Read
what these prestigious publications have had to say about us:
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Articles
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Articles
Written by Century Management |
CM's "Value Investor" Newsletter (12/04)
"The scope
of this publication is greater than any we have written in our 30-year
history. The purpose in writing this report is to point out that,
financially speaking, we are living in historic times. It is extremely
unusual for all major asset classes (stocks, bonds and real estate) to
have been bid up to what appears to us as unsustainable levels, all at
the same time..."
CM's "Value Investor" Newsletter (8/03)
"A
question has been raised by a number of our clients because of the rate
of
growth of the assets under management and the increased number of clients
that we service: Can Century Management continue to perform in the future
as it has in the past? This is a legitimate question and one that we
have given a great deal of thought to..."
CM's "Value Investor" Newsletter (9/02)
"A review
of stock market history will confirm something that value investors
have known
for a long time, that the greatest opportunities to purchase stocks below
their intrinsic value is in times of great uncertainty. The purpose
of this
letter is to share with you our evaluation of the current market and
the many factors that are guiding us as we manage your portfolio. We
hope that you
will see, as we do, that although we may not be completely through this
bear market, the upside potential is rapidly increasing..."
"Interest Rates
& Inflation"
"There have been many discussions about interest rates
over the last year. We feel it is extremely important to understand the
relationship between interest
rates, stocks and bonds because the movements of one will affect the value
of the other. While we will be discussing these relationships, we would
like to
point out that we try not to make predictions on interest rates, the economy
or, for that matter, the weather..."
"Toys R Us vs.
eToys"
"As most of you are probably aware, there is considerable
excitement about the Internet, especially the Internet stocks. While we
share investor's enthusiasm
of the Internet and truly believe that it is a revolution in marketing and
distribution, we do not share the investor's euphoria when it comes to the
valuations of Internet
stocks. As a matter of fact, when we reviewed some of the Internet stock
valuations we were beginning to wonder if the law of gravity had been repealed..."
"The Outlook for
the S&P"
"'If an equity
investment does not have the potential to have a return greater than a tax-free
bond, there
is not much value.' Over the next 10 years
we believe that the return on the S&P will be between..."
"Summary Review"
"We know that through past experience and market history
that the most popular stocks are not always the best values, and therefore,
are not always the best
investment for the long-term investor..."
"The Indexes"
"The S&P 500
is today's mania. Let's review to see why. The S&P is comprised of
the 500 largest companies in the universe of almost 10,000 stocks. The
S&P 500 is
capitalization weighted. This means that the larger the company, the
greater the impact it
has on the S&P index..."
"Value Investing"
"The ultimate value
of a company is the present value of its future cash flows. However, this
most basic concept
sometimes gets overlooked by many investors, as they simply look for companies
with recognizable names or that are in the current spotlight as places
to invest
without regard for the companies' future earning power and growth rate..."
Letter
to Clients after Tragic Events of September 11, 2001
"The tragic events of
this week will last in our memories forever. We would like to extend our
deepest
sympathies and condolences to the victims of this tragic crime and their
families. This unthinkable act has been enormously unsettling for all of
us. Many of you
have called our office asking what effects this will have on the financial
markets..."
"Stock Updates"
"On August
31, 1999, Galileo Corporation changed its name to NetOptix to focus attention
on
the fact that their primary business efforts were now directed toward the
production of thin-film WDM optical filters. NetOptix gives new meaning
to the term volatility.
Under the old name of Galileo, we had originally accumulated a position in
this stock with an average price of $7..."
"Extraordinary
Values"
"Investments must be rational; if you don't understand it, don't do
it!"...
"Second Quarter
Highlights"
"We are happy to report that there was a significant increase
in the value of your portfolio during the second quarter. There are
two main reasons for this
increase. First, many of the companies had outstanding performances..."
"Companies
We Own"
"Currently their
industries are very unpopular and that is why you can buy them at discounts
of up to 50%..."
"The Market Comes
Full Circle"
"With 1999 well underway,
Century Management is entering its 25th year in the
money management business. The past twenty-five years have afforded
us the opportunity
not only to have read about market history and its many cycles, but to have
lived and worked through them. Since 1974, we have seen many market..."
Century
Management in the Media
|
"The
Blast Part 2" appeared
in the Extreme Value Newsletter from
March 10th, 2005. This article by Dan Ferris was written after Dan sat
in on Century Management's 2004 Client Review. In it, the author stresses
our "Price Determines Return" philosophy.
" The
Blast Part 1" appeared
in the Extreme Value Newsletter from February 17th, 2005. In this value investing-oriented
piece by Dan
Ferris, our own Arnold Van Den Berg
is praised and quoted along with none other than Warren Buffet.
"Take
my word for it, these stocks are cheap. They have enormous growth potential,
too." is
an interview with Century Management, published
in the August 30,2006 issue of Outstanding
Investor Digest.
This 26-page PDF was
excerpted from the full 45-page feature. If you would like the complete
article, contact our office.
"Well,
so far, so good. During the past 31+ years, clients of Century Management
have earned a compound return of 15.6% per year after all fees and expenses
(before fees, they've earned 17.1%) versus 13.5% and 12.4% per year for
the S&P 500 and the NASDAQ, respectively. By the way, those figures
include clients' holdings in cash and bonds..."
"If
past bubbles are any indication, this one's aftermath will be a doozy." was published
in the April 30, 2004 issue of Outstanding
Investor Digest. This
18-page PDF was excerpted from a talk given by Arnold Van Den Berg to
Century Management clients in January of 2004.
"Since
founding Century Management back in 1974, Arnie Van Den Berg has handily
beaten all of the indices. Through March 31,2004, he's managed to earn
returns of 17.6% per year before fees versus 13.9% and 12.8% per year
for the S&P 500 and the NASDAQ respectively..."
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