (b) is not tailored to the specific investment needs of any specific person or entity; and (c) should not be construed as investment advice. Boyar Research does not offer investment advisory services and is not an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) or any other regulatory body. Any opinions expressed herein represent current opinions of Boyar Research only, and no representation is made with respect to the accuracy, completeness or timeliness of the information herein. Boyar Research assumes no obligation to update or revise such information. In addition, certain information herein has been provided by and/or is based on third party sources, and, although Boyar Research believes this information to be reliable, Boyar Research has not independently verified such information and is not responsible for third-party errors. You should not assume that any investment discussed herein will be profitable or that any investment decisions in the future will be profitable. Investing in securities involves risk, including the possible l

The Boyar Value Group's mission is to search for value on behalf of our clients.

Since 1975, the Boyar family of companies has been relentlessly focused on discovering value for our clients. For more than four decades we have navigated through fads, gimmicks and market volatility. Utilizing value investing to try to create and preserve wealth has and always will be our sole focus. Our experienced team of analysts looks for diamonds in the rough, companies passed over by the rest of the investment community, but whose true value, in our opinion, significantly exceeds their current stock price. In essence, we are trying to buy a dollar for fifty cents.

To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com

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The Interview Discusses:

The rise and fall of GE.
What could have been done to save General Electric.
Who is to blame for GE’s demise.
His in-depth interviews with both Jack Welch and Jeff Immelt.
The fundamental error that Jack Welch made that tarnished his legacy.
How GE capital almost filed for bankruptcy during the financial crisis.
What Disney can learn from GE’s succession issues.
The mistake GE made by selling NBC Universal to Comcast (and one thing about the deal you probably never knew).
His latest media venture called Puck.
And much more…

William D. Cohan, a former senior Wall Street M&A investment banker for 17 years at Lazard Frères & Co., Merrill Lynch and JPMorganChase, is the New York Times bestselling author of three non-fiction narratives about Wall Street: Money and Power: How Goldman Sachs Came to Rule the World; House of Cards: A Tale of Hubris and Wretched Excess on Wall Street; and, The Last Tycoons: The Secret History of Lazard Frères & Co., the winner of the 2007 FT/Goldman Sachs Business Book of the Year Award. His book, The Price of Silence, about the Duke lacrosse scandal was published in April 2014 and was also a New York Times bestseller. His book, Why Wall Street Matters, was published by Random House in February 2017. His book, Four Friends, about what happened to four of his friends of from Andover, his high school, was published by Flatiron Press, a division of Macmillan Publishers, in July 2019. His new book Power Failure: The Rise and Fall of an American Icon, about the rise and fall of GE, once the world’s most powerful, valuable and important company, was published in November 2022 by PenguinRandomHouse. It was long-listed for the 2022 FT Business Book of the Year Award. It was a New York Times bestseller and on the best book of the year lists published by The New Yorker, The Economist, The Financial Times and the Dealbook section of the New York Times.

He is a founding partner of Puck, a digital publication owned and operated by journalists, and a writer-at-large for Air Mail. For 13 years, he was a special correspondent at Vanity Fair. He also writes, or has written, for ProPublica, The Financial Times, The New York Times, Institutional Investor, Bloomberg BusinessWeek, The Atlantic, Fast Company, The Nation, Fortune, Politico, ArtNews, and Barron’s. He previously wrote a bi-weekly opinion column for The New York Times, an opinion column for BloombergView, as well as for the Dealbook section of the New York Times. He is a non-staff, on-air contributor to CNBC and also appears on CNN, on MSNBC and the BBC-TV. He has also appeared three times as a guest on the Daily Show, with Jon Stewart, The NewsHour, The Charlie Rose Show, The Tavis Smiley Show, and CBS This Morning as well as on numerous NPR, BBC and Bloomberg radio programs. He was formerly a contributing editor for Bloomberg TV.

He is a graduate of Phillips Academy (Andover),

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Every December, for almost three decades, Boyar Research publishes The Forgotten Forty, which features one-page reports on the forty companies that we believe have the greatest potential to outperform the leading indices in the year ahead due to a catalyst that we see on the horizon.

