Quarterly Commentary

  • Fourth Quarter 2019 Commentary

    Our interview with Rich Pzena focuses on why human judgment and a consistent investment approach are required to uncover real value and where factor investing misses the mark.

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  • Third Quarter 2019 Commentary

    When we look at the fundamental earnings power of what we own and compare these companies to the broader market, we don’t mind waiting for today’s anomalies to readjust.

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  • Second Quarter 2019 Commentary

    Value investors buy stocks when investors are fearful and where pessimism is already reflected in valuations, but the long-term earnings potential is not recognized. VALUATION EXTREMES AND RARE OPPORTUNITIES Investors seem to be chasing recent performance, flocking to growth and so-called safety shares despite their high valuations that we view as unsustainable given the current trajectory of earnings.

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  • First Quarter 2019 Commentary

    Fear of recession has depressed valuations of many economically sensitive businesses. Contrary to popular belief, this may be an opportune time to invest, with the added benefit that many of these businesses have improved their financial strength and operating flexibility.

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Thought Leadership

  • Why Value Investing Works in Emerging Markets

    Emerging Markets Portfolio Manager Allison Fisch explains how value investing offers amplified return potential in emerging markets in a featured article in Viewpoint, the official journal of Pensions and Lifetime Savings Association.

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  • The Wall Street Transcript Interviews John Goetz

    Focusing on the company-specific microeconomics. Pzena’s Managing Principal, Co-Chief Investment Officer, and Portfolio Manager John Goetz speaks with The Wall Street Transcript about value investing.

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  • US Value CIO Outlook with Rich Pzena - Is it Safe to Go Back Into the Water in 2020?

    After Jaws, everyone was afraid to go back into the water. Now, a decade after the financial crisis ended, many investors are still afraid to go back into the value waters. US CIO Rich Pzena discusses why value is a philosophy and NOT a factor, and what’s in store for value in the US in 2020. (February 2020)

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  • Global Value CIO Outlook with John Goetz – The World According to Value: 2020 Edition

    Global CIO John Goetz discusses the extreme opportunities available to value investors today, and why, in spite of the anti-value environment over the past decade, we closed 2019 at our highest AUM level in our firm’s history. (February 2020)

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  • European Value: The Benefits of Deep Value Exposure in Europe

    Co-CIO and Portfolio Manager John Goetz delves into European value opportunities and provides perspective on the region’s banking industry. (July 2019)

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  • Investment Management in Times of Crisis

    CEO and Co-CIO Rich Pzena talks with our President Bill Lipsey to explain how Pzena Investment Management is conducting business and managing portfolios during the COVID–19 crisis. (March 2020)

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  • GE: A Classic Value Opportunity

    Co-CIO and Portfolio Manager John Goetz and Senior Research Analyst Daniel Babkes take a deep dive into our research process and recount how Pzena chose to make GE one of the largest positions in our US and Global value portfolios. (December 2019)

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