William Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: Last week the Federal Reserve Board released the minutes of its meetings in 2006. There were discussions of the current...
Read MoreWilliam SmeadChief Executive OfficerChief Investment Officer Printable Version Dear Fellow Investors: What is required for a whopper of a secular bear market is for most market participants to believe the positive side of the...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: We are owners of both EBay (EBAY) and Amgen (AMGN). We believe the dividend policy and price action in the shares of these...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: As the chart below shows, correlations among the S&P 500 Index companies was the highest on October 10th of 2011 as it...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: In a recent Bloomberg article, Michael Patterson shared that the relatively new equity division of PIMCO was using the China...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: Two watershed events were announced in the last two weeks. First, Warren Buffett disclosed a massive amount of open market...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: In his new book “Great by Choice”, Jim Collins talks about the discipline that the companies which performed the...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: Charlie Munger, the Vice Chairman of Berkshire Hathaway, has said many times that psychology is the most under-utilized...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: In the opinion of Smead Capital Management, computers, cable TV, the Internet, 24-hour news and a variety of other forces...
Read MoreWilliam Smead Chief Executive Officer Chief Investment Officer Printable Version Dear Fellow Investors: Mark Hulbert does a great job of explaining how sentiment works in bull and bear markets. He has examined market statistics...
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