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Bill Smead looks ahead to the best stock picks in 2023 and beyond.

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Bill Smead, chief investment officer at Smead Capital Management, said investors should wait until next year to reap the rewards of the next decade.

“We know that we’re going to have to sit through the next 12 months and maybe the tide is going to continue to come out and it’s going to temporarily go against us to get the money that we’re going to get in the next 10 years,” Smead said on CNBC’s “Squawk.” Boxing Europe” Wednesday.

Capital- and labor-intensive businesses have been the winners over the next decade because the value of their revenue streams is “more viable than what those stocks represent,” Smed said.

Smead Capital Management has oil and gas, land and Canadian timber producers under its belt, all thanks to the U.S. property market, Smead said.

“We know we have to build more houses in the next 10 years.

The U.S. housing market has surged to record highs amid the Covid-19 pandemic as people look to relocate and interest rates hit record lows, but has cooled as recessionary worries weigh on the minds of buyers and sellers.




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