Day: January 15, 2026

[…] The value investor is the person trying to understand how businesses are priced by different attributes like their capital structure, their returns on capital and the future growth and capital allocation. This is more coldly logical and analytical, but takes the same faith needed to say, “In the beginning, was the word.” We can’t know the future, but we know that Zeus didn’t do much to change the world. Plato did. We think the logos will conquer again.

Most of our work at Smead Capital Management is tied to stock selection. Therefore, our eight criteria for stock selection and our willingness to ride winning stocks to a fault have been our differentiators over the last 15 years. However, market extremes show up once every five to ten years. […]