Author: Smead Capital Management

Yahoo Finance: Bill Smead on Trading Momentum

GameStop stock mania will end very badly: expert By Brian Sozzi For more information go to finance.yahoo.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 future

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Yahoo Finance: Bill Smead on Inflation

‘Inflation will be the subject matter that turns the market’: Bill Smead By Julie Hyman, Brian Sozzi, and Myles Udland For more information go to finance.yahoo.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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Throwing Caution

As we begin 2021, the investing public is tied up in a “frenzy,” to quote Charlie Munger from a recent interview. This “frenzy” can be captured a couple ways. Whether by the investment banking activities that usually coincide with poor market returns going forward (stock market failure), or by the sell-side research analysts playing hopscotch to raise their price targets over their competition in the most exciting stocks. Rather than look at Wall Street, who can often exact nefarious schemes and ideas on investors, we think it would be best to look at market participants to understand where we sit.

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From the Impatient to the Patient

As we enter 2021, it appears that Buffett had things upside down in 2020. The things which had gone up the most by the end of 2019, went up the most in 2020. We invest on behalf of clients who want to avoid stock market failure and history shows most investors are impatient and are like a car stalled on the railroad tracks. […]

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Bloomberg: Bill Smead on Value Performance

S&P 500 Should Get A Pink Slip for Adding Tesla: Bill Smead By Caroline Hyde 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 guarantee

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Famed Climatologist Charlie Munger

We were fortunate to watch a recent interview Charlie Munger did with Caltech as a distinguished alum. We consider him to be one of the most successful contrarian investment thinkers on the planet. At 96 years of age, he has no fear of being politically incorrect. We contrast this with the mountain of writing, media and rhetoric associated with the topic of climate change.

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TD Ameritrade: Bill Smead on Homebuilders

Bill Smead Says Covid-19 Is A Home Building Catalyst, Not The Story Hosted by Oliver Renick For more information go to www.tdameritradenetwork.com. Stocks mentioned: DHI, LEN, HD The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or

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CNBC The Exchange: Bill Smead on Not Owning the S&P 500

Bill Smead doesn’t want to own the S&P 500 — Here’s where he’s investing instead Hosted by Kelly Evans For more information go to www.cnbc.com. Stocks mentioned: CVX, SPG, UHAL, AMGN The information contained in this tv appearance represents SCM’s opinions, and should not be

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Net Present Value Bargains

[…] The publicly-traded home builders, whose market share and moat grow by the minute, make up only a scant 0.23% of the S&P 500. At Smead Capital Management, we are practicing what Warren Buffett describes as the Mae West Theory, “too much of a good thing can be wonderful.” We currently own around 14% of our portfolio in home builders. As they prosper the next ten years and interest rates rise as a result of Millennial household formation, this could be one of the few industry groups which won’t suffer from valuation contraction. […]

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