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Author: William Smead

Oil: Does Supply and Demand Matter?

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...

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The Price of Glamour

William Smead Chief Executive Officer Chief Investment Office Dear Fellow Investors: The list of glamorous growth stocks getting hit by what we call “minefield” price declines is getting fairly long. Some of the more...

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Caterpillar’s aQuantive

William Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: One of our eight proprietary criteria for stock selection is shareholder friendliness. Buying another company whose industry...

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Math, History and Psychology – Part 3

William Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: Over the years, we have heard Charlie Munger state that Psychology is the most underrated and underutilized of the major...

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Only the Lonely Can Play

William Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: Successful investing is the defeat of human nature. Human beings prefer to buy shares of a common stock which have gone up...

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Math, History and Psychology – Part 2

William Smead Chief Executive Officer Chief Investment Officer Dear Fellow Investors: Last week we wrote about the math of common stock investing and the effectiveness of mathematical discipline to portfolio management. This...

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Math, History and Psychology

William Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: In my 32 years in the investment business, success in common stock investing seems to come down to math, history and...

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Down and Out in Wenzhou

William Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: In early 2006, I wrote a piece called “Down and Out in Bloomfield Hills”. Our argument back then was that the...

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