Bill Smead Blog | Talkmarkets | Page 1
CEO, Smead Capital Management
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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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The Potential Illiquidity Bonanza
There is a severe lack of liquidity in the stock market and it shows itself both directions. Good news is overly capitalized to the upside and bad news is more heavily punished than in prior eras.
Illusionary Investing
Ever since the global financial crisis, the market has increasingly responded to Fed talk, and the Fed has increasingly been willing to show its hand.
Underperforming Like It’s 1999
The singer, Prince, wrote about “partying like it’s 1999.” We can tell you that 1999 was no party unless you owned the most popular tech stocks and the hottest initial public offerings of the latest dot-com company.
Antitrust "Internet Style"
Monopoly power has been easier to aggregate on the internet and is a huge threat to our economy.
Just Do The Math: Why Demographics Means Thinking Long-Term
When baby boomers moved from peak borrowing (around 40 years of age) to peak saving age (around 58 years old), their sheer numbers caused interest rates to plummet.
Buffett’s Annual Letter: Forest For The Trees
There is an old expression, “You can’t see the forest for the trees.”
Channeling Warren Buffett
Buffett’s favorite holding period is forever, so predicting and guessing what matters most to shareholders doesn’t change much from year-to-year.
Ph.D. In Used To Be
The huge P/E bifurcation in today’s stock market is a paradise for value investors like us.
We See Dead Stocks
Financial euphoria episodes are a common occurrence in investment markets and the U.S. stock market.
Price For Clarity
The market hates ambiguity. That’s what we’re told, and on any short-term basis, we can see the market vote accordingly.
ClaaP Meets CRaP
Amazon recently announced that they are combing through the list of things they warehouse and sell to determine which items “can’t realize a profit” (CRaP, per the WSJ).
Academia Vs. The Real World
The investors of the Templeton Growth Fund underperformed right out of the gate during 1955-1957. Sir John Templeton didn’t outperform the market from the Fund’s inception until 1969 arrived.
The Tortoise Can Beat The Hare
Every time markets get range-bound, technical analysis suddenly becomes extremely popular.
EC Well Known Facts Can Hurt You
A body of economic information that is pretty much known to all market participants has also likely been already acted on by almost everyone with available capital.
If I Fell, Again
Investors have called their five-year love affair with technology stocks into question over the last 35 days.
Housing Consensus Dead Wrong
Affordability doesn’t dictate demand, demand dictates affordability.
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