The World According to Boyar

MGM’s Big Bets: Bill Hornbuckle on Las Vegas, Japan, and Digital Expansion

Episode Overview In this wide-ranging conversation, MGM Resorts CEO Bill Hornbuckle offers a candid look at how one of the world’s leading entertainment and hospitality companies is positioning itself for the future. We discuss MGM’s digital evolution, its expanding global footprint, and how leadership evaluates ambitious and complicated long-term opportunities such as the company’s $12 billion project in Japan. Hornbuckle also shares his perspective on MGM’s relationship with both IAC and Barry Diller, the reasoning behind stepping back from the broader New York casino process. We discussed his thoughts on Macau, the regulatory considerations across key markets, and how MGM decides which projects are worth chasing—and which ones to walk away from. Key Topics Covered * iGaming & the Future of Online Sports Betting   A discussion of how MGM views the long-term importance of iGaming and online sports wagering, the evolving regulatory landscape, and how digital platforms fit into the company’s broader strategy * Why MGM Stepped Back from the New York Casino Process A clear discussion of the strategic, regulatory, and economic factors behind MGM’s decision not to pursue the larger New York casino licensing effort. * The Role of IAC & Barry Diller How the partnership originated, what IAC contributes, and how it has influenced MGM’s broader digital and strategic roadmap. * Macau & Japan: Global Perspective MGM’s long-term view on Macau’s regulatory environment and the complexities of developing a multi-billion-dollar integrated resort in Osaka. * Risk, Regulation & Strategic Decision-Making How MGM weighs regulatory, geopolitical, and market-based risks across regions when deciding where—and how—to invest. Featured Offer from Boyar Research [https://boyarresearch.com/2026] Take advantage of Boyar's Research’s flagship annual report featuring 40 catalyst-driven stock ideas for the year ahead. Every company included has been deeply analyzed in a full-length Boyar Research report — the same research trusted by some of the world’s leading hedge funds, family offices, and institutional investors. Learn more or pre-order here: boyarresearch.com/2026 [https://boyarresearch.com/2026] Offer expires December 15. About William J. Hornbuckle William (Bill) J. Hornbuckle is Chief Executive Officer (CEO) and President of MGM Resorts International (NYSE: MGM), a global entertainment company featuring iconic hotels and casinos, meeting and conference spaces, live and theatrical entertainment experiences and an array of restaurant, nightlife and retail offerings across the globe. MGM Resorts’ portfolio includes some of the most recognizable resort brands in the industry, such as Bellagio, MGM Grand, ARIA, Mandalay Bay and Borgata. As CEO, Mr. Hornbuckle oversees all aspects of MGM Resorts’ strategy, operations and hospitality and gaming development projects. He leads the company’s global development efforts and its digital gaming strategy. He also successfully steered the company through the COVID-19 pandemic, overcoming numerous challenges including the closure of operations, tightly restricted re-openings and new health and safety measures. Mr. Hornbuckle led the strategy and execution of the company’ 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 [http://www.boyarvaluegroup.com]

From Book Value To Brand Value. Bill Nygren On Why Modern Investing Requires Seeing Beyond The Balance Sheet

