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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

3Q25 International Value Strategy Newsletter: Scaling Old Industries

It is not uncommon for investors to want to scale new businesses. We are currently seeing it in the AI story, where businesses are trying to find new customers and gain scale in what is believed to be a burgeoning industry. While there may be a winner, there tend to be many losers when it comes to scaling new industries. We like far more predictability in analyzing companies, which time and time again draws us to old industries. Banking is a roughly 600-year-old industry. The energy industry has been around since the first fire, but the oil business has been around since the 19th century. We will use this letter to explain to the investors of the strategy why these industries currently have so much in common. […]

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October 15, 2025

3Q25 U.S. Value Strategy Newsletter: Tortoise and the Hare Circa 2025

We’ve been doing a great deal of reading about prior exciting and maniacal periods in the U.S. stock market. This is as much to remind us of why the tortoise won the race in Aesop’s fable. Once in Golconda and The Go-Go Years by John Brooks covered the 1920s and 1930s (Golconda), as well as the late 1960s (Go-Go). Eboys, the story of Benchmark Capital and eBay, covered 1998-2000. Most recently, we read a terrific article in The Wall Street Journal titled “Spending on AI Is at Epic Levels. Will It Ever Pay Off,” written by Eliot Brown and Robbie Whelan. […]

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October 15, 2025

CBC: Cole Smead, CFA on the Cenovus Offer for MEG Energy

Cenovus raises takeover offer for MEG Energy and ponies up more stockby Benoît Morenne For more information go to www.cbc.ca. Stocks mentioned: CVE, MEG 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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October 8, 2025

Business Insider: Bill Smead on Chasing AI Stocks

  People are chasing AI stocks like ‘dogs chase cars’ — and a crash looks certain, veteran investor Bill Smead says By Theron Mohamed For more information go to www.businessinsider.com. The information contained in this article represents Smead Capital Management’s opinions, and should not be

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October 1, 2025

Financial Times: Cole Smead, CFA on OXY’s Petrochemical Unit

Buffett’s Berkshire Hathaway nears $10bn deal for Occidental’s petrochemical unit By Jamie Smyth and Oliver Barnes in New York For more information go to www.ft.com. Stocks mentioned: OXY The information contained in this article represents Smead Capital Management’s opinions, and should not be construed as

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September 30, 2025

Reuters: Bill Smead on ConocoPhillips

  ConocoPhillips’ deep layoffs highlight need for capital discipline, analysts say By Sheila Dang and Arathy Somasekhar For more information go to reuters.com. Stocks mentioned: COP The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized

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September 9, 2025
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