What Has Worked in Investing is an attempt to share with you our knowledge of historically successful investment characteristics and approaches. Included in this booklet are descriptions of over 50 studies, approximately half of which relate to non-U.S. stocks.

***《投资中行之有效的方法》***旨在与您分享我们对历史上成功的投资特性与策略的认知。本书册收录了超过50项研究综述，其中约半数涉及非美国股票。

Our choice of studies has not been selective; we merely included most of the major studies we have seen through the years. Interestingly, geography had no influence on the basic conclusion that stocks possessing the characteristics described in this booklet provided the best returns over long periods of time.

我们对研究案例的选择并非刻意筛选，仅纳入了多年来所见的大部分重要研究。有趣的是，地域差异并未影响本书的核心结论：具备所述特征的股票在长期维度始终能带来最优回报。

While this conclusion comes as no surprise to us, it does provide empirical evidence that Benjamin Graham’s principles of investing, first described in 1934 in his book, Security Analysis, continue to serve investors well.

这一结论虽在我们意料之中，却为格雷厄姆的投资原则提供了实证支持——其于1934年著作***《证券分析》***中首次阐述的理念，至今仍指引着投资者前行。

A knowledge of the recurring and often interrelated patterns of investment success over long periods has not only enhanced our investment process, but has also provided long-term perspective and, occasionally, patience and perseverance. We hope this knowledge will also serve you well.

对长期投资成功背后重复出现且相互关联的规律进行认知，不仅优化了我们的投资流程，更赋予了长远的视角，乃至关键时刻的耐心与毅力。愿这些洞见亦能助您行稳致远。

The basic investment selection criteria described in What Has Worked in Investing have been incorporated in Tweedy, Browne’s investment screening and decision making process since at least 1958, when Tom Knapp, a retired partner, joined Tweedy, Browne from Benjamin Graham’s investment management firm, Graham-Newman Corporation.

《投资中行之有效的方法》中阐述的基本投资选择标准，至少从1958年起就已融入Tweedy, Browne公司的投资筛选与决策流程。这一年，退休合伙人Tom Knapp从本杰明·格雷厄姆的投资管理公司格雷厄姆-纽曼加入Tweedy, Browne。

Most of Tweedy, Browne’s investments have had at least one, and, more frequently, several of the investment characteristics which are described in this booklet.

该公司大多数投资标的都至少具备——且往往同时具备——本手册所述的多种投资特征。

The criteria and characteristics have been utilized by Tweedy, Browne because they pointed, like clues, in the direction of truly undervalued companies; appealed to common sense; and because the managing directors have always believed that undervaluation, which is associated with low risk, would also be associated with satisfactory returns.

特威迪-布朗公司采用这些标准与特征，是因为它们如同线索般指向真正被低估的企业，符合常识判断，且管理层始终相信：与低风险相伴的低估值特性，终将带来令人满意的回报。

In addition to the confirmation provided by our own historical investment results spanning nearly 50 years, the extensive studies described in this booklet, in our judgment, have empirically confirmed that the fundamental approach to security analysis developed by Benjamin Graham, and long practiced by Tweedy, Browne, produces attractive long-term rates of return.

近50年的历史投资业绩已对此形成佐证，而本手册中详述的多项研究也通过实证表明，由本杰明·格雷厄姆创立、并经特威迪-布朗长期践行的基本面证券分析方法，能够持续创造可观的长期回报。

Most investments in Tweedy, Browne portfolios have had, and continue to have, at the time of purchase one or more of the following characteristics:

在买入时点，Tweedy, Browne 投资组合中的绝大多数标的始终具备以下一项或多项特征：