tag:blogger.com,1999:blog-87099683941564242532012-02-16T06:58:31.934-08:00Smead Capital Management's (SCM) Blog Feed - Giving people easy access to SCM Newletters, Missives, Events and Press Releases.Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.comBlogger251100tag:blogger.com,1999:blog-8709968394156424253.post-26728517988607530292008-11-20T09:35:00.000-08:002008-11-20T09:36:44.170-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:Jim Collins is the author of a book that I have mentioned from time to time called "Good to Great". He has attempted to help us understand the difference between merely good companies and the few great ones which have been demonstrating "greatness" over the years. What these "great" companies do in

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-28640856015317402612008-11-17T13:35:00.000-08:002008-11-17T14:10:17.118-08:00

University of Washington Football Team William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:We wish the University of Washington football team was a publicly traded stock. It has a great balance sheet and massive alumni support.It has a long history of success, including numerous Rose Bowl victories and two National Championships.It has strong insider

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-71981489488428872142008-11-13T10:25:00.000-08:002008-11-17T14:40:53.470-08:00

I'm a Believer William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:What does Smead Capital Management believe and what should you believe?1. We believe that over long periods of time that great wealth is accumulated by owning a diverse portfolio of premier companies purchased at a reasonable prices. We believe that wealth creation through ownership of

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-92221346483018667962008-11-12T15:50:00.000-08:002008-11-13T15:31:36.075-08:00

Chief Investment Officer Bill Smead on KCTS's About the Money

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Who is on the Cover? William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:Almost two years ago, the Arizona Republic did a feature story on their cover about a talented and successful residential real estate agent located in Paradise Valley, Arizona. He was featured because the Phoenix market had been hot for years and nobody was hotter selling high-end

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-37918988268379560382008-11-06T09:04:00.000-08:002008-11-13T15:19:05.021-08:00

Campaign Rhetoric William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:As we explained on Monday, this is the reverse of 1980 when Ronald Reagan got elected. The day after the 1980 election the stock market had a buying orgy on the companies which investors felt would most benefit from the rhetoric and promises of the campaign. Defense stocks were the

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-66940052027869506572008-11-03T12:20:00.000-08:002008-11-13T15:19:19.881-08:00

No Believers William SmeadChief Executive OfficerChief Investment OfficerDear 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 months leading up to Election Day. Reagan ran on a platform of lower income and capital gain taxes and a strong national defense.

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-33971690459586462922008-10-27T14:30:00.000-07:002008-11-13T15:22:02.207-08:00

Only the Lonely can PlayWilliam SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:Over the next two years all major asset classes could be re-priced as the laws of supply and demand are enforced in the marketplace. The six major asset classes for most U.S. investors are stocks, treasury bonds, money markets/cash/t-bills, corporate and municipal bonds, real

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-2431848191122649862008-10-23T13:45:00.000-07:002008-11-13T15:21:54.428-08:00

Chief Investment Officer Bill Smead on KCTS's About the Money

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-64001155459710645892008-10-22T09:03:00.000-07:002008-11-13T15:19:46.586-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:Many investors have been trying to strike a balance between the lousy ("gut") feelings they have about the stock market and the advice they are receiving from Smead Capital Management, Warren Buffett, Marty Whitman and Kenneth Heebner. We long-term investors think this is one of the greatest buying

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-88337878647031673782008-10-17T09:55:00.000-07:002008-11-13T15:19:58.114-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear 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). Read his Op-Ed piece that was published today in the New York Times. You can get to Buffett's piece through the link

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-34109432303735051722008-10-16T09:48:00.000-07:002008-11-13T15:20:11.566-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:Investors are divorcing their stocks. Here is the list of reasons they seek to dissolve their relationship with America's best companies.We are in a deep recession which could last one to two years. Most knowledgeable economists believe that since last December that our economic slowdown has had the

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-54404439994604000382008-10-14T11:40:00.000-07:002008-11-13T15:20:20.116-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear 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 companies with very strong balance sheets, many of the most recession-resistant businesses, some of the most endearing brands and

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-82611832817544719972008-10-14T08:06:00.000-07:002008-11-13T15:21:38.315-08:00

Bill Smead on KCPQ 13 Morning NewsSeptember 18th, 2008

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-11912439476576361572008-10-13T12:11:00.000-07:002008-11-13T15:22:17.543-08:00

