One million dollars invested on April 30, 1970 and rolled over at each subsequent April 30 into the stocks selling at less than 30% of book value would have increased to $23,298,000 on April 30, 1982. One million dollars invested in the S&P 500 on April 30, 1970 would have been worth $2,662,000 on April 30, 1982.

Tweedy, Browne, using the same methodology over the same period, examined the historical returns of the stocks of (i) unleveraged companies which were priced low in relation to book value and (ii) unleveraged companies selling at 66% or less of net current asset value in the stock market. The sample included only those companies priced at no more than 140% of book value, or no more than 66% of net current asset value in which the debt to equity ratio was 20% or less. The results of this study of unleveraged companies which were priced low in relation to book value and net current asset value are presented in Table 5.

Page 6 of 42

Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13
14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27
28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42

(Return to Table of Contents)

(continue to the next page)

©Copyright 1996-2008 Outstanding Investor Digest, Inc. All rights reserved.
295 Greenwich St., Box 282, New York, NY 10007 (212) 925-3885