Bill Smead | TalkMarkets | Page 3
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 accounts ...more

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Suffering Slings And Arrows
In our view, we are suffering through the “slings and arrows” of a major price correction in the secular oil bull market that started in the spring of 2020.
Bear Markets Like This One
History tells us that this bear market has additional time to claw investors since the most analogous prior bears lasted a minimum of 18 months.
Buffett, Jones And Hamm: An Oil Wisdom Trifecta
A number of recessions happened in the 1970s and those economic slowdowns didn’t stop oil and gas stocks from being the best performing stocks of that decade. Fear stock market failure.
Don’t Cry For The Most Wealthy
Over the last four years, we have argued that the glamour monopoly of technology companies has a low multiplier effect on the U.S. economy.
Investing Through Cold Stretches
We appear to be in a “cold stretch” in the stock market and navigating it requires greater than normal caution.
Stock Market Metaverse
Virtual reality is not reality. We have just come through an era where virtual reality controlled stocks and bonds. For this reason, a series of unreal factors drove what we call the stock market metaverse.
Buffett’s Buying Oil Stocks
Buffett and Munger bought around $27 billion of shares in Occidental Petroleum and Chevron.
Generals Marching Without Soldiers
In 1980, when I came into the investment business, investors were very conscious of trading ranges that had existed the prior 16 years.
Energy Desperados
The campaign for “clean energy” has pushed ESG investing to the forefront of the worldwide investment markets.
Buffett’s ROE Game: Coke In ’88 And OXY In ‘22
The news of Berkshire Hathaway’s purchases in Occidental Petroleum has been seismic in our minds, but to most investors, it has been but a whimper.
Stock Market TAMnation
Totally Addressable Markets are at the heart of what Charlie Munger calls the biggest euphoria episode he has ever seen in his career.
Molotov Stock Market Cocktail
Anyone who thinks that the oil price increase would be the cause of a recession doesn’t realize how much gasoline has been deemphasized over the last twenty years.
Buffett’s Latest Inevitable
Warren Buffett released his 2021 Berkshire Hathaway Annual Letter on Saturday, February 26, 2022.
Alpha Creation: Long Duration
We operate under the premise that alpha can be generated by stock selection, courage, concentration, and long-duration holding periods.
Failed Experiments
Amazon had around $470 billion in revenue in 2021. Was it worth it to pick up $14.5 billion in revenue in online grocery sales?
Pulling The Punch Bowl
From a cyclical standpoint, the history of stock price performance in the U.S. is closely associated with the Federal Reserve Board. When the Fed reverses an accommodative interest rate policy, it is referred to as “pulling the punch bowl.
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