Category: Missives

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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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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