A Book with Legs The Smead Book List - Summer 2026
Jun 29, 2026
A wide-ranging book roundup covering investor psychology, Chinese history, and the role of history in markets. They touch on mathematical thinking, multiple intelligences, and how constraints can spark better problem solving. Conversation includes corporate turnarounds, energy and oil market mechanics, demographics and economic effects, and practical steps for managing uncertainty.
01:08:28
Tit For Tat Balances Cooperation And Self-Interest
- The Evolution of Cooperation found Tit-for-Tat outperformed always-cooperate or always-defect strategies in iterated prisoner’s dilemma tournaments.
- Steve connects tit-for-tat to corporate unit cooperation and geopolitics as a practical balance of reciprocity.
Domino's Turnaround Centered On Honest Admission
- Steve recounts Domino's turnaround where admitting their pizza 'sucked' and changing recipe and marketing restored the brand.
- He describes tests swapping boxes and how perception influenced taste during their revival around 2008.
Liberalism Origin Explains Modern Individualism Problem
- Liberalism arose from the Protestant Reformation and centers the individual as the decision-maker rather than institutions.
- Cole Smead links this origin to modern problems where extreme individualism erodes shared truth and collective action needed for long-term progress.
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Intro
00:00 • 22sec
Hosts Introduce Quarterly Book-List Format
00:22 • 2min
Steve: Axelrod's Evolution of Cooperation
02:07 • 2min
Steve: Parenting and Baby Wise
04:31 • 58sec
Steve: Domino's Turnaround Story
05:29 • 1min
Cole: The Great Math War Insights
06:40 • 3min
Cole: Emergent Mind and Human Chauvinism
09:51 • 56sec
Cole: Chinese History and National Narratives
10:47 • 37sec
Cole: The Star-Spangled Banner History
11:25 • 55sec
Cole: Multiple Intelligences and Frames of Mind
12:20 • 3min
Steve: Inside the Box and Constraints
15:13 • 3min
Steve: How to Know a Person & Jim Collins' Life Focus
18:35 • 4min
Ad break
22:53 • 44sec
Cole: The Revolutionary Center and Liberalism
23:37 • 6min
Book Recommendations Steve Received
29:26 • 4min
Cole: Campus Speech and U.S. History Reads
33:14 • 3min
Transition to Listener Questions
35:51 • 11sec
Q1: Strait of Hormuz and Oil Inventories
36:03 • 8min
Ad break
44:04 • 2min
Markets, Panic, and Policy Responses
45:34 • 3min
Q2: Investor Psychology and Market Euphoria
48:21 • 8min
Q3: Demographics, Marriage Age and Economic Effects
56:31 • 10min
Practical Takeaways: Managing Fog and Life Steps
01:06:27 • 1min
Outro
01:07:30 • 21sec
#35112
• Mentioned in 2 episodes
This Land Is Our Land
Vikas Adam
Suketu Mehta
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To Rule All Under Heaven
A History of Classical China from Confucius to the First Emperor
Andrew Seth Meyer
Andrew Seth Meyer's To Rule All Under Heaven offers a readable, one-volume narrative of the Warring States era, arguing that the period wrote the operating system of later Chinese political life.
Drawing on transmitted texts and archaeological finds, Meyer embeds intellectual traditions within their political contexts and revises common caricatures, especially of Qin and Legalism.
He explains the displacement of hereditary aristocracy by the shi, explores texts like the Lüshi Chunqiu, and assesses the period's lasting institutional legacies.
The book is aimed at general readers and synthesizes decades of scholarship into an accessible history that emphasizes continuity and reinvention in Chinese political culture.
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Buying Disney's World
Aaron Goldberg
Aaron Goldberg's 'Buying Disney's World' recounts the origins of Walt Disney World in Orlando, focusing on strategic land acquisitions and the behind-the-scenes planning.
The book details how Disney used shell companies and covert purchases to assemble a vast site without alerting speculators.
It explores the logistical, political, and financial challenges of turning the property into a major resort and theme-park complex.
