Claim OwnershipA Book with Legs
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Welcome to A Book with Legs podcast, hosted by Smead Capital Management. In each episode, the folks at Smead Capital Management explore value investing through an entirely unique lens, bringing in authors to discuss books that have directly or indirectly influenced the decisions the Smead team has made on their investments in stocks and equities. The podcast is for the curious-minded looking for worldly wisdom. Investing is the last great liberal art, and the team at Smead wants to learn as much as they can. Any level of investor, business person, or thinker, whether personally or professionally, will be intrigued and engaged by these discussions.
117 Episodes
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Smead Capital Management Chairman and CIO Bill Smead and CEO and Portfolio Manager Cole Smead sat down with author and Columbia Law School professor Tim Wu for a special live taping of the A Book with Legs podcast at today’s Smead Investor Oasis. The three discuss Tim’s new book, titled “The Age of Extraction.”The book unpacks one of the defining challenges of our time—the growing power of tech platforms. In this live episode, they explore the benefits and risks of that power, and what it will take to reclaim control and restore balance to the economy. Keep an eye out for a recording of the live episode, which will be posted today.
In this episode, learn how today’s geopolitics, climate change, and key happenings in the Arctic affect people and countries around the globe. The Arctic plays a complex role on the world stage, impacting everything from Russian national identity to shipping routes and military aspirations. Understanding these themes requires a comprehensive look at Arctic history, its exploration, and why it’s considered an important territory for major world powers.Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by Kenneth R. Rosen, author of “Polar War: Submarines, Spies, and the Struggle for Power in a Melting Arctic." Rosen is the recipient of the Kurt Schork Award for his reporting from Ukraine, Syria, and Malta, and has been featured in The New Yorker, The New York Times, and The Atlantic, among other publications.
1In this episode, learn about how evergreen trees have uniquely shaped America as we know it today, impacting how we build our homes, celebrate holidays, and more. In fact, the American Revolutionary War might have really started with the Pine Tree Riot, which happened a year before the Boston Tea Party! Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by Trent Preszler, author of “Evergreen: The Trees That Shaped America.” Trent is also a professor of practice in the Dyson School of Applied Economics and Management at Cornell University and serves as director of the Henry David Thoreau Foundation's Planetary Solutions Initiative. To hear more, check out the full episode!
In this special quarterly ‘book list’ episode, Cole Smead is joined by Smead Capital Management’s analyst team. Together, they discuss the books that they have recently finished and what they are reading now, including titles from authors such as Andrew Ross Sorkin, Roger Lowenstein, and more.The Smead team also shares their perspectives on current markets and what shapes their points of view.
In this episode, Cole Smead is joined by economist and author David McWilliams to discuss his book, “The History of Money: A Story of Humanity.” McWilliams outlines the thesis of his book, that “money is the foundational technology that explains human progress.” The two examine through historical and contemporary lenses the meaningful ways that currency has shaped our society, impacted quality of life, and more.
In this episode, Bill Smead and Cole Smead are joined by author Charles Murray to discuss his book, “Taking Religion Seriously.” The three discuss Murray’s personal journey with religion and Christianity, as well as how modern explanations of the universe’s origins align with biblical accounts, what it means to be “tone-deaf spiritually,” and more.
In this episode, Cole Smead is joined by author James Grant to discuss his book, “Friends Until the End: Edmund Burke and Charles Fox in the Age of Revolution.” The book details the remarkable lives and friendship of British politicians Edmund Burke and Charles Fox, who often united in the pursuit of political causes, despite having wildly different lifestyles and backgrounds. Cole and James’ conversation also touches on their perspectives on today’s economy.
In this episode, Cole Smead is joined by author Brian Potter to discuss his book “The Origins of Efficiency.” The two discuss the importance and profound impact of efficiency when producing goods and services. Potter also explains how improved efficiency in penicillin production changed the world, the five factors of the production process, and more!
In this episode, author and professor Mark Blyth sits down with Cole Smead to discuss a book he co-authored with Nicolò Fraccaroli titled “Inflation: A Guide for Users and Losers.” Blyth unpacks the modern forces driving today’s economic shifts, explaining how they reach far beyond simple price increases. They also discuss modern means for managing the economy, energy trends, and more!
