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Sales Desk – US   877.701.2883
Sales Desk – International   +353 1 525 9677

US INVESTORS
Non-US INVESTORS

Author: Smead Capital Management

1Q19 Newsletter: Stock Market Morality

Virtually every major athletic and business endeavor has been governed over long periods of time by a set of standards or morals. In basketball it helps to be tall, in baseball it helps to run fast and throw hard and in football it helps to be physically strong. In business it helps to have capital, sales, profits and free cash flow. We believe that the morality of common stock investing gets unhinged after an extended period of easy money and low interest rates.

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April 15, 2019

CNN Business: Cole Smead, CFA on Recent Tech IPOs

Uber IPO filing: What’s under the hood? By Richard Quest Click here to view. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results. The securities identified

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April 12, 2019

CNBC The Exchange: Bill Smead on Helping the Middle Class

Best way to help the middle class is a big increase household… 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

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April 12, 2019

Fox Business: Tony Scherrer, CFA on Wells Fargo

Wells Fargo’s task in CEO search? Find the next Jamie Dimon By Joe Williams Stocks mentioned: WFC For more information go to www.bloomberg.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance

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April 2, 2019

CNN Business: Bill Smead on Amazon’s High Multiple

Amazon stock sinks following Trump’s attacks By Nathaniel Meyersohn For more information go to www.cnn.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results. The securities

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April 2, 2019

Illusionary Investing

My career started in 1994, which was a stealth bear market for stocks and an outright bear market for bonds. Fed Chair Alan Greenspan hiked rates seven times as he played catch up in response to a percolating economy that rediscovered its sea legs coming off the 1991 recession. The Federal Funds Rate doubled from 3.00% to 6.00%, and the 30-year bond yield jumped 150 basis points to 7.75%. You lost roughly 25% by owning the long bond, and although the S&P 500 grew operating earnings 18% that year, its price declined around 1.5% while your average stock did far worse. This Fed era was quite opaque, often surprising the market and offering very little read-through. At times it seemed Greenspan reveled in non-transparency, as the opening quote reminds us.

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April 2, 2019

CNBC Squawk Box: Tony Scherrer on Wells Fargo

Tim Sloan’s departure should be a ‘positive’ for Wells Fargo: analyst Hosted by Sri Jegarajah and Nancy Hungerford For more information go to www.cnbc.com. Stocks mentioned: WFC The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or

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March 28, 2019

Bloomberg: Tony Scherrer, CFA on Wells Fargo CEO

Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals By Hannah Levitt Stocks mentioned: WFC For more information go to www.bloomberg.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no

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March 28, 2019

CNN Business: Bill Smead on Breaking Up Big Tech

Even some capitalists are in favor of breaking up Big Tech By Matt Egan, Julia Horowitz and Charles Riley For more information go to www.cnn.com. The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice.

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March 24, 2019
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