David was the King of Israel and the writer of many of the Psalms. He spent his formative years as a shepherd and framed his life’s work around the key concepts from his profession. Herds were the primary form of […]
Author: Smead Capital Management
Is Good Health Worth The Cost?
Dear fellow investors, “The future is never clear, and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.” — Warren Buffett See 2017 Hedge Fund […]
The Heart Of The Matter
Dear fellow investors, I came across a book titled The Matter of the Heart by Tom Morris that is a great history of the medical accomplishments and advances for the human heart. Mr. Morris details eleven operations and their evolutionary […]
Betting Against The Flows
Know what you own, and know why you own it.” – Peter Lynch See 2017 Hedge Fund Letters. Dear fellow investors, Money flowed into passive investment vehicles at an ever-increasing rate in 2017. It was a record year for these […]
The World Is Not Enough
Dear fellow investors, A few weeks ago, I caught myself pulled in by an old James Bond classic, The World is Not Enough, starring Pierce Brosnan. In the movie, an oil heiress, Elektra King, is kidnapped. While in captivity, she […]
Buffett Whispers Of Danger
Dear fellow investors, In the 2017 Berkshire Hathaway Annual Letter, Warren Buffett told us what he is doing, and, in as quiet a voice as he could use, what he says to do. Our readers will not be surprised at […]
Buffett’s, Bezos’ And Dimon’s Tapeworm
Dear fellow investors, Warren Buffett, Jeff Bezos and Jamie Dimon recently announced that their three companies will form a non-profit entity to attempt to drive down healthcare costs for them and possibly other companies. In the process of making the […]
![By Cundall, Charles Ernest [Public domain], via Wikimedia Commons](https://mk0valuewalkgcar7lmc.kinstacdn.com/wp-content/uploads/2018/01/The_Withdrawal_from_Dunkirk_June_1940_Art.IWMARTLD305-270x200.jpg)
Value Investing’s Darkest Hour
Dear fellow investors, Is the underperformance by most large-cap value investing strategies in this lengthy bull market the “darkest hour” for value investors? As the chart below shows, this is the longest underperformance stretch of four relatively poor stretches for […]
Risk Is Not High Math
Smead Capital Management letter to investors titled,”Risk Is Not High Math.” Dear fellow investors, Long term success in common stock ownership is much more about patience and discipline than it is about mathematics. There is no better arena for discussing […]
Smead Capital Management 4Q17 Newsletter – Valuing Uncertainties
Smead Capital Management newsletter for the fourth quarter ended December 31, 2017; titled ‘Valuing Uncertainties.” As we enter 2018, numerous uncertainties are dominating the minds of American citizens and investors. We are happy to weigh in on what we consider […]