Century Management's Arnold Van Den Berg Excerpt (as Featured in OID)

"THE STOCK MARKET MAY BE STRETCHING IT, BUT THESE IDEAS CERTAINLY AREN'T."	..................	1

BELIEVE IT OR NOT, HERE'S A CLASSIC VALUE PLAY AT A MERE 55% OF A SOLID ADJUSTED BOOK.	..................	2

BASED ON OUR ESTIMATE OF PRIVATE MARKET VALUE, TODAY'S STOCK PRICE IS 40¢ ON THE $1 OR LESS.	..................	3

ACTUALLY, MY $45-50 VALUATION MAY BE LOW. IT COULD VERY WELL BE $60 OR MORE.	..................	4

PRICE TO REVENUE CUTS THROUGH THE FLUFF FOR MOORE AND THE S&P 400. AND IT AIN'T PRETTY.	..................	5

MANAGEMENT ISN'T 100% SHAREHOLDER-ORIENTED, BUT THEY ARE ENGINEERS THROUGH AND THROUGH.	..................	6

A RECENTLY ARRIVED CATALYST AT MOORE: THE PRESIDENT OF THEIR #1 COMPETITOR.	..................	7

BUT EARNINGS AND CASH FLOW WILL IMPROVE WHETHER THEY REFOCUS OR NOT.	..................	8

HOW DOES MOORE STACK UP COMPETITIVELY? THAT'S EASY. JUST LOOK AT THEIR SALES.	..................	9

MOORE HAS HIGHER RETURNS THAN IT APPEARS. ONLY THEY'RE HIDDEN BY EXCESS CAPITAL.	..................	10

BETWEEN THE PEOPLE, THE ASSETS AND THE PRICE, IT'S HARD TO SEE HOW MOORE BECOMES A DISASTER.	..................	11

AS LONG AS WE DON'T LOSE, THEN WE WIN. AND IT'S HARD TO SEE HOW WE LOSE HERE.	..................	12

I'VE SEEN THIS KIND OF SITUATION BEFORE. AND TWICE THEY BECAME OUR BIG WINNERS.	..................	13

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