Category: Missives

SCM Missive | October 14th, 2008

William Smead Chief Executive Officer Chief Investment Officer  Dear Clients and Prospective Clients:The stock market rallied in a powerful way yesterday and is begging everyone to take a position on up or down in the near term. I’d rather help us think straight. We own

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From Blessed to Fail to Doomed to Succeed

William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients:   Today, an owner of good quality United States based common stocks is doomed to succeed over the next ten years. They are doomed because of this psychologically difficult environment’s affect on

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SCM Missive | September 15th, 2008

William Smead Chief Executive Officer Chief Investment Officer  Dear Clients and Prospective Clients:In an 11-month stretch of 1978-79, Oil nearly tripled in price to $34 per barrel, inflation and interest rates skyrocketed and the U.S. Embassy in Iran was taken over by Shiite Fundamentalists for

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SCM Missive | August 1st, 2008

William Smead Chief Executive Officer Chief Investment Officer  Investor’s Intelligence is a service founded in 1963 to measure the psychology of the U.S. stock market through the eyes of investment newsletter writers (many of whom manage money themselves). They ask the letter writers if they

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SCM Missive | July 17th, 2008

William Smead Chief Executive Officer Chief Investment Officer   Oil and natural gas prices appear to be beginning to unwind. If they unwind, the investment landscape could change on a dime. Barron’s had a chart in it this week which showed five times in the

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