Through archival research and interviews, Goldberg reveals the ingenuity and secrecy that enabled Disney's ambitious expansion.
The book appeals to readers interested in business history, theme-park development, and corporate strategy.
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Campus Speech and Academic Freedom
Erwin Chemerinsky and Howard Gillman
Erwin Chemerinsky and Howard Gillman's 'Campus Speech and Academic Freedom' analyzes the legal frameworks and policy debates surrounding speech on university campuses.
The authors explore First Amendment principles, university responsibilities, and tensions between academic freedom and community standards.
They provide case studies and policy recommendations for administrators, faculty, and policymakers.
The book aims to clarify rights and obligations in campus speech controversies and to suggest ways institutions can foster robust debate while protecting vulnerable groups.
It is a resource for those engaged in higher-education governance and public policy.
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Psychology in the Stock Market
G. C. (Graham) Dreman
Graham Dreman's 'Psychology in the Stock Market' explores how investor sentiment and psychological biases drive asset prices away from fundamentals.
The book describes recurring moods and crowd behavior that create opportunities for contrarian investors.
Dreman uses empirical evidence and historical examples to show how pessimism and optimism cycles affect valuations.
He argues for disciplined, value-oriented strategies to exploit market mispricings caused by psychology.
The work has influenced many value investors and remains a recommended read for understanding behavioral aspects of markets.
#29507
• Mentioned in 2 episodes
Off the Record
The Technology and Culture of Sound Recording in America
David Morton
#852
• Mentioned in 56 episodes
The Gift Inside the Box
Allison Sweet Grant
Adam Grant
Diana Schoenbrun
In this children's book, a gift box falls from the sky and searches for the perfect recipient.
It avoids various children who are excited to receive it for themselves, until it finally finds a little girl who wants to give the box to someone else.
The story highlights the importance of thinking of others and the joy of giving rather than receiving.
The book features a unique design where the cover folds like a box, adding to its interactive and engaging nature.
#18451
• Mentioned in 4 episodes
The Commanding Heights
The Battle for the World Economy
Daniel Yergin
Joseph Stanislaw
The Commanding Heights explores the battle between government and the marketplace, tracing the rise of free markets and globalization in the 20th century.
The book examines key figures and events that shaped economic policies worldwide, from post-WWII Europe to modern-day globalization challenges.
#22691
• Mentioned in 3 episodes
On Becoming Babywise
Ezzo
Bucknum
I don't have enough information to provide a long description for this book.
#34
• Mentioned in 392 episodes
The big short
Inside the Doomsday Machine
Michael Lewis
The Big Short tells the story of the 2007-08 financial crisis through the lens of several key players who predicted and profited from the collapse of the housing market.
The book focuses on characters such as Steve Eisman, Mike Burry, Greg Lippmann, and the founders of Cornwall Capital, who saw the impending disaster and made significant gains by shorting the market.
Lewis explains the complex financial instruments and the systemic failures that led to the crisis, making the narrative both accessible and engaging.
#1912
• Mentioned in 30 episodes
What to Make of a Life
Cliffs, Fog, Fire and the Self-Knowledge Imperative
Jim Collins
Inspired by relentless curiosity, Jim Collins spent a decade studying how people navigate life's cliffs—significant events that radically change trajectories—and emerge with renewed purpose.
By pairing lives at these turning points, such as rock musicians post-band success, scandal-tainted figures rebuilding, suffragists after victory, and Olympic skaters seeking new roles, he reveals a framework for discovering fulfilling roles, overcoming fractures, navigating uncertainty, sustaining inner fire, and building momentum across decades.
For the first time, Collins shares his personal transformation from this project, showing how a richly fulfilled life is within reach for all.
#175
• Mentioned in 162 episodes
The Goal
Eliyahu M. Goldratt
The book tells the story of Alex Rogo, a factory manager who is given three months to improve his underperforming plant or face its closure.
With the guidance of his former physics professor, Jonah, Alex learns to apply the Theory of Constraints to identify and manage bottlenecks in the production process.
