<SEC-DOCUMENT>0001172661-24-003174.txt : 20240809 <SEC-HEADER>0001172661-24-003174.hdr.sgml : 20240809 <ACCEPTANCE-DATETIME>20240809121612 ACCESSION NUMBER: 0001172661-24-003174 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240809 DATE AS OF CHANGE: 20240809 EFFECTIVENESS DATE: 20240809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Smead Capital Management, Inc. CENTRAL INDEX KEY: 0001427008 ORGANIZATION NAME: IRS NUMBER: 260218243 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-12979 FILM NUMBER: 241191423 BUSINESS ADDRESS: STREET 1: 2502 EAST CAMELBACK ROAD STREET 2: SUITE 210 CITY: PHOENIX STATE: AZ ZIP: 85016 BUSINESS PHONE: 602-889-3663 MAIL ADDRESS: STREET 1: 2502 EAST CAMELBACK ROAD STREET 2: SUITE 210 CITY: PHOENIX STATE: AZ ZIP: 85016 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <schemaVersion>X0202</schemaVersion> <headerData> <submissionType>13F-HR</submissionType> <filerInfo> <liveTestFlag>LIVE</liveTestFlag> <flags> <confirmingCopyFlag>false</confirmingCopyFlag> <returnCopyFlag>true</returnCopyFlag> <overrideInternetFlag>false</overrideInternetFlag> </flags> <filer> <credentials> <cik>0001427008</cik> <ccc>XXXXXXXX</ccc> </credentials> </filer> <periodOfReport>06-30-2024</periodOfReport> </filerInfo> </headerData> <formData> <coverPage> <reportCalendarOrQuarter>06-30-2024</reportCalendarOrQuarter> <isAmendment>false</isAmendment> <filingManager> <name>Smead Capital Management, Inc.</name> <address> <ns1:street1>2502 East Camelback Road</ns1:street1> <ns1:street2>Suite 210</ns1:street2> <ns1:city>Phoenix</ns1:city> <ns1:stateOrCountry>AZ</ns1:stateOrCountry> <ns1:zipCode>85016</ns1:zipCode> </address> </filingManager> <reportType>13F HOLDINGS REPORT</reportType> <form13FFileNumber>028-12979</form13FFileNumber> <crdNumber>000143567</crdNumber> <secFileNumber>801-67839</secFileNumber> <provideInfoForInstruction5>N</provideInfoForInstruction5> </coverPage> <signatureBlock> <name>Steve LeMire</name> <title>Chief Compliance Officer</title> <phone>602-889-3663</phone> <signature>/s/ Steve LeMire</signature> <city>Phoenix</city> <stateOrCountry>AZ</stateOrCountry> <signatureDate>08-09-2024</signatureDate> </signatureBlock> <summaryPage> <otherIncludedManagersCount>0</otherIncludedManagersCount> <tableEntryTotal>32</tableEntryTotal> <tableValueTotal>6405291927</tableValueTotal> </summaryPage> </formData> </edgarSubmission> </XML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>INFORMATION TABLE <SEQUENCE>2 <FILENAME>infotable.xml <TEXT> <XML> <?xml version="1.0" ?> <informationTable xsi:schemaLocation="http://www.sec.gov/edgar/document/thirteenf/informationtable eis_13FDocument.xsd" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:n1="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <infoTable> <nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>025816109</cusip> <value>364580569</value> <shrsOrPrnAmt> <sshPrnamt>1574522</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1574522</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>AMGEN INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>031162100</cusip> <value>354101772</value> <shrsOrPrnAmt> <sshPrnamt>1133307</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1133307</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>APA CORPORATION</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>03743Q108</cusip> <value>275011110</value> <shrsOrPrnAmt> <sshPrnamt>9341410</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>9341410</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BANK AMERICA CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>060505104</cusip> <value>304940571</value> <shrsOrPrnAmt> <sshPrnamt>7667603</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>7667603</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer> <titleOfClass>CL B NEW</titleOfClass> <cusip>084670702</cusip> <value>83321183</value> <shrsOrPrnAmt> <sshPrnamt>204821</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>204821</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CANADA GOOSE HLDGS INC</nameOfIssuer> <titleOfClass>SHS SUB VTG</titleOfClass> <cusip>135086106</cusip> <value>4006901</value> <shrsOrPrnAmt> <sshPrnamt>309861</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>309861</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CENOVUS ENERGY INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>15135U109</cusip> <value>217483503</value> <shrsOrPrnAmt> <sshPrnamt>11064186</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>11064186</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>20825C104</cusip> <value>242810325</value> <shrsOrPrnAmt> <sshPrnamt>2122839</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2122839</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CREDIT ACCEP CORP MICH</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>225310101</cusip> <value>103355979</value> <shrsOrPrnAmt> <sshPrnamt>200816</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>200816</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>D R HORTON INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>23331A109</cusip> <value>342718929</value> <shrsOrPrnAmt> <sshPrnamt>2431838</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2431838</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>25179M103</cusip> <value>269294710</value> <shrsOrPrnAmt> <sshPrnamt>5681323</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>5681323</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EBAY INC.