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The World According to Boyar

The World According to Boyar

著者： The Boyar Value Group
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The World According to Boyar brings top investors, best selling authors, and market newsmakers to show you the smartest ways to uncover value in the stock market.© 2026 The World According to Boyar 個人ファイナンス 経済学
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  • Casino Attached to a Church: Michael Santoli on Speculation, the AI Boom, and Echoes of 2021 and 1999

    Casino Attached to a Church: Michael Santoli on Speculation, the AI Boom, and Echoes of 2021 and 1999
    2026/06/18

    CNBC’s Senior Markets Commentator—and the show’s first-ever repeat guest—on short selling, AI spending, market concentration, and why the bar is high for what’s been working to keep working.


    Episode Overview

    In this episode of The World According to Boyar, Jonathan Boyar welcomes back CNBC Senior Markets Commentator Michael Santoli—the first repeat guest in the show’s history, following his December 2020 appearance in the thick of COVID. Drawing on more than three decades covering Wall Street, Santoli breaks down his now-memorable on-air clash with Ryan Cohen over GameStop’s bid for eBay, the return of meme-stock speculation, and the question hanging over everything: Is this market 2021, 1999, or something genuinely new?

    From AI capital spending and extreme market concentration to whether value and equal-weight stocks are finally due to lead, Santoli argues that today’s extremes do not yet match the dot-com peak. But, as he puts it, being told by your doctor that “you’re not literally the most unhealthy patient I’ve had in 30 years” does not mean “you’re in great shape.” It’s a clear-eyed, historically grounded read on the enduring mix of speculation and investment—what Santoli, invoking Buffett, calls “a casino attached to a church.”


    Key Topics Covered:

    Short sellers and the chilling effect: Why short selling is one of the most treacherous games in investing, the “alpha shorts” many hedge funds use, and why even legitimate short sellers have gone quiet.

    The Ryan Cohen/GameStop showdown: The backstory behind a tense, revealing on-air exchange over GameStop’s bid for eBay—and what Santoli believes the Chewy-to-GameStop record reveals.

    2021, 1999, or both? The retail-trader empowerment of 2021, the narrow-leadership echoes of the dot-com peak, and Santoli’s “unhealthy patient” analogy for today’s market froth.

    AI spending and the hardware food chain: Why Santoli suspects the AI hardware complex may be overearning—and whether greater efficiency could eventually undermine today’s hardware economics.

    Market concentration, reconsidered: Why a top-heavy S&P 500 may matter less than people fear—and how the bull case quietly shifted from “asset-light cash machines” to “asset-heavy, invest now, reap later.”

    Will value and equal weight finally lead? Why durable rotations do not happen “at a full gallop,” and what the October-to-February broadening did—and did not—prove.

    Why he doesn’t pick stocks: How being restricted from owning individual securities became “liberating,” his “voluntary tax on the arrogant” take on sports betting, and his philosophy of staying involved while keeping expectations in check.

    The evolution of his CNBC role: From appearing on CNBC as a Barron’s contributor to becoming a market “color commentator” and co-anchor of Closing Bell: Overtime—and where financial media is heading as the business shifts toward digital.

    The underreported story: The slow-moving demographic and global-population shifts—and the possibility that the Iran episode accelerates investment in renewables—that Santoli believes investors may be overlooking.


    About Michael Santoli:

    Michael Santoli is co-anchor of CNBC’s Closing Bell: Overtime and the network’s Senior Markets Commentator, with more than three decades of experience covering Wall Street. He began his career at Investment Dealers’ Digest before moving to Dow Jones Newswires. He later spent 15 years as a columnist and feature writer at Barron’s, where he wrote the Streetwise column, and was a Senior Columnist at Yahoo Finance before joining CNBC in 2015. A graduate of Wesleyan University, he lives in New York City.


    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.

    To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com
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    39 分
  • Inside Shareholder Activism with Wachtell Lipton’s Lina Tetelbaum

