The well known fact

One of the great pleasures of value investing is discovering another like-minded value investor with interesting views. US fund manager Smead Capital Management was founded in 2007 and its June quarterly update discussed the ‘Well known fact’:A journalist from Fortune magazine once asked Andy Grove, the former CEO of Intel, for the best business advice he’d ever been given. Grove provided a simple quote from a former professor at City College of New York: “When everybody knows that something is so, it means that nobody knows nothin.”In other words, business people and investors become “hopelessly devoted” to a vision of...

One of the great pleasures of value investing is discovering another like-minded value investor with interesting views. US fund manager Smead Capital Management was founded in 2007 and its June quarterly update discussed the ‘Well known fact’:

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