Tag: China

Nero (Iran) Fiddles While Rome (China) Burns

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: What is required for a whopper of a secular bear market is for most market participants to believe the positive side of the story all the way down. We at Smead Capital Management believe

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Grease (Greece) is the Word

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Everything you need to know about today’s circumstance in the US stock market is covered in the theme song to the movie, Grease.           I solve my problems and I see the light          

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Chinese Banks are Imitating Washington Mutual

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Once upon a time there was a bank based in Seattle, Washington called Washington Mutual. The bank grew by acquisitions in the 1990’s and enjoyed the prosperity of the United States of America. It

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The Blessing of Hitting the Skids First

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: They say that to make significant improvements or permanently change behavior you have to hit bottom. Once you hit bottom, you have to want to change. There is a special blessing in hitting bottom

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Train Wreck Waiting to Happen

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: A Wall Street Journal Op/Ed piece on July 9th explained why China was the developed country and the US was the emerging market. One of the examples was the high-speed rail system which has

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The Exodus

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: A number of media outlets wrote recently about the explosion in prices of residential real estate in Vancouver, British Columbia. These articles concluded that over 70% of these purchases were from Chinese Nationals and

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