Category: Missives

The Longer You Are Right, the Smarter You Are

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: There is an amazing fact in investment analysis. The longer you are right, the greater the amount of intelligence people attribute to you. Along those same lines the more money you make

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The Bombing of London

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: The darkest days in World War Two were during the bombing of London. Air raid signals would blare and folks would go underground and wait for the bombing to get over. Since

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Surviving the Most Difficult Conditions

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Jim Collins is the author of a book that I have mentioned from time to time called “Good to Great”. He has attempted to help us understand the difference between merely good

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Univesity of Washington Football Team

William Smead Chief Executive Officer Chief Investment Officer         Dear Clients and Prospective Clients:  It has a great balance sheet and massive alumni support. It has a long history of success, including numerous Rose Bowl victories and two National Championships. It has strong

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Who is on the Cover

William Smead Chief Executive Officer Chief Investment Officer      Dear Clients and Prospective Clients:  Almost two years ago, the Arizona Republic did a feature story on their cover about a talented and successful residential real estate agent located in Paradise Valley, Arizona. He was

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No Believers

William Smead Chief Executive Officer Chief Investment Officer      Dear Clients and Prospective Clients: The day before the 1980 Presidential Election was 28 years ago today. Ronald Reagan was ahead in the polls and the stock market had risen over 25% in the six

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SCM Missive | October 22nd, 2008

William Smead Chief Executive Officer Chief Investment Officer      Dear Clients and Prospective Clients:  1. What have U.S. stock markets which fell 35% or more done in the few months after plunging to a violent low? Answer: There are two possibilities which have occurred.

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SCM Missive | October 17th, 2008

William Smead Chief Executive Officer Chief Investment Officer  Dear Clients and Prospective Clients:I have been in the investment business 28 years and Warren Buffett has made a stock market prognostication only two prior times (near the bottom in 1982 and near the top in 1999).

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SCM Missive | October 16th, 2008

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Investors are divorcing their stocks. Here is the list of reasons they seek to dissolve their relationship with America’s best companies. We are in a deep recession which could last one to

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