Bill Smead

CEO, Smead Capital Management
Contributor's Links: Smead Capital Management

William is the founder of Smead Capital Management, where he oversees all activities of the firm. As Chief Investment Officer, he is the final decision-maker for all investment and portfolio decisions as well as reviewing the implementation of those decisions in the firm’s separate ... more

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Sins Of Omission
Monday, June 29, 2020 8:14 PM EDT
With markets extremely difficult and volatile as we work through COVID-19, we thought it would be good to review important parts of our investment discipline.
In this article: ACA, DIS, PFE, WFC, XOM, COST, DISCA, MSFT
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Amazon Vs. Ebay: A Case Study In Business Models
Tuesday, June 16, 2020 6:00 PM EDT
Over the last 20 years, EBAY’s consolidated e-commerce model has produced more earnings than AMZN’s but is a distinctly different business model. EBAY has a business model far different from Amazon, which is drastically easier to run and maintain.
In this article: AMZN, EBAY
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American Pie
Tuesday, June 2, 2020 1:28 PM EDT
We are not grieving the death of economic optimism in the U.S. The value-based “levee” has “gone dry” for extended periods in the past. However, the stock market suffers from the curse of mean reversion. Value investing did not die.
In this article: AAPL, AMZN, MSFT, NFLX, FB, SPX, GOOGL
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Only The Lonely Can Play
Tuesday, May 26, 2020 1:53 PM EDT
Great investment opportunities are lonely. History shows us the crowd behaviors to avoid and the investment market circumstances to capitalize on.
In this article: AXP, BAC, JPM, MAC, SPG, WFC, BKNG, SPX
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Gruesome Stocks
Tuesday, May 19, 2020 7:30 PM EDT
This is a critical time to tack away from the obvious and visible winners and start to build positions in areas that are heavily doubted and have little clarity.
In this article: AXP, NVR, DISCA, AAPL, AMZN, MSFT, FB, MA, V
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Berkshire Hathaway Annual Meeting 2020: Buffett Contradicts Himself
Monday, May 4, 2020 11:30 PM EDT
If the range of what happens ends up leaning toward the worst-case scenarios, stacking up cash will look smart. When Warren called himself a trustee of Berkshire Hathaway on Saturday evening, it sent chills down our spine.
In this article: BRK-B, SPX
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STOCKS I FOLLOW

AFL AFLAC Incorporated
AMGN Amgen Inc.
APA Apache Corporation
APC Anadarko Petroleum Corporation
AZN AstraZeneca Group plc
BAC Bank of America Corporation
CAB Cabela's Incorporated
CB Chubb Corporation
CBS CBS Corporation
CMCSA Comcast Corp. Class A Common Stock
CMG Chipotle Mexican Grill Inc.
DIA SPDR Dow Jones Industrial Average
DIS The Walt Disney Company
EBAY eBay Inc.
GCI Gannett Co. Inc.
GLCNF GLENCORE INTERNATION
GLNCY GLENCORE INTERNATION
HD Home Depot Inc.
HRB H&R Block Inc.
JPM JPMorgan Chase & Co.
KMB Kimberly-Clark Corporation
KO The Coca-Cola Company
NAVI Navient Corp.
NFLX Netflix Inc.
NVR NVR Inc.
NWSA News Corporation
PM Philip Morris International Inc.
QQQ PowerShares QQQ Trust Series 1
SCHA Schwab U.S. Small-Cap ETF
SH ProShares Short S&P500
SLM SLM Corporation
SMVLX Smead Value Fund Investor Class Shares
SPY SPDR S&P 500
SSO ProShares Ultra S&P500
TGNA TEGNA Inc
USO United States Oil Fund, LP
VV Vanguard Large-Cap ETF
WBA Walgreens Boots Alliance, Inc.
WFC Wells Fargo & Co.
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Unforgettable And Uninvestable
It has been so long since value has reasserted its historical dominance that most investors have forgotten why price matters when you buy stocks.
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