Bill Smead has been in the investing business for over 40 years and has seen multiple cycles. He has an idiosyncratic investing philosophy which seeks to buy high quality stocks when they are out of favour. He has a concentrated portfolio of 26 stocks with 45-50% in the top 10 positions. Yet his holding period averages over 6 years. He explains why he thinks the stock market is going down over the next decade and offers his views on the stocks that will deliver great returns, focusing on demographics and out of favour sectors. And he explains how to handicap a greyhound!