We have found that one of the best-hidden asset approaches has been investing in great consumer franchises that are masked by a corporate name. For example, years ago we profiled Stokley-Van Camp. We were attracted to Stokley not because we were enamored with their baked beans business, but because Stokley owned Gatorade, a valuable but relatively unknown business at the time. We believed the Gatorade brand was worth significantly more than the entire market value of the company. We wrote up Stokley in April of 1975 at $17.00 per share and it was acquired in 1983
by Quaker Oats for $77.00 per share or a 352% return. In 1979 we profiled Binney & Smith the makers of the iconic Crayola Crayons at $19.00 per share, and in 1984 it was purchased by Hallmark Cards Inc. for $56.00 per share or a 194% return from our initial report.

* Past performance is no guarantee of future results. These results are unaudited. The Stokley-Van Camp example is for illustration purposes only and is not indicative of actual results of most investments made by Boyar Asset Management.