Brain.fm is the best focus music I’ve ever tried - get 30 days free here: brain.fm/DavidLin Bill Smead, Chairman of Smead Capital Management, discusses the late stages of market euphoria. *This video was recorded on May 9, 2024 Bill's previous interview with me:    • Brace For 'Ultimate Reckoning' Once I...   Listen on Spotify: https://open.spotify.com/show/510WZMF... Listen on Apple Podcasts: https://podcasters.spotify.com/pod/sh... FOLLOW SMEAD CAPITAL: Website: https://smeadcap.com/ Twitter (@SmeadCap):   / smeadcap   FOLLOW DAVID LIN: Twitter (@davidlin_TV):   / davidlin_tv   TikTok (@davidlin_TV):   / davidlin_tv   Instagram (@davidlin_TV):   / davidlin_tv   For business inquiries, reach me at david@thedavidlinreport.com *This video is not financial advice. The channel is not responsible for the performance of sponsors and affiliates. 0:00 - Intro 0:50 - Berkshire Hathaway and cash 4:33 - Markets entering new era 19:20 - Passive investing 22:20 - Valuations and investing 30:55 - Energy sector 36:45 - Inflation and monetary policy 40:46 - Financials sector