Articles by Smead Capital Management

Seeing the baseline

“Plus ca change, plus c’est la meme chose.” (The more things change, they more they are the same) – John Baptiste Alphonse Karr Dear Fellow…

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The Milken Approach

Dear Fellow Investors, Michael Milken rose to the top of Wall Street by way of the Wharton Business School with Drexel Burnham Lambert in tow….


Maverick Risk

Dear Fellow Investors, It is human to want to win and we are pre-programmed as children to get what we want quickly. Then we become…


Hotel California

Dear fellow investors, As rates fall to zero in most of the world, the line that has been ringing in our mind is “You can…


A Wizard’s Spell

“The main purpose of the stock market is to make fools of as many men as possible.” – Bernard Baruch Dear fellow investors, In a…


Political Football Stocks

There are many ways to practice value investing and many ways to add value to your stock selection. We refer to ourselves as contrarians because…


Patience And Free Cash Flow

Dear fellow investors, On a recent trip to visit clients in Denmark, I had some free time and visited the Viking Wooden Ship Museum in…


The Risk Pendulum

Dear fellow investors, “What the wise man does at the beginning, the fool does at the end!” – Warren Buffett A series of important factors…


The Inevitables 2

Dear fellow investors, As we watched this year’s Berkshire Hathaway Annual Meeting, one thing struck us. There was sheer enthusiasm around the annual shareholder meeting…