Author: Smead Capital Management

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

⟶ Keep Reading

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

⟶ Keep Reading

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,

⟶ Keep Reading

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

⟶ Keep Reading

Grease (Greece) is the Word

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Everything you need to know about today’s circumstance in the US stock market is covered in the theme song to the movie, Grease.           I solve my problems and I see the light          

⟶ Keep Reading

Chinese Banks are Imitating Washington Mutual

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Once upon a time there was a bank based in Seattle, Washington called Washington Mutual. The bank grew by acquisitions in the 1990’s and enjoyed the prosperity of the United States of America. It

⟶ Keep Reading
Scroll to Top