William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: As the chart below shows, correlations among the S&P 500 Index companies was the highest on October 10th of 2011 as it has been for 25 years. In the opinion of Smead Capital Management,
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Two watershed events were announced in the last two weeks. First, Warren Buffett disclosed a massive amount of open market purchases of US large-cap stocks. Second, Legg Mason announced that Bill Miller is “stepping
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