Dear fellow investors, The most popular missives we write are associated with Warren Buffett‘s annual letter to shareholders and the annual shareholder meeting in Omaha. This year we thought it would be fun to channel Mr. Buffett and attempt to […]
Author: Smead Capital Management
Ph.D. In Used To Be
Dear fellow investors, “Those who don’t know history are doomed to repeat it.” – Edmund Burke A popular song and a recent article in The Wall Street Journal reminded us of Edmund Burke’s quote and how important history is to […]
All The Outcomes Are Unknown
Dear fellow investors, We go through life being taught far more certainty than is actually present. Life isn’t black and white, but instead various shadings of grey that end in black or white, only after the fact. As a recent […]
Price For Clarity
“The higher they go, the cheaper they look” – Stanley Druckenmiller Dear fellow investors, The market hates ambiguity. That’s what we’re told, and on any short-term basis, we can see the market vote accordingly. In a world where investing has […]
C.I.a.P. Meets C.R.a.P.
Dear fellow investors, 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” (C.R.a.P.).1 We found it very interesting how they are determining which items to […]
Academia vs. The Real World – Part 2
Dear fellow investors, We are revisiting our discussion of what the real world is like versus what academics claim in papers and debates. A good way of putting this is “Academia has a tendency, when unchecked (from lack of skin […]
Academia vs. The Real World – Part 1
Dear fellow investors, “To emit a Yogiberrism, in academia there is no difference between academia and the real world. In the real world there is.” – Skin in the Game by Nassim Taleb In preparation for a talk, I began […]
The Tortoise Can Beat The Hare
Dear fellow investors, Jessie Livermore was one of the greatest investors of all time. In the book, Reminiscences of a Stock Operator, Livermore explained that the single activity that made him the most money was, “sitting on my hands.” In […]
Housing Consensus Dead Wrong
Dear fellow investors, Most people tend to see what’s right in front of them, especially when it comes to housing affordability. Consider that most of the media organizations in the U.S. reside in the expensive coastal cities. These cities are […]
![By Lobsterthermidor (talk) 21:25, 11 September 2016 (UTC) [CC BY-SA 3.0 ], via Wikimedia Commons](https://www.valuewalk.com/wp-content/uploads/2018/10/South-Sea-270x200.png)
South Sea Forecast: Stockjobbing Becomes Technology
Dear fellow investors, In 1720, the South Sea Bubble arose from what seemed to be good intentions. The South Sea Company was given an exclusive monopoly on the Spanish Americas in exchange for assuming a large part of England’s debt. […]
