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

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://boyarresearch.substack.com/

or follow us on X @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

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