Day: February 21, 2017

Our Place in This World

At a recent industry conference, we were confronted by a chart, a presentation and a song. In early 2017, we find ourselves in an investment world where the merit of stock picking and “active” portfolio management are challenged regularly, which has contributed to a mass exodus of assets from “active” funds to low-cost index portfolios. Is there a place in this world for long-duration, concentrated portfolio management as practiced by Smead Capital Management?

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