Tweedy, Browne Company LLC
Investment Advisers
Established in 1920
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Managing Directors
Christopher H. Browne
William H. Browne John D. Spears
Thomas H. Shrager Robert Q. Wyckoff, Jr.
WHAT HAS WORKED IN INVESTING:
Studies of Investment Approaches and Characteristics Associated with Exceptional Returns

What Has Worked In Investing is an attempt to share with you our knowledge of historically successful investment characteristics and approaches. Included in this booklet are descriptions of 44 studies, one-half of which relate to non-U.S. stocks. Our choice of studies has not been selective; we merely included most of the major studies we have seen through the years. Interestingly, geography had no influence on the basic conclusion that stocks possessing the characteristics described in this booklet provided the best returns over long periods of time. While this conclusion comes as no surprise to us, it does provide empirical evidence that Benjamin Graham’s principles of investing, first described in 1934 in his book, Security Analysis, continue to serve investors well. A knowledge of the recurring and often interrelated patterns of investment success over long periods has not only enhanced our investment process, but has also provided long-term perspective and, occasionally, patience and perseverance. We hope this knowledge will also serve you well.
The investment selection criteria described in What Has Worked In Investing have been incorporated in Tweedy, Browne’s investment screening and decision making process since at least 1958, when Tom Knapp, a retired partner, joined Tweedy, Browne from Benjamin Graham’s investment management firm, Graham-Newman Corporation. Most of Tweedy, Browne’s investments have had at least one, and, more frequently, several of the