Category Archive

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

During his recent interview with The Inside Adviser, Richard Pzena discusses his way of assessing a company’s intrinsic value by estimating its ‘normalized earnings’, which is what the company is expected to earn over the long term. He also discloses how to deal with the risk of investing in value … 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

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 … Read More

In their latest market commentary, Pzena Investment Management explain why today’s darling stocks become tomorrow’s value stocks. Here’s an excerpt from the commentary: As disciplined value investors, we are open-minded to investment opportunities, while never compromising by overpaying. Thus, we have no issue purchasing mega-cap and/or technology stocks as long … Read More

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

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 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

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