Tweedy Browne Q4 2012 commentary. Interesting to note that the famous value firm seems to find many energy stocks cheap.
We established new positions during the quarter in two industrial businesses, an information technology company and a Japanese pharmaceutical company. This included Halliburton, the Houston based global oil service company; Joy Global, the US-based mining equipment manufacturer; Cisco Systems, the global leader in routing and switching technology; and Mitsubishi Tanabe, the Japanese pharmaceutical company. All four of these companies at purchase were trading at significant discounts from our conservative estimates of their intrinsic value, were financially strong and we believe have solid prospects for future growth. In addition to the above new buys, we added to our positions in Devon Energy, Royal Dutch, Scor, HSBC, and Tesco, among others.
We have also been increasing our commitments to the oil & gas industry and related companies with our recent investments in Halliburton and Vallourec.
The full letter is embedded below: