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As we approach the end of 2012, those of us at Smead Capital Management are struck by how helpful the band, The Who, could be to those who are interested in relative performance. Their comments on demographics, psychology and relative value are as beneficial to the contrarian investor today as they were 40 years ago when their songs were first popularized.
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: The Bible is full of stories of God’s people living in exile on their own volition. A famine occurred in the land of “milk and honey”, so the Hebrews moved to Egypt at the
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: We spoke to two small groups in Spokane on September 21st, 2012. For better or worse, when I think of Spokane I think of my cousin Gary. It was 1981 and yours truly was
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: In an article published by Marketwatch.com on September 21, 2012, Mark Hulbert asks the question, “Where do you think the stock market will be ten years from now?” It was as a lead into
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Ten-Year US Treasury Yield since 1/1/1871 My career started as a stock brokerage trainee at Drexel Burnham Lambert in 1980. As you can see in the chart above, interest rates at that time were
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Our long-time readers are aware that we are stingy when it comes to trading and big believers of keeping trading costs low at Smead Capital Management. Despite these natural inclinations, we do try to
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: How did the job of an asset allocator move from seeking out undervalued asset classes and securities to one of seeking to mitigate risk? Is risk mitigation a worthy goal or even possible without
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Everyone wants to wait for the perfect time to buy into the stock market or into any major investment market. They want to enter at historically cheap prices or at “absolute values”. We at
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
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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