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 are bullish or bearish or looking for a short-term downward correction in prices. I have followed this survey for 28 years. Whenever it gets to extremes, it is a useful tool. Tuesday’s survey showed 50% of the newsletter writers are bearish. The last time we hit 50% bears was on January 6 of 1995 at 50.9%. A reading a few weeks ago of 27% bulls was the lowest bullish reading since July 1st of 1994 at 23.9%. There is no guarantee of a repeat, but the last time it hit 50% bearish preceded a four-year stretch (1995-1998) which was mega fun and profitable for U.S. stock investors.This is just a reminder of how powerful the “Next Great U.S. Stock Market” could be. Thank you for the patience and trust.

Warmest regards,


William Smead

We Advise Investors

Sign up to get our advice sent straight to your inbox.

Recent Missives

CNBC The Exchange: Cole Smead, CFA on Opportunities in Individual Equities

September 19, 2023

Indexes are struggling but opportunity exists in individual equities, says Cole Smead For more information go to www.cnbc.com. Stocks mentioned: LEN The information contained in this tv appearance represents SCM’s … CNBC The...

⟶ Keep Reading

Oil Stock Disconnect

September 19, 2023

[...] Fortunately for us, push eventually comes to shove. Since there is no end in sight in the demand for fossil fuels and there is only criticism for those who are poking holes...

⟶ Keep Reading

Stock Investors in Barbieland

September 12, 2023

[...] Investors should fear death like Barbie did. We call it stock market failure. These valuations won’t go up like a six-inch heel. Flats may be more fitting for thinking about stock returns...

⟶ Keep Reading

Inflation Expectations

September 6, 2023

[...] We especially like DR Horton (DHI), Simon Property Group (SPG) and Apache Petroleum (APA), as ways to get our share of the profits from a very overvalued stock market. It is a...

⟶ Keep Reading

Investor’s Business Daily: Bill Smead on Berkshire

September 5, 2023

  Warren Buffett Keeps Getting Older. Berkshire Hathaway Stockholders Are Getting Uneasy By Aparna Narayanan For more information go to investors.com. Stocks mentioned: BRK The information contained in this tv … Investor’s Business...

⟶ Keep Reading

The Market: Cole Smead, CFA on Opportunities in Energy and Commodities

August 31, 2023

This Is an Ideal Environment for Value Investors By Christoph Gisiger For more information go to www.themarket.ch. Stocks mentioned: APA, CVE, OXY, OVV, MEG The information contained in this article … The Market:...

⟶ Keep Reading

We Advise Investors

Sign up to get our advice sent straight to your inbox.

US INVESTORS

Individual Investors

OR

Financial Advisors, Family Offices,
and Institutional Investors

OR

NON-US INVESTORS

Individual Investors

OR

Financial Advisors, Family Offices,
and Institutional Investors

OR

Scroll to Top