Category: Missives

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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Lemmings

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: One of the most excruciating and entertaining things to watch in nature is a group of lemmings going off the cliff together.

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Courage at the Bottom, Wisdom on the Retest

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Somewhere along the time line there are going to be stock market rewards for being in the market for the last 30 years. At Smead Capital Management (SCM) we think that somewhere is coming

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Three Articles and One Conclusion

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: At Smead Capital Management (SCM) our contrarianism and urge to purchase stocks with low PE ratios has led us to own what we think are the finest and most recession resistant companies in the

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Dislodged

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: When I was 5 years old I got a life saver stuck in my throat while grocery shopping with my parents. My Dad grabbed me by the ankles and turned me upside down. He

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The Smell Test

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: In my family, we have a busy household with many friends and relatives floating in and out. We stockpile non-refrigerated foods in a large pantry and many times we don’t get these items opened

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1983 Revisited

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: If the year 2010 gets any more like the year 1983 in the stock market, it will be us at Smead Capital Management saying “It’s déjà vu all over again,” not Yogi Berra. First,

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At the Margin

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Fellow Investors: I’ve always felt very fortunate to have received a solid education at Whitman College in Walla Walla, WA. In Micro- and Macroeconomics,

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Hoarders

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Dear Fellow Investors: “Hoarders” is a popular TV show currently. It tells the story of people who buy and collect things and virtually never throw anything away. As we look out to

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