We’ve never quite understood why most sensible people don’t apply the same economic logic to investing that they do to any other business. Take plumbing for example. If your town has 10 main plumbing companies and 10 more move into town, your economic mind tells you that the added competition will drive down profits. On the other hand, if five of the plumbing companies go out of business, profits should rise over time.
Warren Buffett describes the stock market’s purpose as being “a wonderfully efficient mechanism for transferring wealth from the impatient to the patient”. We are reminded of this by a series of news reports and commentaries on subjects greatly influenced by basic economics. In today’s missive, we consider what the law of supply and demand says about China, oil, and housing in the USA.
William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: If you are a long-time follower of our writing at Smead Capital Management (SCM), you are aware of our belief that a titanic shift is in process in the world economy. The fastest growing
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: We at Smead Capital Management (SCM) wrote a piece a few months ago called “Peak Oil Mini-Me” in which we
If you have trouble viewing this video, click here. The information contained in this tv appearance represents SCM’s opinions, and should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results. The securities identified and described
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Paul Lim is a business writer for the New York Times and he had an interesting thesis in his article
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: In prior missives, we at Smead Capital Management have shared with you that there is a large group of money
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: At the start of the year, we at Smead Capital Management predicted that 2009 would be like 1988. In the
William Smead Chief Executive Officer Chief Investment Officer Subscribe to the Missives Podcast Click here to listen to this Missive Dear Clients and Prospective Clients: Mike Myers is a very talented writer and comedian. His Austin Powers movies really hit my funny bone. In the
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