The World According to Boyar

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.
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About 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 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

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

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.

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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’s sale of MGM Growth Properties to Vici Properties and the acquisition of the remaining share of CityCenter and of The Cosmopolitan of Las Vegas.
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

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
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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
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

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://boyarresearch.substack.com/
or follow us on X @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