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>278642103</cusip> <value>193394793</value> <shrsOrPrnAmt> <sshPrnamt>3600052</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>3600052</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>316773100</cusip> <value>78417849</value> <shrsOrPrnAmt> <sshPrnamt>2149023</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2149023</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FRONTLINE PLC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>M46528101</cusip> <value>16711701</value> <shrsOrPrnAmt> <sshPrnamt>638050</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>638050</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>HOME DEPOT INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>437076102</cusip> <value>171702781</value> <shrsOrPrnAmt> <sshPrnamt>498788</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>498788</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>JPMORGAN CHASE & CO.</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>46625H100</cusip> <value>275474075</value> <shrsOrPrnAmt> <sshPrnamt>1361980</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1361980</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>LENNAR CORP</nameOfIssuer> <titleOfClass>CL A</titleOfClass> <cusip>526057104</cusip> <value>386216339</value> <shrsOrPrnAmt> <sshPrnamt>2577009</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2577009</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>M & T BK CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>55261F104</cusip> <value>72222938</value> <shrsOrPrnAmt> <sshPrnamt>477160</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>477160</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MACERICH CO</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>554382101</cusip> <value>304857535</value> <shrsOrPrnAmt> <sshPrnamt>19744659</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>19744659</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>MERCK & CO INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>58933Y105</cusip> <value>366302287</value> <shrsOrPrnAmt> <sshPrnamt>2958823</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2958823</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NVR INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>62944T105</cusip> <value>265561657</value> <shrsOrPrnAmt> <sshPrnamt>34995</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>34995</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OCCIDENTAL PETE CORP</nameOfIssuer> <titleOfClass>*W EXP 08/03/202</titleOfClass> <cusip>674599162</cusip> <value>6655078</value> <shrsOrPrnAmt> <sshPrnamt>161688</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>161688</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OCCIDENTAL PETE CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>674599105</cusip> <value>410089379</value> <shrsOrPrnAmt> <sshPrnamt>6506257</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6506257</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OVINTIV INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>69047Q102</cusip> <value>285469609</value> <shrsOrPrnAmt> <sshPrnamt>6090668</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6090668</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>QUALCOMM INC</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>747525103</cusip> <value>132319058</value> <shrsOrPrnAmt> <sshPrnamt>664319</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>664319</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>828806109</cusip> <value>384354109</value> <shrsOrPrnAmt> <sshPrnamt>2531977</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2531977</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TARGET CORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>87612E106</cusip> <value>178023133</value> <shrsOrPrnAmt> <sshPrnamt>1202534</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1202534</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>U HAUL HOLDING COMPANY</nameOfIssuer> <titleOfClass>COM SER N</titleOfClass> <cusip>023586506</cusip> <value>139673682</value> <shrsOrPrnAmt> <sshPrnamt>2327119</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>2327119</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>U HAUL HOLDING COMPANY</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>023586100</cusip> <value>33791125</value> <shrsOrPrnAmt> <sshPrnamt>547402</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>547402</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WARNER BROS DISCOVERY INC</nameOfIssuer> <titleOfClass>COM SER A</titleOfClass> <cusip>934423104</cusip> <value>51840752</value> <shrsOrPrnAmt> <sshPrnamt>6967843</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>6967843</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WEST FRASER TIMBER CO LTD</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>952845105</cusip> <value>8630256</value> <shrsOrPrnAmt> <sshPrnamt>112365</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>112365</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WESTERN ALLIANCE BANCORP</nameOfIssuer> <titleOfClass>COM</titleOfClass> <cusip>957638109</cusip> <value>81958239</value> <shrsOrPrnAmt> <sshPrnamt>1304652</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <votingAuthority> <Sole>1304652</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> </informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>