Subject: Re: Smead Capital Mangement
They look at Pandora. A high return on capital. Lowest cost producer of jewellery. A very solid Buffett/Munger type investment.

Never heard of Pandora before. Looks interesting. One thing I noticed from looking at the long term chart is there are big swings in the ADR price. And the lows to the highs are a double or so in not that long a time frame. Might be worth waiting for a big price drop before loading up.