Author: Smead Capital Management

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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CNBC: CIO Bill Smead talks about Housing (01/03/2013)

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 and described in this tv appearance do not represent all of the securities

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2013, “Things Can Only Get Better”

As long-duration common stock owners, we at Smead Capital Management don’t put much emphasis on predicting the year-to-year movements in the stock market. We expect at least a 10 percent or greater decline during each year and a greater than 20 percent decline at least once every five years. With that caveat in place, we will throw our two cents into the debate about what the US stock market will do in 2013.

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