
A Book with Legs The Smead Book List - Spring Book List
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.
01:05:47
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.
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.
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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Intro
00:00 • 3min
1920s crashes, Florida land boom and lessons
02:35 • 1min
2008 crisis reflections and real estate employment
04:00 • 2min
Kirk Kerkorian: entrepreneurial dealmaking
05:53 • 2min
Age of Extraction and tech's societal costs
07:47 • 1min
Free speech on campus complexities
09:14 • 1min
Evergreen and the cultural history of trees
10:40 • 2min
Northern forestry, lumber and business ties
12:57 • 4min
Laws of Thought and AI as a human tool
16:42 • 5min
Recent reads on financial manias
22:03 • 39sec
Original Sin and nature versus nurture
22:42 • 4min
Reading Boom and Bust: financial bubble patterns
26:29 • 58sec
Seven Crashes and real estate bubble differences
27:27 • 4min
China trip, demographics and economic effects
31:44 • 58sec
The Great Math War: history of mathematics
32:42 • 41sec
Recommended reads and local civic service
33:23 • 4min
Books on markets, Fidelity, and Munger wisdom
36:55 • 57sec
Client questions: energy stocks and geopolitics
37:52 • 23sec
Commodities bull market thesis
38:15 • 1min
Oil prices vs energy stocks responses
39:41 • 45sec
ESG, underinvestment and energy's resurgence
40:26 • 1min
Ad break
41:40 • 11sec
Energy company capital allocation and buybacks
41:51 • 5min
Historical buying opportunities in energy
46:35 • 4min
Homebuilders: affordability versus demographics
50:40 • 2min
Policy ideas to aid home buying
53:00 • 1min
Recession risk debate and fiscal backdrop
54:17 • 3min
Why homes can still outperform other assets
56:51 • 4min
Torque in businesses: energy and homebuilders
01:00:50 • 2min
Listener picks and parenting recommendations
01:03:00 • 1min
Outro
01:04:29 • 41sec
#93665
Campus Speech


Erwin Chemerinsky

Howard Gillman
Erwin Chemerinsky and Howard Gillman explore the complex landscape of free expression in higher education, balancing rights and campus safety.
The book surveys case law, campus policies, and cultural conflicts that shape speech debates.
It highlights recurring tradeoffs and unintended consequences of various regulatory approaches.
The authors offer frameworks for navigating disputes while preserving academic mission and student welfare.
The work is aimed at administrators, policymakers, and readers interested in constitutional and campus issues.
#71226
The House of Fidelity


Justin Baer
Justin Baer traces the rise and development of Fidelity Investments, chronicling its founders, strategic decisions, and industry impact.
The book examines how Fidelity shaped mutual fund distribution, marketing, and retail investing in America.
Baer explores internal corporate culture, regulatory interactions, and competitive dynamics.
The narrative highlights key moments that defined the firm's growth and reputation.
It provides insight into the evolution of asset management and the role Fidelity played in expanding retail participation in markets.

#19554
• Mentioned in 3 episodes
1929: The Inside Story of the Greatest Crash in Wall Street History


Andrew Ross Sorkin
Andrew Ross Sorkin's '1929' offers a detailed and engaging account of the Great Crash, drawing parallels between the financial and social dynamics of the 1920s and today.
The book delves into the human drama behind the crisis, using extensive research from diaries, letters, and transcripts to recreate the events leading up to the crash.

#278
• Mentioned in 91 episodes
Original Sin

Henri Blochet

#13595
• Mentioned in 4 episodes
Seven Crashes
The Economic Crises That Shaped Globalization

Harold James
In 'Seven Crashes: The Economic Crises That Shaped Globalization', Harold James examines seven pivotal economic crises from the Great Famine of the 1840s to the COVID-19 pandemic.
He explores how these crises have influenced global economic integration and redefined political and economic structures.
The book highlights the transformative nature of crises, often leading to significant changes in global economic policies and institutions.

#3193
• Mentioned in 15 episodes
The Emergency Mind
Wiring Your Brain for Performance Under Pressure


Dan Dworkis
#33727
• Mentioned in 2 episodes
The Crazies


George A. Romero
'The Crazies', directed by George A. Romero, is a gripping horror film about a small town infected by a government-created virus that induces violent insanity.
As the infection spreads, martial law is declared, and the military struggles to contain the outbreak.
The film explores themes of paranoia, government control, and the breakdown of social order.
Amidst the chaos, a small group of uninfected individuals fights to survive and escape the madness.
'The Crazies' is noted for its realistic portrayal of societal collapse and its exploration of the dark side of human nature.
The film's suspenseful atmosphere and thought-provoking themes make it a chilling and relevant commentary on the fragility of civilization.

