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To: Hal Campbell who wrote (4131)	12/20/1998 8:28:00 PM
From: Ed Perry	Read Replies (2) \| Respond to of 17679

From the NY Times Dec 20, 1998 Business Section p8 "Investing With Tweedy Brown & Co." By Carole Gould: "The crux of the firm's investing style comes down to buying a stock for less than its so-called intrinsic value - just plain "value" to these veterans - a relatively simple concept introduced by Mr. Graham. As John D. Spears, 50, a third managing partner, described it, "Value is what a business, its assets or its earning power would be worth if you or I own it and we were to sell it to a competitor down the street." Simple. But if figuring value is easy, why do so many value investors fall flat? "To buy deep value takes a lot of courage, because it looks really ugly," Christopher Brown said "The companies are cheap because there are a lot of bad stories out there." William Brown added, "It's like looking for the ugliest spouse because she will love you the most." ...................................................................... Tweedy Brown was formed by some of the original student group from the investment courses which Ben Graham taught at Columbia U. Ed Perry