There are so many different methods used to grow Cephalotus and many of those are successful.
I sit them in water trays for about 8-9 months of the year, about 20 months being the longest continuous stretch, that's one winter sitting in water. Some let the trays dry out for a couple of days between watering, I don't. Others keep them much drier, watering from the top or watering from the bottom and letting the pot take all the water in. All of these appear to work.
Mediums also vary. I have plants in Peat/sand/gravel, peat/granite grit, peat/perlite, peat/gravel and pure live sphagnum. All these work too. I've seen photos of Cephalotus in habitat growing in what appears to be pure sand which reminds me I have to try one or two in a very very sandy mix.
I think you can see by now that it's not an easy request to answer. Decide which method suits you and keep a close eye on your plants and see if it suits them. If you have multiple plants try a few each way and see which they prefer.
As with most questions concerning plants it's not the forums or books that will tell you the best way to grow anything it's the plants themselves.