You are hereRichard Pzena's Latest Comments & His Computerized Value Investing System

Richard Pzena's Latest Comments & His Computerized Value Investing System

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By ZENWAY - Posted on 03 February 2009

We feel Richard Pzena made a serious effort at putting together a system for value investing. (Although our research shows that the Pzena System could be improved.) We are not publishing our suggested improvements today, but we will share with you our interpretation of Pzena's system for value investing. See attached complimentary issue of "Superinvestor Digest" at:
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PZENA'S LATES MARKET COMMENTS: Events of the past year have created an environment where it seems everything is at an extreme – uncertainty, emotions, volatility, valuations. These are not easy times to navigate, particularly when it comes to portfolio decisions. Our objective in these pages is to provide a perspective on what we believe to be the outsized return potential now available to equity investors (and value investors in particular), how these opportunities stack up against fixed income alternatives, and the conditions that led to these valuation distortions. Our message is simple: don’t panic, think long term, and take advantage of the opportunity.
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THE IMPORTANCE OF DEVELOPING A SYSTEM FOR VALUE INVESTING The biggest problem that most value investors face is that they do not have a carefully structured system for investment decision making. This is an unfortunate fact even after they have spent years reading about value investing and collecting scattered and unorganized tidbits from here and there. Yet we know that a systematic approach based on an organized framework is crucial to success in any endeavor. Value investing is a lot like swimming and deep-dive fishing. You can read all the books about that, but once you are in the water, things are different. That's why we feel large value investing conferences can add little value to an investor's skill development. That's why become the pioneer in one-on-one professional coaching for value investors combining ancient Zen training techniques with Warren Buffett strategies organized in a systematic way with checklists, procedures and analytical spreadsheets. Stay tuned to our efforts to systematically reconfigure the framework of value investing...

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