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Recent Missives
The Tsunami of European Bank Mergers
July 2, 2026
Most global investors are not attuned to what can be seen on the horizon, not far from shore. After the Great Financial Crisis, Europe was slow to address the underlying capital issues. Rather...
⟶ Keep ReadingReuters: Bill Smead on Occidental’s New CEO and Growth
June 29, 2026
Occidental’s new CEO tested by debt, lagging stock price and big dividend payments to Berkshire By Sheila Dang For more information go to reuters.com. The information contained in this […]
⟶ Keep ReadingTech Stock Climax
June 18, 2026
In my 45 years in the investment business, we've observed numerous peaks of excitement. In 1987, a bull market that started at a 1982 bottom below 800 on the Dow Jones Industrial Average...
⟶ Keep ReadingCNBC Europe Squawk Box: Cole Smead on SpaceX Valuation’s Impact
June 10, 2026
SpaceX is already targeting a mammoth valuation. Will passive funds take it even higher? Squawk Box Europe hosted by Stephen Sedgwick For more information go to www.cnbc.com. […]
⟶ Keep ReadingBusiness Insider: Bill Smead on Being Bullish on Commodities
June 5, 2026
History says there’s one hedge that could shelter investors during a lost decade for stocks By Jennifer Sor For more information go to www.businessinsider.com. The information contained in this […]
⟶ Keep ReadingLate-Stage Mania: “The Worst Thing Ever”
June 4, 2026
There is a big difference between betting on something and investing in meritorious companies with long holding periods. Although we are no longer shareholders of Berkshire Hathaway, Warren Buffett shared some wisdom with...
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