Our Research

Investment Analysis

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 Third-Quarter 2013 Newsletter Commentary - The value advantage in emerging markets has historically exceeded that in the developed world. We present our approach to exploiting this opportunity today and throughout the cycles.

Pzena Second-Quarter 2013 Newsletter Commentary - Despite a strong run, deep value stocks are still behind the market this cycle. An abundance of deeply undervalued companies gives us optimism that we are still in the early phases of recovery.

Pzena First-Quarter 2013 Newsletter Commentary - Investor skepticism creates opportunities in the universal banks. We discuss why they are good businesses, and how they are adapting to the new regulatory regime.

Pzena Fourth-Quarter 2012 Newsletter Commentary - Risk appears significantly mispriced in today’s markets, resulting in a dramatic valuation disparity between high-priced yield and earnings stability, and equities exposed to the economic cycle that have lagged.

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 complete the publications request form.

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)