From Pzena Management Q4 2012 shareholder letter: ‘Getting Paid To Own Equities’
The opportunity to own assets deemed risky is exceptionally attractive relative to history, as risk appears significantly mispriced in today’s markets. the broad equity market, and the cheapest quintile of stocks therein, carry expected returns of 10.9% and 15.7%, above their historical average. Relative valuations for financials were at close to all-time lows heading into 2012…the sector remains depressed today.
Full article here.
ValueWalk’s March 2021 Hedge Fund Update: Klarman, Loeb, Reddit And Much More
Welcome to our latest issue of issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Seth Klarman and Dan Loeb's investment in Intel, losses and profits from Reddit's frenzy, and an analysis of hedge fund pay. Q4 Read More