Podcasts about smead capital management

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.Sign up to be notified about new A Book with Legs episodes: https://hubs.ly/Q0452Lh70

Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO & Portfolio Manager, Smead Capital Management) to unpack why today's market may be less about valuations—and more about a powerful capital cycle that could reshape global investing.From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels—from railroads to telecom to fracking—to explain why investors often miss the biggest regime shifts… and why the next decade of returns may look very different from the last.This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.If you think diversification still means owning the S&P 500… this episode may change your perspective.

What is the divine, and what can the distinctions between AI learning and human cognition reveal about it?These concepts are explored in the latest episode of A Book with Legs, where value investor Cole Smead, CEO and Portfolio Manager of Smead Capital Management, is joined by author and professor Tom Griffiths to discuss his book, “The Laws of Thought: The Quest for a Mathematical Theory of the Mind.” The two discuss the history of attempts to understand human behavior through a mathematical lens and engage in thought-provoking conversation on the differences between machine and human learning.Griffiths is the Henry R. Luce Professor of Information Technology, Consciousness, and Culture in the Department of Psychology and Computer Science at Princeton University.Purchase a copy of The Laws of Thought: The Quest for a Mathematical Theory of the Mind here: https://us.macmillan.com/books/9781250358356/thelawsofthought/ Sign up to be notified about new A Book with Legs episodes: https://hubs.ly/Q0452V800

In this special quarterly ‘book list' episode, Cole Smead is joined by Smead Capital Management's analyst team. Together, they discuss the books that they have recently finished and what they are reading now, including titles from authors such as Andrew Ross Sorkin, Roger Lowenstein, and more.The Smead team also shares their perspectives on current markets and what shapes their points of view.

Financial journalist Allan Sloan, a seven-time winner of business journalism's highest honor, the Loeb Award, says in his latest piece for Barron's that no investment strategy works forever, and that time is now up on the Magnificent Seven stocks. Sloan notes that during the first seven months of 2025, NVidia and Microsoft accounted for more than half of the gain of the entire Standard & Poor's return, but that Apple "was totally rotten and knocked 18 percent off the S&P's return." His point is that most of the seven stocks that have been driving the market for the last few years "are now hitting below their weight," and the top stocks are now losing ground as a group to the index/market itself. Todd Rosenbluth, head of research at VettaFi, makes a high-income fund that invests in options on bitcoin -- and that yields a whopping 27 percent -- his ETF of the Week. The fund is relatively new and just topped $500 million in assets, and Rosenbluth says it can be an allocation choice for investors who might otherwise avoid cryptocurrency because they want investments that produce income. In the Market Call, Cole Smead, portfolio manager at Smead Capital Management, talks about the firm's approach to value investing and what is standing out during a period where he says market leadership is going through a rotation.

Greetings, and welcome back to the podcast. This episode we are joined by Mr. Cole Smead - CEO of Smead Capital Management - a registered investment advisor headquartered in Phoenix, AZ with offices in Jersey City, NJ and London, UK., with assets of approximately $6 billion under management.Cole Smead, CFA is Chief Executive Officer and Portfolio Manager where he oversees all activities of the firm. He is the final decision maker for all investment decisions in the firm's international equity portfolios. Cole has been with the firm since its founding in 2007. Prior to joining Smead Capital Management, he was a Financial Advisor with Wachovia Securities in Scottsdale, AZ. He is a member of the CFA Institute.Among other things we learned about Energy Consolidation, Investor Returns & Economic Optimism.Thank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsEPACAstro Rentals JSGSupport the show

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.

Episode SummaryIn this episode of Undercurrent Stories, host Bob Wells welcomes Cole Smead, CEO and portfolio manager of Smead Capital Management and host of A Book with Legs podcast. Cole shares powerful insights on how reading influences investment decisions, the importance of pattern recognition in the stock market, and how history, economics, and psychology shape financial success.Discover how top investors like Warren Buffett and Charlie Munger use books as a secret weapon for smart investing. Cole also discusses market trends, portfolio management, and the role of gold, real estate, and crypto in modern investing.What You'll Learn in This Episode:✅ How reading books can improve your investment strategy

