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CENTURY MANAGEMENT'S
ARNOLD VAN DEN BERG

Excerpted from the Outstanding Investor Digest, August 30, 2006 Edition

"Take my word for it. These stocks are cheap.
They have enormous growth potential, too."


    During the past 31+ years, clients of Van Den Berg 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. It turns out that the equities portion of his clients' portfolio during that same period have earned a remarkable 21.4% compound annual return before fees and 19.9% after fees. (All performance figures provided by Century Management and, we understand, verified by Ernst   Young.)

    We're pleased to bring you the following excerpts from presentations at Century Management's Client Conferences which took place March 4th in Austin and March 25th in Houston and the subsequent question and answer sessions, followed by excerpts from conversations with Van Den Berg and senior research analyst Tom Lewis. We never fail to find Arnie's insights and perspectives to be particularly sharp and colorful, and hope that you will, too.

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WESCO FINANCIAL'S
CHARLIE MUNGER

"Annual Meeting - May 2, 2001"


    When asked at the 2001 Berkshire Hathaway annual meeting what investment advice he had for a young person, Warren Buffett responded: "...If you're interested in financial matters, getting a stake early is very useful and getting knowlege early is useful.... Just try to keep accumulating knowledge. That's one of the beauties of the business that Charlie and I are in - everything is cumulative. The stuff I learned at 20 is useful today - not necessarily in the same way and not necessarily every day, but it's useful. So you're building a database in your mind that's going to pay off over time."
    We can't think of a more valuable cumulative database of insights into the investment scene, human nature, etc., than the words of Buffett and his partner Charlie Munger. And in the interest of keeping that database as complete as possible, we're pleased to bring you our previously unpublished coverage of Wesco Financial's 2001 annual meeting. As always, we highly recommend that you read it (and reread it, etc.).

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SEQUOIA FUND'S
BILL RUANE, BOB GOLDFARB, ET AL.

"Annual Meeting - April 19, 2002"


    When Warren Buffett wound up Buffett Partnership, he recommended Bill Ruane to those of his limited partners who wished to remain in stocks. The vehicle Ruane formed to serve those partners - Sequoia Fund - began operations on July 15, 1970. And Sequoia's record has been one of the best among mutual funds despite carrying large cash balances during most of that period.
    Since its inception, Sequoia has earned a compound annual return of 16.8% versus 12.1% for the S&P 500 through June 30, 2002. And it appears that the fund's recent performance stacks up pretty nicely, too - with it having been down only 3.6% year-to-date, versus a loss of 21.4% for the S&P 500 through July 30, 2002.
    We're pleased to bring you the following excerpts from comments by Ruane, co-portfolio manager Bob Goldfarb, Jon Brandt and other members of the Ruane, Cunniff team at this year's annual meeting of Sequoia shareholders which was held April 19, 2002. We hope you find it as interesting as we do.

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