Author: Smead Capital Management

CNBC The Exchange: Bill Smead on the Bear Market Rally

US economy going to be ‘quite good’, says Bill Smead 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

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We See Dead Stocks

Financial euphoria episodes are a common occurrence in investment markets and the U.S. stock market. When a new one comes along, market participants accelerate their enthusiasm toward the end, which makes the shares of companies involved dead to us. The new mania becomes comparable to prior episodes and prepares to destroy the capital of those who extrapolate the existing trends and enthusiasm.

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Bloomberg: Bill Smead on eBay

EBay CEO Has a Stark Choice: Show Growth or Break Up Company By Spencer Soper Stocks mentioned: EBAY 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

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CNBC Asia Street Signs: Bill Smead on Contrarian Views

Investor: I have a contrarian view on British stocks Hosted by Martin Soong and Oriel Morrison Stocks mentioned: BAC, JPM, WFC 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

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Barron’s: Bill Smead on Tech Powerhouses

The Dow Climbs 156 Points as China Gives a Reason to Hope By Evie Liu For more information go to www.barrons.com. Stocks mentioned: AMGN, MRK 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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4Q18 Newsletter: Dr. Jekyll Economy Meets Mr. Hyde Markets

In the famous book, Strange Case of Dr. Jekyll and Mr. Hyde, Dr. Jekyll and Mr. Hyde were one human being with a split personality. Dr. Jekyll healed people and Mr. Hyde murdered them. This economic environment and the U.S. stock market have the same kind of split personality. The economic environment has been healing people with jobs, consumer confidence and a bright demographic future. At the same time, in the second half of 2018, the Mr. Hyde stock market took investors out back to a slaughter, knocking a swift 18-20% off major indexes and punishing over-priced glam tech stocks even more.

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Price for Clarity

The market hates ambiguity. That’s what we’re told, and on any short-term basis, we can see the market vote accordingly. In a world where investing has morphed towards algorithmic trading systems influencing daily volatility, many have come to accept this as a reasonable truth and participate by selling when things lose clarity or piling in when visibility is perceived.

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WSJ: Tony Scherrer on Starbucks

Starbucks CEO Kevin Johnson Reins In Predecessor’s Ambitions: ‘I’m Not Howard’ By Julie Jargon For more information go to www.wsj.com. Stocks mentioned: SBUX 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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