This recording took place at the London Value Investor Conference over summer, where Simon hosted a discussion with Joel Greenblatt. Joel not only founded and runs Gotham Asset Management, but was also an adjunct professor at Columbia Business School for 20+ years. Joel previously ran Gotham Capital, where he achieved 50% annualised returns between 1985-1994 (34.4% net). Joel also helped Michael Burry set up Scion Capital in 2000. In this discussion, Joel offers some exceptionally valuable insights into the issues of active versus passive, if valuation works pays, the need for patience, thoughts on concentration, and learning from mistakes. He talks on the need for detailed valuation work in order to identify compelling valuation opportunities, but also of the need for patience for the market to recognise such situations. He advocates passive for those ill-equipped to undertake detailed valuation work, and also recognises the challenges of owning too many overvalued and insufficient undervalued companies when you are passively invested.  He then explains how the best way to learn from one's investing mistakes is to lose amounts of money that matter. Joel goes on to acknowledge that he would have been fired several times over, had it not been his own firm! A treasure trove of advice from a pro! The interview is followed by a short Q&A. Thanks to the following for their contributions here: Steve Clapham of Behind the Balance Sheet, Mark Rubenstein of HPS Investment Partners, Ajit Dayal of Quantum Advisors India, and Cole Smead of Smead Capital Management. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Join host James Connor with guest Bill Smead, the insightful money manager from Smead Capital Management, as they discuss the pressing issues facing today's investors. In this episode, they discuss the looming dangers of a market bubble, the realities of escalating inflation, and the untapped potential of oil investments. Learn how you can shield and grow your wealth in a volatile economic climate. Don't forget to like, subscribe, and hit the bell icon for more financial wisdom from Wealthion! Timestamps: 0:00 Introduction 1:37 What is Value Investing? 2:40 Views on Passive Investing 6:01 Economic Overview and Historical Context 10:18 Interest Rates Discussion 14:12 Smead on Inflation and Investment Strategies 19:20 Historical Comparison to Oil Shocks 30:00 Bitcoin's Future and Comparison to Gold 32:26 Where Smead is Investing Now 38:31 Warren Buffett's Influence and AGM 40:09 Closing Remarks

On this week's TheStreet Pro Podcast, Chris Versace is joined by Cole Smead, CEO and portfolio manager at Smead Capital Management based in Phoenix, Arizona. Ahead of the March CPI report, the conversation starts with the two discussing their expectations for that report, what it means for Fed policy, and the Fed's role as a cheerleader for the economy. Cole raises the issue of structural changes in the economy, including the shift in fixed business investment, and why he thinks it means the economy can make do with a higher natural interest rate. The conversation shifts to AI and the CHIPs Act, with Cole sharing why he is wary of diminishing marginal returns for the tech industry. The two discuss how UniCredit (UNCFF) came to be one of the largest holdings at Smead Capital Management and why the team likes Western Alliance Bancorporation (WAL) and Credit Acceptance Corp. (CACC). Other sectors discussed include Energy and Financials, with Cole sharing he sees 30% fewer banks in the coming years. The two also touch on Cole's co-hosting duties for the “A Book With Legs” podcast. Note: There was a modest technical glitch at the 27-minute mark in the conversation.

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 podcast@smeadcap.com.

Quotes of the day: “The best investing is always a negative art." "There's a lot of different ways to skin a cat." Our expert panel Chris Chavez, Analyst, Blue Creek Capital Management/Blue Line Capital and Cole Smead, CEO & Portfolio Manager, Smead Capital Management weigh in on the how markets are reacting to expectations surrounding upcoming Fed rate cuts coming on the back of the latest PCE data, chances of a hike instead of a cut, how businesses like US burger chain Wendy's are looking to adopt new business models, interest surrounding AI right now, optimism surrounding the energy sector, as well as what investors should be looking out for as they navigate 2024. Presented by: Ryan Huang Producer: Yeo Kai Ting (ykaiting@sph.com.sg)  Graphics credits: pixabay & its talented community of contributors See omnystudio.com/listener for privacy information.

