Smead Capital Management is a Seattle-based investment firm that manages a high quality, large-cap value portfolio with boringly dry turnover via separate accounts, subadvisory, and mutual funds in the United States and abroad. We are contrarians and welcome like-minded investors on this journey.

1001 4th Avenue, Suite 4305
Seattle, WA 98154
877.701.2883
www.smeadcap.com

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Commentary

Inflation: It’s Just the Start

To say that we were surprised by some of the discussion at the Berkshire Hathaway Annual Meeting would be an understatement. The conversation Warren Buffett and Charlie Munger leaned into on inflation was possibly the most interesting. Warren and Charlie gave large credit to Larry Summers for his willingness to stand alone on the effects of today’s fiscal and monetary policy on prices. We thought this was an ideal time review Buffett and Munger’s discussion and see what conclusions we could draw.

Commentary

Buffett: No Fish in the Barrel

The Berkshire Hathaway Annual Meeting was a mixture of caution, wisdom and honesty.

Commentary

Star Trek Stock Market

Now that the leaders of the most popular tech companies are going into outer space, we thought it appropriate to consider the return implications of this urge to “explore strange new worlds.”

Commentary

Ground Control to Major Tom

As we have been holding calls with prospective and current investors of our firm, we have been arguing that the stock market is underwhelming the success of the economy.

Commentary

Winning the Peace

Even before the war is over, the winning side needs to consider how to “win the peace” which will follow.

Commentary

Dumb and Dumber III

Dumb and Dumber was a 1994 movie which tells the story of Lloyd Christmas (Jim Carrey) and Harry Dunne (Jeff Daniels)

Commentary

Animal Spirits at Cocktail Parties

My generation, millennials (those born from 1980 to 2000), have been noted for much of the last 10 years to be a risk averse group.

Commentary

Stock Investments in an Antitrust Era

Lina Khan is being appointed to the Federal Trade Commission by President Biden’s administration.

Commentary

In Sententia Tempore (In the Opinion of the Times)

My wife are new residents to the Phoenix-area, since moving here in the middle of 2020. We haven’t fully settled on where to send a couple of our kids to school.

Commentary

Hopelessly Devoted to Technology Stocks

Today’s stock market looks like the love affair between Danny and Sandy at Rydell High. Sandy is “hopelessly devoted” to Danny, even though he is the leader of a Los Angeles high school gang.

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Buffett’s Annual Letter: Sins of Omission!

Warren Buffett’s annual letter was great in all the easy ways and disappointing in the ways that matter the most to his shareholder partners

Commentary

Beating Bobby Fischer

We think this is an excellent time to ponder the thoughts of Buffett and Munger.

Commentary

Simon Says

The object of the game was to get to the finish line first and then become the leader the next round. The stock market has its own game of “Simon says” and that is in the mall property world.

Commentary

Vexing Today’s Convex Pricing Behavior

Fortunately, human behavior has a history of repeating itself at extremes. The worst buying decisions are made at the top. Just like bonds, the convexity is true when yields rise going forward. It’s a slippery slope and could be vexing.

Commentary

Tesla and GameStop: Pass the Dutchie?

We have enjoyed watching what happens in the late stage of a financial euphoria episode play out in the escapades of millennial investors on Reddit, who seem to “rule the nation.” While politicians, regulators, the media and others try to sort this out, we thought some historical perspective might be helpful.