---
title: Disclaimer
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[![Boyar Value Group](https://boyarvaluegroup.com/hubfs/Boyar_October2018%20Theme/Images/logo.png)](https://www.boyarvaluegroup.com?hsLang=en)

# Disclaimer

**Past performance is no guarantee of future results. These results do not necessarily represent the results of any of the accounts managed by Boyar Asset Management Inc., and the results of Boyar Asset Management Inc. accounts could and do differ materially from the results presented. While the results presented show profits, there was the real possibility of a permanent loss of capital. This information is for illustration and discussion purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Boyar Asset Management Inc. is an investment adviser registered with the Securities and Exchange Commission. Registration of an Investment Advisor does not imply any level of skill. A copy of current Form ADV Part 2A is available upon request Our views may change anytime without notice. The author and the firm may have a position in any of the securities referenced in the article.**

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Since 1975 the Boyar family of companies has focused on creating value for our clients — by seeking out and investing in companies whose intrinsic value significantly exceeds that of its current market price.

© 2018 Boyar's Intrinsic Value Research LLC. All rights reserved.

### Company

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