William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: In the midst of this historically poor start to the year 2009 in the stock market (S&P 500 year-to-date return), we thought it would be helpful to give you
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: In his wonderful book A Short History of Financial Euphoria, John Kenneth Galbraith wrote that human beings ascribe higher and higher levels of intelligence to people based on how
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: I’m fond of saying that the Math you need to succeed in business is learned by the end of 7th grade. If you can do percentages and simple algebraic
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: In his book, Day by Day, Reverend Billy Graham wrote the following: “Columbus was called mad because he decided to sail the uncharted ocean….Martin Luther was called mad because
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Sometimes you can’t hear because of all the noise and we at Smead Capital Management believe that this is one of those times. Let me share some interesting facts getting
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: In the movie, “Sixth Sense”, the little boy could see dead people. Unbeknownst to the movie viewers, the dead people included the character played by Bruce Willis who was counseling him.
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Benjamin Graham wrote the most important book on the analysis of common stocks (Security Analysis), as well as the most important book for stock market investing and portfolio management (The
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: As we start the year in the financial markets it appears that there are three distinct approaches being taken by those who normally invest. Since we believe the markets try
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Since the bottom of the stock market usually comes at the height of the economic or political calamity of that era I thought it would be good to review past major stock
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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