Finding value in a bull market

June 14, 2013

A conversation with Tony DeSpirito of Pzena Investment Management

In this recent video interview, Tony DeSpirito of Pzena Investment Management, which oversees a portion of Vanguard Windsor™ Fund, talks about finding value in financial and technology stocks, including one company that "investors have left for dead."


  • All investments, including a portfolio's current and future holdings are subject to risks, which may result in the possible loss of the money you invest.
  • Past performance is not a guarantee of future results.
  • Diversification does not ensure a profit or protect against a loss in a declining market.
  • Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.
  • Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.
  • High-yield bonds generally have medium- and lower-range credit quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit quality ratings. While U.S. Treasury or government agency securities provide substantial protection against credit risk, they do not protect investors against price changes due to changing interest rates.