This paper is an excellent collection of research done by Tweedy Browne as well as other academic and professional research on what strategies have worked in equity investing over the last several decades. The approaches include buying companies trading at low P/E, P/B, P/S multiples, buying small caps that sport low multiples, buying when insiders are buying and other methods. International studies are also included in this to show that these methods have worked across the globe. This is a nice reading with academic research to back up what we often hear about the advantages of ‘Value Investing’.
Here is a prospectus of Tweedy Browne funds. The paper ‘What Has Worked In Investing’ specifies the need to present the prospectus (“The material must be preceded or accompanied by a prospectus for Tweedy, Browne Fund Inc.”) and hence I have provided a link to it. This is not an attempt to market funds for this company.