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Richard Pzena

Richard Pzena

Pzena Investment Management LLC
Last Update: 2013-05-10

Number of Stocks: 120
Number of New Stocks: 5

Total Value: $14,280 Mil
Q/Q Turnover: 9%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:
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Richard Pzena's Profile & Performance

Profile

Mr. Pzena is Founder and Co-Chief Investment Officer of Pzena Investment Management, LLC, with more than $24 billion under management. Pzena started firm in 1995. He earned a BS summa cum laude and an MBA from the Wharton School of the University of Pennsylvania in 1979 and 1980, respectively.

Web Page:http://www.pzena.com/

Investing Philosophy

Pzena's philosophy is based on ranking companies from the cheapest to the most expensive on the basis of current share price to normal long-term earnings power. He purchases shares in good businesses that are selling at a low price. He understands that it is often unrealistic to expect such opportunities to be available absent some sort of problem which causes the price of the shares to drop. The question Pzena and his team try to answer is whether the issue that caused the drop in price is temporary or permanent.

Total Holding History

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Top Ranked Articles

Big Time Investors Who Made Some Big Time Mistakes – Example 1 Richard Pzena
September 1, 2010
Richard Pzena - Big Time Investors Who Made Some Big Time Mistakes – Example 1 Richard Pzena
It is important to remember that you never know what you don’t know. Give yourself a margin of safety and realize that you just may not be as smart as you think you are even if you have a long successful record. In other words you have to maintain some diversification in your portfolio. I like to take concentrated positions, but I also like to hold large amounts of cash because I know that there are better opportunities ahead. Read more...
Take a Memo - Staples Needed for Your Portfolio
February 9, 2012
Richard Pzena,Joel Greenblatt - Take A Memo - Staples Needed For Your Portfolio
Staples Inc. (SPLS) Read more...
Richard Pzena Publishes Quarterly Commentary; Top Holdings: XOM, NOC, JCP, TEL, OMC, ALL
December 21, 2010
Richard Pzena - Richard Pzena Publishes Quarterly Commentary; Top Holdings: XOM, NOC, JCP, TEL, OMC, ALL
Richard Pzena is a value investing oriented money manager. His firm, Pzena Invesment Management, is publically traded in NYSE under the symbol “PZN”. The firm went to public in late 2007. At today’s closing price or $7.24 per share, the market is valuing the firm at $68.75 million. Just to put you the right perspective, the company reported a $14.5 billion of Asset Under Management as of October 2010. Read more...
Richard Pzena’s Q3 Portfolio Updates: Top Reductions in AVP, CSC and PPG
November 13, 2012
Richard Pzena - Richard Pzena’s Q3 Portfolio Updates: Top Reductions In AVP, CSC And PPG
Richard Pzena is the founder and co-chief investment officer of New York-based Pzena Investment Management. Recently, Pzena reported a total of 90 transactions to its third quarter portfolio update, 10 of which were reductions to current shareholdings and 11 of which were sells of all its shares in companies. The majority of the updates were increases in stakes; there were also seven new buys in the update. Read more...
Richard Pzena Buys Oracle, Google, Baker Highes, PartnerRe, DeVry
August 10, 2012
Richard Pzena - Richard Pzena Buys Oracle, Google, Baker Highes, PartnerRe, DeVry
Richard Pzena founded New York-based Pzena Investment Management in 1996 and now has $13.2 billion in assets under management. In the second quarter, Pzena wrote in his commentary that the combination of problematic macro events was creating a number of significant valuation discounts on companies with long-term sustainable earnings power. Read more...
» More Richard Pzena Articles

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Richard Pzena Buys 5 New Stocks
May 14, 2013
Richard Pzena - Richard Pzena Buys 5 New Stocks
Pzena Investment Management has been dedicated to “strict valuation discipline” since Richard Pzena founded it in 1996. The firm has experienced some particularly good days recently: Market appreciation and inflows combined to grow assets under management from $14.1 billion in April 2012 to $19.9 billion in April 2013. More...

  • Currently 3.40/5

Rating: 3.4/5 (5 votes)

Dell's Guru Shareholders Farther from Getting Estimated Fair Price as Blackstone Drops LBO Bid
April 22, 2013
Donald Yacktman,Richard Pzena,Mason Hawkins - Dell's Guru Shareholders Farther From Getting Estimated Fair Price As Blackstone Drops LBO Bid
Guru Dell shareholders’ chances of getting a price higher than the original $13.65 per share pitched by CEO Michael Dell and private equity firm Silver Lake Partners in February dwindled on Friday when a second bidder, Blackstone Group (BX), withdrew an offer of $14.25 per share for the company. More...

