Category: Missives

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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$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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