Cole Smead

Author Archive

  • Jun 8, 2022
    Academics argue that there are three proven factors of investing: Value, quality (Asness’s QMJ) and momentum. For our discipline, we don’t believe we can add alpha in the latter....
  • May 25, 2022
    The future is always unknown. One of the most common fallacies that we’ve heard over the last two years is investors saying to us what the stock market or bond markets are telling...
  • Apr 6, 2022
    The news of Berkshire Hathaway’s purchases in Occidental Petroleum (OXY) has been seismic in our minds, but to most investors it has been but a whimper. We believe there are two...
  • Mar 24, 2022
    [...] Buffett wondered if there was something in the water in Omaha. We know it wasn’t the waters of the Pacific. It was the people and their traditions. They practiced a craft...
  • Mar 2, 2022
    [...] In my 15-year career in the investment business, I don’t think there has been nearly as much weight to making money as there has been in limiting volatility. This creates a...
  • Feb 2, 2022
    Ben Graham is ascribed as being the father of value investing. The intellectual framework he brought to investors was using the available accounting to measure value of a business....
  • Jan 12, 2022
    The beginning to 2022 has been dark to say the least. The year has begun with losses in the index with much deeper red ink spilled across many recently exciting investments. The...