Author: Smead Capital Management

Univesity of Washington Football Team

William Smead Chief Executive Officer Chief Investment Officer         Dear Clients and Prospective Clients:  It has a great balance sheet and massive alumni support. It has a long history of success, including numerous Rose Bowl victories and two National Championships. It has strong

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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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