The latest from Tweedy Browne:

Volatility returned with a vengeance to global equity markets in the 3rd quarter set off by the debt ceiling debate, the resultant downgrade in the U.S. credit rating, and the resurgence of the Southern European debt crisis. Over the last three months, the MSCI World and EAFE Indices had peak to trough declines of around 20%, and finished the quarter down -16.61% and -19.01%, respectively. The S&P 500 also finished the quarter down -13.87%. While the Tweedy, Browne Funds were also down for the quarter (which is nothing to crow about), all four comfortably bested their benchmark indices. Longer-term comparisons also remain quite favorable.

Full commentary embedded below:

FundCommentaryQ3,2011FINAL