A Book with Legs
Smead Capital Management
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.
Episodes
Mentioned books
10 snips
Oct 20, 2025 • 1h 23min
Mark Blyth and Nicolò Fraccaroli - Inflation
Mark Blyth, a leading professor of economics at Brown University and co-author of 'Inflation: A Guide for Users and Losers,' dives deep into the complexities of inflation. He explains how inflation affects demographics differently and why central banks struggled to predict current trends. Blyth emphasizes the role of energy crises, discusses the impact of household debt from pandemic stimulus, and even advocates for windfall taxes to address inequality. Along with Nicolò Fraccaroli, he highlights the consequences of modern economic policies on both users and losers.
15 snips
Oct 6, 2025 • 1h 33min
Amitav Acharya - The Once and Future World Order: Why Global Civilization Will Survive the Decline of the West
Join distinguished professor Amitav Acharya, an expert on international relations, as he dives into his book's compelling insights on world order's evolution. He traces its origins to Mesopotamia, discussing how ancient diplomacy informs today's geopolitics. Acharya critiques the oversimplified Thucydides Trap when analyzing U.S.-China tensions. He also explores democracy's fragility compared to monarchy's resilience, emphasizing the importance of mutual learning across civilizations. His optimistic view on cross-civilizational exchanges offers a fresh perspective on global dynamics.
13 snips
Sep 29, 2025 • 40min
The Smead Book List - Fall 2025
This discussion dives into the emotional parallels between historical market manias and today’s economy. The hosts share insights on recent reads about geopolitical shifts and cultural dynamics. They explore the multifaceted impacts of inflation on labor and governments, urging a fresh look at market risks stemming from passive indexing. Historical narratives about retail trading evolution and investor psychology offer lessons on decision-making during downturns. Listeners are treated to valuable book recommendations for further exploration.
10 snips
Sep 15, 2025 • 1h 38min
Toby Stuart - Anointed
Toby Stuart, an author and professor at UC Berkeley's Haas School of Business, dives into his book "Anointed" with Cole Smead. They discuss how social status impacts our perceptions, using art and technology as examples. The conversation touches on the emotional journeys in careers shaped by initial opportunities, the influence of status on consumer behavior, and the role of stereotypes in professional environments. Additionally, they explore the transformative effects of AI on society, drawing intriguing parallels to past technological revolutions.
Sep 1, 2025 • 1h 21min
Alok Sama - The Money Trap
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.
Aug 18, 2025 • 1h 11min
James Romm - Plato and the Tyrant
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.
Aug 4, 2025 • 1h 17min
Graham Taylor - Imperial Standard
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!
Jul 21, 2025 • 1h 35min
Duncan Mavin - Meltdown: Greed, Scandal, and the Collapse of Credit Suisse
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.
Jul 7, 2025 • 1h 23min
Stephen Clapham - The Smart Money Method
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.
Jun 30, 2025 • 52min
The Smead Book List - Summer 2025
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.
