Boyar Value Group commentary for the fourth quarter ended December 31, 2021. Q4 2021 hedge fund letters, conferences and more “We do a lot of thinking and not a lot of acting. A lot of investors do a lot of acting, and not a lot of thinking.” – Lou Simpson, Former Portfolio Manager of Berkshire Hathaway’s GEICO subsidiary. A Look BackBased on stock market returns and corporate earnings alone, U.S. equity investors should be thrilled with 2021’s results, with every sector of the S&P 500 having posted at least a 17% increase. Energy, real estate, and financials were the standouts, advancing 54.6…