Legendary value investor Rich Pzena on his 30-year career and the opportunity today | S07 E15

In this episode of Value After Hours, Rich Pzena, an investment legend, discusses his early research with Joel Greenblatt on beating the market, his initial disinterest in professional investing, and his experiences in the oil industry that led him to Wall Street. Pzena shares insights into his value investing strategies, including focusing on normalized earnings and finding opportunities in undervalued companies, even amidst market bubbles like the late 90s and the COVID-19 pandemic. He also touches on his decision to step down as CEO, his views on Warren Buffett's recent transition, and his preference for global investing while avoiding macro predictions and currency hedging. The conversation explores the challenges of identifying value traps and the importance of understanding risk beyond traditional metrics like volatility and tracking error.