Author: Smead Capital Management

Who is on the Cover

William Smead Chief Executive Officer Chief Investment Officer      Dear Clients and Prospective Clients:  Almost two years ago, the Arizona Republic did a feature story on their cover about a talented and successful residential real estate agent located in Paradise Valley, Arizona. He was

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No Believers

William Smead Chief Executive Officer Chief Investment Officer      Dear Clients and Prospective Clients: The day before the 1980 Presidential Election was 28 years ago today. Ronald Reagan was ahead in the polls and the stock market had risen over 25% in the six

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SCM Missive | October 22nd, 2008

William Smead Chief Executive Officer Chief Investment Officer      Dear Clients and Prospective Clients:  1. What have U.S. stock markets which fell 35% or more done in the few months after plunging to a violent low? Answer: There are two possibilities which have occurred.

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SCM Missive | October 17th, 2008

William Smead Chief Executive Officer Chief Investment Officer  Dear Clients and Prospective Clients:I have been in the investment business 28 years and Warren Buffett has made a stock market prognostication only two prior times (near the bottom in 1982 and near the top in 1999).

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SCM Missive | October 16th, 2008

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Investors are divorcing their stocks. Here is the list of reasons they seek to dissolve their relationship with America’s best companies. We are in a deep recession which could last one to

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SCM Missive | October 14th, 2008

William Smead Chief Executive Officer Chief Investment Officer  Dear Clients and Prospective Clients:The stock market rallied in a powerful way yesterday and is begging everyone to take a position on up or down in the near term. I’d rather help us think straight. We own

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SCM 3rd Quarter 2008 Newsletter

It’s Different This Time 3rd Quarter 2008 It is said on Wall Street that the most financially damaging expression is, “It’s different this time.” An up or down trend gets established in an investment or economic market for a long time and human nature leads

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From Blessed to Fail to Doomed to Succeed

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients:   Today, an owner of good quality United States based common stocks is doomed to succeed over the next ten years. They are doomed because of this psychologically difficult environment’s affect on

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