TWEEDY, BROWNE COMPANY L.P.
What Has Worked in Investing
(continued from preceding page)

WHAT HAS WORKED IN INVESTING:
Studies of Investment Approaches and Characteristics
Associated with Exceptional Returns

TABLE OF CONTENTS (continued)

Page

Five-Year Holding Period Year-By-Year Investment Returns for Low Price to
Cash Flow Companies as Compared to High Price to Cash Flow Companies ..........25

The Consistency of Returns for Low Price to Cash Flow Companies as Compared
to High Price to Cash Flow Companies ..............................................................26

Are Low Price to Cash Flow Stocks' Higher Returns, as Compared to High Price
to Cash Flow Stocks due to Higher Risk? ...........................................................28


INVESTING WITH THE INNER CIRCLE: BUYING STOCKS WHERE THE INSIDERS (OFFICERS, DIRECTORS, OR THE COMPANY ITSELF) ARE BUYING

The Impact of Insider Accumulation .................................................................29

United Kingdom: The Impact of Insider Accumulation .......................................30

Canada: The Impact of Insider Accumulation ....................................................31

Companies that Buy their Own Stock ................................................................31


STOCKS THAT HAVE DECLINED IN PRICE

Stocks with the Worst Prior Investment Results .................................................32

Stocks with the Worst Prior Investment Results Throughout the World ................32

Stocks with the Worst Prior Investment Results in the United Kingdom ................33


STOCKS WITH SMALLER MARKET CAPITALIZATIONS

Larger Returns from Small Capitalizations ........................................................34

Small Capitalization Stocks in the United Kingdom, France,
Germany and Japan, December 31, 1974 through December 31, 1989 ..................35

Small Capitalization Stocks in the United Kingdom .............................................36

Small Capitalization Stocks in Canada ................................................................36

Small Capitalization Stocks in Australia .............................................................37

Small Capitalization Stocks in Japan ..................................................................38


INTERRELATED INVESTMENT CHARACTERISTICS .........................38


CONCLUSION .............................................................................................41


PROSPECTUS

II

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