Why Smart Money Gets it Wrong in Financial Stocks: Pzena

“If it weren’t for bad luck, I’d have no luck at all.” –Stevie Ray Vaughan

Ok, so my mother never loved me. I reveled in schadenfreude as I watched the big money go down in flames buying financial fiascos during 2008/09.  My twisted ego might be comforted but what can we learn for the future? Try to think through what makes financial stocks difficult to value and especially risky in a credit crisis.  We will discuss under the heading, lesson, near the end of this post.

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