Pzena Investment Management is an independent investment management firm that employs a classic value investment approach for domestic and international portfolios...

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Despite the recent run-up in valuations, historical data offers a compelling argument that we are still in the early innings of this value cycle, with the next leg up likely to be driven by earnings increases in the context of a modest economic recovery.

Read: Our Third-Quarter Commentary

Rich Pzena on "Surviving the Cycles on Investing": Outstanding Investor Digest, 2/29/08

A tough environment never causes real value investors to waver. Disciplined, fact based analysis sows the seeds of significant future outperformance...

See our thoughts: Articles from past market cycles