Author: Smead Capital Management

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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Down and Out in Wenzhou

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: In early 2006, I wrote a piece called “Down and Out in Bloomfield Hills”. Our argument back then was that the economy of the rest of the US could look and act the way

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Rational Despair and Analogous Situations

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Randall Forsyth of Barron’s wrote a piece on May 31st, 2012 called, “Irrational Exuberance’s Flip Side Seen in Low Bond Yields”. It reminded me of the following and wise joke. A younger person asks

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We’re Off to See the Wizard

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: We’re off to see the Wizard, The Wonderful Wizard of Oz. You’ll find he is a whiz of a Wiz! If ever a Wiz! there was. If ever oh ever a Wiz! there was

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The Vision Thing II

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: In May of 2010 we wrote about how important it was for the companies which meet our eight criteria to have a strong vision and clear agenda for their business. When President George Herbert

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Reuters: CIO Bill Smead talks about Warren Buffett (5/5/2012)

Buffett plays down health concern, mulled megadeal by Ben Berkowitz For more information go to www.reuters.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

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