Subject: Smead Capital Mangement
There is a great webcast on these guys website - Q1 2024 - that many of you will enjoy if you haven’t watched already. These guys are living and breathing the Buffett Munger way.

Highlights:
They look at Pandora. A high return on capital. Lowest cost producer of jewellery. A very solid Buffett/Munger type investment.

They do a great zoom out on the market valuation and psychology. Very Buffett like approach. Full of facts and figures covering 1929, the 70s, .com etc.

They own Oxy and argue that oil will massively outperform the current hot AI segments of the market.

Very entertaining and candid presentations and IMHO spot on.

PS good to see Berkshire trimming Apple and continuing to buy Oxy and hold a bucket load of cash