Dear Chairman

As the investors of Smead Capital Management know, we focus on the shareholder friendliness of the businesses we analyze because we believe it can differentiate their long-term returns. Warren Buffett has said, “Own a business a five-year-old can run. Just in case one does!” In today’s piece, we would like to share our framework of thinking about capital allocation and shareholder friendliness through an example that we have lost money on so far. [...] Read Full Article »