Author: Smead Capital Management

The Wrong Premiums

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: At the start of the year, we at Smead Capital Management predicted that 2009 would be like 1988. In the

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Peak Oil Mini-Me

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Mike Myers is a very talented writer and comedian. His Austin Powers movies really hit my funny bone. In the

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Stomach Reinforcement

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: There are two opinions we hold at Smead Capital Management which are very contrary to the conventional wisdom in the

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Two Bears, One Bull

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: We at Smead Capital Management are not afraid to admire people who disagree with us. If someone sincerely believes that

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Sell What the Promoters are Promoting

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Among our most golden rules for investing is the rule that says to avoid or sell investments which are being

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Bull Markets in Oats and Hay

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: The biggest pollution problem in the United States in 1900 was urban horse manure. Horses need to eat. According to

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The Biggest Economic Calamity

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Economists, policy makers, regulators and investors spend most of their adult life worrying about the worst Economic calamity of their

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Musings of Warren, Charlie and Bill

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: I believe that an individual’s income is close to the average of their ten best friends. This could be why

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SCM 1st Quarter 2009 Newsletter

Our Abusive Parent Leads to Lots of Experts at Extremes As portfolio managers, we feel like the children of an abusive parent. The parent spent the last 29 years teaching us the difference between right and wrong. We in turn have been executing the behaviors

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