A Book with Legs

In this episode, activist Benji Backer joins Cole Smead to discuss his newly released book, "The Conservative Environmentalist," which makes the case for the economic benefits of the strategic merging of conservative values and environmental sustainability. Backer argues that environmentalism can align with American economic interests while offering a pragmatic approach to climate change. 

In this episode, historian Jennifer Burns joins Cole Smead to discuss her book "Milton Friedman: The Last Conservative," which provides an in-depth analysis of Friedman's economic theories and their lasting impact on conservative ideology. The book chronicles key moments in the life of one of the most influential economists of our time, and how his pragmatic way of thinking significantly shaped contemporary economic discourse. 

Interested in the Smead Capital Management book list? Listen in to hear Cole and Bill Smead list the books they have recently read, what they’re currently reading, and the books they have on deck. Have a book you would like to recommend for the podcast? Email your suggestions to [email protected].

In this episode, author and Professor Ekaterina Pravilova joins Cole Smead to discuss her book, “The Ruble: A Political History.” Ekaterina’s book explores the evolution of the Russian currency over a 200-year time period through the interplay between politics, culture, and ultimately, power. Their conversation covers financial turmoil, currency reforms, and an extensive discussion of Ruble’s story.

In this episode, author and historian Harold James joins Cole Smead to discuss his book, “Seven Crashes: The Economic Crises That Shaped Globalization.” Their discussion delves into major economic downturns throughout history, offering insights into their causes, impacts, and reforms to prevent future crises.

In this episode, author Chris Roush joins Cole Smead to discuss his book, "The Future of Business Journalism," which explores the evolving media landscape and its impact on business reporting. Roush navigates the challenges and opportunities facing business journalists in an era of technological disruption and shifting audience demands.

Live from the 2024 Smead Investor Oasis, venture capitalist George Gilder joins Bill and Cole Smead to discuss his latest work, "Life after Capitalism," in which he redefines capitalism as a knowledge-based system. Gilder presents a vision of the future in which technological advances disrupt traditional capitalist structures, emphasizing innovation and knowledge over wealth accumulation.

In this episode, Professor Andrew Pettegree joins Cole to discuss his newly released title, "The Book at War." The book is a captivating analysis of the power of print in society and conflicts throughout history. At the heart of this literary work is the paradox of words during wartime. The notion that books are weapons in the war of ideas is tested in this account on how the written word leaves a lasting impact on the fabric of societies.

In this episode, retired U.S. Army general David Petraeus joins Bill and Cole to discuss the recently released book that he co -authored titled, "Conflict." The book explores the evolution of warfare beginning in 1945 up to Russia's invasion of Ukraine, highlighting the importance of strategic leadership. Ultimately, that idea that what takes place in one part of the world does actually resonate or reverberate in others is critical.

Interested in the Smead Capital Management book list? Listen in to hear Cole and Bill Smead list the books they have recently read, what they’re currently reading, and the books they have on deck.

Also highlighted in this episode is a tribute to the late great Charlie Munger, as we release this episode on what would have been his 100th birthday. Listen to Bill and Cole's top quotes and ideas from Munger and hear about how his history has influenced them as value-investing gurus.

Have a book you would like to recommend for the podcast? Email your suggestions to [email protected].

"What about our system of liberal meritocratic capitalism is good and useful? What about it is worth preserving, expanding and fixing, so that we can be prepared for the challenges that are coming?"

Professor Vikash Yadav joins Cole to discuss his book, "Liberalism's Last Man". The book explores the elements of one of the great economic thinkers and philosophers of the 20th century — Friedrich Hayek — that are still relevant and viable today. The conversation focuses on the evolution of liberalism and its influence on human flourishing.

“If you read it, you will realize that many of the arguments being made against American capitalism are invalid. You will realize that this country of ours is even greater than you think.”

Senator Phil Gramm joins Cole to discuss his book, The Myth of American Inequality. Gramm’s book explores the data which prove income inequality in the United States is far lower than what most Americans are led to believe. The conversation covers the statistics that support Gramm’s position and how the American Dream remains strong.