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The Interview Discusses:

How he turned around Callaway’s traditional business.
How “off course” golf is now larger than “on course” golf.
How Topgolf is increasing participation in traditional golf.
The economics behind a Topgolf location and why scale matters.
Why he does not believe a rising interest rate environment will impact the expansion of TopGolf.
How he had the confidence to “bet the company” and purchase Topgolf in 2020 (during the throes of Covid).
The significant opportunity they have with Toptracer.
His thoughts on the current valuation of Topgolf Callaway Brands.

To request a copy of our report on Topgolf Callaway Brands that appeared in the recently released Boyar's Forgotten Forty, please click here.

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The Interview Discusses:

The secret to success in the investment business.
His investment thesis on both Home Depot & Diageo.
Why investing through the covid crisis was harder than investing through the financial crisis.
How covid has impacted Markel’s insurance operations.
His thoughts on Berkshire Hathaway investing in Markel.
His observations of Warren Buffett as a fellow board member at The Washington Post.
How Markel decides whether to invest in private companies through Markel Ventures or in public securities.
Why he thinks it is possible for Markel Ventures to one day be larger than Markel’s equity portfolio.
Why most investors who tried to use insurance operations as funding mechanisms have failed.
How he decides to add to existing equity positions.
The advantages of having low turnover in his equity portfolio that most investors do not appreciate.
His thoughts on when it is appropriate to use leverage.
Markel’s capital allocation priorities.
His thoughts on the cable industry...

For more information on the 2023 Markel Shareholders Meeting, please visit www.MarkelShareholdersMeeting.com For any questions or to ask a copy of the Markel report, please email us at boyarresearch@boyarvaluegroup.com.

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The Interview Discusses:

Founding Ariel (which now manages more than $16 billion) at the age of 24.
Surviving the stock market crash of 1987 and how he turned this setback into an opportunity to grow both his firm as well as his reputation.
Why sitting on corporate boards such as McDonalds and Nike have made him a better investor.
How his investment process has evolved overtime.
How he constructs portfolios in terms of both diversification of industries and individual stocks. He also discusses how he thinks about the liquidity of a stock when making an investment.
Why he believes studying behavior finance is important.
His thoughts on position sizing and when he decides to sell a stock.
His investment thesis on both Madison Square Garden Entertainment and Madison Square Garden Sports.

And much more….

Biography:

John’s passion for investing began at age 12 when his father began buying him stocks as Christmas and birthday gifts. His interest in equities grew at Princeton University, where he majored in economics, and over the two-plus years he worked as a stockbroker for William Blair & Company, LLC. In 1983, John founded Ariel to focus on patient, value investing within small- and medium-sized companies. While our research capabilities have expanded across the globe, patience is still the disciplined approach that drives the firm today. Early in his career, John’s investment acumen brought him to the forefront of media attention and culminated in him being selected as Co-Mutual Fund Manager of the Year by Sylvia Porter’s Personal Finance magazine as well as an All-Star Mutual Fund Manager by USA TODAY. Furthermore, John has been highlighted alongside legendary investors Warren Buffett, Sir John Templeton and Ben Graham in the distinguished book: The World’s 99 Greatest Investors by Magnus Angenfelt. His professional accomplishments extend to the boardroom where he is a member of the board of directors of McDonald’s, NIKE, The New York Times Company and Ryan Specialty Group Holdings.
John also serves as vice chair of the board of trustees of the University of Chicago. In 2008, John was awarded Princeton University’s highest honor, the Woodrow Wilson Award, presented each year to the alumnus or alumna whose career embodies a commitment to national service. Following the election of President Barack Obama, John served as co-chair for the Presidential Inaugural Committee 2009, and more recently, he joined the Barack Obama Foundation’s Board of Directors. John received an AB in economics from Princeton University, where he was also captain of the varsity basketball team.

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The Interview Discusses:

How Dotdash in a relatively short period of time became the largest publisher in the United States.
IAC's recent acquisition of Meredith and why he believes they now have the scale to effectively compete against Facebook and Google
Lessons learned from working with media mogul Barry Diller.
The future of print magazines and why Dotdash is intentionally shrinking their subscriber base.
The tremendous licensing opportunities they intend to take advantage of.
A potential spinout of Dotdash from parent company IAC.

