Investment Analysis
Pzena Second-Quarter Newsletter Commentary – Valuations for leading financial firms are no longer rational, as investors have lost sight of the earnings power of these businesses. Our research shows that accounting rules are front-loading losses and potentially leading to overstating them; that the risk of failure is not significant for most leading financial companies; and that the future earnings power of many financial firms is not materially impaired.
Pzena First-Quarter Newsletter Commentary - Deleveraging does not equal disaster.
Commentary Following the Bear Stearns Sale
Pzena Fourth-Quarter Newsletter Commentary - An analysis of the value/momentum cycle.
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 Second-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
- Rich Pzena on "Surviving the Cycles on Investing": Outstanding Investor Digest, 2/29/08
- Feature interview with Rich Pzena – Barron’s 12/31/07
- Interview with Rich Pzena – Columbia Business School
- Interview with Rama Krishna – Harbor Funds
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)
