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Recent Missives
3Q26 International Value Strategy Newsletter: Being Greedy When Mr. Market Doesn’t Understand
The year 2026 has shown that deeply out of consensus investments in the portfolio have continued to reward investors. Our banks and energy companies continue to lead investment performance as they have over...
⟶ Keep Reading3Q26 U.S. Value Strategy Newsletter: Breaking the Fever
When I was a child, we were told, “Starve a cold and feed a fever.” This appears to us to be what is going on in the stock market as we enter the...
⟶ Keep ReadingUnderstanding the 10-Year Treasury: A Multifactor Framework
Headlines are popping up left and right about how high the 10-year Treasury yield has risen. While investors make decisions about what is the “right” longer-term cost of government debt, many journalists focus...
⟶ Keep ReadingPaying Software Prices for Refinery Economics
For a quarter of a century, the hyperscalers have been some of the most profitable and technologically innovative businesses ever created. The reason was clear: their marginal cost per additional customer was almost...
⟶ Keep ReadingNo Country for Old (or Young) Men
As portfolio managers, we must practice what Charlie Munger called "ignorance avoidance!" Therefore, regardless of when the mania for all things AI dies, we believe there will be a bloodbath in the S&P...
⟶ Keep ReadingBNN Bloomberg: Cole Smead, CFA on Canadian Oil and the Economy
Oil tops US$100 per barrel Stocks mentioned: TVE.TO The information contained in this article represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. […]
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