Category: Missives

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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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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