20 Jul 2022 Pzena Investment Management Q2 2022 Commentary: Value’s Opportunity In Uncertain Times ( Portfolio )

"While recession fears are understandable, timing market peaks and valleys is extremely difficult and more likely to cost performance than add to it. Indeed, with reported GDP growth turning negative in some regions and markets already down sharply in anticipation of the next recession, it calls into question the risk/reward of maintaining a lower equity allocation at this point, since it has historically represented a good time to invest in the market, and a particularly good time for value stocks. With the opportunity set we see in value stocks, we believe the runway for a long and enduring value cycle remains intact."