Dear fellow investors, If you were walking down the street and saw a $100 bill just sitting near the curb, would you pick it up? Academia would argue that the $100 bill isn’t there. If it were real, it would have already been picked up by someone else. It remains to be asked that should you be standing there over the crisp bill, would you take it? Most stock market participants believe that markets are there to instruct you, not serve you. The investors of Smead Capital Management believe the contrary and are looking for ways to allow the market to serve us. If we believe the market is giving …