Bill Smead doesn't want to own the S&P 500 — Here's where he's investing instead

CNBC’s Kelly Evans breaks down what is happening in markets right now with Bill Smead of Smead Capital Management. We’re cautious on this market overall. We would not be interested in owning the S&P 500 Index, which is now going to be chock-a-block with very expensive and very popular items that will do better if we stay in quarantine, says Smead. And obviously, we’re nervous for our friends who’ve been feasting in the growth-stock world the last two or three years, he adds.

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