Featuring:Jill Disis, Bloomberg China Eco-gov Editor, joins the program to discuss the US delegation traveling to Beijing to discuss US/China economic relations. Lulu Chen, Bloomberg Asia Investing and Real Estate Team Leader sits down to discuss China's quant clampdown and the impact it's having on markets in the APAC region. Cole Smead, CEO and Portfolio Manager at Smead Capital Management joins the show to discuss his perspective on APAC markets.  Subscribe and rate our podcast here:Apple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-asia/id1663863437Spotify: https://open.spotify.com/show/0Ccfge70zthAgVfm0NVw1bTuneIn: https://tunein.com/podcasts/Asian-Talk/Bloomberg-Daybreak-Asia-Edition-p247557/?lang=es-es See omnystudio.com/listener for privacy information.

Cole Smead, CEO & Portfolio Manager, Smead Capital Management shares his insights on the economy and wages, Fed movements and rate decisions, whether the AI buzz will die down, and how 2024 looks like for banks as interest rates get pushed down. Presented by: Ryan Huang Producer: Yeo Kai Ting (ykaiting@sph.com.sg) See omnystudio.com/listener for privacy information.

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 podcast@smeadcap.com.

Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99. For more on Munger's life and legacy, Bloomberg Radio hosts Carol Massar and Tim Stenovec speak with Bloomberg News reporter Noah Buhayar, and long-time Berkshire investor, Bill Smead of Smead Capital Management.See omnystudio.com/listener for privacy information.

Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99. For more on Munger's life and legacy, Bloomberg Radio hosts Carol Massar and Tim Stenovec speak with Bloomberg News reporter Noah Buhayar, and long-time Berkshire investor, Bill Smead of Smead Capital Management.See omnystudio.com/listener for privacy information.

Bloomberg News Senior Executive Editor of Global Tech Brad Stone discusses record-breaking Black Friday and Cyber Monday sales for Amazon. Bloomberg Intelligence Property & Casualty Insurance Senior Analyst Matthew Palazola, Bloomberg News Real Estate Team Leader Katherine Chiglinsky and Bloomberg News Finance Reporter Noah Buhayar talk about the passing of Charlie Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway from a failing textile maker into an empire. And we Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99. For more on Munger's life and legacy, Bloomberg Radio hosts Carol Massar and Tim Stenovec speak with Bloomberg News reporter Noah Buhayar, and long-time Berkshire investor, Bill Smead of Smead Capital Management.See omnystudio.com/listener for privacy information.

Bloomberg News Senior Executive Editor of Global Tech Brad Stone discusses record-breaking Black Friday and Cyber Monday sales for Amazon. Bloomberg Intelligence Property & Casualty Insurance Senior Analyst Matthew Palazola, Bloomberg News Real Estate Team Leader Katherine Chiglinsky and Bloomberg News Finance Reporter Noah Buhayar talk about the passing of Charlie Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway from a failing textile maker into an empire. And we Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99. For more on Munger's life and legacy, Bloomberg Radio hosts Carol Massar and Tim Stenovec speak with Bloomberg News reporter Noah Buhayar, and long-time Berkshire investor, Bill Smead of Smead Capital Management.See omnystudio.com/listener for privacy information.

Major General (Ret.) Mastin Robeson, Geopolitical Intelligence Advisor at Academy Securities, shares his thoughts on the Israel-Hamas war. Lior Susan, Founder and Managing Partner at Eclipse Ventures, talks about the economics and the stifling of innovation as a result of the Israel-Hamas war. Julie Hansen, US CEO of Babbel, discusses the growth of the language platform and the impact of AI. Bloomberg Businessweek Editor Joel Weber and Businessweek Columnist Max Chafkin provide the details of Max's Businessweek Magazine story Meta Flirts With Ad-Free Services But Prefers the Status Quo. And we Drive to the Close with Cole Smead, CEO and Portfolio Managare at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Major General (Ret.) Mastin Robeson, Geopolitical Intelligence Advisor at Academy Securities, shares his thoughts on the Israel-Hamas war. Lior Susan, Founder and Managing Partner at Eclipse Ventures, talks about the economics and the stifling of innovation as a result of the Israel-Hamas war. Julie Hansen, US CEO of Babbel, discusses the growth of the language platform and the impact of AI. Bloomberg Businessweek Editor Joel Weber and Businessweek Columnist Max Chafkin provide the details of Max's Businessweek Magazine story Meta Flirts With Ad-Free Services But Prefers the Status Quo. And we Drive to the Close with Cole Smead, CEO and Portfolio Managare at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

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 podcast@smeadcap.com.

