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
3Q26 International Value Strategy Newsletter: Being Greedy When Mr. Market Doesn’t Understand
The year 2026 has shown that deeply out of consensus investments in the portfolio have...
Keep Reading ⟶3Q26 U.S. Value Strategy Newsletter: Breaking the Fever
When I was a child, we were told, “Starve a cold and feed a fever.”...
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Understanding the 10-Year Treasury: A Multifactor Framework
Headlines are popping up left and right about how high the 10-year Treasury yield has...
Keep Reading ⟶Paying Software Prices for Refinery Economics
For a quarter of a century, the hyperscalers have been some of the most profitable...
Keep Reading ⟶No Country for Old (or Young) Men
As portfolio managers, we must practice what Charlie Munger called "ignorance avoidance!" Therefore, regardless of...
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...
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...
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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...
Keep Reading ⟶Circle Of Competence
As many of you know, our team at Smead Capital Management has studied the thinking...
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…
