Author: Smead Capital Management

CNBC Closing Bell: Bill Smead on Market Expectations

Dow closes above 25K for the first time Hosted by Kelly Evans and Michael Santoli 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

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Confusing Brains with a Bull Market

It is hard to think about 1981, my first full year in the investment business. Three-month Treasury bills were paying 18%, longer-term Treasury bonds yielded 15% to maturity and cheap stocks got 20% cheaper. In the summer of 1981, we saw a stock market decline from an already depressed market trading at eight-times after-tax profits down closer to six times. Participation in the stock market was down to 13.2% of U.S. household financial assets at the market bottom in 1982.

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Reuters: Tony Scherrer discusses Merck & Co.

Merck raises stakes in lung cancer as rivals close in By Brendan McDermid   For more information go to www.reuters.com. Stocks mentioned: MRK The information contained in this article represents Smead Capital Management’s opinions, and should not be construed as personalized or individualized investment advice.

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Today’s Financial Euphoria

All major financial euphoria episodes hold aspects in common. Among our favorite books on investing is John Kenneth Galbraith’s A Short History of Financial Euphoria. More than any other economist, we admire his understanding of the connection between the securities markets and the economy.

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CNBC Closing Bell: Bill Smead on Technology

Apple becoming a one-product story: Ariel Investments’ Charles… Hosted by Kelly Evans and Michael Santoli For more information go to www.cnbc.com. Stocks mentioned: AAPL The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized investment advice.

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Barron’s: Tony Scherrer on Target

Target’s Renovation Could Pay Off Nicely for Investors By Vito J. Racanelli For more information go to www.barrons.com. Stocks mentioned: TGT 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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Rise of the Rest

The first time I read Forbes magazine was in 1980 as a brokerage trainee in New York City. I was fascinated by the company stories and the way the top investment disciplines were analyzed. In the 100th Anniversary Issue—published in September 2017—over 100 successful business and investment people wrote a short essay. We would like to zero in on one of these essays from Steve Case, the former Chairman/CEO/Co-Founder of America Online, Inc. (AOL).

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