William Smead
Chief Executive Officer
Chief Investment Officer 

Dear Clients and Prospective Clients: 
  1. It has a great balance sheet and massive alumni support.
  2. It has a long history of success, including numerous Rose Bowl victories and two National Championships.
  3. It has strong insider ownership and has had recent insider buying.
  4. It has a strong Moat, because it is the only major college football team in the Puget Sound Metropolitan Area and the stadium is surrounded by water.
  5. It generates such good free cash flow that it funds the non-revenue sports on both the Men’s and Women’s side.
  6. It is economically essential. Football is the single best way to mass advertise your college around the country.
  7. It is fan and donor friendly. There is something special about amateur athletics and going back to college six Saturday’s each year.
  8. It has never been more out of favor than now with a record of 0-10. The only time it has been this far out of favor was at the end of the Jim Owens era in the late 1960’s and early 1970’s when Don James came in to coach.

We own a bunch of stocks that fit the same criteria and we think that the football team and our stocks are going to have a great deal of success in the future.

Warmest regards, 


William Smead

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