  • Currently 3.67/5

Rating: 3.7/5 (3 votes)

Richard Pzena Reduces APOL as Phoenix Rises for Others
March 11, 2013
Richard Pzena,Jeff Auxier - Richard Pzena Reduces APOL As Phoenix Rises For Others
Richard Pzena of Pzena Investment Management LLC reduced his Apollo Group Inc. (APOL) shares by 23.54% on Feb. 28, 2013. His current APOL shares are at 5,463,455, bought at $16.95, with a change from average of 1%. The current APOL price per share is $17.06. Apollo Group Inc. was incorporated in Arizona in 1981. Perhaps best known for its subsidiary, The University of Phoenix Inc., the education company offers both online and on-campus educational programs at the undergraduate and graduate levels. Apollo Group Inc. has a market cap of $1.92 billion; with a P/E ratio of 4.9 and P/S ratio of 0.5. GuruFocus rated Apollo Group Inc. the business predictability rank of 4.5-star. More...

EDUCATION


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Guru Richard Pzena's Top Q4 Stock Buys
February 11, 2013
Richard Pzena - Guru Richard Pzena's Top Q4 Stock Buys
Pzena Investment Management is a global investment management firm with $18.6 billion in assets managed, which Richard Pzena founded using classic value investing principles. In its portfolio containing 124 stocks, it chose 7 new ones in the fourth quarter, the largest of which are: Assurant Inc. (AIZ), Aetna Inc. (AET) and Anixter International Inc. (AXE). More...

  • Currently 3.50/5

Rating: 3.5/5 (4 votes)

Pzena Investment Management Q4 Commentary
January 23, 2013
Richard Pzena - Pzena Investment Management Q4 Commentary
Investment manager Richard Pzena expounds on his fourth quarter and outlook for 2013 in his fourth quarter commentary available here. More...

  • Currently 3.00/5

Rating: 3.0/5 (4 votes)

Weekly Guru Bargains Highlights: CIG, ARO, DLTR, HAE
January 13, 2013
According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

  • Currently 4.00/5

Rating: 4.0/5 (8 votes)

Richard Pzena’s Q3 Portfolio Updates: Top Reductions in AVP, CSC and PPG
November 13, 2012
Richard Pzena - Richard Pzena’s Q3 Portfolio Updates: Top Reductions In AVP, CSC And PPG
Richard Pzena is the founder and co-chief investment officer of New York-based Pzena Investment Management. Recently, Pzena reported a total of 90 transactions to its third quarter portfolio update, 10 of which were reductions to current shareholdings and 11 of which were sells of all its shares in companies. The majority of the updates were increases in stakes; there were also seven new buys in the update. More...

  • Currently 3.00/5

Rating: 3.0/5 (5 votes)

Pzena Investment Management Releases Q3 Letter
October 26, 2012
Richard Pzena discusses the market, stocks and bonds in the third quarter commentary for Pzena Investment Management, available here. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Weekly CEO Buys Highlight: SUNS, PACB, GM, NPO, DGX
August 11, 2012
According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

  • Currently 3.50/5

Rating: 3.5/5 (10 votes)

Richard Pzena Buys Oracle, Google, Baker Highes, PartnerRe, DeVry
August 10, 2012
Richard Pzena - Richard Pzena Buys Oracle, Google, Baker Highes, PartnerRe, DeVry
Richard Pzena founded New York-based Pzena Investment Management in 1996 and now has $13.2 billion in assets under management. In the second quarter, Pzena wrote in his commentary that the combination of problematic macro events was creating a number of significant valuation discounts on companies with long-term sustainable earnings power. More...

  • Currently 4.10/5

Rating: 4.1/5 (10 votes)

Richard Pzena of Pzena Investment Management Second-Quarter Commentary
July 27, 2012
Richard Pzena - Richard Pzena Of Pzena Investment Management Second-Quarter Commentary
Stay Focused on the Opportunity Over the course of 16+ years of value investing, our firm's focus has always been on buying deeply undervalued securities in order to produce superior long-term investment returns for our clients. We have faced many challenging environments; the dot-com bubble, currency crises, financial crises, and recessions. Each period has presented its own unique set of issues, but the common denominator across these time periods is that in each, powerful consensus views drive wide valuation discrepancies. Today, the environment is dominated by the fear of a potential Eurozone meltdown and a weakening global economy. That has created a bubble in "safe" assets - U.S. government bonds, high dividend-paying stocks, and stable earners. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

  • Currently 3.57/5

Rating: 3.6/5 (7 votes)

Richard Pzena First Quarter Letter: Disaster Myopia and Cycles of Value Investing
May 8, 2012
Richard Pzena - Richard Pzena First Quarter Letter: Disaster Myopia And Cycles Of Value Investing
Recovery in investor sentiment takes time after traumatic events. We examine the causes of Disaster Myopia and how it creates opportunities during value cycles, with financials today a case in point. More...

