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 Third-Quarter 2012 Newsletter Commentary - When funding a long-term payment stream, the real growth of equities generally provides both a lower payout rate and higher long-term accumulation of capital than either bonds or hedge funds.
Pzena Second-Quarter 2012 Newsletter Commentary - Buying good businesses at low valuations has long been an advantage enjoyed by the long-term investor. We continue to take advantage of today's most attractively valued opportunities, and look forward to the market's recognition of the true value of these leading franchises.
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 2Q10 Commentary on Volatility - Our research suggests that the value advantage can be exploited while reducing volatility in a deep value portfolio. We now utilize volatility as an input to our long established investment process.
- 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.
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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
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)