In conclusion, we don’t have any hard feelings about the way news is framed. The writer provides the information and frames it in the way that makes the most sense to them. Our job is to dig into the numbers and use the information to gain an advantage in long-duration stock picking. After all, we like the high probability that people will grow older and behavior will be changed to conform with the next stage of life. Like Wayne Gretsky said, “Skate to where the puck is going to be.”
William Smead is CIO and CEO of Smead Capital Management.