Our Research

Investment Analysis


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 Fourth-Quarter 2013 Newsletter Commentary - Do peak profits spell doom for the equity markets? We think not, and present the evidence that there are ample opportunities to be exploited.

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.



  • 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 of
    All 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)