3/19/2018 by Smead Capital Management
“Know what you own, and know why you own it.” – Peter Lynch
Dear fellow investors,
Money flowed into passive investment vehicles at a an ever-increasing rate in 2017. It was a record year for these products designed to replicate a stock market index and agnostically own a basket of securities without discretion. As investors who build our portfolios from the ground up through careful security selection, we think the ramifications of this passive ideology should be revisited, as we believe its impact will be felt in our markets for the foreseeable future.
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