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 podcast@smeadcap.com.

Bloomberg News Chief Technology Correspondent Mark Gurman discusses how Apple's iPhone supply chain is splintering under US-China tensions. Stefan Selig, Managing Partner at BridgePark Advisors, talks about US-China economic relations. Bloomberg New Economy Editorial Director Erik Schatzker shares the names of the Bloomberg New Economy's 2023 class of Catalysts. And we Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Carol Massar and Jess Menton. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg News Chief Technology Correspondent Mark Gurman discusses how Apple's iPhone supply chain is splintering under US-China tensions. Stefan Selig, Managing Partner at BridgePark Advisors, talks about US-China economic relations. Bloomberg New Economy Editorial Director Erik Schatzker shares the names of the Bloomberg New Economy's 2023 class of Catalysts. And we Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Carol Massar and Jess Menton. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Cole Smead is a portfolio manager at Smead Capital Management, an investment advisor applying a differentiated value approach to its capital allocation processes. Cole is an avid reader and hosts the podcast “A Book With Legs.” In this episode, we discuss the classic title “Money Masters” by John Train. We talk about whether there is such a thing as a money mind, if good investors tend to be born poor, and explore the insight that businesses are always dying.For more info about the podcast, go to the episode page and make sure to follow us on Twitter. We love to hear your thoughts on what you like and what we can improve, so please give us your rating and a review. You're also very welcome to tell us about great authors, books, and investors you want to hear on the show. Thank you! /Eddie & Niklas with teamThis episode was recorded on May 17, 2023.—————————————Episode Chapters(00:00) Introduction with Henrik Andersson(02:58) Welcoming Cole (06:52) Do some people have a “money mind”? (10:14) Are good investors born poor? (12:58) Money Masters by John Train(19:08) The chapter on T. Rowe Price (23:35) How to avoid falling for herd behavior(28:59) Businesses are always dying(32:52) Further lessons from T. Rowe Price(41:04) Identifying yourself with your investments (46:05) Why did Cole end up in the investment business? (50:34) Cole's idols in investing(57:01) Applying lessons from marketing (01:02:11) The step-by-step approach to learning about a new industry (01:11:16) The most interesting aspects of today's markets(01:14:45) Cole's reading habits—————————————Books MentionedMoney Masters - John TrainInvesting the Templeton Way - Lauren TempletonThe Go-Go Years - John BrooksRicher Wiser Happier - William GreenOnce in Golconda - John Brooks Building a StoryBrand - Donald Miller The Frackers - Gregory Zuckerman Easy Money - Ben McKenzie The War That Made the Roman Empire - Barry S. StraussCloud Money - Brett ScottFor Whom the Bell Tolls - Ernest Hemingway —————————————Companies MentionedCoca Cola Simplicity PatternsWells GreenTargetBerkshire HathawayOccidental Petroleum —————————————More on ColeA Book With LegsMissives from Smead Capital ManagementTwitter—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

Greetings & welcome back to the rose bros podcast. This episode we are joined by Cole Smead - CEO of  Smead Capital Management - a registered investment advisor headquartered in Phoenix, AZ with offices in Jersey City, NJ and London, UK., with assets of approximately $5 billion under management. Smead Capital Management, advises investors that fear stock market failure through a low-turnover, differentiated value discipline - seeking wonderful companies to build wealth in mutual funds, separate accounts and other investment vehicles. Cole has been with Smead Capital since its founding in 2007, and prior to that - was a Financial Advisor with Wachovia Securities in Scottsdale, AZ. Cole holds a CFA designation and also graduated with a B.A. Economics & History from Whitman College. Among other things, we sat down and discussed investing as a negative art, good investing books, generating a 30% return on equity & why energy stocks are currently undervalued.Enjoy.This podcast episode is sponsored by Connate Water Solutions.Do you need cost effective water sourcing options to supply your next drilling or completions program?Connate Water Solutions is a specialized hydrogeology company focused on water well drilling, testing and water management services in Western Canada and Texas.Contact info@connatewater.com or www.connatewater.com for more details.This podcast is sponsored by Headracingcanada.comLooking for high performance ski gear this winter? In partnership with 4x-Olympian Manny-Osborne Paradis, Headracingcanada.com is offering the lowest prices possible through its online storefront, by passing brick and mortar savings to customers. Check out  Headracingcanada.com for more info on high performance gear for the upcoming ski season.      Support the show