“Once you know where to look, you start to see it all around you in present day life. Whether it’s the Federal Reserve Bank, whether it’s the company Goldman Sachs… It’s remarkable how the degree to which we are living in this world they helped build.”

In this episode, Cole is joined by author Daniel Schulman to discuss his book, The Money Kings. Daniel’s book is the story of the German Jewish immigrants who revolutionized Wall Street and shaped today’s economic system. The conversation covers names like Goldman and Sachs, Lehman and Seligman, Kuhn and Loeb, and Warburg and Schiff.

“You have to have a drive and a willingness to get bloody by standing up for something greater than yourself.”

Former NASA Deputy Administrator Lori Garver joins Cole to discuss her book, Escaping Gravity: My Quest to Transform NASA and Launch a New Space Age. Lori’s book is a firsthand account of her career at NASA, highlighted by her role in the private sector’s involvement in the nation’s space program. The conversation covers the hurdles she faced, how incentive structures can lead to good and bad, and how free market capitalism can deliver human potential.

Randall Sullivan joins Cole and Bill for a conversation about his book, Graveyard of the Pacific: Shipwreck and Survival on America's Deadliest Waterway. The book describes the haunting history of the Columbia River Bar, one of the deadliest bar crossings on the globe, where the Columbia River meets the Pacific Ocean. The discussion covers the dangers associated with the area, the shipwrecks and lives lost, and Randall's first-hand journey crossing the bar.

Chris Yogerst joins Cole and Bill for a conversation about his book, The Warner Brothers. Yogerst’s book chronicles the lives of four brothers – Harry, Albert, Sam, and Jack and how they built one of Hollywood’s most distinguishable studios, which now stands as one of the largest media conglomerates in the world. The discussion covers how the family’s values shaped the movies they created, the successful investments they made in technology, and the legacy the brothers left behind.

Have a book you would like to recommend for the podcast? Email suggestions to the stock picking gurus at Smead Capital Management at [email protected].

BONUS EPISODE: David Zaslav, CEO and President of Warner Bros. Discovery joins Cole and Bill to continue the conversation about The Warner Brothers by Chris Yogerst. Zaslav gives insight into how the brothers positioned the company for success, the power of film in today’s society, and how the media giant is building towards the future. Zaslav also shares a story involving Robert Evans, Frank Sinatra, and Mia Farrow!

Interested in the Smead Capital Management book list? Listen in to hear Cole and Bill Smead list the books they have recently read, what they’re currently reading, and the books they have on deck. Also in this episode, value investing gurus, Bill and Cole, discuss the role higher interest rates are playing in today’s equity markets, how rising rates affect stocks, the increased risks in investments, and the impact on the real economy.

Have a book you would like to recommend for the podcast? Email suggestions to [email protected].

“FDR was brilliant in recognizing there is a connection between a fair economy with well-regulated markets and a strong democracy with broad public support. He saw those as inextricable, and that’s why his financial reforms were the heart and soul of the New Deal.”

Award winning author Diana B. Henriques joins Cole to discuss her book, Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism. Diana’s book recounts the steps President Franklin D. Roosevelt took to regulate Wall Street during the 1929 stock market crash and through the Great Depression. The conversation covers the cast of characters involved in regulating #markets, some of the initial backlash, and how the New Deal still plays a key role on today’s Wall Street.

New York Times Best Selling author Peter Stark makes his second appearance on the podcast, this time to discuss his book Gallop Toward the Sun. Peter’s book highlights the widely unfamiliar conflict between Tecumseh and William Henry Harrison. The conversation covers how the two men became exceptional leaders, why a struggle between local politics and a young federal government shaped westward expansion, and Tecumseh’s eagerness to defend indigenous land and his people’s way of life.

The discussion surrounding Michael Thomsen’s book, Cage Kings, continues as former mixed martial artist Matt “The Law” Lindland joins Cole to talk about his path to the Olympics, the Supreme Court, and the UFC.

