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

The Thermometer of the Stock Market

As long-duration owners of common stock, we believe it is the wealth created by the businesses which causes the owners to prosper. We have also been participants in the US stock market since 1980 and are very aware of big swings in enthusiasm for owning common stocks. So we thought it would be helpful to share our opinion on the current temperature of the market. To take the temperature of the market we need to examine the thermometer readings.

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October 29, 2013

3Q13: Confidence in the Future

The US stock market gained 452 points from 1229 at the start of 1999 to now. This gain of slightly more than 39% is less than a 3% annualized average gain and combined with dividend payments gave investors an average annual return of 4.09%. The stock market in the US has historically returned closer to 10% with dividends reinvested and for this reason, we contend, these recent returns have been very unattractive to both institutional and individual investors. What have we learned in these last 15 years which can help us to succeed going forward?

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October 15, 2013

Bloomberg London: Bill Smead discusses US Future Outlook

On the Move Hosted by Francine Lacqua For more information go to www.bloomberg.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 of future results. The securities identified

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October 11, 2013

Frustrating the Most People

A venerable sage once said, “The markets do whatever they have to do to frustrate the most people.” For the long-duration investor, this means that you need to look at what people are invested in to determine where the frustration will come from. Thanks to the Associated Press, we know what the masses have done with their investments in the last five years:

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October 9, 2013

Barron’s: Bill Smead discusses changes at Merck

Merck Revamp Should Lift Stock By Johanna Bennett 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 identified

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October 4, 2013
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