Author: Smead Capital Management

Out of Bondage

William Smead Chief Executive Officer Chief Investment Officer Printable Version   Dear Fellow Investors: In the Bible’s books of Genesis and Exodus we are told that as Prime Minister of Egypt, Joseph was wise enough to store up massive amounts of grain in a seven–year

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Nero (Iran) Fiddles While Rome (China) Burns

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: What is required for a whopper of a secular bear market is for most market participants to believe the positive side of the story all the way down. We at Smead Capital Management believe

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EBay and Amgen: Dividends do Matter

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: We are owners of both EBay (EBAY) and Amgen (AMGN). We believe the dividend policy and price action in the shares of these two companies can teach us about stock price performance over the

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The Great Scarcity: Stockpicking

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: As the chart below shows, correlations among the S&P 500 Index companies was the highest on October 10th of 2011 as it has been for 25 years. In the opinion of Smead Capital Management,

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No One to Answer To

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Two watershed events were announced in the last two weeks. First, Warren Buffett disclosed a massive amount of open market purchases of US large-cap stocks. Second, Legg Mason announced that Bill Miller is “stepping

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