Michael Thomsen joins Cole in this episode to discuss his book, Cage Kings: How an Unlikely Group of Moguls, Champions & Hustlers Transformed the UFC into a $10 Billion Industry. Michael’s book highlights the cast of characters who built the UFC from the ground up. The conversation covers why these executives believed in mixed martial arts despite going through a variety of hurdles, how television broadcasting and streaming deals put the UFC on the map, and the fighters who made the sport mainstream.

“The name Fugger in Germany is like the name Rockefeller in the US.”

Greg Steinmetz joins Cole and Bill for his second appearance on the show, this time to discuss his book, The Richest Man Who Ever Lived. The book explores the life of German banker Jacob Fugger. The discussion focuses on how Fugger built his empire of wealth, the partnerships he created along the way, and the lasting legacy he left behind.

“Does it matter if you pay with cash, card, iPhone, or Bitcoin?”

Cole and author Brett Scott delve into that question when discussing Scott’s book, Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets. Scott’s work explores the idea of how a digital monetary system has resulted in anti-cash messaging. The conversation covers the players in the current financial system and how cash is no longer king.

In this episode, Barry Strauss joins Cole to discuss his book, The War That Made the Roman Empire: Antony, Cleopatra, and Octavian at Actium. Barry’s book recounts the fierce conflict at the Battle of Actium in 31 BC. The conversation covers the events leading up to the civil war, how the historic naval battle at Actium was fought, and what may have happened to the Roman Empire had Antony and Cleopatra been victorious.

Interested in what is on the Smead Capital Management book list? Listen in to hear Cole and Bill list the books they have recently read, what they’re currently reading, and the books they have on deck. Have a book you would like to recommend for the podcast? Email suggestions to [email protected].

Author Dror Goldberg joins Cole and Bill to discuss his book, Easy Money: American Puritans and the Invention of Modern Currency. Dror’s book explores the history of modern money and its origins in colonial America. The conversation includes the idea of “siege money”, the role Massachusetts played in creating modern currency, and why the dollar system is so powerful.

Former journalist Henry Sanderson joins Cole to discuss his book, Volt Rush: The Winners and Losers in the Race to Go Green. Henry’s work examines the realities of building a green energy economy, the supply chain requirements, and the geopolitical implications of transitioning into a greener world. The conversation covers clean energy’s role in today’s economy and how its position in society will evolve, as well as the race amongst countries to attract battery investment.

Former Cazenove Chief Executive Robert Pickering joins Cole and Bill to discuss his book, Blue Blood: Cazenove in the Age of Global Banking. Pickering’s book dives into the distinctive history of the former prestigious investment bank. The conversation touches on Pickering’s first-hand experiences managing the company and how it ultimately became part of J.P. Morgan.

Mark Mills makes his second appearance on the podcast, this time to discuss his book, The Cloud Revolution: How the Convergence of New Technologies Will Unleash the Next Economic Boom and A Roaring 2020s. Mark’s work dissects how advancing technology will provide an economic upswing in the near future. The conversation covers the progress of recent technology and how the everchanging tech landscape will aid humanity moving forward.

Part 2

The second part of Cole and Bill’s conversation with Author Margaret O’Mara on her book, The Code: Silicon Valley and the Remaking of America, covers early software, manufacturers of AI and computers, and communications between technologies and people, as well as different technologies themselves. They take a deep dive into what really made Silicon Valley as we know it today.

Part 1

“Gilded age money is actually the money that fuels the growth of Silicon Valley.”

Author Margaret O’Mara joins Cole and Bill to discuss her book, The Code: Silicon Valley and the Remaking of America. O’Mara’s work tracks the history of the people who built Silicon Valley and the explosion of big tech in America. The conversation covers the institutions that provided the framework for innovation, the background of the pioneers, and the investors that supported this district.

Interested in what is on the Smead Capital Management book list? Listen in to hear Cole and Bill list the books they have recently read, what they’re currently reading, and the books they have on deck. Have a book you would like to recommend for the podcast? Email suggestions to [email protected].

“The globalization of the last forty years is changing. Overall, these changes will lead toward more regionalization.”

