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What Has Worked in Investing: Studies of Investment Approaches and Characteristics Associatedwith Exceptional Returns. Copyright © 1992 by Tweedy, Browne Company LLCRevised Edition. Copyright © 2009 by Tweedy, Browne Company LLCThis booklet contains historical studies and is designed to be illustrative of the general investmentphilosophy and broad investment style overview of Tweedy, Browne Company LLC. Theperformance data provided herein should not be relied upon by investors in the Tweedy, BrowneGlobal Value Fund, Tweedy, Browne Global Value Fund II – Currency Unhedged, Tweedy, BrowneValue Fund, Tweedy, Browne Worldwide High Dividend Yield Value Fund (the Funds), or anyseparately managed account of Tweedy, Browne Company LLC in making investment decisions.Current and future portfolio holdings are subject to risk. Investing in foreign securities involvesadditional risks beyond the risks of investing in U.S. securities markets. These risks includecurrency fluctuations; political uncertainty; different accounting and financial standards; differentregulatory environments; and different market and economic factors in various non-U.S. countries.In addition, the securities of small, less well known companies may be more volatile than those oflarger companies. Value investing involves the risk that the market will not recognize a security'sintrinsic value for a long time, or that a security thought to be undervalued may actually beappropriately priced when purchased. Please refer to the Funds’ prospectus for a description ofrisk factors associated with investments in securities that may be held by the Funds.Past performance is not a guarantee of future results, nor are the results in this booklet indicative ofthe past or future performance of the Funds or any separately managed account of Tweedy, BrowneCompany LLC. Investment return and principal value of an investment will fluctuate so that aninvestor’s shares, when redeemed, may be worth more or less than their original cost.The investment returns presented in the studies herein represent past performance of stocks andindices as outlined in the respective studies and should not be considered indicative orrepresentative of the past or future performance of the Funds or any separately managed account ofTweedy, Browne Company LLC, nor should it be inferred that the future performance of thesevehicles will equal or exceed the performance set forth in the studies. Although we are not awareof their existence, there may be studies that exist that contradict the conclusions of the studiespresented herein. Information contained herein is derived from various sources as set out in thenarrative. Although we believe the information provided by the sources to be accurate, we have notindependently verified the information.Tweedy, Browne Global Value Fund, Tweedy, Browne Global Value Fund II – Currency Unhedged,Tweedy, Browne Value Fund and Tweedy, Browne Worldwide High Dividend Yield Value Fundare distributed by AMG Distributors, Inc., Member FINRA/SIPC.The material must be preceded or accompanied by a prospectus for Tweedy, Browne Fund Inc.
WHAT HAS WORKED IN INVESTINGDear Investor:What Has Worked in Investing is an attempt to share with you our knowledge ofhistorically successful investment characteristics and approaches. Included in this bookletare descriptions of over 50 studies, approximately half of which relate to non-U.S. stocks.Our choice of studies has not been selective; we merely included most of the major studieswe have seen through the years. Interestingly, geography had no influence on the basicconclusion that stocks possessing the characteristics described in this booklet provided thebest returns over long periods of time. While this conclusion comes as no surprise to us, itdoes provide empirical evidence that Benjamin Graham’s principles of investing, firstdescribed in 1934 in his book, Security Analysis, continue to serve investors well. Aknowledge of the recurring and often interrelated patterns of investment success over longperiods has not only enhanced our investment process, but has also provided long-termperspective and, occasionally, patience and perseverance. We hope this knowledge will alsoserve you well.The basic investment selection criteria described in What Has Worked in Investing havebeen incorporated in Tweedy, Browne’s investment screening and decision making processsince at least 1958, when Tom Knapp, a retired partner, joined Tweedy, Browne fromBenjamin Graham’s investment management firm, Graham-Newman Corporation. Most ofTweedy, Browne’s investments have had at least one, and, more frequently, several of theinvestment characteristics which are described in this booklet.The criteria and characteristics have been utilized by Tweedy, Browne because theypointed, like clues, in the direction of truly undervalued companies; appealed to commonsense; and because the managing directors have always believed that undervaluation, whichis associated with low risk, would also be associated with satisfactory returns. In addition tothe confirmation provided by our own historical investment results spanning nearly 50years, the extensive studies described in this booklet, in our judgment, have empiricallyconfirmed that the fundamental approach to security analysis developed by BenjaminGraham, and long practiced by Tweedy, Browne, produces attractive long-term rates ofreturn. Most investments in Tweedy, Browne portfolios have had, and continue to have, atthe time of purchase one or more of the following characteristics:i
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Tweedy, Browne Company LLCOne Stati
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