Builders to Banks to Reap Long-Term Rewards, Smead Says

Buy Bank of America, Disney and Lennar, contrarian Smead Capital Management said. While the economic recovery is proving to be the nation’s second-longest on record, those expecting an end to this cycle look "foolishly premature," CEO William Smead wrote in his latest letter to investors. The money manager’s optimism stems largely from U.S. demographic data, which suggest to him that an increase in the number of 30 to 39-year-old Americans and an uptick in babies per household should fuel demand over the next five years.