My friend and fellow value investor, Chris Browne, President of Tweedy Browne,describes what value investors do by telling this story. He was interviewing a new trader andafter the interview, walked them through the Tweedy Browne offices. At the elevator on theirway out, the trader commented, “At other Wall Street firms, just by walking through the... See more

The meta of investing is always changing. But there are some things that are timeless, like if your return on an invested capital goes up, you are going to become more valuable. If you compound your free cash flow per share, you are going to become more valuable. There are these immutable things and a lot of those things have been written about by ... See more