Stock Market Control
We make no effort at Smead Capital Management to have any control over stock market results, volatility, unpredictability and relative performance. We haven’t got any special ability to know what stocks will do next year or how we will fare on a relative basis. What we do try to control is what we own, how cheap it is, how often we make changes to our portfolio (we subscribe to “lethargy bordering on sloth”—Warren Buffett) and what kind of quality we demand from the companies we buy and own.
December 15, 2015
