Century Management, Founded in 1974
805 Las Cimas Pkwy, Suite 430, Austin, TX 78746
Investment Counselors
Managing Portfolios $2 Million and Above
© 2008
Century
Managemen
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Frequently Asked Questions regarding 2007 1099s

1. How is the income earned on the US Treasury STRIP accounted for?
(The answer is contained in a PDF file)

2. Why is the dividend income from the Financial Select Sector SPDR not shown on the Common Stock dividends section of the Consolidated Income and Expense report from Century Management?
(The answer is contained in a PDF file)

3. Why does the Realized Gains and Losses report from Century Management present some sales transactions as a short term loss versus the Fidelity Realized Gain/Loss reports showing these sales as a partial short term loss and a partial long term loss?
(The answer is contained in a PDF file)

4. Why don't the proceeds on the Schwab 1099-B, Proceeds from Broker Transactions, equal the Century Management Realized Gains and Losses report ?
(The answer is contained in a PDF file)

5. On the Fidelity Realized Gain/Loss report, why doesn't the gain from the sale of Broadridge Financial Solutions fractional shares equal the gain for this transaction on the Realized Gains and Losses report from Century Management?
(The answer is contained in a PDF file)

 

1. Would the collapse of the Asian stock market impact the U.S. multi-nationals you want to invest in?
(The answer is contained in a 56 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

2. When retailers like Wal Mart's growth slows, how do you estimate future value?
(The answer is contained in a 2 minute 36 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

3. How do you project WP Stewart's future earnings?
(The answer is contained in a 1 minute 51 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

4. Do you see an interest rate cut in 2007?
(The answer is contained in a 1 minute 34 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

5. If foreign countries adjust their currencies against the dollar, will that push up inflation of imports here?
(The answer is contained in a 36 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

6. If it's true that oil reserves are getting lower, what do you plan to invest in?
(The answer is contained in a 3 minute 23 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin Texas Client Review.)

7. What might be the economic effects of giving amnesty and benefits to illegal immigrants?
(The answer is contained in a 1 minute 28 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

8. How is the zero coupon bond a hedge against a stock market decline?
(The answer is contained in a 3 minute 13 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

9. When do you decide to dollar cost average or sell a stock?
(The answer is contained in a 2 minute 4 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

10. Why don't you sell call options since you have pre-determined sell points?
(The answer is contained in a 1 minute 2 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

11. What discount rate do you use to evaluate free cash flow?
(The answer is contained in a 45 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

12. How will the wave of retiring baby boomers affect the economy and returns?
(The answer is contained in a 1 minute 53 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

13. Why did you buy General Mills 7% from its peak price?
(The answer is contained in a 43 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.

14. You are very optimistic today. This seems different from the last 2 reviews. Why?
(The answer is contained in a 2 minute 45 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

15. Are current P/Es on large cap indices and stocks justified (6/07)?
(The answer is contained in a 1 minute 44 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

16. With over $4 billion in assets, can you still be as nimble as in the past?
(The answer is contained in a 5 minute 45 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

17. What is the future of CM's bond management services?
(The answer is contained in a 2 minute Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

18. Warren Buffett says most people are better off in an index fund. What do you think?
(The answer is contained in a 3 minute 57 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

19. Warren Buffet says there is money to be made in currency trades. What do you think?
(The answer is contained in a 3 minute 44 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

20. How does currency risk affect large cap multi-national companies?
(The answer is contained in a 1 minute 16 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

21. Should we invest in gold today (6/07)?
(The answer is contained in a 1 minute 28 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

22. How do I judge CM's results?
(The answer is contained in a 2 minute 51 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

23. Would you ever consider selling CM?
(The answer is contained in a 2 minute 22 second Windows Media* streaming video of the Research Department's Q&A panel at Century Management's June 2, 2007 Austin, Texas Client Review.)

24. Why do we have so much cash and why does it take so long to get invested?
(The answer is contained in a 7 minute 40 second Windows Media* streaming video of Arnold Van Den Berg, at Century Management's February 8, 2003 Houston, Texas Client Review.)

25. What happens if we go into a recession?
(The answer is contained in a 9 minute 57 second Windows Media* streaming video of Arnold Van Den Berg, at Century Management's March 25, 2006, Houston, Texas Client Review.)

26. How long will it take to get all my cash fully invested and why?
(The answer is in text.)

27. I don't understand all the terms in my statements and quarterly reports.
(The answer is in text.)

28. Will the Federal Reserve print more money?
(The answer is contained in a 2 minute 58 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

29. Coca Cola, a historical lesson in value.
(The answer is contained in a 3 minute 59 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

30. General Electric, a historical lesson in value.
(The answer is contained in a 1 minute 8 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

31. Where does Century Management see the value in Microsoft?
(The answer is contained in a 5 minute 23 second Windows Media* streaming video of Arnold Van Den Berg and Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

32. Where does Century Management see the value in Colgate-Palmolive?
(The answer is contained in a 7 minute 8 second Windows Media* streaming video of Arnold Van Den Berg and Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

33. Where does Century Management see the value in Wal-Mart?
(The answer is contained in a 12 minute 12 second Windows Media* streaming video of Arnold Van Den Berg and Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

34. Where does Century Management see the value in Pfizer?
(The answer is contained in a 3 minute 56 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

35. Are we going to have inflation, deflation or stagflation?
(The answer is contained in a 12 minute 9 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

36. Is the Fed increasing the money supply & inflation?
(The answer is contained in a 5 minute 13 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

37. How will commodity prices impact the economy?
(The answer is contained in a 2 minute 54 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

38. Are we going to have inflation?
(The answer is contained in a 6 minute 9 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

39. Large vs. small cap stocks - where is the value?
(The answer is contained in a 10 minute 52 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

40. Review of bull markets and consolidations
(The answer is contained in a 4 minute 17 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

41. Review of '98 - '02 market consolidation
(The answer is contained in a 1 minute 10 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

42. How does psychology play a role in the price of a stock?
(The answer is contained in an 11 minute 5 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

43. How will Century Management manage its corporate growth?
(The answer is contained in an 8 minute 12 second Windows Media* streaming video of Arnold Van Den Berg at Century Management's March 25, 2006, Houston, Texas Client Review.)

44. How will innovation and productivity impact the market?
(The answer is contained in a 7 minute 4 second Windows Media* streaming video of Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

45. What is supply chain management?
(The answer is contained in a 1 minute 36 second Windows Media* streaming video of Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

46. What is globalism?
(The answer is contained in a 1 minute 35 second Windows Media* streaming video of Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

47. Explain the new consumerism in China and India.
(The answer is contained in a 3 minute 20 second Windows Media* streaming video of Jim Brilliant at Century Management's March 25, 2006, Houston, Texas Client Review.)

* To play any Windows Media file, you must have the Windows Media Player installed on your computer. If the video does not play, you may not have the Windows Media Player or you may have an outdated version. The latest version is available as a free download from Microsoft. To download one, please click

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