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 nearly a year. Panic, fear and pessimism ruled the day. From 1980 to 1989 I worked for the most profitable private company in the U.S., Drexel Burnham, which specialized in the so-called “Junk” side or below-investment grade side of investment banking and trading. During the Savings and Loan debacle of 1988-1992, Drexel Burnham entered Chapter 7 bankruptcy for liquidation in February of 1990.


Why do I share this? In 1979-1981 we were told by respectable experts that our economy would never again be the powerhouse of the world. In 1992, experts told us that banking would never be as profitable in the future because of the S. and L. debacle and the closing of 1000 of the 8000 banks that existed in 1988. A young governor from Arkansas argued in the 1992 election that “it was the economy, stupid.” This cleansing we are going through currently is powerful and difficult, but not new. While Merrill Lynch is no longer independent as of this morning, we are still “Bullish on America”

Call us today for reinforcement or join us tomorrow at our Roadshow Event in Seattle to review our discipline and consider which Northwest stocks deserve our affection.

Warmest regards,

 


William Smead

We Advise Investors

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

Recent Missives

In the Money Podcast: Cole Smead, CFA on Canadian Oil Stocks and How the Market is Dead Wrong

June 12, 2025

In the Money with Amber Kanwar Cole Smead: The Market Is Dead Wrong on Canadian Oil Stocks | In the Money with Amber Kanwar     Stocks mentioned: SCR.TO, CVE.TO, […]

⟶ Keep Reading

Bloomberg Open Interest: Cole Smead, CFA on Oil, Homebuilders and the Future of Berkshire

June 10, 2025

Open Interest 6/10/2025 By Matt Miller, Katie Greifeld and Sonali Basak For more information go to www.bloomberg.com. Stocks mentioned: BRK The information contained in this article represents SCM’s opinions, and […]

⟶ Keep Reading

AI Boom Reaches the Grid

June 5, 2025

A mania associated with electric production companies providing electricity to technology enterprises pursuing Artificial Intelligence (AI) agendas looks familiar. An announcement this week by Meta that they signed a deal with Constellation Energy...

⟶ Keep Reading

Investment News: Cole Smead, CFA on Homebuilders and Energy

June 4, 2025

Don’t count out value stocks, says Smead Capital CEO For more information go to www.investmentnews.com. The information contained in this article represents SCM’s opinions, and should not be construed as […]

⟶ Keep Reading

Yahoo Finance: Cole Smead, CFA on the US Deficit

May 30, 2025

  US deficit is an ‘economic stabilizer’ amid uncertainty  For more information go to finance.yahoo.com. The information contained in this tv appearance represents SCM’s opinions, and should not be construed […]

⟶ Keep Reading

Private Market Values in Energy

May 29, 2025

The investors of Smead Capital Management believe, which we count ourselves among, that energy stock valuations in the stock market have become too depressed. Mr. Market gets scared, as he does from time...

⟶ 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