Category: Missives

Two Bears, One Bull

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: We at Smead Capital Management are not afraid to admire people who disagree with us. If someone sincerely believes that

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Sell What the Promoters are Promoting

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Among our most golden rules for investing is the rule that says to avoid or sell investments which are being

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Bull Markets in Oats and Hay

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: The biggest pollution problem in the United States in 1900 was urban horse manure. Horses need to eat. According to

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The Biggest Economic Calamity

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Economists, policy makers, regulators and investors spend most of their adult life worrying about the worst Economic calamity of their

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Musings of Warren, Charlie and Bill

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: I believe that an individual’s income is close to the average of their ten best friends. This could be why

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Bill’s Ark

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Found in the old testament book of Genesis in chapter 6 is the story of Noah and the flood. God

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What If

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: As the first four weeks of a powerful upswing in the stock market unfolds, we thought we would use a

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Generational Transfer

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Baby Boomer’s kids are coming of age. While boomers are enjoying 50th and 60th birthday party celebrations in abundance, their

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Freshmen in College

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Everyone who goes to college wants to earn a bachelors degree. Many young people show up at college as freshmen

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The Silence is Deafening

William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Reverse psychology is a terrific tool for those of us who fear success. I was a college golfer at little

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