Through this approach, Alex and his team transform the factory, improving efficiency, reducing inventory, and increasing profitability.
The novel uses the Socratic method to teach fundamental business concepts and emphasizes the importance of continuous improvement and critical thinking in management.
#880
• Mentioned in 54 episodes
Freedom's Forge
How American Business Built the Arsenal of Victory in World War II
Arthur Herman
In 'Freedom's Forge', Arthur Herman delves into the untold story of America's industrial mobilization during World War II. The book highlights the significant contributions of American business leaders and the industrial sector in producing the vast array of military equipment and supplies that were essential for the Allied victory.
Herman's narrative focuses on key figures such as William S. Knudsen and Henry J. Kaiser, who spearheaded this massive industrial effort.
#9988
• Mentioned in 7 episodes
Frames of mind
The Theory of Multiple Intelligences
Howard Gardner
In 'Frames of Mind: The Theory of Multiple Intelligences,' Howard Gardner argues against the traditional view of intelligence as a uniform, static quality.
Instead, he proposes that there are several distinct types of intelligence, including linguistic, logical-mathematical, spatial, bodily-kinesthetic, musical, interpersonal, intrapersonal, and naturalistic.
Gardner's theory broadens the definition of intelligence and highlights the various ways in which humans can exhibit intelligent behavior, beyond the conventional measures of 'book smarts.
' The book is a celebration of the diverse ways human beings can be intelligent and has had a significant impact on educational practices and the understanding of human potential.
#4866
• Mentioned in 13 episodes
The evolution of cooperation
Robert Axelrod
The Evolution of Cooperation, written by Robert Axelrod, delves into the theory of how cooperation can emerge and persist in a world of egoists without central authority.
The book uses game theory, particularly the Prisoner's Dilemma, and evolutionary biology to explain how cooperation can arise through strategies such as TIT-FOR-TAT.
Axelrod's work highlights that cooperation can be self-policing through reciprocity and does not require trust, rationality, or central authority.
The book also discusses the importance of the durability of relationships and the clustering of individuals with cooperative strategies in facilitating cooperation.
#2286
• Mentioned in 26 episodes
The Rise and Fall of American Growth
The U.S. Standard of Living Since the Civil War
Robert J. Gordon
The book describes the 100 years following 1870 as the 'Special Century,' a period of revolutionary growth and prosperity driven by innovations such as electric lighting, indoor plumbing, motor vehicles, air travel, and television.
Gordon argues that this era of growth has been flatlining since 1970, marked by growing inequality, stagnating education, an aging population, and rising debt.
He contends that the productivity growth of the past cannot be repeated and identifies several 'headwinds' that will continue to slow American economic growth.
The book is divided into two main parts, covering the period from 1870 to 1940 and from 1940 to 2010, and includes detailed statistical analysis and historical anecdotes to support its arguments.
#860
• Mentioned in 55 episodes
How to Know a Person
The Art of Seeing Others Deeply and Being Deeply Seen
David Brooks
David Brooks's "How to Know a Person" delves into the complexities of human relationships, exploring how we perceive and understand others.
The book emphasizes the importance of empathy, active listening, and self-awareness in building meaningful connections.
Brooks challenges readers to move beyond superficial judgments and embrace a deeper understanding of themselves and those around them.
He argues that true connection requires vulnerability and a willingness to be seen authentically.
Ultimately, the book offers a practical guide to fostering richer, more fulfilling relationships.
What is the Smead Capital Management team reading, and what ideas are shaping their view of today's markets?
In this quarterly Book List episode of A Book with Legs, Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by longtime listener Steve to discuss the books that have recently captured their attention.
Cole and Steve discuss their recent reads which cover a range of topics from investor psychology, Chinese history, mathematics and intelligence, to business turnarounds and cooperation. They also share the books currently on their nightstands and discuss what they hope to learn from future reads. Along the way, the conversation touches on energy markets and the role of history in understanding today's investment landscape.
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