Category: Missives

Frustrating the Most People!

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

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Major Market Low Points

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

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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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