Arnold Van Den Berg is highlighted alongside legendary investors, including:

  • Benjamin Graham
  • Peter Lynch
  • Sir John Templeton
  • Warren Buffett
  • Walter J. Schloss
  • Thomas Rowe Price

This exclusive and thought-provoking book by Magnus Angenfelt is available via Amazon.

Download "99 Greatest Investors" Excerpt

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For strategy reporting purposes, the Firm is defined as all accounts managed by Van Den Berg Management I, Inc., dba Century Management (“CM”), registered investment adviser. The performance numbers shown are from the CM Value I (All-Cap Value) composite/strategy. The CM Value I (All-Cap Value) strategy is a time-weighted, total-return composite of all all-cap value accounts managed using our standard investment process that pay their brokerage/ custodians on a transaction fee basis versus a fixed percentage fee. The CM Value I composite primarily invests in stocks, bonds, and cash. The focus of this composite is to find undervalued securities that over time will produce above average returns with a lower degree of risk than that of the general market.

Portfolios in this composite are not constrained by market capitalization (size). Therefore, a significant portion of portfolio assets may be invested in micro cap, small cap, medium cap, large cap, or mega cap companies with one market capitalization being more heavily weighted over the other at any given time. In addition, there are times when portfolios in this composite will be invested in bonds and cash. Historically, cash and cash equivalent positions have ranged from 2% to 60% of the composite for extended periods of time. However, the long-term average cash and cash equivalent position has been approximately 21%.

The CM Value I composite was created September 16, 1974. Prior to 2004 the composite was named the CM Standard Value composite. Prior to 2010 the composite could have accounts with up to a 30% fixed income mandate.

Gross performance figures do not reflect the deduction of investment advisory fees but do reflect the deduction of all transaction fees. Gross performance figures will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in our Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the inclusion and reinvestment of dividends and other earnings.

CM claims compliance with the Global Investment Performance Standards ("GIPS®"), examined from the strategy's inception, September 16, 1974, through March 31, 2013. This performance was prepared by CM and presented to and examined by Ashland Partners & Company, LLP. Ashland Partners continues to verify the compliance of CM with the requirements of GIPS® on a firm-wide basis each calendar quarter. This GIPS® verification and performance examination is generally one to two quarters in arrears of the most recent performance information presented. Thus, while performance figures shown after the verification date are believed to be accurate, they are preliminary and have not yet been examined. To receive a complete list and description of the Firm’s strategies or a GIPS® compliant presentation, please contact us at 1-800-664-4888, or write to us at 805 Las Cimas Parkway, Suite 430, Austin, Texas 78746.

The 14.20% performance shown at the top of this excerpt represents the CM Value I gross of fees return from 9/16/1974 through 12/31/2012. The net of fees performance for this same time period is 13.04%. The 11.7% benchmark quoted atop this excerpt is for the S&P 500 and includes dividends.

Performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance of markets, strategies, composites, or any individual securities is no guarantee of future results. The performance of accounts in the composite may be materially different at any given time. Differences that may affect investment performance include but are not limited to cash flows, inception dates, historical prices, asset size, market conditions, portfolio holdings, and fees. Positions within the composite may not be the same from one account to the next. Individual securities within the composite may be traded at different times as well as receive different execution prices. In addition, accounts within the composite may be pursuing similar investment strategies, but may have different investment restrictions. On 3/31/2013 the Cumulative Return from inception for the S&P 500 Index was 7,580.17%. It was incorrectly reported as 6,580.17%.

Investment in the CM Value I composite is subject to investment risks, including, without limitation, market risk, interest rate risk, management style risk, business risk, sector risk, small cap risk, and other risks related to equity securities.

The benchmark used in this report is the S&P 500, including dividends which positively impact performance results. The S&P 500 Index is an unmanaged index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. It is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe. The S&P 500 is a market value weighted index - each stock's weight is proportionate to its market value. Returns generated by the CM Value I composite may be more volatile than this benchmark. It is not possible to invest directly in this benchmark.