Biography:

Neil Vogel is the CEO of Dotdash Meredith, the largest digital and print publisher in America. Prior to its acquisition of Meredith in December 2021, Mr. Vogel was the CEO of Dotdash, where he led the company’s transformation from a general information website (then About.com) to a vibrant collection of branded properties and one of the largest and fastest-growing online publishers.

Before joining Dotdash, Mr. Vogel was the Founder and CEO of Recognition Media, a creator and producer of award shows and media properties for digital, creative, and advertising communities including the Webby Awards and the Telly Awards. Prior to starting Recognition Media, Mr. Vogel was Chief Corporate Development Officer at Alloy Media + Marketing, a digital content and marketing services company focused on the teen and youth market.

Mr. Vogel is a member of the Board of Directors of the Philadelphia Inquirer, the largest newspaper in America operated as a public-benefit corporation and serves as a venture partner at FirstMark Capital. He received a BS in Finance from the Wharton School of Business at the University of Pennsylvania.

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The Interview Discusses:

His fascinating new book, The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors.
Robinhood’s unique business model and whether Robinhood has “democratized” finance as it claims.
How Robinhood came very close to the brink of insolvency.
The role of “influencers” like Chamath Palihapitiya, Elon Musk, and David Portnoy in driving the speculative excess of 2021.
His surprising take on Keith Gill, aka “Roaring Kitty.”

Biography:

Spencer Jakab is an award-winning financial journalist and a former top-rated stock analyst at Credit Suisse. He edits the Wall Street Journal’s “Heard on the Street” column and previously wrote the daily investing column “Ahead of the Tape.” Prior to joining the Journal he wrote for the “Lex” and “On Wall Street” columns at Britain’s Financial Times.

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The Interview Discusses:

How their cannabis division Hawthorne has grown over 100% over the past two years.
Why he decided to enter the cannabis business.
His thoughts on the current regulatory environment for cannabis and what he believes needs to change.
Where the biggest money will be made in a post cannabis "prohibition" world and where they are investing.
The logic of potentially spinning out the Hawthorne business.
The demographic shift that is greatly helping their traditional consumer business.
A meeting he had with Henry Kravis in ~2007 and what he did in response to that meeting.
Why Scotts has been a “pandemic beneficiary.”
His thoughts on inflation.
How they have changed their marketing to target millennials.
Their innovative weather partnership with IBM that could greatly enhance their marketing.
Why he believes private label is not a threat to his consumer business.
How they incentivized employees during the pandemic.

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The Interview Discusses:

The state of the NYC real estate market and why he believes it will quickly become a seller’s market.
Areas outside of NYC where he is currently finding compelling long-term investment opportunities.
His firm Serhant which he launched in the beginning of the pandemic.
The process he takes when branding properties including Jolie located at 77 Greenwich Street.
Potential technological disruption in the real estate brokerage industry.
How he leveraged his fame from The Million Dollar Listing show to become one of the country’s most successful real estate brokers.
How he utilizes social media to successfully market properties.

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The Interview Discusses:

Lessons learned from working with media mogul Barry Diller.
Why they decided to take a 12% stake in casino giant MGM.
Which businesses within the IAC portfolio he is most excited about.
How he approaches capital allocation at IAC.
Which stage he believes Angi is at in their fixed priced transformation.
Why he believes Angi’ s “take rate” will increase with time.
IAC’s major competitive advantage.
Why he believes Care.com is a major opportunity for IAC.

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The Interview Discusses:

How his investment strategy has evolved since retiring from managing money professionally.
His thoughts on asset allocation.
Which areas of the stock market he is currently finding value in.
How to invest in a potentially rising interest rate environment.
His sell discipline when investing in equities.

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The Interview Discusses: How he helped launch CNBC, What it was like working in the cable industry when it finally started to gain popularity, David’s views on the current media landscape and where he believes there could be consolidation, His thoughts on how content will be bundled in the future, David’s thoughts on the current multiples for content companies and why Netflix and Disney have been able to garner premium multiples, What it was like working with Jack Welch, John Malone, and the Dolan family, And much more…

Biography:

As President and CEO, David Zaslav sets the strategy and oversees all operations for Discovery’s global suite of brands across pay-TV, free-to-air, direct-to-consumer and other digital platforms. Under his leadership, Discovery began trading as a public company in 2008 and became a Fortune 500 company in 2014. More recently under Zaslav, Discovery acquired Scripps Networks Interactive, in a transaction which closed in 2018. The new Discovery comprises nearly 20% of ad-supported pay-TV viewership in the U.S. and nearly 7 billion monthly video views, making it #1 pay-TV portfolio in the U.S.

