Author: Smead Capital Management

Risk is Not High Math

Long term success in common stock ownership is much more about patience and discipline than it is about mathematics. There is no better arena for discussing this truism than in how investors measure risk. It is the opinion of our firm that measuring a portfolio’s variability to an index is ridiculous, because it is impossible to beat the index without variability.

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Bloomberg Markets: Bill Smead on the Housing Market

This Rare Bear Who Called the Crash Warns Housing Is Too Hot Again By Prashant Gopal Stocks mentioned: LEN, NVR 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

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CNBC Closing Bell: Tony Scherrer on Record Markets

Closing Bell Exchange: Stocks on pace to close at records after… Hosted by Kelly Evans and Michael Santoli Stocks mentioned: NFLX 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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CNBC Closing Bell: Bill Smead on Winners and Losers

Dow Transports post 7-day win streak 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 no guarantee

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Financial Times: Bill Smead on Big Banks

Five things to look out for in US bank earnings By Ben McLannahan For more information go to www.ft.com. The information contained in this article represents Smead Capital Management’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no

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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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