Author Shannon K. O’Neil joins Cole to discuss her book, The Globalization Myth: Why Regions Matter. Shannon’s work highlights the world’s shift to regionalization and the economic benefits that come along with it. The discussion covers why globalization is transforming and how regionalization is influencing economies around the world.

In this episode, Cole and Bill are joined by Perry Mehrling, author of the book, Money and Empire. Mehrling’s work tracks the life of Charles P. Kindleberger, an international economist from the twentieth century, whose deep interest in history and economics fed his appetite to learn how the global financial system worked. The conversation covers Kindleberger’s background and upbringing, his experiences in the world of finance, and understanding the current dollar framework of the world.

CNBC Senior Markets Correspondent Bob Pisani joins Cole and Bill to discuss his book, Shut Up and Keep Talking. Bob’s book is a collection of real-life stories and firsthand encounters over the course of his 33-year career in the financial industry. The conversation covers Bob’s time as a journalist, the technological evolution of the New York Stock Exchange, the major players and key investors Bob has come across, and the many investing lessons he’s learned along the way.

Author Amity Shlaes joined Bill and Cole for a live podcast recording at the 2023 Smead Investor Oasis to discuss her new book, Great Society. During their conversation, they discuss comparisons between the failure of the Great Society’s idealism of the 1960s and today's challenges. The conversation covers topics such as socialism, capitalism and today’s relevance to the thoughtless idealism of political leaders in history.

If you’re really in favor of more abundant resources, then you really have to be in favor of people having the freedom to innovate, discover, share, and consume knowledge.”

 Author Gale Pooley joins Cole to discuss his book, Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet. Along with co-author Marian Tupy, Gale’s research explores the way, contrary to popular belief, resources have become more abundant as the world’s population has grown. The conversation covers “time prices”, climate change, and how more people leads to more innovation.

Cole and Bill kickoff season two with author Robert Hagstrom to discuss his book, Warren Buffett: Inside the Ultimate Money Mind. Hagstrom’s work explores the philosophical and mental aspects that helped shape Buffett and allowed him to become one of the world’s most successful investors. The conversation touches on Buffett’s upbringing, his investment ideology, and how he reached his many achievements.

Interested in what is on the Smead Capital Management book list? Listen in to hear Cole and Bill list the books they have recently read, what they’re currently reading, and the books they have on deck. Have a book you would like to recommend for the podcast? Email suggestions to [email protected].

“If the vice of greed is the bane of capitalism, then the vice of socialism is envy.”

Catholic priest Robert Sirico sits down with Cole and Bill to discuss his book, The Economics of the Parables. Rev. Sirico’s work highlights the economic and biblical wisdom derived from the parables with a modern spin. The conversation covers helping the poor, building wealth, and the many life lessons this timeless collection can teach.

“The commitment and the patience that you need are two of the real attributes of proper investment.”

In this episode, author and value investor Richard Oldfield joins Cole to discuss his book, Simple But Not Easy: A Practitioner's Guide to the Art of Investing. Richard’s book provides investors a commonsense approach to investing and provides stock pickers, of all experience levels, with ways to model their decisions. The conversation covers stocks vs. bonds, hedge funds, market conditions, the art of value investing and more.

“I’ll never forget the day I found out my sons were degenerates.”

Spencer Jakab of The Wall Street Journal joins Cole and Bill to discuss his book, The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors. Jakab’s work explores the GameStop saga and how the modern-day squeeze unraveled. The trio discusses the characters involved in the mania, the role smart phones played, how the financial industry underestimated the power of algorithmic social media, as well as the real winners and losers of it all.

“The smarter people knew that if Gould was coming after them, it was better to negotiate a peace rather than fighting to the bitter end.”

Author and journalist Greg Steinmetz joins Cole and Bill to discuss his book, American Rascal: How Jay Gould Built Wall Street's Biggest Fortune. Greg’s book details the life of Jay Gould, one of the most polarizing robber barons of the 19th century. The conversation covers Gould’s early business ventures, his path to becoming a railroad tycoon, and how he ultimately became the man who controlled Wall Street.

