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Recent Missives
Paying Software Prices for Refinery Economics
For a quarter of a century, the hyperscalers have been some of the most profitable and technologically innovative businesses ever created. The reason was clear: their marginal cost per additional customer was almost...
⟶ Keep ReadingNo Country for Old (or Young) Men
As portfolio managers, we must practice what Charlie Munger called "ignorance avoidance!" Therefore, regardless of when the mania for all things AI dies, we believe there will be a bloodbath in the S&P...
⟶ Keep ReadingBNN 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 article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. […]
⟶ Keep ReadingThe Long and Winding Stock Market Road
In my 45 years in the investment business, we've observed numerous peaks of excitement. In 1987, a bull market that started at a 1982 bottom below 800 on the Dow Jones Industrial Average...
⟶ Keep ReadingReuters: Bill Smead on New ConocoPhillips CEO
 New ConocoPhillips CEO inherits $7 billion cash flow pledge riding on Alaska oil project By Sheila Dang For more information go to reuters.com. The information contained in this tv […]
⟶ Keep ReadingCircle Of Competence
As many of you know, our team at Smead Capital Management has studied the thinking and investment careers of Charlie Munger and Warren Buffett. In today’s Go-Go artificial intelligence-dominated stock market, we’d like...
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