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Pzena Investment Management (PZN) Q2 June 2008

July 30th, 2008 10AM
-Q2 was awful as “fear gripped the marketplace… rational analysis has been discarded and emotion is driving securities prices”
-Valuation spread between financials and commodities is the highest in 55 years
-Buying financial companies at 2-3 times normal earnings power
-Had $700 million of net inflows
-AUM declined by 19% during the quarter from $20.4B to $18.5B. $2.6B was through negative performance and $700M of net inflows


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