 Bloomberg News Big Tech Team Leader Sarah Frier reports on the launch of Meta Platforms's new app Threads, designed as a direct rival to Twitter. David Auerbach, Managing Director at Armada ETF Advisors, discusses his firm's new real estate exchange traded fund. David Dindi, CEO of Atomic Invest, explains why he thinks fintech and brokerage firms are better than traditional banks. Bloomberg Law Senior Reporter David Hood talks about how anti-woke brands are fueling a parallel market for conservative shoppers. And we Drive to the Close with Cole Smead, President and Portfolio Manager at Smead Capital Management.Hosts: Carol Massar and Madison Mills. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

 Bloomberg News Big Tech Team Leader Sarah Frier reports on the launch of Meta Platforms's new app Threads, designed as a direct rival to Twitter. David Auerbach, Managing Director at Armada ETF Advisors, discusses his firm's new real estate exchange traded fund. David Dindi, CEO of Atomic Invest, explains why he thinks fintech and brokerage firms are better than traditional banks. Bloomberg Law Senior Reporter David Hood talks about how anti-woke brands are fueling a parallel market for conservative shoppers. And we Drive to the Close with Cole Smead, President and Portfolio Manager at Smead Capital Management.Hosts: Carol Massar and Madison Mills. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

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 podcast@smeadcap.com.

In this episode, Cole Smead, CEO & Portfolio Manager at Smead Capital Management, which oversees in excess of $5-billion AUM, joins us to discuss markets, the current investment climate, investing, and his firms 8 criteria investing philosophy. Our conversation begins with Smead discussing how he and firm work to uncover underloved, and underfollowed investment opportunities à la Charlie Munger, Peter Lynch and Warren Buffett. We then get into a discussion about the significant differences between value factor investing and what Smead does in its long term investing strategy, both in the US and Internationally. Though Smead's investment strategy is go-anywhere, their current investment darling opportunity is in the energy and commodity complex, where they have uncovered what can only be described as generational opportunities, something Smead has gotten right in the 15 years since William Smead, Cole's father founded the firm, following a long career in the industry, investing on behalf of other firms.Thank you for listening. Smead has an encyclopedic knowledge of both the fundamental and quantitative aspects of investing, so it made for a lot for an enthralling discussion on markets, value investing, making money, avoiding losses through exceptional views on risk management.Timestamped Highlights:[00:02:18] Investment discipline includes 8 criteria developed by Bill Smead reflecting great investors, concentrated portfolios of 25-30 securities, and low turnover. It is a negative art based on eliminating things rather than finding things that fit, and markets change over time.[00:14:47] Various investors needed to outperform by 40% to beat the index at some point. Volatility is unpredictable and there is no ability to price momentum. Understanding individual investment values is unique and cannot be commonly attached to a group.[00:21:27] This text discusses the Jevons paradox and the relationship between technological innovation and energy consumption, arguing that as technology advances, energy consumption increases. The author also emphasizes the importance of having a framework for understanding an unknown future and the impact of energy consumption on economic growth in different parts of the world.[00:23:53] "We've never used less energy doing all these great things in human society with all the ingenuity and all the innovation and all the technology available to us and Devin's really you know his the paradox he he created really pushes back on the scarcity of supply argument as well as the um lack of demand argument because we always have more and more and more."[00:26:47] Investing in renewable energy and solar is necessary due to high energy needs. Market is picking winners and losers, but the need for more of everything is present. Lithium batteries are a great technology but require a lot of energy consumption and deplete metals. Combustion engine paired with electric motor is a feasible hybrid model.[00:36:33] The fear of repercussions for owning certain investments causes portfolio managers to allocate capital based on what is profitable and to avoid "bad commodities." This is leading to a lack of competition and oligopolies in certain markets. Taxing these investments could make them acceptable across society.[00:41:05] "There are those who want to invest in funds that invest in oil and those who don't correct? To your point it appears to be becoming binary where you have a cohort of investors saying oh no no i don't want fossil fuels in my portfolio and then that's actually creating this huge inefficiency."[00:44:05] The NBA has evolved to favor the three-point shot due to its efficiency, with players opting to shoot from beyond the arc rather than take shots from closer to the basket. Similarly, in investing, easy money strategies like the S&P 500 may no longer be the most rewarding, with riskier investments like commodity-driven businesses and those that align with ESG frameworks offering better returns.[01:01:06] Bear market rally may be misleading, as companies' revenue growth decline due to inflation. Market participants are uncertain about their investments. Potential opportunities in commodity and cyclical businesses, but overall caution is advised.[01:06:48] The next decade will be tough and require perseverance. It will be challenging for all investors and necessary to diversify and stay educated.======================================Where to find Cole Smead and Smead Capital Management======================================Cole Smead on LinkedinSmead Capital Management Blog - Advice BlogSmead Capital A Book With Legs Podcast

