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

ALL CONTRIBUTIONS

The Inflation Cocktail Is Being Mixed
The U.S. Government is now fighting the war against COVID-19 and frighteningly high unemployment levels. We have thrown $4 trillion at this war already and we aren’t done yet.
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Economic Normality: When? Sooner? Never?
In the time since COVID-19 hit the economy and stock market, there have been three phases.
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True Stories Of Financial Euphoria Circa 1998-1999
When you are in a financial euphoria episode, like the one we are in currently, it is hard to visualize the impact it has when it breaks. Historically, it is the leading cause of stock market failure.
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The Boy Who Cried Wolf
We are not in this business to be popular; we are here to seek to outperform our benchmarks and create wealth over time. One important way you do that is to avoid financially euphoric common stocks and be intellectually honest with investors.
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Sins Of Omission
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.
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Amazon Vs. Ebay: A Case Study In Business Models
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.
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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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