Cole Smead Blog | Talkmarkets | Page 1
Managing Director, Smead Capital Management
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Cole is a member of the investment committee that oversees the management of the firm’s separate accounts and mutual funds.

Before joining Smead Capital Management, Cole was a Financial Advisor at Wachovia Securities in Scottsdale, AZ. Cole graduated from Whitman College in 2006 ... more

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Only The Hodlvolk Survives
The market moved aggressively against the Hodlvolk investors from time to time. None of these drawdowns were enjoyable and they all made investors think twice about the value discipline they were practicing.
Value Investors Are Still Rolling Stones
Most millennials have never seen an era where value has done well. The last 12 months seem like an aberration in their careers relative to the booming growth markets of the 2010’s.
The Rodney Dangerfield Housing Market: No Respect
The worst of times for US housing was 2007. Everyone loved the story and believed it all to be true, for very poor reasons. There is no reason simpler than the US household debt service ratio at that time.
Today’s Stock Market Illusions
Today’s S&P 500 dividend sits at 1.4%. From this starting point, it would take an act of God to produce returns from dividends yielding 6.3% compounded over the next 10 years.
Inflation: It’s Just The Start
Housing is probably the most interesting look at the inflation question. It appears that we’ve had a tectonic shift in housing since the pandemic and policy response began.
Ground Control To Major Tom
The lift-off in economic activity could be far more troubling to stock market investors than their giddiness merits.
Animal Spirits At Cocktail Parties
Market risk looks terrible. In comparison, investment risk looks incredible.
In Sententia Tempore (In The Opinion Of The Times)
“Value is dead” was one of the most common thoughts of 2018 to early 2020.
Beating Bobby Fischer
Pundits in the marketplace are explaining multiple paradigm shifts going on today. The move to passive continuing is one of these. Another is the belief in an ever-increasing rate of change in our daily lives, catalyzed by the pandemic.
Vexing Today’s Convex Pricing Behavior
The way to begin taking advantage of today’s convex price behavior would be to look into sectors/industries like energy and mall REITS.
Throwing Caution
When investors look at the speculative activities of the last six months, they will find “featherweight” kings and queens that have “Hollywood eyes”. These are retail investors, not billionaires.
Reminiscences Of An Ebay Operator
Wall Street is pumping out IPOs, SPACs, and all kinds of neat, shiny ornaments. They are selling what is in season.
Energy In The Icahn-ic Green Room
The $500 billion of call buying that was witnessed in August is the highest the small bettors have ever produced. The prior highs in the chart were $100 billion in 2000 and 2007.
Value’s Lifeblood Is Performance Chasers
With 60% of U.S. large cap markets indexed, as of a year ago, who is the seller to the buyer of the S&P 500 Index?
Value In The Four-Minute Mile
Due to the pandemic, there is a sense of permanence on Wall Street to what has transpired. This permanence focuses on the changes that we have seen in the recent five months in our daily lives.
The Fear Of Stock Market Failure
The stock market is a big place with thousands of investments that you can make as an investor. It’s a frustrating place. There is a myriad of investing disciplines that you can seek out.
1 to 16 of 33 Posts
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