After a roller coaster year, which in late spring saw equity indices hit their highest point sincethe 2008 financial crisis only to be followed by a precipitous decline in the third quarter, globalequity markets finished the fourth quarter on a positive note, reflecting in part the markets’cautious optimism about recent actions taken by European policymakers to ward off anescalating financial crisis in southern Europe. The Tweedy Browne Funds held up quite well on a relative basis in this challenging environment with all four of our Funds besting their respective benchmark indices for the yearby a significant margin. The same held for the fourth quarter; however, the Worldwide HighDividend Yield Value Fund, which was our best performer for the year, marginally trailed itsbenchmark for the quarter while producing a 6.17% return. Longer-term comparisons for allfour Funds remain quite favorable.
Here’s what Charlie Munger had to say at the Daily Journal meeting
Charlie Munger spoke at the Daily Journal Corporation's Annual Meeting of Shareholders today. Although Warren Buffett is the more well-known Berkshire Hathaway chief, Munger has been at his side through much of his investing career. Q4 2020 hedge fund letters, conferences and more Charlie Munger's speech at the Daily Journal meeting was live-streamed on Yahoo Read More