William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: At Smead Capital Management we have made it a high priority to pay attention to the investors who have proven over decades that their work proves worthy of great respect and admiration. In baseball,
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: A Wall Street Journal Op/Ed piece on July 9th explained why China was the developed country and the US was the emerging market. One of the examples was the high-speed rail system which has
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Scarcity creates value and scarce behavior, in the investment markets, creates value. We have repeated John Maynard Keynes great quote many times, but as an introduction to our topic today, it must be said:
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: At the annual meeting of Berkshire Hathaway in May of 2006, Warren Buffett was asked to comment on the commodity markets in the US and here is what he said: “I don’t think there’s
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: At Smead Capital Management we remember how most stock market participants screamed “bear market rally” in the summer of 2009 as the
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: A number of media outlets wrote recently about the explosion in prices of residential real estate in Vancouver, British Columbia. These articles concluded that over 70% of these purchases were from Chinese Nationals and
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Stock market participants seem to be having a great deal of difficulty handling temporary economic weakness. This weakness is highly likely to be a combination of higher gasoline prices and the disruptions that supply
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Kairos (καιρός) is an ancient Greek word meaning the right or opportune moment (the supreme moment). The world of value investing and portfolio management includes mean reversion and patience. Speculative episodes typically go on
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: At Smead Capital Management we have decades of investment experience starting as early as 1980, and have read the US economic history which we didn’t live through ourselves. In a recent research piece, Barry
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: In 31 years of being in the investment business, I have observed a series of events played out in the late stages
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