27 Jul 2009 Tweedy Browne - Q2 2009 Commentary ( Portfolio )
...the 2nd quarter presented us with a welcome respite from unprecedented equity market volatility and economic turmoil. The snapback in equity markets over the last three plus months has been fast and furious, and was not unlike that which has occurred from past recession lows. That said, the market has come a long way awfully fast despite the continuation of deep economic problems. Should equity market volatility return, we still have a modest level of cash reserves to take advantage of pricing opportunities. While we have no idea what the near term holds in terms of equity market performance - and stocks could certainly go lower before they go higher - we are quite optimistic about the long term, and continue to view this environment as a buying opportunity.