Cole Smead, CEO & Portfolio Manager at Smead Capital Management joins us for a fascinating conversation. "Investing is not just about buying stocks and hoping they go up in value. It requires strategic thinking, planning, and a willingness to learn about niche industries," says Smead. In this new podcast episode, Smead discusses the importance of seeking out profitable opportunities by investing in industries (the energy sector is their current focus) that other investors are not playing. He calls this "mafia investing," and believes that this strategy can lead to high returns and the possibility of becoming "insanely wealthy."Smead instead chooses to be one among a choice of ten shrewd investors, rather than one among a million average investors.He cites the example of the oil tanker market, where high steel prices have led to a shortage of supply and higher cash rates for those still in operation. He also notes that there are opportunities to become billionaires in commodity businesses that may not be popular, such as the coal business.Smead emphasizes the need for active investors to earn their profits through the learning process and by studying successful capital allocators and billionaires. He recommends the book "The King of Oil" by Daniel Amman, to listeners, which, among others, intensified his interest in commodities.To clarify, Smead Capital Management are 'go anywhere' investors, but one of areas that has become the current focus of their long term strategy is the energy sector.Overall, Smead's investment philosophy emphasizes the importance of strategic thinking, planning, and a willingness to learn about niche industries. By seeking out profitable opportunities in these industries, investors can potentially achieve high returns and become "insanely wealthy."This was a fascinating conversation. Buckle up and thank you for listening.Timestamped Highlights:BackgroundBackground and Investment Philosophy [00:01:54] Cole Smead discusses the genesis of Smead Capital Management and his investment philosophy, including the eight criteria used to find investment opportunities.Starting in the Investment Business [00:02:30] Cole Smead talks about how his father's legacy and teachings inspired him to get into the investment business.Investing in stocks [00:05:16] Cole Smead talks about his early interest in investing in stocks and how it drove him to pursue a career in the investment business.Experience and learningsPsychology of markets [00:06:40] Smead shares his experience of the late 1990s and how it left a huge impression of the psychology of markets and how damaging they can be.Disagreement with markets [00:08:05] Smead discusses the huge rewards of being in disagreement with markets at times with businesses that produce good economics and how people forget about those ideals.Bear Market Rallies [00:10:21] Speaker 1 discusses the nature of bear market rallies and how they can frustrate investors.Top 10 Market Caps by Decade [00:11:49] Speaker 1 talks about how the top 10 market caps by decade have historically underperformed the S&P 500, and how this affects investment probabilities.Active Investing [00:14:28] Pierre and Cole discuss the negative sentiment towards active investing in recent years and how macro and fundamental factors have been overlooked.Active Investing is Dead? [00:15:29] Discussion on the dispersion of returns within the index and the belief that active investing is dead.Flexibility of Investing [00:17:03] Importance of being flexible in investing and not limiting oneself to certain industries or sectors.Sticking to Investment Philosophy [00:20:18] The history of Smead Capital Management and their investment philosophy of active management and concentration.Importance of Reading [00:22:52] Cole Smead and Pierre Daillie discuss the importance of reading and how it inspires their work.Technology is Bullish on OilThe Jevons Paradox [00:24:08] Cole Smead explains the Jevons Paradox and how it relates to energy efficiency and consumption.Efficiency and Energy Usage [00:25:42] Cole Smead discusses how technological efficiency does not necessarily lead to a decrease in energy usage, using the example of LED light bulbs and the laser. In fact, it has tended to lead to maximum use of efficiency - i.e. energy enables more technology and more technology unlocks demand for more energy, and so on.Energy usage and economic growth [00:26:36] Discussion on the relationship between energy usage and economic growth, and the potential consequences of going back to lower levels of economic growth.Electricity usage