"IF THE MARKETS WERE EFFICIENT, I'D BE A BUM ON THE STREET WITH A TIN CUP"

- Warren Buffett -

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Tweedy, Browne Company LLC

Tweedy, Browne Company LLC

Description:

John Spears is a Managing Director and Partner of Tweedy, Browne Company LLC and serves on the Firm's investment and management committees. He has been with the Firm for over 36 years.

Founded in 1920 and having served originally as a broker to Benjamin Graham, Warren Buffett and other noted value investors, Tweedy, Browne began managing the assets of its principals in 1959, and those of its outside clients in 1968 utilizing a value-oriented investment process derived from the work of Benjamin Graham. The Firm is considered to be one of the purer modern day practitioners of Graham's intrinsic value based investment methodology, and today manages over billion in domestic, international and global equity portfolios for individuals, institutions, partnerships, off-shore funds and four mutual funds, the Tweedy, Browne Global Value Fund, the Tweedy, Browne Global Value Fund II -- Currency Unhedged, the Tweedy, Browne Value Fund, and the Tweedy, Browne Worldwide High Dividend Yield Value Fund.

Prior to joining Tweedy, Browne in 1974, John had been in the investment business for five years with Berger, Kent Associates; Davic Associates; and Hornblower & Weeks, Hemphill, Noyes. He studied at the Babson Institute of Business Administration, Drexel Institute of Technology and the University of Pennsylvania - The Wharton School.

John has been an occasional speaker on value investing, and has co-authored a number of Tweedy, Browne studies/white papers over the years including What Has Worked In Investing; 10 Ways To Beat An Index; The Road To Wealth; Investing For Higher After-Tax Returns: Lessons for Tax-paying Investors from Warren Buffett, Index Funds, the Best Performing Stocks over 18-year Period, and Our Own Experience; Great 10-year Record = Great Future, Right?; and How Hedging Can Substantially Reduce Foreign Stock Currency Risk. He, together with the other partners of Tweedy, Browne, have virtually their entire liquid net worths invested in portfolios combined with or similar to client portfolios.