Episode Overview In this wide-ranging conversation, legendary investor Bill Nygren discusses how value investing has evolved since the 1980s—and why the traditional valuation metrics many investors still rely on no longer adequately measure a company’s true worth. Nygren explains how intangibles like brand and customer acquisition costs have transformed the investing landscape, why accounting conservatism can obscure opportunity, and what he learned from Warren Buffett’s purchase of Coca-Cola decades ago. This episode is a masterclass on adapting a classic investment philosophy for the modern age—combining rigorous analysis with intellectual flexibility. Key Topics Covered * The evolution of value investing: Why old accounting methods fail to capture the true worth of modern businesses built on brands and technology. * The Coca-Cola revelation: How Buffett’s investment reshaped Nygren’s definition of value. * Why financials are misunderstood: Why Nygren sees opportunity in financials despite investor skepticism. * The hidden risk in the S&P 500: What investors are overlooking about today’s index concentration. * Airbnb, Merck, and Comcast: How to analyze quality businesses that the market misunderstands. * AI and investing: Why Nygren believes the biggest winners from AI won’t be chipmakers—but companies that use AI better. * Position sizing and discipline: How Nygren thinks about portfolio concentration and risk management. Featured Offer from Boyar Research [https://boyarresearch.com/2026] Before you dive back into the markets, make sure you take advantage of our limited-time 50% pre-order discount on The Forgotten Forty 2026 — Boyar Research’s flagship annual report featuring 40 catalyst-driven stock ideas for the year ahead. Every company included has been deeply analyzed in a full-length Boyar Research report — the same research trusted by some of the world’s leading hedge funds, family offices, and institutional investors. Learn more or pre-order here: boyarresearch.com/2026 [https://boyarresearch.com/2026] Offer expires December 15. Episode Highlights * “Conservatism in accounting often comes at the expense of accuracy.” * “Today’s value investor needs to think harder about intangibles.” * “Recommending the S&P 500 as a core holding may no longer be prudent—it’s become a concentrated tech bet.” * “Sometimes what you learn that can’t go in the spreadsheet ends up being the most valuable.” Featured Companies Coca-Cola, Comcast, Charter Communications, Airbnb, Merck, Bank of America, Citigroup, Capital One, First Citizens, and NVIDIA. About Bill Nygren Bill Nygren is one of the most respected voices in value investing. As Portfolio Manager of the Oakmark Fund and Oakmark Select Fund, he’s built a track record of disciplined, long-term outperformance by focusing on intrinsic value and patient capital allocation. 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 [http://www.boyarvaluegroup.com]

Inside IAC: Chris Halpin on Unlocking Value in Turo, Dotdash Meredith, and the Future of Digital Media

Episode Summary: In this episode, Jonathan Boyar welcomes Chris Halpin, Executive Vice President, Chief Operating Officer, and Chief Financial Officer of IAC—a holding company known for its savvy capital allocation and track record of building internet leaders like Expedia, Match Group, and Ticketmaster.  Chris brings a unique perspective shaped by senior roles at the NFL and Providence Equity before joining IAC. He and Jonathan explore how IAC is navigating today’s market, why the stock is significantly undervalued, and how the company is positioning key holdings like Dotdash Meredith, Turo, and Care.com for long-term success.  Whether you're an investor, media strategist, or just someone fascinated by the business of the internet, this episode offers a front-row seat to how IAC is building value in unconventional and often overlooked digital businesses.  Topics Discussed  * Chris’s unique journey from private equity to the NFL to IAC  * The transformation of Dotdash Meredith  * The business case behind IAC’s OpenAI partnership  * How IAC is thinking about Turo’s valuation, growth trajectory, and timing around a potential IPO  * Margin structure and monetization strategy in digital media  * IAC’s approach to valuation, capital allocation, and market mispricing  * “Sacred cows” and how IAC avoids them  * Lessons from working with media rights at the NFL  * Why Chris thinks IAC is trading at a dramatic discount to fair value  To learn more visit: www.boyarvaluegroup.com [https://boyarvaluegroup.com/] https://boyarresearch.substack.com/ [https://boyarresearch.substack.com/] or follow us on X @boyarvalue     [https://x.com/boyarvalue] Biography: Christopher Halpin is Executive Vice President, Chief Operating Officer and Chief Financial Officer of IAC. Mr. Halpin leads corporate finance, accounting, M&A, investor relations, and administration functions while also overseeing the day-to-day function and execution of IAC’s businesses.   Prior to his appointment at IAC, Mr. Halpin spent nearly a decade in leadership roles at the National Football League (NFL), most recently serving as Executive Vice President, Chief Strategy & Growth Officer. In this role Mr. Halpin oversaw strategic planning and data and analytics, as well as key growth areas, including managing the NFL’s international business and leading its legalized sports betting strategy. Other past leadership roles at the NFL include Senior Vice President, Consumer Products & Licensing, and Vice President of Media Strategy & Business Development.   Before joining the NFL in June 2013, Mr. Halpin was a Partner and Managing Director at Providence Equity Partners. During his 13 years at Providence, Mr. Halpin worked across the firm's investment activities in the Media & Entertainment, Wireless/Satellite and Business Services sectors, and also opened and served as Co-Head of the firm's Hong Kong office. Mr. Halpin started his career in the Merchant Banking Division of Goldman Sachs & Co.   Mr. Halpin is a graduate of Princeton University with an A.B. in Economics (Phi Beta Kappa, Magna Cum Laude), and is a board member of Turo, the Children's Scholarship Fund, the Ladies Profes 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 [http://www.boyarvaluegroup.com]

