Pzena Investment Management Fourth-Quarter Newsletter Commentary
Read the full article at: http://www.pzena.com/quarterly.php
Submitted by SilverSlime on Tue, 2008-02-12 06:47.
(via www.pzena.com)
Value investing may be rewarding in the long term, but can be painful in the short term. Can that be avoided? And is now the wrong time for value?
First Quarter Newsletter out
The First-Quarter 2008 newsletter is out at this same url. In it Pzena argues that the current financial crisis will end as a typical credit cycle that will work its way out as other post- excess crises have, without impairing the long-term ROE of the survivors.