The new issue features Arnold Van Den Berg and Jim Brilliant of Century Management, Philippe Jabre of Jabre Capital, Eric Rosenfeld of Crescendo Partners, and CBS Alum H. Kevin Byun of Denali Investors. This issue also covers the 17th Annual CSIMA Conference and includes ideas from the 2014 Pershing Square Challenge.
Congratulations to the 2013 – 2014 second-year graduating editors Chris Brigham, Jackson Thies and Jason Yang on an outstanding job.
Keep up the great work CBS!
Check out the latest issue of Graham & Doddsville here.
As a child Arnold Van Den Berg was smuggled into an orphanage to flee the Nazis After the war, Van Den Berg moved to the United States. His first job out of school was as a salesman for Capital Research, a mutual fund company. In 1974, Van Den Berg founded Century Management, based in Austin, Texas.
For the past 38 years, Van Den Berg’s firm has adhered to the classic tenets of value investing as pioneered by Benjamin Graham. By focusing on the private market value of a business to determine intrinsic value, Van Den Berg and his team set out to uncover securities selling in the open market at a large enough discount from intrinsic value to provide for a sufficient margin of safety.
(That sure sounds easy on paper… But if it is so easy, why do the majority of professional money managers underperform the benchmarks year after year?)
This video of Century Management’s Annual Client Review, which was held on September 15, 2012, provides a unique and valuable insight into the mind of a true Supeinvestor.
UPDATE 11/07/2012: I just found this video of a lecture Arnold Van Den Berg recently gave to students at Texas Lutheran University. In this lecture, Mr. Van Den Berg tells his amazing story of how a child who survived the Holocaust grew up to become an American success story and Superinvestor. If this story doesn’t inspire you, then there may not be any hope!
The stock market is a no-called-strike game. You don’t have to swing at everything–you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’