Bill Ackman on Investing, Politics, and Turning Howard Hughes into a Modern-Day Berkshire Hathaway

Episode Summary: In this episode of The World According to Boyar, Jonathan Boyar sits down with Bill Ackman, the legendary hedge fund manager and founder of Pershing Square, to discuss his latest big move involving Howard Hughes, his unfiltered views on politics, and his growing role as an activist investor. Ackman shares his thoughts on the Trump administration, deregulation, and why he believes reducing government inefficiency could be a game changer for the U.S. economy. On the investing front, he dives into his bid to increase his stake in Howard Hughes Corporation, his vision for transforming it into a "modern-day Berkshire Hathaway," and why he believes the market continues to misprice the company. He also addresses concerns about management fees, corporate governance, and what his long-term plans mean for shareholders. Finally, Ackman opens up about his outspoken presence on X (formerly Twitter), why he’s been so vocal on antisemitism and media bias, and how he sees this as part of a larger battle over free speech, democracy, and American values. This is a must-listen episode for investors, market watchers, and anyone interested in how one of the most well-known investors in finance connects the dots between business, politics, and activism. Topics Discussed: 🔹 Ackman’s Take on the Trump Administration – Why he believes progress is being made, the risks of moving too fast, and how deregulation could impact everything from defense spending to healthcare. 🔹 The DOGE Initiative & Government Inefficiency – Why he believes slashing bureaucracy and eliminating waste could significantly boost economic growth. 🔹 Howard Hughes Corporation – His plan to increase his stake, take on a leadership role, and turn the company into a diversified investment powerhouse. 🔹 Activism & Media Bias – Why he’s taken a public stance on antisemitism, free speech, and how he believes media narratives are distorting public perception. 🔹 His Investing Philosophy – How he approaches capital allocation, business strategy, and why he thinks some of Berkshire Hathaway’s best days could still be ahead. 🔹 And much more!   To learn more visit: www.boyarvaluegroup.com [https://boyarvaluegroup.com/] https://boyarresearch.substack.com/ [https://boyarresearch.substack.com/] or follow us on X @boyarvalue     [https://x.com/boyarvalue] Biography: Bill Ackman is the CEO of Pershing Square Capital Management, L.P. which he founded in 2003. He is a member of the board of Universal Music Group N.V. (NA:UMG).  He serves as a member of the Investor Advisory Committee on Financial Markets for the Federal Reserve Bank of New York and as a member of the Board of Dean’s Advisors of the Harvard Business School.  Mr. Ackman is co-trustee of The Pershing Square Foundation, part of Pershing Square Philanthropies, that bets on innovative leaders solving humanity’s big societal, environmental, and health challenges.  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 [http://www.boyarvaluegroup.com]

AI, Indexes, and Independent Research: Inside Morningstar’s Strategy with CEO Kunal Kapoor

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:  1. Kunal Kapoor's Journey: From starting as an analyst to becoming the CEO of Morningstar, a leading firm in the financial services industry. 2. Morningstar's Mission: Empowering investor success through independent research and innovative tools. 3. Market Evolution: The shift from simple portfolios of stocks and bonds to more complex investment vehicles like private equity and managed portfolios. 4. 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. 5. Morningstar's Growth: Expanding into new areas like private markets, credit ratings, and index creation, and the challenges of scaling a large organization. 6. Investment Philosophy: The importance of simplicity, low-cost investing, and the value of time arbitrage in achieving long-term success. 7. Challenges of Leadership: Managing a growing, decentralized team while maintaining Morningstar's mission-driven culture. 8. Credit Ratings Business: Morningstar's approach to ethical credit ratings and its competition with entrenched players. 9. Morningstar's Competitive Edge: The benefits of being a mission-driven, long-term-focused, and independent company in the financial industry. 10. 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. To find out more about the Boyar Value Group, please visit www.boyarvaluegroup.com [http://www.boyarvaluegroup.com]