Since Zaslav took the helm, Discovery has launched some of the fastest-growing cable networks in the U.S., including Investigation Discovery, a leading network for women in total day delivery; and OWN: Oprah Winfrey Network, a top network for African American women. Under his leadership, Discovery networks have hit numerous milestones, with TLC breaking all cable viewing trends and recording its most-watched year ever in primetime for 2020. Brands including HGTV, Food Network, TLC and ID regularly rank among the most-popular networks for their core demo of female viewers.

The company’s global distribution platform has, under Zaslav’s leadership, expanded to 3 billion cumulative worldwide viewers with a diverse set of brands, creating an unmatched international portfolio for viewers, advertisers and distributors. Zaslav has diversified Discovery’s content offering with investments such as Discovery Kids in Latin America, the leading preschool network across the region. Discovery has further strengthened its presence in key international markets through numerous transactions including the acquisition of Eurosport, which led to the groundbreaking agreement with the International Olympic Committee making Discovery and Eurosport the home of the Olympic Games across Europe through 2024.

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The Interview Discusses: Michael’s fascinating career from being a columnist and feature writer at Barron’s to becoming a Senior Markets Commentator on CNBC. The importance of Twitter as a tool for journalists. Michael’s famous source, ‘the mystery broker’. How Michael has used his experience covering 9/11 and has applied that to Covid-19.His thoughts on the possible rotation from growth to value in the equity markets.

Biography:

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network’s Global Headquarters in Englewood Cliffs, N.J.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Santoli has covered the Wall Street beat for more than 20 years. Prior to joining Yahoo in 2012, he spent 15 years as a columnist and feature writer for Barron’s magazine. From 1993 to 1997, Santoli was a reporter at Dow Jones Newswires, covering the securities industry, and was awarded two Dow Jones Newswire Awards for distinguished real time journalism.

Santoli is a graduate of Wesleyan University and lives in New York City.

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The Interview Discusses: How Zoom and other technologies will change how we conduct business going forward. David’s views on how the pandemic has impacted the global economy. How the private equity world is changing in terms of the types of deals they are doing. Key skills needed to be an effective fundraiser. How The Carlyle Group almost went out of business early in the firm’s existence. The reasons behind writing his latest book: How to Lead: Wisdom from The World Greatest CEOs, Founders And Game Changers. Key qualities of effective leadership from interviews with many of the world’s most accomplished leaders including: Justice Ruth Bader Ginsburg, Dr. Anthony Fauci, Jamie Dimon, President Bill Clinton, President George W. Bush and more. Which historical figure he would most like to have as a guest on his show and what would he ask. And much more…

Biography:

David M. Rubenstein is a Co-Founder and Co-Executive Chairman of The Carlyle Group, one of the world’s largest and most successful private investment firms. Mr. Rubenstein co-founded the firm in 1987. Since then, Carlyle has grown into a firm managing $221 billion from 31 offices around the world.

Mr. Rubenstein is Chairman of the Boards of Trustees of the John F. Kennedy Center for the Performing Arts and the Council on Foreign Relations; a Fellow of the Harvard Corporation; a Regent of the Smithsonian Institution; a Trustee of the National Gallery of Art, the University of Chicago, Memorial Sloan-Kettering Cancer Center, Johns Hopkins Medicine, the Institute for Advanced Study, the National Constitution Center, the Brookings Institution, and the World Economic Forum; a Director of the Lincoln Center for the Performing Arts and the American Academy of Arts and Sciences; and President of the Economic Club of Washington.

Mr. Rubenstein is a member of the American Philosophical Society, Business Council, Harvard Global Advisory Council (Chairman), Madison Council of the Library of Congress (Chairman), Board of Dean’s Advisors of the Business School at Harvard, Advisory Board of the School of Economics and Management at Tsinghua University (former Chairman), and Board of the World Economic Forum Global Shapers Community.

