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Smead Capital Management

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  • Screaming 'Bear Market Rally' [View article]
    On Bill Miller, you better look up LMOPX. He is no longer CIO and Manager of LMVLX, but his manager obituary has not been written.
    May 12 11:14 AM | Likes Like |Link to Comment
  • Amazing Demographic Trends In The 50-And-Older Workforce [View article]
    Excellent work, Doug. Add in 86 million Echo-Boomers age 18-37 (average age 28) and realize that American women marry at 27 and men at 29. Marriages, babies, home buying and bigger cars to follow. We might have a better economy the next ten years than anyone can imagine. Those retiring 60-70 year old workers creating job openings and increased housing starts are just the confidence ticket this economy needs. Did I mention that retirees spend more the first five years they are retired?
    May 11 10:24 AM | 2 Likes Like |Link to Comment
  • Stock Picking As Capital Becomes More Expensive [View article]
    These are examples of companies whose business would not be impacted by more expensive capital. We've owned them a number of years already. The eight criteria is used both to screen for new portfolio additions and determine which of our stocks deserve more capital. If rates go up for twenty years, we believe these businesses should do quite well during that time period. The focus is on sector rotation based on long-term interest rate cycles, not on who is cheap at the moment. If you avoided stocks as rates rose from 2 percent Ten-Year Treasury Bonds in 1952, you missed a move in the Dow Jones Industrial average from around 250 to near 1000 in 1966, not counting dividends.
    Sep 19 09:56 PM | 1 Like Like |Link to Comment