Since founding Century Management in 1974, Arnie Van Den Berg has handily beaten all of the indices. Through September 30, 2007, he had managed to earn returns of 16.62% per year before fees versus 13.53% and 12.37% per year for the S&P 500 and the NASDAQ respectively. Arnie is a value investor, and considers himself a student of Benjamin Graham.
Investing Philosophy:
Arnie applies value investment strategies as his investment philosophy. His investment research seeks to determine the appraised value of a company, often referred to as intrinsic value. Investments are then made at a significant discount, normally 40% to 65% below the company's current intrinsic value. This is his margin of safety. Arnie usually holds 35-40 companies when fully invested, and invests primarily in U.S. headquartered companies.
Arnold Van Den Berg likes companies selling at historical low P/S ratios. Although he learned that it can still go lower even when it is at historical lows in 2008, he is still a great investor if you look at his long term track record. Through his firm Century Management, Arnold Van Den Berg owns 91 stocks with a total value of $1.4 billion. These are the details of the buys and sells. More...
Arnold Van Den Berg had his third down year in his 20 plus years as professional money manager, down 33%. Does that make him a bad investor? Probably not. This is his portfolio update for Q1 2009. He bought a lot of new stocks! Arnold Van Den Berg owns 91 stocks with a total value of $1.3 billion. These are the details of the buys and sells. More...
Arnold Van Den Berg Shareholder Letter: Today’s market environment presents both the challenge and the opportunity for the long-term investor. In other words, we continue to carefully sift through the markets to find the greatest divergence between price and value, while at the same time do our best to avoid falling prey to the extreme emotions of the crowd. Presently, we see many stocks whose prices discount complete disaster. The difficulty lies in not knowing how much lower individual stock prices may go nor how much more shortterm pain we must endure before we become the potential beneficiary of what is likely to be much higher returns into the future. More...
Most of the money that the Federal Reserve has injected into the system is not going anywhere or is offsetting the loss of credit in the money market and other capital markets. In fact, the chart below highlights that today’s problem is one of deflation, not inflation. More...
Arnold Van Den Berg has been in the investment business for more than 30 years, he only had two down years. This year will probably be his third. Arnold Van Den Berg owns 65 stocks with a total value of $2.4 billion. These are the details of the buys and sells during the third quarter. You can buy all of his buys much cheaper now. More...
Century Management client meeting videos. Arnold Van Den Berg was one of people who warned us about the credit bubble a few years. Strongly Recommended!More...
Arnold Van Den Berg likes to buy good companies sold at historical low P/S ratios. This has been working for him for more than 30 years... unitl last year. But did it really stop working? Maybe not. These are his buys and sells during the second quarter. Arnold Van Den Berg owns 64 stocks with a total value of $2.4 billion. More...
Like many value peers, Arnold Van Den Berg's fund did not do well last year. This is his shareholder letter. Arnold Van Den Berg likes to buy stocks that are traded at historical P/S ratios. More...
Arnold Van Den Berg likes to buy stocks that are sold at rolling 10-year low price/sales ratios. It usually takes him 6-12 months to invest clients' capital. These are his buys and sells during the first quarter of 2008. More...
Arnold Van Den Berg likes to buy good companies with 10-year rolling low p/s ratios. The prices of these companies are in down-trends. But by buying these out of favor companies Arnold Van Den Berg has achieved outstanding results over long term. These are his buys and sells during the 4 th quarter. More...
Arnold Van Den Berg likes to buy stocks that are sold at multiyear low of price to sales ratio and enterprise value to earning ratio. This has worked well for him over many years. These are his buys and sells during the third quarter. More...
Arnold Van Den Berg likes to buy quality stocks when they have the lowest rolling 10-year price to sales (P/S) ratios. That is how he achieved more than 20% a year over the past 20 years. Arnold Van Den Berg owns 57 stocks with a total value of $3.7 billion. These are the details of the buys and sells during the second quarter. More...
Arnold Van Den Berg buys quality stocks when they have the lowest rolling 10-year price to sales (P/S) ratios. That is how he achieved more than 20% a year over the past 20 years. These are his buys and sells during the first quarter of 2007. Arnold Van Den Berg owns 54 stocks with a total value of $3.5 billion. More...
Conservative value investor Arnold Van Den Berg buys quality stocks when they have lowest 10-year rolling price to sales (P/S) ratios. He is finding values in large caps. Bought BRK-B, CDWC, CPWM, ELK, ITW, WPL during the 4-th quarter of 2006. Arnold Van Den Berg owns 55 stocks with a total value of $3.3 billion as of Dec. 31, 2006. More...
During an interview with OID, Arnold Van Den Berg talked about why we're buying large-cap stocks, and why he believes that large-cap stocks represent an opportunity we haven't seen in many years. "In fact, we don't remember a time since 1983 in which we've owned as many large-caps as we do today. ..." More...
Walmart (WMT) – the word itself evokes emotion. Many people admire the company, its story, its relentless quest for efficiency. More, arguably (or should I say more audibly), have come to disdain it for very much the same reasons – its relentlessness has forced the culture of the charming, moms-and-pops shopping experience into near-bankruptcy. The investment community, while rarely subject to much of a sentimentalism risk, has weighed in heavily on the negative side in recent months. More...
Arnold Van Den Berg buys Pacific Sunwear of California, Talbots Inc., Procter & Gamble Co., sells Manpower Inc., Sonoco Products Co., Woodhead Industries Inc., Japan Smaller Capitalization Fund, Inc. Common Sto, Layne Christensen Co., Astronics Corp., Esterline Technologies Corp. during the 3-months ended 09/30/2006, according to the most recent filings of his investment company, Century Management. Arnold Van Den Berg owns 52 stocks with a total value of $2.5 billion. More...
Arnold Van Den Berg buys Hutchinson Technology Inc., Whirlpool Corp., Johnson & Johnson, Coca-Cola Co., sells Ampco-Pittsburgh Corp., Myers Industries Inc., Spectrum Control Inc. during the 3-months ended 06/30/2006, according to the most recent filings of his investment company, Century Management. Arnold van den Berg employs a very conservative approach in stock selection, he considers buying a stock only if its p/s ratio is close to 10-year lows. Currently he likes large cap stocks. These are the details of his purchases and sells. More...
When adjusted for the interest rate environment using the 10-year Treasury bond, the chart shows that these large company stocks have gone from being 35% overvalued in 2000, down to 27% undervalued by the end of 2005. This is a 62% swing in value as measured by P/E's when adjusted for interest rates. This helps to explain why as of late we have been able to find a handful of large company stocks which we believe represent real bargains. The last time we saw this type of concentration of large company stocks selling at "bargain" levels relative to interest rates was back in 1993. Prior to that, we would have to go back to the early 1980's. More...
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