Mr. Rubenstein is an original signer of The Giving Pledge, a significant donor to all of the above-mentioned non-profit organizations, and a recipient of the Carnegie Medal of Philanthropy, and the MoMA’s David Rockefeller Award, among other philanthropic awards.

Mr. Rubenstein has been a leader in the area of Patriotic Philanthropy, having made transformative gifts for the restoration or repair of the Washington Monument, Monticello, Montpelier, Mount Vernon, Arlington House, Iwo Jima Memorial, the Kennedy Center, the Smithsonian, the National Archives, the National Zoo, the Library of Congress, and the National Museum of African American History and Culture. Mr. Rubenstein has also provided to the U.S. government long-term loans of his rare copies of the Magna Carta, the Declaration of Independence, the U.S. Constitution, the Bill of Rights, the Emancipation Proclamation, the 13th Amendment, the first map of the U.S. (Abel Buell map), and the first book printed in the U.S. (Bay Psalm Book).

Mr. Rubenstein is the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS, and Leadership Live with David Rubenstein by Bloomberg Media; and the author of The American Story: Conversations with Master Historians, a book published by Simon & Schuster in October 2019, and How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers,a book published by Simon & Schuster in September 2020.

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The interview Discusses: The differences between the current business climate and the one at the start of his career in the 1980s. His views on when share buybacks are appropriate.
Why capital allocation was so critical for shareholder returns at Jarden. Executives he believes are good capital allocators. How he managed to gain control of the company that eventually turned into Jarden. The acquisition strategy he employed while running Jarden (that he still employs today). How he evaluated brand equity when making acquisitions of consumer products companies. Why he believes he would have had the same success today even with the growing popularity of private label brands from Amazon and Costco. His current views on Newell. His latest SPAC (which he is partnering with Viking Global on) and what his acquisition strategy will be. And much more…

Biography:

Sir Martin E. Franklin is the Founder and CEO of Mariposa Capital, a Miami based family investment firm focused on long term value creation across various industries. Mr. Franklin serves as Founder and Executive Chairman of Element Solutions Inc., Co-Founder and Co-Chairman of Nomad Foods Limited, Co-Founder and Co-Chairman of APi Group Corporation and Chairman and controlling shareholder of Royal Oak Enterprises, LLC. He is a principal and executive officer of several otherprivate investment entities.

Prior to founding Mariposa Capital, Mr. Franklin founded Jarden Corporation in 2001. Under his leadership, Jarden grew from approximately $300 million in revenues to more than $10 billion, comprised of over 120 global brands and 35,000 employees before it was acquired by Newell Brands in April 2016. He served as Executive Chairman of Bollé, Inc. from 1997 to 2000 and Chairman and Chief Executive Officer of Benson Eyecare Corporation from 1992 to its sale in 1996. Jarden and Benson generated over 5,000% and 1,800% stock returns to their investors respectively.

Mr. Franklin received a BA from the University of Pennsylvania. A father of four, he resides in Miami, FL with his wife Julie. He is an avid endurance sports enthusiast and an active supporter of a number of charities including the Challenged Athletes Foundation and Wounded Warriors Project.

To read the transcript of this interview click here.

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The Interview Discusses: Brandon’s views on running a public company (especially during times of stock price volatility). Why ANGI took the rare step for a public company and stopped providing quarterly guidance. How ANGI is trying to transform the way consumers purchase home services and why he believes home services is one of the last major categories without a significant online presence. How ANGI is helping to reduce the lack of price transparency in the home services business. How he believes ANGI will be able to compete against Facebook and Google in the home services category. Brandon’s views on potential anti-competitive behavior by companies like Google and whether the government should be exploring antitrust action. The opportunity ANGI sees in fixed priced services and how they are building a similar model to that of Uber or Doordash. ANGI’s partnerships with both Realogy and Loews. How COVID has impacted ANGI’s business and which categories are doing well and which are struggling. Why millennials are an incredible tailwind for their business. Why he believes ANGI will do well regardless of economic conditions. And much more…

Biography:
William B. (Brandon) Ridenour is CEO of ANGI Homeservices (ANGI) and also serves on the Board of Directors. Prior to assuming the role of CEO of ANGI Homeservices, Mr. Ridenour served as the Chief Product Officer of ANGI Homeservices and as the Chief Product Officer and Chief Technology Officer of HomeAdvisor for six years leading up to the acquisition of Angie’s List in 2017. In this role, Mr. Ridenour managed web and mobile product strategy, product design and development, as well as the operations of HomeAdvisor's North American subsidiaries, HomeStars, mHelpDesk and CraftJack.

