I recently posted Third Avenue’s Quarterly Shareholder Letter. I thought the letter contained valuable information on value investing, and the current economic crisis. Tweedy Browne is another Value Fund which I follow closely. Many people have stated that Tweedy Browne has the closest investment style to Benjamin Graham. They are classic value investors who place a heavy emphasis on quantitative factors. Tweedy Browne runs several value mutual funds. Tweedy Browne was started in 1920 in the days of Graham.
Unfortunately one of the great managing directors of the firm, Christopher Browne recently passed away. I wrote an obituary which can be found here if anyone wishes to read it. Even after the passing of Christopher Browne, the firm still has four excellent directors; William H. Browne, Thomas H. Shrager, John D. Spears and Robert Q. Wyckoff, Jr.
Below is the firm’s annual report in PDF format. Normally reports contain a few pages of commentary by the directors, followed by performance data and some information which the SEC forces them to print. This letter contains commentary from the directors throughout the letter.