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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

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

Do China Insider Transactions Lie?

In our business, we like to say that insider transactions never lie. For this reason, one of our eight criteria for selecting common stocks is strong insider ownership, preferably with recent purchases. Additionally, as contrarians, we want to make our original purchases in a business at a time when most investors are scared to buy for one reason or another. When we see officers, directors and substantial existing shareholders of a business buying at prices which are temporarily depressed, we raise our confidence in the long-term future of a business.

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January 28, 2014

Bloomberg: CIO Bill Smead defends eBay and PayPal

EBay Says Icahn Proposes PayPal Spinoff, Board Nominees By Brian Womack 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 results.

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January 23, 2014

Dreman and Lorde: We Will Never Be Royals

In his 1980 book, Contrarian Investment Strategy, David Dreman opens with an analogy comparing the stock market to a casino with two distinct sides. The “red” room has lots of action and an occasional player striking it rich quickly. In effect, you become royal. Unfortunately, most of the players leave without the money with which they entered, because the house has the odds stacked heavily in its favor. The other side, the “green” room, was very quiet with numerous players slowly stacking up a large pile of chips and most of the players winning. The odds were stacked in their favor against the house, but nobody ever ordained them to get rich quickly.

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January 22, 2014

WSJ: CIO Bill Smead offers thoughts on Buffett’s successors

Upstart Managers School Sage of Omaha 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 securities

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January 21, 2014
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