Category: Missives

Monopoly Money Part II

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: In June of 2009, in a piece called Monopoly Money we argued that increasing the amount of money held in the bank of a Monopoly game will not affect the game unless the players

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Swallowing the Myth

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: When I was in college we had an “Around the World” party at my fraternity. Each of us decorated our bedrooms as a place around the world and served an alcoholic beverage from that

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Dumb Money?

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: The folks at Smead Capital Management (SCM) are admirers of the journalists who follow our industry. We’d like to expand on a piece written by Kelly Evans titled “‘Dumb Money’ Returns to Stocks”. The

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The Wizard of Oz

William Smead Chief Executive Officer Chief Investment Officer Printable Version      Dear Fellow Investors: Once upon a time there were institutional and individual investors named Dorothy. She was hit by two financial tornados and knocked unconscious. These tornados fell on the Wicked Witch of

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Is the “New Normal” Idiotic?

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: The largest bond mutual fund company on the planet has built its entire thesis around what they call the “New Normal”. It

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$10/Barrel Oil?

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: In the short run, psychology and entrenched beliefs can drive a market or the price of a commodity. In the long run,

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Financial AIDS

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 (SCM), we have made it part of our work to take the psychological pulse of the stock and

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A Rodney Dangerfield Market

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: I love to watch the biographies on CNBC and on the A&E Channel. Rodney Dangerfield’s biography was on last week. Born Jacob Cohen, Rodney worked as a comedian for years as Jack Roy. He

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The Seller at the Bottom

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: A number of naïve investors have a mental picture of some great buying interest entering the stock market at major low points.

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Lemmings Part 2

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: We at Smead Capital Management (SCM) shared with you recently a comparison between the behavior of lemmings and investors, both individual and

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