Tag Archive

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

In his recent interview on the Gaining Perspective Podcast, Rich Pzena discussed four factors that could provide a spectacular decade for value. Here’s an excerpt from the interview: Pzena: I think there are four factors that will potentially make this a good period for value. 1. We’re In The Middle … Read More

In his latest Q1 2021 Earnings Call, Rich Pzena explained why this is beginning of a long pro-value cycle. Here’s an excerpt from the call: Last quarter in these remarks, I observed the clients were asking us what are the fourth quarter’s big value run. Was the start of a … Read More

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

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

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

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

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

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 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