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

The Law of Fashion

The great philosopher, John Locke, brilliantly captured the way the world works.

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Only the Hodlvolk Survives

At a minimum, the latter part of 2020 and the first half of 2021 will go down as one of the strangest psychological times for common stock investors.

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Stock Picking is Dead

Halfway through the year 2021, we must be reminded to “not confuse brains with a bull market.”

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Value Investors are Still Rolling Stones July 6, 2021

Most millennials have never seen an era where value has done well. 

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Good Medicine at Bargain Prices

We have been long-term owners of Amgen (AMGN), Merck (MRK) and Pfizer (PFE) among the major pharma/biotech companies

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Taking Lumps for Alpha

Now that investors are reconsidering active stock picking and are especially interested in value stock strategies, let’s analyze where excess stock market returns come from.

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Engulf and Devour

As Amazon prepares to buy MGM Studios and announced an effort to put pharmaceutical stores all over the U.S., we are reminded of one of my favorite comedy movies, Silent Movie

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Today’s Stock Market Illusions

My recent reads have been stuck in the 1960’s, including Adam Smith’s The Money Game and Andrew Knowton’s Shaking the Money Tree.

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Repeating Discovery’s History

“History doesn't repeat itself, but it often rhymes.” – Mark Twain

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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.

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Buffett: No Fish in the Barrel

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

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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.”

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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.

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Winning the Peace

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

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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)