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from Outstanding Investor Digest's December 31, 1996 Edition

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CENTURY MANAGEMENT'S
ARNOLD VAN DEN BERG

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Van Den Berg: It's not that they're anti-shareholder today - because they do own 38% of Moore themselves.

OID: So they're only hostile to the shareholders who own the other 62%.
Van Den Berg: Not at all. They're the kind of people who are focused on doing the job, on the engineering, etc. I feel very good about this management. I feel very good about their character and dedication and about the product that they put out. There's never been any problem with it.
I think the only thing missing is someone thinking, "What can we do to raise the consciousness of the Street about our stock, raise our value and get our stock price up from the $18-19 that it trades at today closer to the $30-35 where it should be trading?"

OID: I thought you said $45-50 or more?
Van Den Berg: I said $45-50 private market value. Usually, unless a company is acquired, it rarely sells above 80% or so of its private market value.
That said, our feeling is that enough is happening that their earnings and cash flow are going to improve even if they stay right on the track they're on and don't focus directly on shareholder value - because their new products are starting to hit and, again, their sales are up.
You can talk about R&D being well spent all you want. But the proof's in the marketplace. When the R&D produces sales, you can have a lot more confidence that it was actually well spent. So, again, we believe that it's simply a matter of time until their earnings follow.

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