By Emily Glazer And Peter Rudegeair
Recent Missives
Saved by Zero
March 19, 2024
[...] The U.S. Federal Government has set a net zero carbon goal by 2050. Tremendous resources have been applied with borrowed money to fund these goals and subsidize money-losing green investments. After pouring...
⟶ Keep ReadingLooking for the Outsiders
March 12, 2024
William Thorndike’s book "The Outsiders" has been considered a classic for some time now. His story teaches readers about the business performance of Henry Singleton, Katherine Graham, John Malone and Daniel Burke. These...
⟶ Keep ReadingLonely Contrarian Divergence
March 5, 2024
[...] At Smead Capital Management, prioritizing independent research is not only integral to our evolution as investors but also reflects our commitment to those on whose behalf we invest. Being different is inherently...
⟶ Keep ReadingA Ticket to Purgatory
February 27, 2024
The Sherman Antitrust Act was created to stop our democratic republic from being ruined by "the concentration of capital in vast combinations." The fear was that if too much of the success of...
⟶ Keep ReadingThe Great Conflagration
February 21, 2024
We consider Ben Bernanke to be the father of 21st-century central bank policy. His work in dealing with the credit crisis in 2008-2009 was just the right policy at that time. The problem...
⟶ Keep ReadingDrivers and Stock Pickers
February 13, 2024
In studies, 90% of drivers think they are above average. We believe that 100% of the people who pick stocks for a living think they will be above average. Is being above average...
⟶ Keep ReadingUS INVESTORS
Individual Investors
Financial Advisors, Family Offices,
and Institutional Investors
NON-US INVESTORS