    Inside Shareholder Activism with Wachtell Lipton’s Lina Tetelbaum
    2026/06/12
    Episode Overview:In this episode of The World According to Boyar, Jonathan Boyar speaks with Lina Tetelbaum, a corporate partner at Wachtell Lipton, one of the world’s most influential corporate law firms, where she heads the firm’s shareholder engagement and activism defense practice.Lina takes us inside the world of shareholder activism — how activists choose targets, the small universe of ideas they typically push, how companies and boards respond, and why so many activist campaigns ultimately end in settlements rather than full proxy fights.We discuss the tension between the changes activists typically call for and long-term business strategy, the role of index funds and proxy advisors, how activists build positions, what really happens behind the scenes in settlement negotiations, and why even controlled companies are not completely immune from activist pressure.Lina also shares her perspective on Wachtell Lipton’s history in takeover defense and activism, from the era of the poison pill to today’s more complex battles between boards, activists, institutional investors, and other stakeholders.Topics discussed include: shareholder activism, proxy fights, activist settlements, board governance, index funds, ISS and Glass Lewis, activist nominees, controlled companies, capital allocation, M&A, and long-term value creation.To receive more of Boyar’s research, interviews, and thoughts on investing, subscribe to our Substack at boyarresearch.substack.comAbout Lina Tetelbaum:Elina (Lina) Tetelbaum is a Corporate Partner and Head of Shareholder Engagement and Activism Defense at Wachtell, Lipton, Rosen & Katz. Lina regularly counsels on proxy fights, takeover defense, corporate governance, crisis management and mergers and acquisitions. Lina has been named a Dealmaker of the Year by The American Lawyer, one of The Deal’s Top Women in Dealmaking, a Power Player in Shareholder Activism by Financier Worldwide, a Leading Partner in Shareholder Activism by Legal500, a Law360 Rising Star for M&A, and one of the 500 Leading Dealmakers in America by Lawdragon, among other honors.Lina has advised companies in numerous industries navigating activist situations across an array of established and new activists, including Phillips 66 in its response to three years of activism from Elliott Management and first-ever contested vote by Elliott in the United States, United States Steel Corporation in its successful defense against a proxy contest by Ancora, The J.M. Smucker Co. in its response to activism by Elliott Management, Hexcel Corporation in response to activism by Vision One, Macy’s, Inc. in its response to activism and unsolicited takeover proposals, Match Group in its response to activism by Elliott Management and later Anson Funds, and numerous REITs in their response to activism by Land & Buildings. Lina has extensive expertise advising companies in response to unsolicited takeover offers, including National Instruments in its $8.2 billion acquisition by Emerson following its unsolicited offer, and Kansas City Southern in its unsolicited transaction with Canadian National Railway and $31 billion acquisition by Canadian Pacific Railway. Lina has also advised public and private companies in a wide range of industries in mergers and acquisitions, including The Free Press in its acquisition by Paramount, Allergan in its $83 billion acquisition by AbbVie, PDC Energy in its $7.6 billion acquisition by Chevron and successful proxy fight defense against Kimmeridge, Barnes Group in its $3.6 billion acquisition by Apollo Global Management, and Masonite International in its $3.9 billion sale to Owens Corning. Lina is the President of the Stuyvesant High School Alumni Association, an Advisory Board Member of the Harvard Law School Program on Corporate Governance, the John L. Weinberg Center for Corporate Governance at the University of Delaware, and the Yale Law School Center for the Study of Corporate law. She frequently lectures, presents and publishes on corporate governance and M&A at law schools and corporate governance conferences around the world. Lina received an A.B. magna cum laude in Economics from Harvard University and completed a J.D. from Yale Law School, where she served as editor-in-chief of the Yale Journal on Regulation and editor of the Yale Law Journal. After law school, Lina served as a law clerk to the Chief Judge of the U.S. Court of Appeals for the Ninth Circuit. Unlocking Investment Opportunities Since 1975At 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.To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com
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    45 分
  • Are Josh Brown and Michael Batnick the Howard Stern of Financial Podcasting?

    Are Josh Brown and Michael Batnick the Howard Stern of Financial Podcasting?
    2026/05/28

    Josh Brown and Michael Batnick on Ritholtz, Authenticity, and Why Risk Finds a Way

    What began as a funny observation from Boyar Value Group founder Mark Boyar — that Josh Brown and Michael Batnick are “the Howard Stern of financial podcasting” — turned out to be a pretty good way into the real story.

    Josh and Michael built an audience by being candid, irreverent, and willing to say things much of traditional Wall Street would rather leave unsaid. But underneath the humor is a serious wealth-management business, a disciplined investment process, and a culture that has become a magnet for clients and talent.

    In this wide-ranging episode, Jonathan Boyar sits down with Josh and Michael to discuss Ritholtz Wealth Management, their highly successful Compound and Friends podcast, the dangers of making stock picks public, how to build a financial brand today, Porterhouse, and why — in markets as in business — risk finds a way.

    Key Topics Covered:

    • Authenticity as a Competitive Advantage
    • How Josh and Michael built trust by being candid, irreverent, self-aware, and willing to sound different from traditional Wall Street.
    • The Real Business Behind Ritholtz
    • Why Ritholtz is not simply a content platform attached to an RIA, but a serious wealth-management firm that also creates influential financial media.
    • Building a Talent and Client Flywheel
    • How Ritholtz’s audience has helped attract clients, advisors, employees, and like-minded people who already understand the firm’s culture.
    • Why Wealth Management Became One of Wall Street’s Best Businesses
    • Josh explains why the RIA model has become such a powerful business and how wealth management has reshaped financial media and Wall Street.
    • Could Ritholtz Be Built Again Today?
    • Josh and Michael discuss whether their content-driven model could be replicated now, and why LinkedIn, YouTube, and owning a niche matter more than ever.
    • CNBC, Media, and Market Commentary
    • How Josh prepares for CNBC and how Michael has helped sharpen that process.
    • The Danger of Public Stock Picks
    • Michael draws on lessons from his book Big Mistakes to explain why publicly discussing investments can make it harder to change your mind.
    • Porterhouse and Rules-Based Investing
    • Josh and Michael discuss Ritholtz’s new Porterhouse equity strategy and why systematic rules can help investors avoid emotional mistakes.
    • Why Risk Finds a Way
    • A discussion of market leadership, momentum, and the idea that new opportunities tend to emerge even after difficult periods.

    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.

    To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com
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    1 時間 3 分
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