Category: Missives

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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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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