Rich Pzena: Value Investors Have Had A Very Good Year

Johnny HopkinsRichard PzenaLeave a Comment

During his recent 2023 Mid Year Outlook, Rich Pzena explained why value investors have had a very good year. Here’s an excerpt from the presentation:

Pzena: Real reversal and so much of what Miklos talked about happened in that three-month period. And then it looks like it’s turned again.

June and July certainly for what I would call deeper value strategies like ours started to grow. I don’t know versus the growth indices, but certainly versus the broad market like the S&P, which is dominated by many of these tech giants.

And so by the time we get to today our domestic equity performance in large-cap is close to caught up to the S&P 500, obviously not to the growth stock indices.

So I would say as we feel it today, as deep value investors, we’re having a really good year against our value benchmarks.

We feel like the environment for investing for us is kind of normal. The recession that everybody’s afraid of maybe is delayed. Maybe it’s just going to be a muddle through.

Obviously nobody knows this, but we’ve again had a pretty good environment in the last two months.

So these are a very short-term analysis but I’d say that is indicative of what is going on in the U.S market.

You can listen to the entire discussion here:

For all the latest news and podcasts, join our free newsletter here.

FREE Stock Screener

Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.