Our Research

Investment Analysis

Pzena Third-Quarter Newsletter Commentary - In the teeth of the market meltdown, it's hard to believe there is room for hope. But we're seeing some promising signs. Our analysis shows: The value/momentum cycle appears to have begun to turn - in line with the historical pattern entering a recession; the law of supply and demand has begun to catch up to commodities; fundamentals for the strongest financial firms are better than the market has given them credit for. The value opportunity has actually widened to levels we have not seen in years - broadening beyond financials to include a diverse set of industries and sectors.

Pzena Second-Quarter Newsletter Commentary – Investors are being misled by accounting rules that can lead to financial firms overstating losses and a conviction that future earnings for the industry are materially impaired. They're not.

Pzena First-Quarter Newsletter Commentary - Deleveraging does not equal disaster.

Commentary Following the Bear Stearns Sale

Pzena Fourth-Quarter Newsletter Commentary - An analysis of what drives value returns, the relationship between value and momentum investment strategies, and where we are in that cycle today.

Webcasts

  • The Financials: Separating Fact from Fiction - In this video and slide presentation, Rich Pzena discusses our research into the current state of the financial sector, an analysis of its key risks, and its prospects both in general and for our own holdings.

Webcasts can be selected and viewed here. If you do not have an access code, please call us.

Publications

  • Pzena First-Quarter 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.

Media Interviews

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)
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