In this episode, professor and author Amitav Acharya joins Cole Smead to discuss his book “The Once and Future World Order: Why Global Civilization Will Survive the Decline of the West.” The two discuss the history of world order, including its origins in Mesopotamia. Cole and Amitav also examine what historical insights reveal about the future of nations like the U.S. and China, as well as the world order in relation to the decline of the West.
In this special quarterly ‘book list’ episode, Bill Smead and Cole Smead discuss memorable takeaways from books they have recently read, share what they are reading now, and preview what is next on their reading list. The pair also offer fresh insights for investors, drawing on historical examples and personal experiences that shape their perspectives on today’s economy.
In this episode, author and professor Toby Stuart sits down with Cole Smead to discuss his book “Anointed: The Extraordinary Effects of Social Status in a Winner-Take-Most World.” Together, they explore how social status shapes perception, drawing on examples from the art world to show how value has shifted from the object itself to the identity of its creator, various forms of uncertainty, and more.
In this episode, Cole Smead sits down with author and former President and CFO of SoftBank Group International, Alok Sama, to discuss his book, “The Money Trap: Lost Illusions Inside the Tech Bubble.” Sama discusses his personal background and investing roots. He also details his experiences alongside SoftBank’s revolutionary founder, Masayoshi Son, and the “dark side” of the industry, discussing topics such as corporate espionage.
In this episode, Cole Smead sits down with professor and author James Romm to discuss his book, “Plato and the Tyrant: The Fall of Greece's Greatest Dynasty and the Making of a Philosophic Masterpiece.” They cover a series of letters that Romm believes to unmistakably be Plato’s writing. The two discuss Plato’s encounters with a tyrannical father and son, both named Dionysius, and the legendary philosopher’s impact on the opulent city of Syracuse.
In this episode, author and professor Graham Taylor sits down with Cole Smead to discuss his book, “Imperial Standard: Imperial Oil, Exxon, and the Canadian Oil Industry from 1880.” Their conversation takes an in-depth look at the history of Canada’s Imperial Oil and its complex relationship with Exxon Mobil. Additionally, Cole and Graham discuss their expectations for the future of Imperial Oil, including if they foresee a time when the company is no longer controlled or majority owned by Exxon, and more!
In this episode, Cole Smead sits down with Bloomberg Editor Duncan Mavin to discuss his book, “Meltdown: Greed, Scandal, and the Collapse of Credit Suisse.” The two explore the founding of Credit Suisse and its morally questionable history, which found the bank involved in a long list of scandals, including the laundering of Nazi funds and stolen assets, banking relationships with drug dealers and dictators, and the incineration of holocaust related documents. They also cover the bank’s collapse in March of last year, one of the largest shocks to the banking industry since the 2008 crisis.
In this episode, Cole Smead sits down with Stephen Clapham, founder of the London-based investment research and training consultancy Behind the Balance Sheet, to discuss his book “The Smart Money Method: How to Pick Stocks Like a Hedge Fund Pro.” Their conversation explores Clapham’s investment philosophy and methodology, his perspective on legendary investors such as Warren Buffett, and more.
In this special quarterly ‘book list’ episode of A Book with Legs, Smead Capital Management’s analyst team, including Seamus Sullivan, Nick Garcia, and Will Keenan, joins Cole Smead to discuss memorable takeaways from books they have recently read, share what they are reading now, and preview what’s next. They also offer fresh insights for investors on opportunity in homebuilders, oil prices with Israel and Iran’s 12-day war, and more.
In this episode, Cole Smead sits down with independent scholar and writer Jill Eicher to discuss her book, “Mellon vs. Churchill: The Untold Story of Treasury Titans at War.” Their conversation explores the never-before-told story of heated debates between Andrew Mellon and Winston Churchill over post-WWI debts. Eicher and Smead discuss how each side of the dispute crafted narratives to shape public opinion, their differences in leadership philosophy, and more.
In this special bonus episode, Cole Smead and Conor O’Callaghan sit down with former Taoiseach of Ireland Enda Kenny to dive deeper into Ireland’s rich history and the Great Famine. They also explore the spread of the Irish people and their modern identity. Kenny reflects on his experience as a politician, including run-ins with U.S. Presidents and what it means to be a leader.
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