13 Oct 2009 Century Management Value Investor Newsletter ( Portfolio )
As we evaluate today’s prices relative to company fundamentals, interest rates, and inflation, and take into account potential growth and economic drivers, we believe the average stock in the U.S. market is now approaching the upper‐end of its fair value zone.

While we are generally concerned with the economic problems that are facing this economy, such as over‐capacity, high‐debt levels, high unemployment, falling real estate values, and a lower demand for goods and services, these problems can be solved over time. Rather, our main area of focus is on the individual companies that make up our portfolios and on finding the new values that will eventually deliver tomorrow’s returns.