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Article Archive: Tweedy

A career spent finding value
12/16/09   Tweedy
"'He was something of a collector,' said analyst A. Michael Lipper of Lipper Advisory Services. 'It took a lot of disappointment for him to get rid of an underperforming stock. Could somebody else have produced better results by getting rid of the losers? One might think so, but it wasn't [Tweedy, Browne's] style.'"

Christopher H. Browne dies
12/14/09   Tweedy
"His firm, where he had worked since 1969 and which his father co-founded, occupied a special niche in Wall Street lore due its relationships with two legendary clients: Ben Graham, author of two seminal books on the subject of how to value stocks, and Mr. Graham's most famous pupil, Warren Buffett. Tweedy Browne brokered trades for Mr. Graham from the 1930s through the .50s and from that experience developed an extensive business relationship with Mr. Buffett."

Value investing and behavioral finance
06/03/08   Tweedy
"My partners and I at Tweedy, Browne have in the past been skeptical of academic studies relating to the field of investment management primarily because such studies usually resulted in the birth of financial paradigms which we believe have no relevance to either what we do or to the real world. A whole body of academic work formed the foundation upon which generations of students at the country's major business schools were taught about Modern Portfolio Theory, Efficient Market Theory and Beta. In our humble opinion, this was a classic example of garbage in/garbage out. One could have just as easily manipulated the data to show that corporations with blue covers on their annual reports performed better than corporations with green covers on their annual reports. Although none of the three of us was fortunate enough to have studied under the late Dr. Benjamin Graham when he taught at Columbia Business School, we were fortunate enough to have observed some of his best students who either worked at or were customers of Tweedy, Browne from the late 1950s through the present. Tom Knapp, who was a partner at Tweedy, Browne from 1958 until the early 1980s, both studied under Ben Graham and worked for Ben's investment firm, The Graham-Newman Corporation. Walter Schloss, another alumnus of Graham-Newman, has made his office at Tweedy, Browne since he set up his private investment partnership in 1955. Still going strong at 84 and still housed at Tweedy, Browne, Walter has what we believe is the longest continual investment record of any individual in our field. Among others, Warren Buffett was a frequent visitor to Tweedy, Browne in the 1960s and early 1970s. My father was the primary broker for Warren in his purchase of stock in Berkshire Hathaway, and I can remember posting trades in Berky at $25 per share when I started working in 1969. Our exposure to these legendary investors whose investment principles were based on the teachings of Ben Graham, was the reason for our skeptical view of more modern investment theories."

Tweedy Browne goes gunning at VW
12/16/05   Tweedy
"Look out Germany Inc., here come the angry U.S. investors. In a development that takes globalization of investor activism to a new level, the powerful U.S. fund manager Tweedy, Browne is mounting an all-out assault on Volkswagen's highest-ranking board member."

Tweedy analyst the saga's driving force
11/18/05   Tweedy
"Ms. Jereski, a former investigative reporter for The Wall Street Journal, had left journalism and taken up a job analyzing stocks with Tweedy, a small but storied New York firm built on the value investing model of Warren Buffett. For the better part of a year, Ms. Jereski had been hounding Lord Black and other officials at Hollinger International Inc. to explain why tens of millions of dollars worth of non-compete fees were being collected by the executive team, rather than the company itself."

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