Earlier in his career, Mr. Ridenour served as the Senior Vice President of eCommerce at Nutrisystem, Inc. where he managed e-commerce organization and supported multiple large scale e-commerce platforms. He also previously served as the Director of eBusiness Solutions at Scholastic.

Mr. Ridenour currently serves on the board of Builder Homesite, Inc., a company whose mission is to bring home building leaders together to develop world-class technology solutions. He is also on the board of Axial, the largest online marketplace connecting private companies to capital.

To read the transcript of this interview click here.

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The interview discusses: The state of financial journalism. How Investopedia is helping individual investors. IAC’s strategy with Dot Dash. How you can potentially profit from Investopedia’s proprietary anxiety index. How to get your website on the first page of Google.
And much more...

Biography:

Caleb began his career producing wildlife documentaries in South America and the American southwest. His career in business news began at Bloomberg, where he worked as a senior television producer and was nominated for a 2003 Emmy Award.

Caleb then joined CNN, serving as a Senior Producer for The Situation Room with Wolf Blitzer, as well as the Executive Producer of CNNMoney.com. Caleb and his team at CNNMoney were nominated for an Emmy Award for New Approaches to Business & Financial Reporting. He then returned to CNN as the Director of US business news.

Caleb left CNN in 2014 to form Frog Pond Productions, a digital production and consulting company, and then joined Investopedia in January 2016 as the VP of Content. He also serves as the treasurer of the executive board of the Society for Advancing Business Editing and Writing.

Caleb is frequently featured as a markets, economic and consumer trends expert on NBC, MSNBC, ABC Radio, Marketplace Radio and Cheddar TV, in addition to markets commentary in his daily newsletters.

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The interview discusses: Why having a diverse workforce is a competitive advantage. The changing media landscape. Why the business of content curation will be critical in the future. The reason why movie theater companies will survive. A behind the scenes look of when Mellody’s husband George Lucas’s company, Lucas Films was sold to Disney. The sale of DreamWorks (Ms. Hobson what Chair of the Board) to Comcast. Characteristics of George Lucas that would surprise most people. How Ms. Hobson was selected to join the board of Starbucks. Why Mellody believes her board service has made her a better investor. And much more...

Biography

As Co-CEO, Mellody is responsible for all firm-wide management, including strategic planning and growth as well as every aspect of Ariel’s business beyond research and portfolio management. Prior to her formal appointment to Co-CEO, Mellody served as Ariel’s President for nearly two decades and functions as chairman of the board of trustees for Ariel Investment Trust.

Ariel Investments is headquartered in Chicago, Illinois, and has offices in New York City and Sydney, Australia. The firm manages assets of retirement plans, college saving accounts, and personal investment accounts. With strong ties to the community, Ariel is focused on making investing accessible for everyone. Individuals are able to invest $1000 in the firm’s mutual funds.

She is Vice Chair of the Board of Starbucks Corporation, and also serves as a director of JPMorgan Chase and Quibi, a short-form video content company. Mellody is former Chair of the Board of DreamWorks Animation. As a Chicago-native, Mellody is involved in numerous organizations that focus on improving the city. She serves as Chair of After School Matters, a non-profit that provides Chicago teens with high-quality, out-of-school time programs. In 2017, Mellody became the first African-American woman to become Chair of the Economic Club of Chicago in its 90-year history, a two-year term which ended in 2019.

To read the transcript of this interview click here.

