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.

2777 E. Camelback Road, Suite 375, Phoenix, AZ 85016
877.701.2883
www.smeadcap.com

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Commentary

Zuckerberg’s Choice

We have entered the phase when the body politic and public opinion are aware that Facebook is disturbing our society. This is very important to us as investors, because the big tech companies make up a disproportionately large part of the S&P 500 Index.

Commentary

Inflation is a Wolverine

The media and the economics profession are treating inflation like it is a friendly puppy dog. They think you can take it out of its pen and play with it for a while. The popular theory is that you bring it out in a severe dip in economic activity and when the economy gets back on its feet, you kindly ask inflation to crawl back into its pen like any good puppy dog would do.

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Incentives Pivot from Greed to Fear

The talk of inflation today looks much like housing did in 2007. Evidence is mounting everywhere that this is a real long-term problem that is only getting worse. You can read this in the media, but yet security prices don’t reflect how damaging this may be.

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How Bizarre

Let us share some of the “bizarre red-blue lights flashing” in the S&P 500 Index.

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The McNealy Problem

Investors often ask our team at Smead Capital Management what we spend our time on. We believe reading is the best use of our time to learn and think about the way that we can profitably apply capital for our investors.

Commentary

Berkshire: Pinch Hit Weschler

We have argued for years that the biggest mistake being made by Berkshire Hathaway was not giving shareholders access to the thoughts and investment discipline of their two talented stock pickers, Ted Weschler and Todd Combs. After all, Buffett calls the shareholders “partners” and has not allowed his partners to understand anything about the strategies and results of upwards of $30 billion of shareholder capital.

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Housing: Driver of Average Wealth

We have been in many discussions with our investors, people in the media and the investment management industry on where housing is today.

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COVID-19: Summer 2020 versus Summer 2021

In the summer of 2020, we didn’t know quite a few things about how Americans would react when they got their social and entertainment choices back.

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Quail Pricing in Oil Assets

On the insistence from a friend and a colleague, I watched the movie There Will Be Blood over the weekend.

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Tech: Always and Forever

We’ve been thinking about John Locke’s “Law of Fashion” in the context of the U.S. common stock market.

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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