Author: Smead Capital Management

Too Active, Too Passive: Too Little Understanding

The wealth management and institutional consulting communities have allowed indexing to be called “passive” investing and stock-picking disciplines to be called “active” management. This implies a mindless approach to indexing and a great deal of busyness to stock picking. A number of recent articles and commentaries have been written which question the viability of stock-picking disciplines in an era of numerous indexing choices and ETF vehicles. We at Smead Capital Management believe these labels are at the heart of a great deal of confusion about what works and what doesn’t work in both equity mutual funds and separately managed accounts.

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Bloomberg: Bill Smead discusses Merck (1-31-2013)

Merck Says 2013 Profit Will Decline as Generics Cut Results By Shannon Pettypiece 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

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Reuters: Bill Smead discusses Pharma earnings (1/29/2013)

Pfizer, Lilly beat Street; generics take toll By Bill Berkrot & Ransdell Pierson Reuters For more information go to wwwww.chicagotribune.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

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Bloomberg: CIO Bill Smead offers Thoughts on EBay (01/16/2013)

EBay Sales Beat Estimates as Donahoe Pushes Mobile Sales By Danielle Kucera For more information go to http://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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4Q12: It’s Not What Happens That Matters

Late in 2008 and in early 2009, a group of what we like to call “brilliant pessimists” hit the airwaves with their economic theories. The prognosticators’ vision of the future was and is predicated on the history of similar situations and the mathematical realities of the huge debt overhang from the prior ten years of profligate economic behavior. They put very effective names on their visions like “new normal” and “seven lean years”. They marketed their visions incredibly well to the point of shaming anyone who might disagree with their theories. Their beliefs quickly became accepted as “well known facts” and filtered into the asset allocation of almost every well researched asset allocation portfolio.

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Reuters: CIO Bill Smead offers Preview on EBay (01/11/2013)

PREVIEW-EBAY, PayPal seen beating mobile forecasts By Alistair Barr For more information go to www.cnbc.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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