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William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: The list of glamorous growth stocks getting hit by what we call “minefield” price declines is getting fairly long. Some of the more influential names which have suffered sharp, swift declines include Nike (NKE),
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Successful investing is the defeat of human nature. Human beings prefer to buy shares of a common stock which have gone up in price recently. They prefer to participate in styles and sectors which
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
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
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
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
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
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
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Jeremy Grantham is a brilliant asset allocator, writer and thinker. He works for an organization (GMO) of great people in those disciplines. He released his quarterly letter to the public recently entitled “My Sister’s
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: We at Smead Capital Management (SCM) have made the case that the poor performance of the US stock market from the end of 1999 to the end of 2008 has caused most institutional and
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