This is a typical example of a mediocre active manager. All you need to do is take a look at one of his funds. It has high fees, and lower returns than the S&P

This is a typical example of a mediocre active manager. All you need to do is take a look at one of his funds. It has high fees, and lower returns than the S&P over the past 10 years: https://smeadcap.com/smead-value-fund/ https://smeadcap.com/smead-value-fund/