The King is Dead, Long Live the King The French say, “Le Roi est mort, vive le Roi!” The King is dead, long live the King. When the Monarch or holder of the throne would die, a new one would immediately rise up and replace
William Smead Chief Executive Officer Chief Investment Officer   Dear Clients and Prospective Clients: Benjamin Graham wrote the most important book on the analysis of common stocks (Security Analysis), as well as the most important book for stock market investing and portfolio management (The
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients: Andy Grove was the CEO of Intel for many years and was asked what the best advice was that he’d ever been given in business. His answer was that a professor at the
William Smead Chief Executive Officer Chief Investment Officer   Dear Clients and Prospective Clients: The day before the 1980 Presidential Election was 28 years ago today. Ronald Reagan was ahead in the polls and the stock market had risen over 25% in the six
William Smead Chief Executive Officer Chief Investment Officer   Dear Clients and Prospective Clients: 1. What have U.S. stock markets which fell 35% or more done in the few months after plunging to a violent low? Answer: There are two possibilities which have occurred.
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients:I have been in the investment business 28 years and Warren Buffett has made a stock market prognostication only two prior times (near the bottom in 1982 and near the top in 1999).
William Smead Chief Executive Officer Chief Investment Officer Dear Clients and Prospective Clients:The stock market rallied in a powerful way yesterday and is begging everyone to take a position on up or down in the near term. I’d rather help us think straight. We own
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