The Good News: Einhorn Is Finkle
Dear fellow investors, In the 1994 comedy film, Ace Ventura: Pet Detective, Lt. Einhorn is the female leading the Miami police’s investigation of the disappearance of the Miami Dolphin’s mascot,...
View ArticleUnreliable Contrarianism
Dear fellow investors, It appears to us at Smead Capital Management that investors are behaving in a way that will damage their capital and cause them to suffer stock market failure. In 2022, as the...
View ArticleLong-Duration Investing – Not The Cool Kids
Dear fellow investors, As we start the year 2023, we are reminded of the profound poetry from the band, Echosmith, in the song, “Cool Kids.” It can teach us about what it takes to succeed in...
View ArticleRecession Fear Investing
Dear fellow investors, A recession is two consecutive quarters of economic contraction. Historically, highly inverted yield curves like we have now are predictive of recessions. The 10 Year Treasury...
View ArticleSpeculation In Growth Stocks – Happy Days Are Here Again
Dear fellow investors, A 1930 movie made in the mania toward the end of the Roaring Twenties called Happy Days are Here Again started with this opening stanza: So long sad times Go long bad times We...
View ArticleFunding Unprofitable Growth
Dear fellow investors, We have been reminding everyone that we believe we are unwinding a financial euphoria episode that Charlie Munger called the biggest of his career, “because of the totality of...
View ArticleTechnology Is Bullish On Oil
Dear fellow investors, The news of the shocking OPEC+ announcement of a supply cut is saturating the minds of investors and market prognosticators. We would like to remind our investors of the...
View ArticleCutting Your Way To Prosperity
Dear fellow investors, Having lived in Seattle for 40 years, I had a front-row seat as Microsoft, Amazon, Google and Facebook hired tens of thousands of young tech employees. In the period between...
View ArticleNo Dating Game For Buffett
Dear fellow investors, Watching Warren Buffett and Charlie Munger Saturday in Omaha caused us to think about a very popular 1960s TV show called, “The Dating Game.” Hosted by Jim Lange, the game was...
View ArticleArtificial Intelligence Envy
Dear fellow investors, Charlie Munger says, “Envy is a really stupid sin because it’s the only one you could never possibly have any fun at.” The stock market is always loaded with stocks you don’t...
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