William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: We spoke to two small groups in Spokane on September 21st, 2012. For better or worse, when I think of Spokane I think of my cousin Gary. It was 1981 and yours truly was
William Smead Chief Executive Officer Chief Investment Officer    Dear Clients and Prospective Clients: In his wonderful book A Short History of Financial Euphoria, John Kenneth Galbraith wrote that human beings ascribe higher and higher levels of intelligence to people based on how
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