Terms of Use

By using this website, you are agreeing to accept and comply with the terms and conditions of use as stated below (the “Terms of Use”), which may be updated by Smead Capital Management (“we”, “us” or “SCM”) from time to time without notice to you. You should visit this page periodically to review the then-current Terms of Use. We may, in our sole discretion, terminate your access to the website at any time and without notice, including without limitation due to any violation by you of these Terms of Use.

Limited Right of Use/Ownership of Contents

The contents of the website are intended for the personal, noncommercial use of its users. All information, data, commentary, logos, and other materials published on the website (the “contents”) are protected by copyright, trademark and/or all other applicable intellectual property laws, and are owned or controlled by us or a party credited as the provider of such contents.

Except as specifically set forth in these Terms of Use, you may not modify, adapt, translate, exhibit, publish, transmit, participate in the transfer or sale of, create derivative works from, distribute, perform, display, reverse engineer, decompile or dissemble, or in any way exploit, any of the contents or software forming part of the website in whole or in part.

General Information

The contents of this website are made available for informational purposes only. This website is not intended to provide any investment, tax or legal advice. No materials contained in this website constitute a recommendation to engage in securities transaction or pursue a particular strategy or an offer or solicitation to buy or sell any security.


By accessing and/or using the website, you agree to indemnify, defend and hold SCM and its respective officers, directors, employees, members, agents, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) harmless from and against any and all liability and costs, including without limitation reasonable attorney’s fees and expenses, incurred by the Indemnified Parties in connection with any claim arising out of or breach by you of these Terms of Use or the representations, warranties and covenants deemed made by you hereunder. You agree to cooperate as fully as reasonably required in the defense of any claim. We reserve the right, at our own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. You shall not enter into any settlement agreement which affects the rights of any of the Indemnified Parties or requires the taking of any action by any of them, without our prior written approval.

Disclaimer of Warranties and Limitation of Liability

You expressly understand and agree that:

Your use of the website is at your sole risk. The services provided through the website are provided on an “as is”, “as available” basis. We expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. Some jurisdictions do not allow for the exclusion of implied warranties, so some of the above exclusions may not apply to you.

The materials on this website may contain inaccuracies and typographical errors. We make no warranty that any materials or service provided through the website will (i) meet any of your requirements, (ii) be timely, secure, uninterrupted or free from error or omission, (iii) provide results or information that will be useful, accurate or reliable, nor that any errors in the operation of the website, including the operation of any software, will be corrected. You acknowledge that any reliance on any opinion, advice, statement, memorandum or other information displayed or distributed through the website shall be at your sole risk.

Any material downloaded or otherwise obtained through the website is done at your own risk and you will be solely responsible for any damage to your computer system or any component connected thereto, or loss of data that results from the download (intentional or otherwise) of any such material.

You expressly understand and agree that SCM shall not be liable to you for any damages arising out of or related in any way to your use of the website or the services provided through the website, whether such damages are direct, indirect, incidental or otherwise, including but not limited to lost profits, lost savings, lost opportunity, lost sales, loss of goodwill or reputation, or any other intangible loss, and whether arising under theories of contract, tort or otherwise, and regardless of whether SCM has been advised of the possibility of such losses.

Privacy Policy

You acknowledge that you have received notice of SCM’s Privacy Policy. Personal information and data provided by you are subject to our Privacy Policy. This policy, as updated from time to time, may be found here.


The materials available on this website are not an offer or a solicitation of an offer to buy any of the products, nor shall any of the products be offered or sold to any person in a jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities law of such jurisdiction.

Restrictions on Use

You may not:

  • Copy, display, reproduce, republish, upload, post, transmit, or otherwise distribute any pages, text, images, material, or other content of this website without express written consent.
  • Copy, modify, or display any of the products’ or SCM’s name, logo, text, or images in any way without express written consent.
  • Modify or use the pages, text, images, material, or other content of this website for any other purpose.
  • Doing any of the foregoing will be a violation of copyrights and other proprietary rights.

Limited License

Individuals may, for personal use only, bookmark or point to any page within this website. Other users may link only to SCM’s home page, www.smeadcap.com, and, in doing so, must deliver our home page address, www.smeadcap.com. Linking in any other way is prohibited without express written consent.


We reserve the right from time to time to make modifications and changes to the website, including but not limited to discontinuing, temporarily or permanently, any service offered by us or through the website, with or without notice. You agree that we shall not be liable to you or to any other party for any changes and modifications to the website.

We also reserve the right to modify, add, or remove portions of these terms at any time. We suggest you check periodically for changes. If you use the website after we post changes to the terms, you accept the changes. We reserve the right to monitor use of the website.

Third Party Sites

As a convenience to you, we may provide, on this website, links to websites operated by third parties. If you link to one of those websites, you will leave the SCM website. We hereby expressly disclaim any responsibility for the content, policies or destructive elements, such as but not limited to viruses, of any third-party website which may be linked to on the website. SCM makes no warranty or representation regarding, and does not endorse, any third-party website. Links do not imply that SCM or the website sponsors, endorses, is affiliated or associated with, or is legally authorized to use any trademark, trade name, logo or copyright symbol of SCM or any of its affiliates.

Website Availability

From time to time we may experience technical difficulties and the website will be inoperable or unavailable for use. It is SCM’s intention to restore the availability of the website as quickly as possible ensuring that information is accurate and timely after that restoration.


Any communications or materials you submit through this website will be treated as non-confidential materials and should not be considered “secure”. By submitting any correspondence to us, you expressly grant us a global nonexclusive license to publish, reproduce, sell, disclose, distribute or use such material for any purpose whatsoever. You hereby further grant us the global nonexclusive right to use any ideas, concepts or techniques embodies in such materials for any purpose whatsoever. Material that is copyright protected may not be submitted without permission from the copyright owner, and you are solely responsible for the failure to obtain any such permission.


These Terms of Use constitute the entire agreement between you and SCM and govern your use of the website and any services offered through the website. This agreement supersedes any prior terms of use or other agreements concerning the subject matter hereof between you and SCM.

These Terms of Use and the relationship between you and SCM shall be governed by, and construed and enforced in accordance with, the laws of the State of Washington without regard to its conflict of law provisions.You agree to submit to the personal and exclusive jurisdiction of the federal and state courts located within King County, Washington for the resolution of any disputes arising out of or relating to these Terms of Use or the website.

You agree that, except as expressly provided herein, there shall be no third party beneficiaries of these Terms of Use and the agreements contained herein.

The failure by us to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision, and no waiver shall be enforceable unless in writing and signed by the party against whom enforcement is sought. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the other terms and conditions of these Terms of Use shall remain in full force and effect.

The headings in these Terms of Use are for convenience only and have no legal or contractual effect.

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