Tweedy, Browne: “What Has Worked in Investing”
Many individual investors embody value investing—Benjamin Graham and Warren Buffett immediately come to mind. Among investment management firms, perhaps none is as devoted a follower of the principles of value investing as Tweedy, Browne Company.
In his book “Smarter Stock Picking” (FT Press, 2010), David Stevenson wrote: “Graham may be the patron saint of most value-based investors, but it’s Tweedy, Browne who are the Jesuits—the brains behind the scene who bother to work it all out and put it into practice.”
In 1992, Tweedy, Browne published “What Has Worked in Investing: Studies of Investment Approaches and Characteristics Associated With Exceptional Returns,” a paper outlining many of the key characteristics of their own long-term investment portfolios. This article, which was revised in 2009, is available for free from the Tweedy, Browne website: www.tweedy.com/resources/library_docs/papers/WhatHasWorkedInInvesting.pdf.
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