People Need People
In all this tech euphoria and COVID-19 quarantining, investors are missing a key fact. People need people. In the song, … Read more
Smead Capital Management
One Helluva Party
Dear fellow investors, While the designs and lifestyles around us are changing, the human experience is constant. We are born, … Read more
Cherry Picking is Tempting
When you run an equity portfolio which is concentrated in 25-30 common stock selections, there are usually three stocks which … Read more
Humility Produces Alpha
3Not only so, but we also glory in our sufferings, because we know that suffering produces perseverance; 4perseverance, character; and character, hope. 5And hope does … Read more
Smead’s Folly Becomes Newsom’s Folly
We became extremely bearish on energy in 2011. At the time, we saw interest in Seattle for hybrid and electric … Read more
Company-Specific Macroeconomic Multipliers
An interesting contrast was drawn on September 15, 2020 between Lennar’s (LEN) earnings call and statistics on revenue per employee … Read more
Quality Is Missing The Point
Dear fellow investors, I got very excited when I came across an excerpt from Jordan Ellenberg’s book, How Not to … Read more
There Is No Alternative (TINA)
Dear fellow investors, We hear numerous market strategists talk about stocks which are going up because “there is no alternative” … Read more
Value’s Lifeblood is Performance Chasers
Dear fellow investors, While listening to Rob Arnott on a recent Morningstar podcast, I became enamored with something that Arnott … Read more
Value In The Four-Minute Mile
Dear fellow investors, Due to the pandemic, there is a sense of permanence on Wall Street to what has transpired. … Read more
Economic Normality: When? Sooner? Never?
In the time since COVID-19 hit the economy and stock market, there has been three phases. First, the question was … Read more
The Fear of Stock Market Failure
Dear fellow investors, The stock market is a big place with thousands of investments that you can make as an … Read more
Sins of Omission
Dear fellow investors, With markets extremely difficult and volatile as we work through COVID-19, we thought it would be good … Read more
Amazon vs. eBay: A Case Study In Business Models
Dear fellow investors, On June 4, 2020, eBay Inc (NASDAQ:EBAY) released a business update to make investors aware that the … Read more
1972 + 1974 = 2020
Dear fellow investors, The oddity of today’s stock market is exactly what any God-fearing value manager should pray for. There … Read more