Political speechwriter Jeff Nussbaum joins Cole to discuss his book, Undelivered: The Never-Heard Speeches That Would Have Rewritten History. Almost every given speech in history had a raw opposite that went undelivered. Jeff’s work provides an in-depth look into the noteworthy and captivating speeches that would have altered the course of history, had they ever been spoken out loud. Jeff and Cole examine the undelivered speeches by historic figures like Helen Keller, Richard Nixon, John F. Kennedy, and more. They explore why those speeches stayed on paper, and the alternate outcomes that would have resulted had they been given.

In this episode, Cole is joined by Sir Howard Davies, author of the book, The Chancellors: Steering the British Economy in Crisis Times. Howard’s book reexamines the last 25 years of British economic history and the role the Treasury has played. Cole and Howard discuss the issues that struck the Treasury, some of the notable names involved, and solutions moving forward.

“There was an overwhelming feeling of melancholy, of loss, that they could never adjust to.”

Sunday Times and New York Times bestselling author Helen Rappaport joins Cole to discuss her book, After the Romanovs: Russian Exiles in Paris from the Belle Époque Through Revolution and War. Helen’s work details the Russian aristocrats, artists, writers, philosophers, and intellectuals who searched for refuge in Paris after the revolution of 1917 and during the civil war that followed. Cole and Helen discuss how the Russian immigrants assimilated to life in France and the struggles they endured.

“At the end of the day, money is what was most important to John D. Rockefeller.”

Peter Doran joins the podcast to discuss his book, Breaking Rockefeller: The Incredible Story of the Ambitious Rivals Who Toppled an Oil Empire. Peter’s work takes a deep dive into the growth of the oil industry, how John D. Rockefeller grabbed control and built a worldwide monopoly, the underdogs who joined forces to defeat him, and how greed played a crucial role. The group also examines the issues prompted by the consolidation of capital and the importance of competition in America.

Interested in what’s on the Smead Capital Management book list? In this episode, Cole, Bill, and Senior Analyst Seamus Sullivan list the books they have recently read, what they’re currently reading, and the books they have on deck. Have a book you would like to recommend for the podcast? Email suggestions to [email protected].

Matthew Bernstein joins Cole to discuss his book, George Hearst: Silver King of the Gilded Age. Matthew’s book examines Hearst’s unique path to building a mining empire, his career in politics, a quest for wealth, and the many life lessons that can be learned from it all. Cole says, “This is a book that helps investors understand how money can be made when it’s not being printed in Washington D.C. or New York.”

Through the lens of Karen Southwick’s book, High Noon, Cole is joined by former Sun Microsystems CEO Scott McNealy to explore the author’s work and the company’s history. Scott was with Sun Microsystems as COO “In the Beginning.” In this episode, the podcast takes on an alternative format known as “In the Beginning” where we have a discussion with a founder/early executive from the foundation of a book about the company. Karen’s book highlights Sun’s ascent to power and the crucial role McNealy played. Cole and Scott discuss Sun’s early stages, its growing pains, disputes with Microsoft, and how it became a company that helped develop the internet.

To understand the bond market, you have to understand the Bond King. In this episode, Mary Childs joins Cole and Bill to discuss her book, The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. Mary’s book explores the rise of Bill Gross, how he shaped the inner workings of the investment business and bond industry, and the culture at one of the world’s largest money management firms. The book also serves as a vessel to understanding the bond bull market that began in the early 1980s.

In this episode, Cole is joined by Ed Larson author of the book, To the Edges of the Earth: 1909, the Race for the Three Poles, and the Climax of the Age of Exploration. Ed’s book takes a deep dive into the famous explorers who raced to reach some of the world’s most extreme destinations in 1909. It’s a story about the human spirit, an adventure into the unknown, and the journey to get there.

"Fire can be destructive. It can also be useful. The same, we think, is true with bubbles.” In this episode, Cole is joined by William Quinn and John D. Turner, authors of the book Boom and Bust: A Global History of Financial Bubbles. The trio discuss the history of financial bubbles, how they’re created, why bubbles aren’t always destructive, and how to spot a bubble when you’re in the middle of one.

