Pzena First Quarter 2015 Newsletter Commentary - Return on equity has been the main driver of returns in emerging markets. With ROE's declining, today's environment favors stock selection where pessimism is already reflected in valuations. Pzena Fourth Quarter 2014 Newsletter Commentary - The markets are in the early stages of correcting for an oversupply of oil. There will be winners and losers, with the long-term oil price dictated by the economics of supply.
Pzena Fourth Quarter 2014 Newsletter Commentary - The markets are in the early stages of correcting for an oversupply of oil. There will be winners and losers, with the long-term oil price dictated by the economics of supply.Pzena Third Quarter 2014 Newsletter Commentary - Using short-term volatility when making long-term investment decisions can lead to dubious results. A strong case for equities emerges when using consistent time horizons for the investor with long-dated liabilities.
Pzena Second Quarter 2014 Newsletter Commentary - History suggests that value stocks are effective in cushioning the downside during most market corrections. The patterns appear tied to excessive valuations, recessions, and financial crises.
Pzena First Quarter 2014 Newsletter Commentary - Significant opportunities are taking shape in emerging markets, but selectivity is warranted as the correction continues. Consider fundamentals and valuation, not just stock price.
Pzena White Paper: Assessing Risk and Return - For the long-term investor, risk is more appropriately defined as the permanent impairment of capital rather than short-term volatility.
Publications Pzena Quarterly Newsletter - Our Letter to Clients, Investment Commentary, Quarterly Strategies, Review and Outlooks, and Pzena News. The Search For Value - a compilation of Pzena commentaries from our first 11 years. Firm Summary - an introduction to Pzena. To request a copy of the publications above, please contact us. Other Resources on Value Investing The Little Book that Beats the Market by Joel Greenblatt Value Investing: From Graham to Buffett and Beyond by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael Van Biema What Works on Wall Street: A Guide to the Best-Performing Investment Strategies ofAll Time by James P. O’Shaughnessy The Intelligent Investor by Benjamin Graham, Jason Zweig Margin of Safety: Risk Averse Value Investing Strategies for the Thoughtful Investor by Seth A. Klarman Security Analysis By Benjamin Graham and David Dodd The Cross-Section of Expected Stock Returns by Eugene F. Fama and Kenneth R. French. Journal of Finance 47(1992)