What's one way to hedge an AI-driven market? Look to home builders. @SmeadCap Founder and CIO Bill Smead was quoted in Barron's by Shaina Mishkin as lower Treasury yields and weakness in AI stocks put home builders on track for their best day since the summer. Bill noted that "homebuilders are a natural hedge against the AI-driven market."   Read the full story here: hubs.ly/Q04Cc_ft0

AMBER KANWAR RETURNS AS MASTER OF CEREMONIES FOR THE 2027 SMEAD INVESTOR OASIS! We’re thrilled to welcome @baystreetamber back to the stage for another year of her engaging style and thoughtful conversations! After more than a decade on @BNNBloomberg, Canada’s flagship business channel, Amber now hosts @inthemoneypod, bringing listeners compelling investment ideas and insights from seasoned investment experts. Join @SmeadCap on February 8, 2027, in Scottsdale, Arizona! Register today at hubs.ly/Q04C2MJx0. Listen to @inthemoneypod: hubs.ly/Q04C2N850

Most investors think owning the S&P 500 means owning a diversified portfolio. We believe that is no longer true. @SmeadCap Founder, Chairman and CIO Bill Smead sat down with Pierre Daillie on Insight Is Capital to talk about why one of North America's most contrarian investors just showed up in Canada, and why he thinks many investors are taking far more risk than they realize. Bill believes index investing has quietly become a concentrated bet, with investors more crowded into a handful of names than at any time since RCA in 1929. Even Jack Bogle worried late in life that he might have created a monster. Watch the full conversation: hubs.ly/Q04BWH1l0

Join us for our 3Q 2026 Webcast!! Our portfolio management team will review attribution, holdings, and portfolio characteristics before revisiting our eight criteria for stock selection with Zoetis (ZTS). We’ll conclude by presenting “Breaking the Fever” with a discussion on past investment manias and what they may reveal about the outlook for today’s market, followed by a live Q&A. US Investors: October 22, 2026 – 1:00PM PST (4PM EST) 🔗 Register now: hubs.ly/Q04BjYqG0 Non-US Investors: 22 October 2026 – 15:00 BST (16:00 CEST) 🔗 Register now: hubs.ly/Q04BjYvX0

“Great reward comes with great risk, but you’re never going to get that great reward without taking the risk.” Professor Lydia Towns joined @SmeadCap CEO and Portfolio Manager @Cole_Smead and Chairman and CIO Bill Smead on A Book with Legs to discuss “In Search of Trade and Fortune,” published by @reaktionbooks. They cover the five centuries of merchant networks behind Cabot and Columbus, how monarchs and entrepreneurs split the risk, and who really financed 1492. They also get into the business side of exploration: Genoa’s entrepreneurial family networks versus Venice’s state-run galleys, the Crown taking almost no risk while entrepreneurs took all of it, and Columbus’s demand for a one-eighth co-investment right in every voyage. Listen to the full episode here: hubs.ly/Q04BxVhS0 Sign up to be notified about new episodes: hubs.ly/Q04BxVzP0

"We will be patient as we await Mr. Market to recognize all that the investors of the strategy have figured out already." In the 3Q 2026 Smead International Strategy newsletter, @SmeadCap CEO and Portfolio Manager @Cole_Smead, and CIO Bill Smead explain why our investments in energy and European banks are a reminder that patience can pay off as businesses strengthen, returns on capital improve and the market catches up.  Read "Being Greedy When Mr. Market Doesn’t Understand" here: hubs.ly/Q04BdTWR0

What happens when the market’s fever finally breaks? In the 3Q 2026 Smead US Value Strategy newsletter, @SmeadCap Chairman and CIO Bill Smead and CEO and Portfolio Manager @Cole_Smead, examine the forces driving today’s market, from massive AI-related capital investment to rising demand for money and elevated stock valuations. Read "Breaking the Fever" here:  hubs.ly/Q04BdQpf0

The best opportunities often exist where the market sees the least value. In the 3Q 2026 Smead Global ex-US Value UCITS Fund shareholder letter, @SmeadCap CEO and Portfolio Manager @Cole_Smead, explores how out-of-favor investments in energy and European banks have rewarded patient investors and why we continue to look for opportunities the market may be overlooking.  Read "Being Greedy When Mr. Market Doesn’t Understand" here: hubs.ly/Q04BdQtg0

“We are excited to see how markets adjust when the fever breaks.” In the 3Q 2026 Smead US Value UCITS Fund shareholder letter, @SmeadCap Chairman and CIO Bill Smead and CEO and Portfolio Manager @Cole_Smead explore why rising interest rates could shift the advantage toward companies generating strong cash flows today, and why protecting capital matters more than chasing the last gains of a euphoric market. Read "Breaking the Fever" here:  hubs.ly/Q04BdP-N0

