In their latest Q1 2021 Market Commentary, Pzena Investsment Management provide four reasons why we’re entering into a powerful period of value outperformance. Here’s an excerpt from the commentary: This represents the value approach in a nutshell: having the fundamental research and discipline to buy good businesses when their path … Read More
Value Investing Masterclass: Greenblatt & Pzena – Excess Financial Leverage And Value Investing are Not Good Bedfellows
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: The Beginning Of The Great Rotation To Value?
In his latest webinar titled – The Beginning Of The Great Rotation To Value?, Rich Pzena provides his thesis on why we could be at the beginning of another great rotation to value, based on historical indicators. Here’s an excerpt from the webinar: Pzena: This is really a perfect time … Read More
Rich Pzena: Momentum Is With Value
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: Why We Stick With Value Investing – Not Value Factors
In this discussion with Rich Pzena and Pzena President Bill Lipsey, Pzena explains why they choose to stay the course with their value investing strategy, and why value investing requires discipline in periods where prices become so far detached from fundamental value. One of the question’s his firm regularly gets … Read More
Rich Pzena’s Top 10 Holdings (Q3 2020)
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: The Day Is Coming For Value Investing
In his latest Q3 2020 earnings call, Pzena Asset Management CEO Rich Pzena outlined his reasons why the day is coming for value investing. Here’s an excerpt from that call: Pzena: Thank you, Jessica. Ride the winners. That’s always been obvious investment strategy favored at the end of every cycle. … Read More
Superinvestor Rich Pzena: Top 10 Holdings (Q2 2020), Plus Top Buys NRG, AIG, DOW
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: The True Performance Of Value Investing Should Be Measured Over A Variety Of Endpoints
In his latest Q2 2020 Market Commentary Rich Pzena urges investors to consider the performance of value investing over a variety of endpoints, rather than just the recent past, as a better representation of the strategy’s efficacy. Here’s some excerpts from his commentary: The extreme volatility in the first quarter … Read More
Rich Pzena: Top Buys, Top Sells (Q1 2020)
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
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.”
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: The Best Way To Protect Yourself Against Value Traps
One of our favorite value investors here at The Acquirer’s Multiple is Rich Pzena. One of the best Pzena interviews is one he did with the Graham & Doddsville Newsletter some years ago in which he provided some great insights into how to protect yourself against value traps. Here’s an … Read More
Rich Pzena: How To Be A Successful Value Investor In Disruptive Times
In his latest shareholder letter, Rich Pzena at Pzena Asset Management provides some great advice for investors who are finding it difficult to invest in disruptive times saying: “We are handling the current wave of disruptions the way we always have: by conducting intensive research to find skewed risk / … Read More
Rich Pzena – There Are Many Factors Contributing To The Opportunities In Value Stocks Today
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
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
What Makes a Great Value Investor – Richard Pzena
(Image Credit, cnbc.com) Richard “Rich” Pzena is the founder and chief investment officer of Pzena Investment Management, a New York-based deep value investment firm with over $20 billion in assets under management. According to Graham and Doddsville, Pzena Investment Management’s Value fund has compiled an annualized compounded return of 16.3% … Read More