It's Different This Time3rd Quarter 2008It is said on Wall Street that the most financially damaging expression is, "It's different this time." An up or down trend gets established in an investment or economic market for a long time and human nature leads people to believe in its permanence. A look at the circumstances which drew this attitude in the past could tell us a great deal about where to

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-80509894581712922222008-10-07T10:26:00.000-07:002008-11-13T15:22:26.017-08:00

From Blessed to Fail to Doomed to Succeed William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:In 1998 and 1999, investors were blessed to fail. They had done extremely well in common stocks in the prior 16 years. Initial public offerings (IPO's) of common stock were exploding everywhere. Prices were high in relation to profits. Alternative asset

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-43138180218976278302008-10-02T09:46:00.000-07:002008-11-13T15:30:08.387-08:00

The Boy Who Cried Wolf William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:You all remember the fairy tale about the boy who "cried wolf". He constantly reported that he'd seen a wolf. When the wolf finally came, nobody believed him when he cried and the wolf had the village defenseless. Good portfolio management is a lot like the boy who cried wolf.

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-50399738884569246502008-09-15T11:59:00.000-07:002008-11-13T15:30:16.873-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:In an 11-month stretch of 1978-79, Oil nearly tripled in price to $34 per barrel, inflation and interest rates skyrocketed and the U.S. Embassy in Iran was taken over by Shiite Fundamentalists for nearly a year. Panic, fear and pessimism ruled the day. From 1980 to 1989 I worked for the most

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-43382581004767731772008-09-02T15:32:00.000-07:002008-11-13T15:30:32.373-08:00

William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:I went to the Evergreen State Fair yesterday in Monroe, Washington. There were kids everywhere and an amazing number of babies among them. Last year, more babies were born (4.3 million) than any year since 1957 in the U.S. I was born in 1958 which was right after the height of the post-World War II

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-31416769330133399462008-09-02T14:54:00.000-07:002008-11-13T15:30:24.314-08:00

Tony Scherrer, CFASenior Vice PresidentPortfolio ManagerMarket extremes always seem to last far longer than participants realize at the time, and this one has been no different. While this outlasting effect has caused us our share of short-term grief, we also know that it is exactly this type of thinking that causes us and our clients to benefit by what the market brings next, and that this

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William SmeadChief Executive OfficerChief Investment OfficerDear Clients and Prospective Clients:Rarely does an article magnify the value of being a contrarian at extremes more than this August 2nd article in the New York Times. Writer, Floyd Norris, captured this sentiment indicator quite well.Click Here to Read the ArticleCould this be a sign of the "Next Great U.S. Stock Market"? If you are

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William SmeadChief Executive OfficerChief Investment OfficerInvestor's Intelligence is a service founded in 1963 to measure the psychology of the U.S. stock market through the eyes of investment newsletter writers (many of whom manage money themselves). They ask the letter writers if they are bullish or bearish or looking for a short-term downward correction in prices. I have followed this

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-80332971730733570562008-09-02T12:07:00.000-07:002008-11-13T15:30:55.269-08:00

William SmeadChief Executive OfficerChief Investment OfficerI seem to be writing to you weekly in our missives, but I've never been in a more difficult stock market than this one. I feel like you deserve to be regularly communicated with until we get well into the next great stock market. We are in earnings reporting season for public companies and in this environment it appears that there is a

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.comtag:blogger.com,1999:blog-8709968394156424253.post-84259142614346480502008-07-20T23:35:00.000-07:002008-11-13T15:31:03.037-08:00

William SmeadChief Executive OfficerChief Investment OfficerOil and natural gas prices appear to be beginning to unwind. If they unwind, the investment landscape could change on a dime. Barron's had a chart in it this week which showed five times in the last 35 years when investors chased popular stocks (those which had performed the best in the prior four years) and neglected value investments.

Smead Capital Managementhttp://www.blogger.com/profile/07058893914029656334noreply@blogger.com0tag:blogger.com,1999:blog-8709968394156424253.post-21404714674859524162008-07-07T11:59:00.000-07:002008-11-13T15:31:18.625-08:00

"Sequels" -- Why They Provide a Consistent Audience!2nd Quarter 2008I haven’t seen it yet, but the latest installment of the Indiana Jones Saga came out recently. It reminds me of how powerful nostalgia can be to human behavior and how much we like to re-create experiences from our past. As I contemplate the idea of Harrison Ford being the sexy, leading man in the latest rendition, why don’t we

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