Bill Smead

Bill
Smead
Founder and Chief Information Officer,
Smead Capital Management

Bill Smead is the founder of Smead Capital Management, where he oversees all activities of the firm. As CIO, he is responsible for all investment and portfolio decisions as well as reviewing the implementation of those decisions in the firm’s separate accounts and the Smead Value Fund. He has appeared on CNBC and Bloomberg TV in addition to being quoted by news publications such as Reuters, Bloomberg, and the Wall Street Journal.

Articles
There's No Place Like Home
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; Passive investors should beware because Dorothy might look at the stock picking and asset allocation world and tell Toto, “I have a feeling we’re not in Kansas anymore.”
Would John Templeton See Light at the End of Aflac’s Tunnel?
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; Aflac has a history of profitability, consistently gorgeous free cash flow and has generated huge wealth for shareholders. Still, current business negatives cause most investors to avoid shares of the company.
High and Sustainable Profitability
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; To understand our third criteria for selecting stocks, you need to imagine athletes who have found the fountain of youth
Meeting an Economic Need
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; At heart, Smead Capital Management is a stock picking organization. On top of our bottoms-up stock picking discipline, we are driven by our belief and respect for the laws of economics.
David (Active Management) vs. Goliath (Passive Indexes)
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; Malcolm Gladwell is a fantastic writer and his new book, David and Goliath, got us thinking about his current thesis: David as a poster child for underdogs is a mistake.
The Milken Rule and Wide/Sustainable Moats
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; This is my 34th year in the investment business. You might not be aware that I trained and worked at Drexel Burnham my first nine years in the business.
High Quality and Time-Horizon Arbitrage
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; At Smead Capital Management, we love to acknowledge financial journalists who really demonstrate an understanding of the underlying truths associated with high-quality and long-duration common stock investing.
Dream to Outperform the Market
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; If you dream about investment market outcomes which are already popular in the marketplace, your dreams can turn into nightmares.
Frustrating the Most People
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; A venerable sage once said, “The markets do whatever they have to do to frustrate the most people.”
The Death Knell of the Global Synchronized Trade
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; At Smead Capital Management, we believe the interest on September 18th in emerging markets, oil and gold are the last gasps of a dying trend. Our discipline demands that you must avoid popular investments and completely avoid investments
Bernanke’s Temporary Reprieve
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; There is no nice way to state this opinion: the end of Quantitative Easing and the ultimate allowance of the open market to set interest rates will create a grueling multi-decade bear market in US bond investments.
Dow Changes as a Contrary Indicator
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; The folks who select the companies in the Dow Jones Industrial Average (DJIA) came out with their latest changes on Monday, September 9, 2013.
Oil Has Too Many Plumbers
VIEWPOINTS: Bill Smead, Founder, Smead Capital Management; We’ve never quite understood why most sensible people don’t apply the same economic logic to investing that they do to any other business.
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