SKT - The Boyar Value Group's Q1 2021 Letter

• The Boyar Value Fund seeks long-term capital appreciation, which it pursues by investing primarily in equity securities of companies that are believed by the Fund's investment adviser to be intrinsically undervalued.
• Toward the end of the quarter, we saw one of the largest financial implosions since Long-Term Capital Management when Archegos, the family office of Bill Hwang (a protégé of hedge fund legend Julian Robertson), was annihilated by massive margin calls on a select number of levered bets in companies such as ViacomCBS.
• Amid these crazy headlines, stocks continued to climb. By far the best-performing sectors for Q1 were energy, which advanced 30.9%, and financials, which rallied 16.0%.
• The Fed has repeatedly said that it will not be raising rates for quite some time, with Fed Chair Jerome Powell going so far as to say,“We’re not even thinking about thinking about raising rates.”.
• Obviously, the combination of increasing inflation and large government borrowings concurrently will probably not result in just a gentle rise in interest rates.

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