Will Google and its technologies always have the importance they do in our lives? In this episode, Cole Smead tries to answer that question with George Gilder, author of Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy. Cole and George discuss artificial intelligence, the evolution of technology, the future of computer sciences, and the important role knowledge and order play in our lives.

Interested in what is on the Smead Capital Management book list? In this episode, Cole and Bill list the books they have recently read, what they’re currently reading, and the books they have on deck. Have a book you would like to recommend for the podcast? Email suggestions to [email protected].

In this episode, Cole and Bill are joined by Lauren Templeton co-author of the book, Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter. Lauren discusses the life of her great uncle and famed investor Sir John Templeton, how he capitalized on buying at the point of maximum pessimism, and his route to becoming known as one of the greatest stock pickers in history.

Are surgeons psychopaths? In this episode, Cole Smead is joined by Thomas Morris, author of the book The Matter of the Heart: A History of the Heart in Eleven Operations. Thomas’ book explains how eleven milestone procedures set the stage for ‘The Golden Age of Heart Surgery’, ultimately leading to an extraordinary period of innovation, ingenuity, and a deep understanding of the heart.

All learning is pattern recognition. In this episode, Cole and Bill are joined by Robert G. Hagstrom, author of the book Investing: The Last Liberal Art. Robert explains how achieving worldly wisdom can allow investors the opportunity to recognize patterns in wide-ranging fields of study to gain market insight through a broader lens.

Carry trades have existed since the beginning of time. Rarely have we run into periods like today that have caused so many investors to be seemingly smart.

In this episode, Cole Smead sits down with Kevin Coldiron, co-author of the book The Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis to discuss what carry trades are, the constancy of them and how today's carry regime shapes the complex world of finance. 

Financial success and frontier exploration, but at what cost? 

In this episode, Cole is joined by Peter Stark, author of the book Astoria, to discuss America’s first millionaire, John Jacob Astor, and his public-private partnership strategy with Thomas Jefferson to open the North American west coast to global trade.

As the world becomes more energy efficient, demand will always remain high. 

In this episode, Cole and Bill Smead speak with Mark Mills, co-author of the book The Bottomless Well: The Twilight of Fuel, The Virtue of Waste and Why We Will Never Run Out Of Energy. Mark explains why demand for energy will never drop and how supply is limitless.

The stock market crash of 1929 will forever be considered one of the darkest hours of the U.S. economy. Decades later, many economists are still searching for the exact reasons as to why it happened.

In this episode, Cole and Bill Smead sit down with Amity Shlaes, the author of the book The Forgotten Man: A New History of the Great Depression. Amity’s book takes a deep dive into possible causes of the Great Depression and the people who were responsible for the market’s collapse.

For a long time, the world has considered China as an example of economic success, but those days may be over. 

In this episode, Cole Smead is joined by Dinny McMahon, author of the book China’s Great Wall of Debt. Dinny takes a deep dive into China’s financial system and gives us a sense of how the country’s complex and “dysfunctional” economy works from the ground up. Dinny also explains why China’s economic growth has slowed down, how the accrual of debt has played a role, and why the “Chinese Miracle” has come to an end.

News wasn’t always readily available at the click of a button. Ted Turner forever changed that in 1980 when he brought the Cable News Network to life. 

In this episode, hosts Cole and Bill Smead are joined by Lisa Napoli, author of the book Up All Night: Ted Turner, CNN and the Birth of 24-Hour News. Lisa shares incredible insight into the life of Ted Turner and how the media mogul rolled the dice with the launch of CNN. She also discusses the evolution of cable news, its transition from “pure-play journalism” to “theatrics”, and what the 24-hour news cycle might look like in the future.

Buried deep underground lies a wealth of oil and natural gas. Embedded in shale, the major gas companies thought extraction was a waste of time. That all changed when a handful of men thought otherwise, thus creating the process now known as fracking. 

In this episode, Cole Smead sits down with Greg Zuckerman, author of the book The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters. Greg introduces us to the men responsible for the birth of fracking and explains how the trajectory of the United States economy changed with the extraction of oil and natural gas.