Cole Smead, president of Smead Capital Management, explaining in a CNBC interview on Thursday how "young, dumb" investors have created a "total nightmare" in the current climate.    "They are buying bullish call options that expire inside two weeks. There was ($500 billion) of bullish call options bought in a four-week stretch by small retail traders," Smead said. "In '99 it was $100 billion, in '07, it was $100 billion."