‘If you can keep your head when all about you are losing theirs . . .
If you can wait and not be tired by waiting . . .
If you can think—and not make thoughts your aim . . .
If you can trust yourself when all men doubt you . . .
Yours is the Earth and everything that’s in it.’”
Buyer beware! We will patiently wait for our “if” to come along and are willing to look “foolish” from time to time and stay in our discipline.
4. Buffett appears to agree with our piece last week, Minority Report:
“What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals. A willingness to look unimaginative for a sustained period—or even to look foolish—is also essential.”
We look very unimaginative to not own “disrupters” and occasionally look foolish when Amazon hits it latest milestone. At Smead Capital Management, we buy companies that fit our eight criteria for stock selection when mob fears hit them and shun the great futuristic enthusiasms. Lastly, we tell you about what we are doing and say it loudly, SO YOU CAN HEAR!
William Smead is CIO and CEO of Smead Capital Management.