Author: Smead Capital Management

Bloomberg Daybreak Asia: Tony Scherrer on Wells Fargo

Wells Fargo Board Members Survive Shareholder Vote By Betty Liu and Yvonne Man For more information go to www.bloomberg.com. Stocks Mentioned: WFC The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is

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Sentimental Journey

Like a good attorney, we rarely ask a question for which we don’t have the answer. In the case of looking at sentiment in the economy and in the stock market, we like watching to get a feel for what our professional and individual investor clients are going through to see if it matches what we are hearing and seeing. The bifurcation in the economic sentiment surveys is that sentiment and confidence in economic growth are high, but those enthusiasms have yet to show up in real Gross Domestic Product (GDP) growth.

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WSJ: Bill Smead on American Express Results

American Express Results Decline Less Than Expected By AnnaMaria Andriotis and Anne Steele For more information go to www.wsj.com. Stocks mentioned: AXP The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is

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Bloomberg Daybreak Asia: Tony Scherrer on Bank Earnings

BofA, JPMorgan, Citigroup Report Strong Earnings By Betty Liu and Yvonne Man For more information go to www.bloomberg.com. Stocks Mentioned: BAC, C, GS, JPM, WFC 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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WSJ: Bill Smead on Bank of America

Bank of America Reports Jump in Earnings By Rachel Louise Ensign For more information go to www.wsj.com. Stocks mentioned: BAC 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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Barron’s: Bill Smead on Oil Prices

Oil: ‘Dead-Cat Bounce or Bear-Market Rally’? By Crystal Kim For more information go to www.barrons.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 of future results. The securities

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Should $20 a Barrel be the Real Price of Oil?

In September of 2010, we argued that oil prices were trading on psychology and entrenched beliefs, and could possibly have a real price of $10 per barrel. Investor bullishness was driven by the belief in peak oil theory, the slow transition to electric and hybrid engines, and the use of the commodity oil as an investment in the China boom. We were early, but after topping out at $115 per barrel, WTI crude oil dropped like a lead balloon to as low as $29.42.

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