  • Currently 3.20/5

Rating: 3.2/5 (10 votes)

Richard Pzena's Top Growth Stocks - ACE, TSM, APOL, JAH, LLL
February 15, 2012
Richard Pzena founded Pzena Investment Management LLC in 1995 and serves as its co-chief investment officer. This firm manages more than $24 billion. Pzena graduated from the Wharton School, University of Pennsylvania with a B.S. and later with an MBA. More...

TOP GROWTH, HOT PICKS, PORTFOLIO, GURU ANALYSIS


  • Currently 3.71/5

Rating: 3.7/5 (14 votes)

Take a Memo - Staples Needed for Your Portfolio
February 9, 2012
Richard Pzena,Joel Greenblatt - Take A Memo - Staples Needed For Your Portfolio
Staples Inc. (SPLS) More...

  • Currently 3.50/5

Rating: 3.5/5 (8 votes)

Richard Pzena Keeps Buying HPQ, OMC, ETR, C, RDS.A, AVP and Keeps Selling XOM, NOC, TEL, LLL, UBS
January 31, 2012
Richard Pzena keeps Buying HPQ, OMC, ETR, C, RDS.A, AVP and keeps Selling XOM, NOC, TEL, LLL, UBS More...

  • Currently 3.86/5

Rating: 3.9/5 (7 votes)

Pzena Investment Management Q4 2011 - Is Value Investing Dead?
January 30, 2012
PzenaQ42011 More...

  • Currently 2.17/5

Rating: 2.2/5 (6 votes)

Top 5 Conviction Picks from Richard Pzena
January 4, 2012
Richard Pzena is founder and co-chief investment officer of Pzena Investment Management LLC. Pzena started his firm in 1995. More...

GURU PICKS, HEDGE FUND MANAGER, VALUE INVESTOR, TECH PICKS


  • Currently 3.57/5

Rating: 3.6/5 (7 votes)

Richard Pzena Third Quarter Commentary: Fear and Uncertainty Create Opportunity
November 2, 2011
Richard Pzena - Richard Pzena Third Quarter Commentary: Fear And Uncertainty Create Opportunity
Investors are tethered to the saga of the European sovereign debt crisis, producing gut-wrenching market gyrations. The threat of Greek (Spain, Italy…) default, European bank recapitalizations, and financial contagion have driven fear and uncertainty to the extreme, and caused investors globally to move en masse away from equities: “highly correlated moves,” in Wall Street parlance. Expecting the worst, investors have particularly penalized cyclical (or high-beta) stocks, driving valuation spreads between those and stable (low beta) stocks to almost unprecedented levels (Figure 1). On this basis alone, one could conclude that it is an awful time to reposition to low-beta stocks, as they are expensive compared to their cyclical counterparts (Figure 2). Even more importantly, we believe there is significant value opportunity in today’s beaten-down sectors. Over time, managements have demonstrated the ability to adapt, and overcome the obstacles in front of them, and to restore profitability in the wake of significant macroeconomic disruptions. Corporations today are well positioned to deal with near-term shocks should they arise, having de-leveraged their balance sheets and realigned More...

  • Currently 4.71/5

Rating: 4.7/5 (7 votes)

Richard Pzena Publishes Quarterly Commentary; Top Holdings: XOM, NOC, JCP, TEL, OMC, ALL
December 21, 2010
Richard Pzena - Richard Pzena Publishes Quarterly Commentary; Top Holdings: XOM, NOC, JCP, TEL, OMC, ALL
Richard Pzena is a value investing oriented money manager. His firm, Pzena Invesment Management, is publically traded in NYSE under the symbol “PZN”. The firm went to public in late 2007. At today’s closing price or $7.24 per share, the market is valuing the firm at $68.75 million. Just to put you the right perspective, the company reported a $14.5 billion of Asset Under Management as of October 2010. More...

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