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Author: Smead Capital Management

Buffett on Aesop and Cinderella

In the annual letter to Berkshire Hathaway shareholders in early 2000, Warren Buffett attempted to remind everyone why value investing works, despite the financial euphoria all around him at that time. We will revisit this valuable lesson and draw implications for reviving enthusiasm for value investing at a point eerily similar to early 2000. The fast growing spread between growth and value in the last 30 days looks to us very much like the first 67 days of 2000 and the entire year of 1999.

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February 3, 2020

CNBC Squawk Box: Bill Smead on Stocks Hitting All-Time Highs

Bill Smead highlights three stocks that have recently hit all-time highs Hosted by Andrew Ross Sorkin For more information go to www.cnbc.com. The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance

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December 11, 2019

Keynes’ General Greatness from Chapter 12

In 1936, John Maynard Keynes penned his work The General Theory of Employment, Interest and Money. Most of the work was trying to strike against the consensus of economics. Many in the intellectual communities of the west believed in the classical theory of economics. We will describe it briefly by saying that these economists believed that humans function much like an algebraic response to prices or stimuli. Keynes struck out against this notion in his work, allowing thoughts of entrepreneurship, experience and some of the unexplainable human responses to rebut this linear view of human behaviors in economics.

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November 25, 2019

Bloomberg: Tony Scherrer, CFA on Target

Target ‘Incredibly Cheap’ Against Its Peers: Smead Capital Hosted by Alix Steel For more information go to www.bloomberg.com. The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of

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November 20, 2019

When Revenue Growth Collapses

When we are on the road, we like to tell the story of our imaginary bottled water company. The first year we manufacture one million bottles of water at a cost of $1. To attract customers, we sell them for 90 cents per bottle. In our second year we make two million bottles for $1 per bottle. Again, we sell them for 90 cents per bottle.

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October 29, 2019

CNBC The Exchange: Bill Smead on the State of the Markets

Comeback in value stocks real: American Century Investments CIO Hosted by Kelly Evans For more information go to www.cnbc.com. The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee

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October 23, 2019

Risk Blackout

In financial euphoria episodes, investors become immune to the risks of capital destruction by blacking out to their normal risk aversion. Usually these episodes come from extrapolating the recent past out many years into the future. What can we learn from other disciplines about blacking out? How did this happen with investors in the past and where are risks in the U.S. stock market blacked out today?

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October 22, 2019
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