Author: Smead Capital Management

Oil: Does Supply and Demand Matter?

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: If you are a long-time follower of our writing at Smead Capital Management (SCM), you are aware of our belief that a titanic shift is in process in the world economy. The fastest growing

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Stock Pickers: “Somebody I Used to Know”

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Art has a tendency to express culture. One of today’s catchiest songs does a great job of explaining the relationship between institutional/individual investors and US common stock picking. In Gotye’s, “Somebody I Used to

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The Price of Glamour

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: The list of glamorous growth stocks getting hit by what we call “minefield” price declines is getting fairly long. Some of the more influential names which have suffered sharp, swift declines include Nike (NKE),

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Only the Lonely Can Play

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Successful investing is the defeat of human nature. Human beings prefer to buy shares of a common stock which have gone up in price recently. They prefer to participate in styles and sectors which

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Math, History and Psychology – Part 2

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Last week we wrote about the math of common stock investing and the effectiveness of mathematical discipline to portfolio management. This week we will focus on history and the importance of that academic discipline

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Math, History and Psychology

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: In my 32 years in the investment business, success in common stock investing seems to come down to math, history and psychology. At Smead Capital Management (SCM), we have built our investment discipline and

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