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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Buffett: No Fish In The Barrel
Trust Buffett and Munger, there will be torture in the stock market from the current euphoria episode.
Star Trek Stock Market
Each financial euphoria episode is designed “to explore strange new worlds”.
Dumb And Dumber III
One of the worst things a market can do to you is reward you for bad behavior and that has happened way more than normal.
Stock Investments In An Antitrust Era
Lina Khan is being appointed to the Federal Trade Commission by President Biden’s administration.
Hopelessly Devoted To Technology Stocks
The big problem is that the people trapped in these revenue growth stories and other assorted tech-woogie chicanery are “not the first to know” about the bright futures which could possibly justify today’s prices in 10 to 20 years.
Buffett’s Annual Letter: Sins Of Omission!
Warren Buffett’s annual letter was great in all the easy ways and disappointing in the ways that matter the most to his shareholder partners.
Simon Says
The stock market has its own game of “Simon says” and that is in the mall property world.
Tesla And GameStop: Pass The Dutchie?
GameStop has a long history of profitability, but not a bright future. Tesla had an accounting profit recently, primarily because of government subsidies.
The January Effect
There have been a small number of consistent alpha-creating axioms in the U.S. stock market over time.
EC From The Impatient To The Patient
As we enter 2021, it appears that Buffett had things upside down in 2020. The things which had gone up the most by the end of 2019, went up the most in 2020.
Famed Climatologist Charlie Munger
The technology which solved that great environmental problem in the early 1900s is the one that created today’s environmental problem, the internal combustion engine.
EC Net Present Value Bargains
Today’s home building per capita number only brings us up to the bottom of the chart prior to 2006, a function of the home building depression of 2007-2017.
People Need People
In all this tech euphoria and COVID-19 quarantining, investors are missing a key fact.
One Helluva Party
This entire bull market has been marked by retail investors, noted by the AAII survey, not being bullish.
The risks go up in a stock market, or in an individual stock, when a “well-known fact” (WKF) was acted on in the extreme. It is a leading cause of stock market failure for professional and individual investors alike.
Cherry Picking Is Tempting
When you run an equity portfolio which is concentrated in 25-30 common stock selections, there are usually three stocks which stick out as particularly attractive at any given time. It is tempting to cherry pick and buy those outside of our strategy.
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