Smead Capital Management, an investment management company, released its Smead Value Fund second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -13.33% compared to the S&P 500 Index which lost 16.10% and the Russell 1000 Value Index posted a loss of 12.21%. The bear market affected the performance of the fund in the second quarter and the fund believes that it will act as a blessing for the fund’s long-term performance. Please check the top five holdings of the fund to know more about its best picks in 2022.
In the letter, Smead Capital Management discussed stocks like Occidental Petroleum Corporation (NYSE:OXY). It is one of the fund’s best-performing stocks in the quarter. Occidental Petroleum Corporation (NYSE:OXY) is an oil and natural gas acquisition exploration and development company headquartered in Houston, Texas, and has a market capitalization of $58.554 billion. The stock of Occidental Petroleum Corporation (NYSE:OXY) closed at $62.86 per share on August 10, 2022. One-month return of Occidental Petroleum Corporation (NYSE:OXY) rose to 9.84%, and its 12-month return jumped to 133.94%.
Here’s how Smead Capital Management mentioned Occidental Petroleum Corporation (NYSE:OXY) in the Q2, 2022 investor letter:
“For the quarter, our best-performing stocks were Continental Resources (CLR), Merck (MRK) and Occidental Petroleum Corporation (NYSE:OXY). Despite a steep sell-off in June in the oil and gas stocks, two of our oil stocks made the quarterly list.
If you are wondering how we are outperforming the S&P 500 Index in the first half of the year, look no further than our top three performers. Occidental Petroleum (OXY), Continental Resources (CLR) and Conoco Phillips (COP) soared in value and were barely represented in the S&P 500 Index. To quote Jerry Jones, owner of the Dallas Cowboys, “We are in the first quarter on higher energy prices!””
Pixabay/Public Domain
Although, Smead Capital Management invested in Occidental Petroleum Corporation (NYSE:OXY), it is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Occidental Petroleum Corporation (NYSE:OXY) was held by 67 hedge fund portfolios at the end of the first quarter, which was 58 in the previous quarter.
We discussed Occidental Petroleum Corporation (NYSE:OXY) in another article and shared the best multi-bagger stocks to invest in. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
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It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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