Day: May 8, 2018

Much like the 1975 Billboard top ten hit song, Feelings, Warren Buffett and Charlie Munger laid out their feelings on a variety of issues in Omaha at the Berkshire Hathaway (BRKB) Annual Meeting. We believe even the greatest investors of all time are being influenced by a mirage. This mirage comes from historically low interest rates and fantastic returns coming out of a narrow group of technology stocks. Buffett and Munger’s feelings ranged from optimism to pessimism and included some very mixed feelings on important subjects. Overall, we at Smead Capital Management are very encouraged by what we learned and think that our opportunity is to not let our feelings become a part of this mirage.