Category Archive

In their latest Q4 2022 Market Commentary, Pzena explain why the stage is set for another powerful value cycle. Here’s an excerpt from the letter: Equity market performance in periods of high inflation and slow or negative GDP growth has been top of mind for many of our clients. While … Read More

In their latest Q4 2022 Letter, Pzena Investment Management explain why the value opportunity is compelling. Here’s an excerpt from the letter: Despite recession, inflation, and geopolitical fears, we believe the value opportunity is compelling, even after its best relative performance in more than two decades. Macroeconomic and geopolitical fears … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In their recent Q2 2022 Market Commentary, Pzena Investment Management discuss value’s opportunity in uncertain times. Here’s an excerpt from the commentary: The late John Bogle, founder of The Vanguard Group, suggested a framework for breaking stock market returns into two pieces: fundamental return, the return from dividends and earnings, … Read More

In his Q1 2022 Earnings Call, Rich Pzena explained why value investing continues to work. Here’s an excerpt from the call: I’ve been saying the same thing about value investing for my entire life. It just works. It works because people are emotional and not analytical. It works because people … Read More

In their lastest Q1 2022 Market Commentary, Pzena Investment Management explain why fundamentals point to an enduring value cycle. Here’s an excerpt from the commentary: We commonly hear two questions at opposite ends of the value cycle: “Is value dead?” and “Is the value cycle over?” The psychology behind these … Read More

In their latest Q1 2022 Market Commentary, Pzena Investment Management explain why fundamentals support the case for an enduring value cycle. Here’s an excerpt from the commentary: We commonly hear two questions at opposite ends of the value cycle: “Is value dead?” and “Is the value cycle over?” The psychology … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest Q4 2021 Earnings Call, Rich Pzena discusses the danger of becoming anchored in investing. Here’s an excerpt from the call: If a client asked me as 2009 began, just after the peak of the global financial crisis, what I thought our strategy would earn over the next … Read More

In their latest educational video, Pzena Investment Management discuss why value investing opportunities don’t have to be optically cheap junk. Here’s an excerpt from the video: There are two important things to keep in mind. The first is we’re looking to buy good businesses. I think sometimes when people hear … Read More

In his latest presentation, Rich Pzena explains why there’s something wrong with the arithmetic in today’s valuations. Here’s an excerpt from the presentation: I’m going to start with a little story from 1999. Probably one of the most influential discussions I had as an investor, but to set the stage, … Read More

In his latest Q3 Earnings Call, Rich Pzena provides some research that shows that cheap stocks can be quality stocks too. Here’s an excerpt from the call: We human beings are irrational decision makers. It’s not just my opinion. Decades of behavioral economics research and several Nobel Prizes have been … Read More

In their latest Q3 2021 Market Commentary, Pzena discuss the compelling opportunity in value stocks. Here’s an excerpt from the commentary: We have argued for some time that the opportunity in value stocks is compelling: valuations are cheap, operating metrics are strong, and they offer high single-digit to low double-digit … Read More

In his recent interview on ValueWalk, Rich Pzena discussed why earnings growth rates are higher for value stocks than growth stocks for the next two years. Here’s an excerpt from the interview (H/T Forbes): “A typical value cycle that’s tied to an economic cycle lasts for quite some time,” Pzena … Read More

In his recent interview on the ValueWalk Podcast, Rich Pzena discusses why returns deteriorate as you grow. Here’s an excerpt from the interview: This is one of those businesses where the bigger that you get the harder it is to win. It’s almost the opposite of every other business which … Read More

In this interview on the [i3] Podcast, Rich Pzena discusses the one thing that Joel Greenblatt taught him which helped him to achieve outstanding results. Here’s an excerpt from the interview: Pzena: He had one view right, he said to me I don’t believe in pure value investing. I think … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his recent Q2 2021 Earnings Call, Rich Pzena discussed the current climate for value investors saying, “Almost no one believes value will work until it already has”. Here’s an excerpt from the call: Pzena: I’ve been a value investor my entire life. Someone asked me recently, how I came … Read More

In their latest Q2 2021 Market Commentary, Pzena discuss inflation, value investing, and the performance of cheap vs expensive stocks across inflationary environments. Here’s an excerpt from the commentary: Inflation, its effect on the market, and its implications for our portfolios have been frequent topics in recent client conversations. Whether … Read More