Microsoft Valuation by Richard Pzena

Richard Pzena is Founder and Co-Chief Investment Officer of Pzena Investment Management, LLC, which has more than $24 billion under management. Pzena uses a classic value investment approach.

The document contains detailed notes, courtesy of John Chew, on Pzena’s lecture to Joel Greenblatt’s Special Situations Value Investing Class at the Columbia University Business School. Pzena gives an overview of his approach to value investing. What follows is a detailed valuation of Microsoft. Pzena’s valuation is both qualitative and quantitative and highly instructive. It is a relatively rare detailed look at how a successful practicing professional value investor goes about valuing a company.


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