Category: Missives

The Tough Transition

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

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Supreme Moment

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

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Dot-Commodities

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

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Y2QE

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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America: Not Built by Risk Management

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: After 31 years in the investment business, I have come to the conclusion recently that we have become a nation of risk adverse people being led by a risk adverse group of financial industry

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Short Term Pain for Long Term Gain

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: It appears that the sharp increase in Oil prices occurring in reaction to the unwinding of dictatorships in the Middle East has

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True Grit

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: I am a big Coen Brothers fan and they recently remade the movie, True Grit. It is the story of a young

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Booming Commodities and an Anemic Economic Recovery

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: At a recent institutional investor conference one of the speakers was the economist and chief investment officer of a major institutional investment

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Dang! Dang! Not Lost in Translation

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: For decades marketing executives have struggled with foreign language translations. Finding a name in the foreign language which communicates your product or

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