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The interview discusses: How Dr. Davis led one of the greatest financial turnarounds in medical history. The reasons why healthcare keeps becoming more expensive along with solutions on how to decrease costs without sacrificing care. Why drug pricing should be a trade issue. Why the current patent system discourages pharmaceutical innovation. What “value based” medicine is and why insurance companies and hospitals should consider adopting it. Why the National Institutes of Health is so vital to drug discovery. His thoughts on CVS’s strategy of becoming an integrated health care provider. What serious healthcare problem he sees getting worse which he believes has the potential to bankrupt the entire Medicare system. And much more….

Biography:

Kenneth L. Davis, MD, President and Chief Executive Officer of the Mount Sinai Health System, is widely recognized as a visionary leader who has guided the institution on a strong and dramatic growth trajectory. In 2013, the Mount Sinai Health System was formed by the combination of The Mount Sinai Medical Center and Continuum Health Partners, becoming one of the largest nonprofit systems in the country with $8 billion in revenue, 42,000 employees, eight hospitals, and more than 410 ambulatory practices throughout the five boroughs of New York City, Westchester, Long Island, and Florida. Prior to becoming CEO, Dr. Davis spent 15 years as Chair of Mount Sinai’s Department of Psychiatry. He was the first Director for many of the institution’s research entities, including Mount Sinai’s National Institutes of Health (NIH)-funded Alzheimer’s Disease Research Center, the Schizophrenia Biological Research Center at the Bronx Veterans Affairs Medical Center, the Silvio Conte Neuroscience Center to study schizophrenia, and the Seaver Autism Center for Research and Treatment. Additionally, he received one of the first and largest program project grants for Alzheimer’s disease research from the NIH.

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The interview discusses: How he helped turn Nathan’s Famous from a small restaurant chain into a global licensing business that sells over 480 million hot dogs per year. Characteristics he looks for in companies he looks to acquire. His thoughts on the New York real estate market. What areas within the New York residential real estate market he believes currently offer the greatest values. His views on technology disrupting the real estate business and who is potentially most vulnerable. How he believes tobacco companies will participate in the cannabis market.

Howard Lorber is the president and CEO of Vector Group Ltd., a holding company. He is also the Chairman of Douglas Elliman, a subsidiary of Vector, which is the largest residential real estate brokerage in New York metropolitan area with 4,000 brokers as of 2014 (and an additional 300 in Florida). Lorber is chairman of fast food chain Nathan's Famous.

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The Interview discusses: His decision to start his own firm in the 1970s despite a horrendous economic backdrop. His new book Merger Masters that he wrote with Kate Welling. The rationale behind taking his company public and whether he would do so again. His thoughts on portfolio construction including how many positions should be in a portfolio and how long it takes him to become fully invested for a new account. How he incorporates tax ramifications into his sell decision. His process of what he does when a stock within his portfolio increases or decreases by a significant amount in a short period of time. Who he believes could be the next John Malone. His thoughts on Discovery Communications, Madison Square Garden and Disney.

Biography

Mario J. Gabelli is the Chairman and Chief Executive Officer of GAMCO Investors, Inc., the firm he founded in 1977 that currently manages over $40 billion. A 1965 summa cum laude graduate of Fordham University's College of Business Administration, he also holds an M.B.A. from Columbia University Graduate School of Business.
He was Morningstar's Portfolio Manager of the Year in 1997. He was named Money Manager of the Year by Institutional Investor for 2011 and is a member of Barron's All-Star Century Team.

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The interview discusses: How David and Robert Kirkman took the Walking Dead comic book series and turned it into the most watched show in cable television history. What it means to sell a television show to a network in terms of both economics and creative control. The actual role of a television and film producer. What David and Robert did (that had never been done before) that helped turn The Walking Dead into an international sensation. What it means that Skybound signed a “First Look” deal with Amazon. David’s view on whether the current level of spending on content by companies like Amazon and Netflix are sustainable (and whether he believes they make economic sense). David’s thoughts on the competitive position of content providers like Disney. What low-tech form of entertainment is making a huge comeback and how Skybound is profiting from it in a major way.

Biography:

David Alpert. David Alpert is CEO of Skybound Entertainment, founded alongside longtime collaborator Robert Kirkman. Alpert is a prolific producer, with television credits including The Walking Dead and its companion series Fear The Walking Dead, Outcast, Robert Kirkman’s Secret History of Comics, and Dirk Gently’s Holistic Detective Agency.