and technology infrastructure [00:28:58] The potential shortfall in electricity usage versus growth of technology infrastructure, and the risks of having too little energy.Germany's last nuclear reactor [00:32:29] Germany's closure of its last nuclear reactor and the implications of relying on different sources of electricity.Nuclear vs Oil and Gas [00:34:19] Comparison between nuclear and oil and gas as the most economic forms of energy, and the geopolitical risks of nuclear energy.Renewable Energy [00:37:15] Discussion about the economic return of $3 trillion spent globally on renewables, the least concentrated form of energy being solar, and the concentrated form of energy being gasoline.Electric vs Combustion Engines [00:38:54] Cole Smead discusses the benefits and risks of electric and combustion engines, and predicts a hybrid world for cars.Continued Energy Shortages [00:40:20] Cole Smead and Eric Al discuss the inventory shortfalls and the need for more energy, warning against governments' calls for less investment.Long-Term Holdings [00:40:57] Cole Smead shares the story behind his key long-term holdings, including the importance of paying attention to great capital allocators and the value of longer duration assets in the oil and gas industry.Long-dated asset production [00:44:12] Cole Smead discusses the importance of long-dated asset production and the potential for consolidation in the oil and gas industry.Capital allocation [00:44:54] Smead explains the importance of capital allocation in the oil and gas industry and the benefits of buying back stocks.Borrowing KnowledgeInvesting as a liberal art [00:47:29] Smead and Daillie discuss the importance of learning and education in investing, and how it is the last liberal art.Interest and Passion in Investing [00:49:21] Cole and Pierre discuss the importance of being interested and passionate about investing, as it requires a significant investment of time.Underinvestment in Energy [00:50:35] Cole and Pierre talk about the underinvestment in energy over the past 10 years, leading to shortages in new production and the need for significant catch-up investment.The Coming Consolidation in the Energy IndustryConsolidation in the Energy Industry [00:54:08] The speakers discuss the potential for consolidation in the energy industry, with many small Canadian companies having less than $3 billion in market cap, and the benefits of acquiring existing assets versus developing new ones.Fractured dollar system [00:55:39] Cole discusses how the post-pandemic and post-Ukraine world has created niche opportunities to make money in the oil and gas business, such as the oil tanker market.Studying successful investors [00:56:21] Cole emphasizes the importance of studying successful investors and capital caterers, such as John Fredericks and Harold Ham in the oil and gas business, and Jay Gould, the railroad baron.Investing in coal [00:57:40] Cole talks about how he learned about the coal business and how there are good economics in the coal business, which has created billionaires in the last 10 years.Consolidation and Active Investing [00:59:37] Cole Smead discusses how consolidation feeds into the moat idea and how active investors should seek to earn profits.Investment Philosophy: Commodity Businesses [01:00:17] Smead explains how he uses a negative art approach to investing in commodity businesses, particularly in the coal industry.The Glencore / Teck TakeoverTech and Glencore's Bid for Teck [01:04:28] Pierre Daillie asks for Cole Smead's thoughts on Glencore's bid for Tech and how it seeks to take advantage of ESG.The Genesis of Interest in Commodities [01:04:54] Cole Smead discusses his interest in commodities and how reading the book "The King of Oil" intensified his interest.The Dual Commodity World [01:05:44] Smead explains the dual commodity world and how companies like Tech Resources are trying to detach themselves from coal to focus on copper.Glencore's Coal Business [01:08:38] Smead discusses Glencore's coal business and how they plan to spin it off, while still owning it and paying out 100% of the income or free cash flow of the business.ConclusionExtracting High Returns [01:10:15] Cole Smead talks about his investment philosophy of extracting high returns in places where other people don't want to invest.============================================Where to find Cole Smead and Smead Capital Management============================================Cole Smead on LinkedinSmead Capital Management BlogSmead Capital A Book With Legs PodcastCopyright © AdvisorAnalyst.com

