A Book with Legs

The Smead Book List - Spring Book List

15 snips
Mar 30, 2026
They survey recent reads on financial crashes, speculative manias, and real estate booms. They discuss technology’s societal costs, free speech on campuses, and the cultural history of trees. Conversation ranges from AI as a human tool to commodity cycles, energy and housing market questions. Short takes include entrepreneurship, math history, genetics debates, and practical policy ideas for home buyers.
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ANECDOTE

Only Child China Observation From A 2010 Trip

  • Bill recalls traveling to China and telling Becky that everyone under 35 there would be an only child, altering social dynamics.
  • He warns this demographic effect produced more males and a cultural difference compared to his large family upbringing.
INSIGHT

Commodities Enter A Multiyear Rotational Bull Market

  • Since 2020 commodities entered a long rotational bull market driven by underinvestment and scarcity.
  • Bill Smead cites a 220-year low in commodities vs. stocks and expects commodities to outperform into the 2030s.
INSIGHT

Energy Companies Amplify Commodity Moves Into Cash Flow

  • Commodity price rises can massively amplify energy company free cash flow beyond percentage revenue moves.
  • Cole notes a 50% oil price rise can double or triple producer free cash and trigger buybacks or M&A if stocks lag.
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