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The interview discusses: Is Amazon currently engaging in anti-competitive behavior both in publishing and in their other businesses? The tactics Amazon employed to gain such a strong position in the e-book market. Why he believes now is a “golden age” for content creators. An overview of the economics of the publishing industry. The future of the legal industry from a business perspective. His new book Testimony. How social media and technology is impacting the art of writing. And much more...

Biography:

Scott Turow is the author of ten bestselling works of fiction, including IDENTICAL, INNOCENT, PRESUMED INNOCENT, and THE BURDEN OF PROOF, and two nonfiction books, including ONE L, about his experience as a law student. His books have been translated into more than forty languages, sold more than thirty million copies worldwide, and have been adapted into movies and television projects. He has frequently contributed essays and op-ed pieces to publications such as the New York Times, Washington Post, Vanity Fair, The New Yorker, and The Atlantic.

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The Interview discusses: What is The Acquirer’s Multiple and why investors should pay attention to this metric. What does deep value investing really mean and tips on incorporating it into your investment process. The importance of mean reversion. Two deep value stocks he currently finds attractive.

Biography:

Tobias Carlisle is the founder of The Acquirer’s Multiple. He is the founder of Acquirers Funds, LLC.

He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.

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The interview discusses: The most important determinants of a successful business. The importance of risk taking. How he was able to convince Ross Perot to let him take his company public. How Ken was able to co-found The Home Depot. How he incentives employees and partners. Why he turned down an investment with Bernie Madoff. The importance of not being complacent. And much more...
Biography:

Ken Langone is a co-founder of Home Depot and the founder and chairman of Invemed Associates LLC. He received a B.A. from Bucknell University and an M.B.A. from New York University’s Stern School of Business. He serves on the Board of Overseers of the Stern School and on the Board of Trustees of New York University, as well as serving as chairman of the Board of Trustees of New York University Medical Center.

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Interview discusses: His thoughts on what it would take to create another Berkshire Hathaway. Unique insights into Warren Buffett gleaned from his over 20-year personal and professional relationship with him. His views on Berkshire’s relationship with private equity firm 3G Capital and why he continues to invest with them. The history of super-voting stock and why they were partially banned. Why the investors in Berkshire Hathaway have played such a large role in its success. And more...

Biography:
Lawrence Cunningham’s dozen books include The Essays of Warren Buffett: Lessons for Corporate America, which Cunningham self-published into an international best-seller translated into a dozen languages, as well as Berkshire Beyond Buffett; Quality Investing; and The AIG Story.

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Interview discusses: Why he believes the current bull market still has room to run. Some of the factors Omega considers in determining position sizing. How Omega blends macroeconomics with fundamental investing. Which sectors of the equity market Omega currently finds to be attractive. Some of the factors Omega considers in determining when to exit a position. How Omega invests in this current unpredictable political environment. What geopolitical risks concern them. What is on Omega’s “bear market” checklist.

Biography:

Steve is Vice Chairman of Omega Advisors, Inc., a New York based long/short equity hedge fund. He joined Omega in 1999. Steve became a limited partner of Goldman, Sachs & Co. at the end of 1998. Before that, he was Goldman Sachs’ partner-in-charge of the Global Investment Research Department and Co-Chairman of the Investment Policy Committee.

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Interview discusses: What investors should look for when analyzing a turnaround situation.
His views on Amazon and what physical retailers must do to effectively compete against the online giant. Which publicly-traded retailer (besides Home Depot) he admires. Where he believes we are in the U.S. housing cycle. His surprising thoughts on Wall Street analysts.
A lesson he learned from President George Bush. And more...

Biography:

Frank was a Supreme Court clerk for Justice John Paul Stevens. He later served as deputy counsel to Vice President George Bush. Later on he became Senior Vice President of Corporate Business Development at General Electric where he reported directly to Jack Welch. Frank left GE to become deputy secretary of the U.S. department of Energy. In 2002, Home Depot recruited Blake to lead its business development and corporate operations and eventually became its CEO in 2007. He is currently on the boards of Procter & Gamble and Macy’s. He also serves as non-executive Chairman of Delta Air Lines.

The World According to Boyar: Recent Episodes

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