#23540
• Mentioned in 2 episodes
Worldly Wisdom
Charlie Munger's answer to the ancient question, 'how ought one to live?'


Charles Thomas Munger
This book is a compilation of Charlie Munger's insights drawn from his decades of experience.
It focuses on the importance of worldly wisdom, which involves using a range of different models from various disciplines such as psychology, history, mathematics, and philosophy to make better judgments and achieve long-term success.
The book is essentially a condensed version of the contents found in 'Poor Charlie’s Almanack'.

#10581
• Mentioned in 5 episodes
Boom and Bust
A Global History of Financial Bubbles

John D. Turner

William Quinn
Boom and Bust: A Global History of Financial Bubbles provides a comprehensive historical analysis of significant financial bubbles, from the Mississippi and South Sea bubbles to the subprime and Chinese stock bubbles.
The authors introduce the 'bubble triangle' framework, which identifies marketability, money and credit, and speculative behavior as key components of financial bubbles.
They explore how technological innovation and government policies often trigger these bubbles, and discuss their economic, social, and political impacts.

#1900
• Mentioned in 23 episodes
The Gambler


Fyodor Dostoevsky
The novel, narrated by Alexei Ivanovich, revolves around his employment as a tutor for a Russian family in a German hotel and casino town.
Alexei is deeply in love with Polina, the General's stepdaughter, but his attempts to win her affection through gambling lead to a cycle of addiction and financial turmoil.
The story reflects Dostoevsky's own struggles with gambling and explores themes of love, debt, and the psychological effects of compulsive gambling.
The novel is known for its vivid descriptions of the casino environment and the psychological state of its characters.

#4626
• Mentioned in 10 episodes
Polar War
Summarine Spies and the Struggle for Power in a Melting Arctic


Kenneth Rosen

#24526
• Mentioned in 2 episodes
Evergreen

Belva Plain

#4305
• Mentioned in 11 episodes
The Forgotten Man
A New History of the Great Depression

Amity Shlaes
In 'The Forgotten Man,' Amity Shlaes offers a striking reinterpretation of the Great Depression by shifting the focus from the New Deal to the moving stories of individual Americans who endured the era.
The book explores the brave leadership and perseverance of common people, such as the Schechters, a family of butchers in Brooklyn, and Bill W., the founder of Alcoholics Anonymous.
Shlaes also examines the failures of Presidents Hoover and Roosevelt in understanding the prosperity of the 1920s and the long-lasting impact of their policies.
The book argues that the real question about the Depression is why it lasted so long, rather than whether Roosevelt ended it with World War II.

#40162
The expectant father
facts, tips, and advice for dads-to-be

Armin A. Brott
This New York Times bestseller, now in its fifth edition, provides a reassuring month-by-month overview of pregnancy, covering baby's development, partner's changes, father's emotional and physical experiences, labor, delivery, and early postpartum months.
Updated with the latest on fertility, prenatal care, work-life balance, financial planning, and insights from OB-GYNs, researchers, and real parents, it includes stress-relieving cartoons and emphasizes active father involvement for better outcomes.

#2025
• Mentioned in 22 episodes
The Age of Extraction
How Tech Platforms Conquered the Economy and Threaten Our Future Prosperity


Tim Wu

#7196
• Mentioned in 7 episodes
The Kid Stays in the Picture


Robert Evans
The book details Evans's journey from his childhood to becoming a radio star, film actor, and eventually the production chief of Paramount Pictures.
It includes his marriage to Ali MacGraw, his downfall due to a cocaine bust and implication in the 'Cotton Club Murder,' and his return to the studio in the early 1990s.
The memoir is known for its candid and entertaining account of Evans's life, filled with anecdotes about the business of filmmaking and his interactions with various Hollywood figures.

#98437
Once in Golconda

John Brooks
#39167
A Will to Serve

Jim Ellis
What is the Smead Capital Management team reading, and what’s up next?
In this new quarterly ‘book list’ episode, value investors Bill and Cole Smead discuss memorable takeaways from books they have recently read, covering topics from financial crashes and speculative manias to genetics, technology and human behavior. They also discuss what they’re currently reading and preview what’s next on their list, while offering perspectives on today’s current market questions, including energy, housing, and where opportunities may lie next.
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