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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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.
South Sea Forecast: Stockjobbing Becomes Technology
The opportunity cost of society’s time and capital used in this financial euphoria could be mercilessly painful just as the cost of money is beginning to rise.
Framing The News
The future of the U.S. economy is being framed by the media. They argue that the length of the recovery should put us on high alert for a recession.
EC HH Forks In The Road
A strong market theme in 2018 includes the fears of economic slowdown or moderation. History shows that it has paid to choose the road less traveled.
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