Pzena: Value Doesn’t Need Inflation To Work

Johnny HopkinsRichard PzenaLeave a Comment

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

Value Investing Masterclass: Greenblatt & Pzena – Excess Financial Leverage And Value Investing are Not Good Bedfellows

Johnny HopkinsJoel Greenblatt, Richard Pzena, Value InvestingLeave a Comment

In their recent Value Investing Masterclass, Rich Pzena and Joel Greenblatt discuss all things value investing including their days spent worked together on a Ben Graham paper in college. During the interview Rich Pzena also discusses his thoughts on why value investing and excess financial leverage are not good bedfellows. … Read More

Rich Pzena: Momentum Is With Value

Johnny HopkinsRichard PzenaLeave a Comment

In their latest Q4 2020 Market Commentary titled Momentum Is With Value, Pzena Investment Management discussed why they believe we are in the early stages of a value cycle due to an earnings recovery that will favor value stocks. Here’s an excerpt from the commentary: Companies reacted to the operational … Read More

Rich Pzena’s Top 10 Holdings (Q3 2020)

Johnny HopkinsRichard PzenaLeave a Comment

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

Rich Pzena: Top Buys, Top Sells (Q1 2020)

Johnny HopkinsRichard PzenaLeave a Comment

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

Rich Pzena: Top 10 Holdings

Johnny HopkinsRichard PzenaLeave a Comment

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

Richard Pzena: “The Longer And Deeper The Anti-Value Cycle, The Greater The Recovery For Undervalued Stocks When Markets Eventually Normalize.”

Johnny HopkinsRichard PzenaLeave a Comment

Richard Pzena has just released his firm’s Q3 2019 Commentary, in which he discusses the similarities between today’s extended bull market, and the period leading up to 1998, and what that means for value investors, saying: “History has demonstrated that the longer and deeper the anti-value cycle, the greater the … Read More

Rich Pzena – There Are Many Factors Contributing To The Opportunities In Value Stocks Today

Johnny HopkinsRichard PzenaLeave a Comment

Pzena Investment Management recently released its Q2 2017 commentary saying: Improving fundamentals coupled with wide valuation spreads make for an attractive environment for deep value stocks. Self-help measures have been an important contributor to an improved profit picture. The article goes on to say: The strong value run of 2016 … Read More

Pzena Investment Management: Investing In The Cheapest Stocks Provides Superior Investment Performance Over The Long Term

Johnny HopkinsRichard PzenaLeave a Comment

One of the investors we follow closely at The Acquirer’s Multiple is Rich Pzena at Pzena Investment Management (Pzena). Pzena recently released its Q1 2017 commentary in which they demonstrate how investing in the cheapest stocks provides superior investment performance over the long term. Here’s an excerpt from the Q1 … Read More