Sales Desk – US   877.701.2883
Sales Desk – International   +353 1 525 9677

US INVESTORS
Non-US INVESTORS

Sales Desk – US   877.701.2883
Sales Desk – International   +353 1 525 9677

US INVESTORS
Non-US INVESTORS

Author: Smead Capital Management

Generates High Levels of Free Cash Flow

At Smead Capital Management, our fourth criterion for stock selection is the generation of high levels of free cash flow. To us, long duration common stock ownership is very similar to owning an entire business. In our opinion, the free cash flow represents the money the owner receives which does not have to be plowed back into the business to perpetuate its success. In effect, it is the “real” and measurable wealth creation of the business.

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March 20, 2014

Bloomberg: Tony Scherrer discusses HealthCare and New Drugs

Money Pours Into Health-Care ETFs Spurred by New Drugs By Drew Armstrong 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 of future

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March 17, 2014

WSJ: Bill Smead on Berkshire’s Annual Report

Berkshire Hathaway’s Profit Rises on Improving Economy By Anupreeta Das For more information go to www.online.wsj.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

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March 6, 2014

Harvard’s Endowment: Wise or Foolish?

Warren Buffett says, “What the wise man does in the beginning, the fool does in the end.” In a Barron’s feature over the weekend, writer Andrew Bary dug into the portfolio of Harvard’s Endowment through an interview with their CIO, Jane Mendillo. After all, who could possibly be wiser than what many would argue is the most respected undergraduate and graduate university in the world? Using a combination of Bary’s article and our perspective, this missive will seek to determine whether the Harvard Endowment is wise or foolish.

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February 12, 2014
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