@SmeadCap Founder, Chairman and CIO Bill Smead joined @MercellaTV on @BNNBloomberg's Market Call to share his top picks: Lennar, Cenovus Energy, and Fifth Third Bancorp. Bill explained why the firm is willing to own out-of-favor businesses through short-term pain. He described it as a five- to 10-year outlook, the kind of patience he compared to Berkshire Hathaway's approach. Watch the full segment here: (hubs.ly/Q04zxTrv0

"Claude and Alexa may be getting more likes than Uncle Sam."   In his latest missive, @SmeadCap CEO and Portfolio Manager @Cole_Smead argues that the 10-year Treasury is being read one headline at a time. Its long-run average since 1962 is 5.79%, which puts today's yield closer to normal than to a break with history.   Investors are missing the hyperscalers, who have gone from $209 billion in net liquidity in 2020 to $350 billion in net debt in 2026. Capital that once funded the government is now chasing private yields.   Read the full missive here: hubs.ly/Q04zwX7r0   Sign up to have missives sent straight to your inbox: hubs.ly/Q04zwWZh0

@SmeadCap Founder, Chairman and CIO Bill Smead joined @MerellaCTV on @BNNBloomberg's Market Call to discuss why he believes the AI boom has become a mania, why investors should resist the urge to chase what has already worked, and why the way AI spending is being financed concerns him. Bill noted that the hyperscalers, long prized as wide-moat companies that generated heavy free cash flow and rarely borrowed, have turned free-cash-flow negative to fund their AI ambitions. Much of that funding comes through off-balance-sheet deals and circular financing with their chip suppliers. He drew a parallel to 1999, when Lucent Technologies financed a large share of its revenue through loans to its own customers. Watch the full segment here: (hubs.ly/Q04zxJh50

“We don’t need free speech to protect the speech that we like. Where free speech is important is protecting the speech that we loathe.” Dean Erwin Chemerinsky joined @SmeadCap CEO and Portfolio Manager @Cole_Smead on A Book with Legs to discuss “Campus Speech and Academic Freedom,” co-authored with Howard Gillman and published by @yalepress, on what campuses may legally do, what they should do, and why the heckler’s veto keeps winning in practice. Listen to the full episode here: hubs.ly/Q04z8q4f0 Sign up to be notified about new episodes: hubs.ly/Q04z8pJV0

BIG congrats to Investor Ambassador @RicoHoey on his top 10 finish at the @BOUChampionship! Rico closed with a 4-under 67 to finish 19-under on the weekend. Another impressive week on the @PGATOUR!!

Most investors are still asking whether the S&P can keep working from here. We believe that is the wrong question. On The David Lin Report, @SmeadCap CIO Bill Smead walked through why demand for capital from Washington and from the hyperscalers is crowding out everyone else, and why the cheap side of the market still sits outside the names everyone already owns. Three points from the conversation: 1. Investing still rests on four disciplines: history, economics, math, and psychology. Ignore one and you miss the setup. 2. Energy is not a trade on a headline. Inventories are low, the industry is not the market’s favorite, and the companies we own are built to generate cash through the cycle. 3. We own no tech and no AI, and yet both strategies are having a good year. That should tell you how narrow this tape has become. Watch the full conversation with David Lin: hubs.ly/Q04z4ZLK0

@SmeadCap CEO and Portfolio Manager @Cole_Smead joined Merella Fernandez on @BNNBloomberg to discuss why $100 oil has yet to meaningfully dent demand, why private producers are not replacing the barrels the market will ultimately need, and why he believes companies that can profitably grow supply stand to benefit. He highlighted the firm’s significant exposure to energy, which represents roughly 25% of its U.S. portfolio and 30% of its non-U.S. portfolio, with Cenovus among its largest holdings in the space. Watch the full segment here: hubs.ly/Q04z32TV0

"The last time an industry built the future, the technology survived and the financiers didn't." In this latest missive, @SmeadCap Senior Analyst Seamus Sullivan writes that the hyperscalers were the finest businesses ever assembled for one reason, serving the next customer cost almost nothing, and that AI dismantles it. Fixed capital, perishable capacity, and a cost that runs on a three-to-four-year clock whether the chip is busy or idle. Alphabet, Meta and Microsoft would need profit growth of 124%, 244% and 335% simply to earn what they used to. He contrasts that with the firm's energy holdings, which trade at 7 to 14 times after-tax operating profit at $75 oil and earn 7 to 21% on capital even at $65. Read the full missive here: hubs.ly/Q04z1qrv0 Sign up to have advice sent straight to your inbox: hubs.ly/Q04z1qhg0

Investor Ambassador @RicoHoey is on fire! A scorching 7-under 64 puts Rico just one shot off the lead after Round 1 of the @BOUChampionship. One round down, plenty of golf to go!