Founder, CEO & co-CIO, Pzena Investment Management
3 dated public stances tracked since 2021-03-11, most recently 2021-03-11. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Rich Pzena's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Rich Pzena is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2021-03-11 | long FINANCIAL SERVICES / long ENERGY / long INDUSTRIALS / long CONSUMER DISCRETIONARY | basket | +7.1% | +0.3% | +27.2% |
| 2021-03-11 | HAL | owns | +2.0% | -16.1% | +58.5% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| HAL | 1 | | 1 bullish | 2021-03-11 |
| OIL AND GAS STOCKS | 1 | | 1 bullish | 2021-03-11 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2021-03-11
long FINANCIAL SERVICES / long ENERGY / long INDUSTRIALS / long CONSUMER DISCRETIONARY
basket
Value Investing with Legends · video
In an economic recovery with cyclically depressed earnings, the cyclical basket offers roughly 25% compound earnings growth at less than half the P/E of Russell Growth, and value and momentum converge as capital rotates into recovery names
“we're almost all cyclical broadly speaking”
90d +7.1% · 180d +0.3% · 1y +27.2%
Value Investing Masterclass: Joel Greenblatt and Rich Pzena on Active Management in 2021
2021-03-11
OIL AND GAS STOCKS
bullish
Value Investing with Legends · video
Forced ESG selling creates structural mispricing across oil and gas despite BP and Exxon both projecting $12–20 trillion in transition-period capital investment, so responsible managements' cash flows can be purchased at significant discounts
“there's so many anti-carbon people out there giving us the opportunity to buy a stream of cash flows with the responsible management team”
Value Investing Masterclass: Joel Greenblatt and Rich Pzena on Active Management in 2021
2021-03-11
HAL
owns
Value Investing with Legends · video
Anti-carbon ESG sentiment depresses Halliburton's valuation while management has invested heavily in transition technology and the industry still requires trillions in capital, allowing purchase of high-return cash flows at a material discount to intrinsic…
“we own halliburton in our portfolios”
90d +2.0% · 180d -16.1% · 1y +58.5%
Value Investing Masterclass: Joel Greenblatt and Rich Pzena on Active Management in 2021
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