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Tweedy Browne's William Browne Speech To Ivey Business School


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From March of this year. I think a fair amount of his insight and wit were unfortunately lost on the audience, though that's probably to be expected in these situations.

 

It's about an hour and a half long, but worth setting some time aside for.

 

 

 

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Thanks. Another one to watch in the fitness!

 

 

(Yes I'm serious. I started doing cardio on a bicycle and instead of watching mindless tv shows I watch youtube interviews on my samsung s3. I get the occasional look but hey, it saves a bunch of time! It also forces me to do much longer workouts.)

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  • 1 year later...

From March of this year. I think a fair amount of his insight and wit were unfortunately lost on the audience, though that's probably to be expected in these situations.

 

It's about an hour and a half long, but worth setting some time aside for.

 

 

Great talk.

 

Some notes paraphrased:

- Biggest issue with investing in emerging markets: currency. We have not found a currency manager (as opposed to investment manager) with a good long term track record. Not hedging might be bad, hedging might eat away your returns.

- Most creative accounting is in US, since companies want to overstate earnings because compensation is keyed on earnings.

- In Europe (some countries) family owned companies understate earnings since stock runup triggers wealth tax even if family does not sell any stock.

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