Our Advice
Our company understands how frustrating and illogical the stock market can be. We have been involved in stock markets for 40 years and had success despite these shortcomings. Through our missives, quarterly newsletters and appearances in the media, we provide advice on how to avoid stock market failure.
Our Advice
Index Mania: On Top of the World
[...]. The great Vanguard Windsor manager John Neff used to say, “When you want to brag about a stock, you ought to sell it.” What has been happening lately in our interactions with our current and potential investors all around the world is startling. Asset allocators are repeatedly telling us that if they sell any of their core position in the S&P 500 Index, they would get fired by their customers. In other words, the S&P 500 Index is “on top of the world!” [...]
⟶ Keep ReadingFinancial Times: Cole Smead, CFA on US Oil Spending
Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses By Amanda Chu and Jamie Smyth For more information go to www.ft.com. Stocks mentioned: CVE, OXY The […]
⟶ Keep ReadingBursting the Complacency Bubble
The phrase "majoring in the minor" refers to focusing excessively on trivial details while neglecting more important aspects of a situation. This analytical flaw is especially prevalent in today’s investment environment. Quarterly earnings often overshadow the durability of a business’s long-term competitive advantage, with growth being prioritized over profitability and the scarcity of assets. This shift towards short-term investing has been gradual, but it is more pronounced when we consider the reduction in the average stock holding period by mutual funds, which has dropped from seven years in 1960 to less than a year today. [...]
⟶ Keep ReadingBarron’s: Cole Smead on Trump’s Canadian Tariff Threat
Trump’s Canadian Tariff Threat Scrambles Oil Stocks. Why Some See Opportunity. By Avi Salzman For more information go to www.barrons.com. The information contained in this article represents SCM’s opinions, and […]
⟶ Keep ReadingThe Wall Street Journal: Cole Smead, CFA on “drill, baby, drill”
How a Trump Trade War Puts Cheap Oil From Canada at Risk by David Uberti For more information go to www.wsj.com. The information contained in this article represents SCM’s opinions, […]
⟶ Keep ReadingCNBC: Cole Smead, CFA on Energy Investing in 2025
Smead Capital CEO Cole Smead on energy investing in 2025 By Kelly Evans For more information go to www.cnbc.com. Stocks mentioned: SCR, MEG, CVE, IMO The information contained in this […]
⟶ Keep Reading4Q24 International Value Strategy Newsletter: Paku Paku: Swallowing Like Pac-Man
[...] Investors and management teams often forget that the stock market isn’t a game of you versus them. It’s a game of you versus you. Mr. Market comes to you every day with a price for each company. Sometimes he’s depressed and scared. Sometimes he’s excited and euphoric, as we see among big US stocks. Mr. Market is not there to instruct you. His manic performance is something you can take advantage of or not. It really depends on how you seek to exploit him. [...]
⟶ Keep Reading4Q24 U.S. Value Strategy Newsletter: Reasonableness
[...] Back in 2012, our portfolio traded at 12-times profits versus 14-times for the S&P 500 Index. The spread allowed us to compete very favorably with the S&P 500 Index in an era that has left stock pickers and value people in either a graveyard or in the dump. When the weighing machine kicks into gear and the stock market reestablishes “reasonableness,” we like our position in the marketplace.
⟶ Keep ReadingIndex Mania: On Top of the World
[...]. The great Vanguard Windsor manager John Neff used to say, “When you want to brag about a stock, you ought to sell it.” What has been happening lately in our interactions with...
⟶ Keep ReadingFinancial Times: Cole Smead, CFA on US Oil Spending
Wall Street will stymie Donald Trump’s US oil surge plan, say shale bosses By Amanda Chu and Jamie Smyth For more information go to www.ft.com. Stocks mentioned: CVE, OXY The […]
⟶ Keep ReadingBursting the Complacency Bubble
The phrase "majoring in the minor" refers to focusing excessively on trivial details while neglecting more important aspects of a situation. This analytical flaw is especially prevalent in today’s investment environment. Quarterly earnings...
⟶ Keep ReadingBarron’s: Cole Smead on Trump’s Canadian Tariff Threat
Trump’s Canadian Tariff Threat Scrambles Oil Stocks. Why Some See Opportunity. By Avi Salzman For more information go to www.barrons.com. The information contained in this article represents SCM’s opinions, and […]
⟶ Keep ReadingThe Wall Street Journal: Cole Smead, CFA on “drill, baby, drill”
How a Trump Trade War Puts Cheap Oil From Canada at Risk by David Uberti For more information go to www.wsj.com. The information contained in this article represents SCM’s opinions, […]
⟶ Keep ReadingCNBC: Cole Smead, CFA on Energy Investing in 2025
Smead Capital CEO Cole Smead on energy investing in 2025 By Kelly Evans For more information go to www.cnbc.com. Stocks mentioned: SCR, MEG, CVE, IMO The information contained in this […]
⟶ Keep Reading4Q24 International Value Strategy Newsletter: Paku Paku: Swallowing Like Pac-Man
[...] Investors and management teams often forget that the stock market isn’t a game of you versus them. It’s a game of you versus you. Mr. Market comes to you every day with...
⟶ Keep Reading4Q24 U.S. Value Strategy Newsletter: Reasonableness
[...] Back in 2012, our portfolio traded at 12-times profits versus 14-times for the S&P 500 Index. The spread allowed us to compete very favorably with the S&P 500 Index in an era...
⟶ Keep Reading
