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TWEEDY, BROWNE COMPANY L.P.
What Has Worked in Investing
(continued from preceding
page)
Table 24:
The Consistency of Investment Returns for Low Price to Cash Flow Companies
as Compared to High Price to Cash Flow Companies for 1-Year, 3-Year and
5-Year Holding Periods, 1968 through 1990
Holding Period
|
Portfolio Formation |
% Better (Worse) |
% Better (Worse) |
% Better (Worse) |
As Table 24 indicates, the low price to cash flow stocks outperformed the high price to cash flow stocks in 17 of the 22 years, or 77% of the time. For three-year hoIding periods, the low price to cash flow companies beat high price to cash flow companies in 18 out of the 20 three-year periods. For five-year holding periods, the low price to cash flow companies were a better choice than the high price to cash flow companies every time.
Page 27 of 42
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
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