Our Advice
Our company understands how frustrating and illogical the stock market can be. We have been involved in stock markets for 40 years and had success despite these shortcomings. Through our missives, quarterly newsletters and appearances in the media, we provide advice on how to play the long game.
Our Advice
No Country for Old (or Young) Men
As portfolio managers, we must practice what Charlie Munger called "ignorance avoidance!" Therefore, regardless of when the mania for all things AI dies, we believe there will be a bloodbath in the S&P...
Keep Reading ⟶BNN Bloomberg: Cole Smead, CFA on Canadian Oil and the Economy
Oil tops US$100 per barrel Stocks mentioned: TVE.TO The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. […]
Keep Watching ⟶The Long and Winding Stock Market Road
In my 45 years in the investment business, we've observed numerous peaks of excitement. In 1987, a bull market that started at a 1982 bottom below 800 on the Dow Jones Industrial Average...
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Reuters: Bill Smead on New ConocoPhillips CEO
New ConocoPhillips CEO inherits $7 billion cash flow pledge riding on Alaska oil project By Sheila Dang For more information go to reuters.com. The information contained in this tv […]
Keep Reading ⟶Circle Of Competence
As many of you know, our team at Smead Capital Management has studied the thinking and investment careers of Charlie Munger and Warren Buffett. In today’s Go-Go artificial intelligence-dominated stock market, we’d like...
Keep Reading ⟶The Market: Cole Smead, CFA on European Bank Mergers
A Tsunami of Mergers Is Heading for European Banks By Christoph Gisiger For more information go to www.themarket.ch. Stocks mentioned: UNI, BG, BCS, RO, CVE, SCR, IMO, GLEN The information […]
Keep Reading ⟶Investment Executive: Bill Smead on Magnificent Seven as a Stock Market Bubble
Is the Magnificent Seven a stock market bubble? By Kevin Press For more information go to investmentexecutive.com. The information contained in this tv appearance represents SCM’s opinions, and should […]
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2Q26 U.S. Value Strategy Newsletter: Diversification Circa 2026
Most of the studies we've seen argue that 90% of the benefit of diversification comes by the 20th common stock. In our discipline, based on our eight criteria for common stock selection, we...
Keep Reading ⟶2Q26 International Value Strategy Newsletter: Stampeding Towards the Next Problem
The world we wake up to today seems to have all the information we can dream of, but less discernment than is needed. The Iran conflict was misread with oil prices at $100...
Keep Reading ⟶Most financial advisors believe ETFs hold a structural tax advantage over mutual funds. They don’t.
Read our advice and learn why nobody has told you…