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 podcast@smeadcap.com.

Bloomberg Intelligence Senior Analyst Poonam Goyal and Zachary Warring, Analyst at CFRA Research, break down Lululemon earnings and outlook. Worldreader CEO David Risher talks about becoming the new CEO of Lyft. Bryan Fairbanks, CEO of Trex, discusses the business of sustainable decking. And we Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Doug Krizner and Jess Menton. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg Intelligence Senior Analyst Poonam Goyal and Zachary Warring, Analyst at CFRA Research, break down Lululemon earnings and outlook. Worldreader CEO David Risher talks about becoming the new CEO of Lyft. Bryan Fairbanks, CEO of Trex, discusses the business of sustainable decking. And we Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Doug Krizner and Jess Menton. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Singh reports on Google parent Alphabet cutting about 12,000 jobs, more than 6% of its global workforce, becoming the latest tech giant to retrench after years of abundant growth and hiring. Dr. Ian Lustbader, Clinical Professor of Medicine at NYU Langone, discusses whether the Pfizer vaccine can lead to the risk of a stroke. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Reporter Julia Love provide the details of Julia's Businessweek Magazine story Human Smugglers Profit in Shadows by Paying Poor to Take Risks. Bloomberg News Senior Executive Editor of Global Tech Brad Stone talks about Reed Hastings' journey as co-founder of Netflix after he announced on Thursday that he is his stepping down as co-CEO. And we Drive to the Close with Cole Smead, President and Portfolio Manager at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.  See omnystudio.com/listener for privacy information.

Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Singh reports on Google parent Alphabet cutting about 12,000 jobs, more than 6% of its global workforce, becoming the latest tech giant to retrench after years of abundant growth and hiring. Dr. Ian Lustbader, Clinical Professor of Medicine at NYU Langone, discusses whether the Pfizer vaccine can lead to the risk of a stroke. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Reporter Julia Love provide the details of Julia's Businessweek Magazine story Human Smugglers Profit in Shadows by Paying Poor to Take Risks. Bloomberg News Senior Executive Editor of Global Tech Brad Stone talks about Reed Hastings' journey as co-founder of Netflix after he announced on Thursday that he is his stepping down as co-CEO. And we Drive to the Close with Cole Smead, President and Portfolio Manager at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.  See omnystudio.com/listener for privacy information.

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 podcast@smeadcap.com.

Ira Jersey, Chief US interest rate strategist for Bloomberg Intelligence, discusses Treasury yields and auctions. Cole Smead, President & Portfolio Manager at Smead Capital Management, gives his stock picks and discusses his outlook for equities.  Mike McGlone, Senior Commodity Strategist with Bloomberg Intelligence, joins the show from Las Vegas where he's at the Web3-crypto conference to discuss the outlook for crypto and risk assets, as well as commodities with the war in Ukraine ramping up. Alison Williams, Senior Global Banks & Asset Managers Analyst with Bloomberg Intelligence, joins the show to discuss Credit Suisse facing an $8 billion shortfall and gives us a preview of bank earnings this week. Brian Egger, with Bloomberg Intelligence, joins the show to discuss Carnival's stock dip in the pre-market, outlook for cruises and lodging, and other travel-related issues. Hosted by Paul Sweeney and Matt Miller.See omnystudio.com/listener for privacy information.

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 podcast@smeadcap.com.

Amy Nauiokas, Co-Founder and Co-CIO at Anthemis, discusses funding trends for female venture capital founders. Dr. Gigi Gronvall, Senior Scholar at the Johns Hopkins Center for Health Security at the Bloomberg School of Public Health, discusses the latest on monkeypox and covid-19. Bloomberg Crypto Reporter Olga Kharif talks about the crypto market. And we Drive to the Close with Cole Smead, President and Portfolio Manager at Smead Capital Management.Hosts: Tim Stenovec and Katie Greifeld Producer: Sara LivezeySee omnystudio.com/listener for privacy information.

Amy Nauiokas, Co-Founder and Co-CIO at Anthemis, discusses funding trends for female venture capital founders. Dr. Gigi Gronvall, Senior Scholar at the Johns Hopkins Center for Health Security at the Bloomberg School of Public Health, discusses the latest on monkeypox and covid-19. Bloomberg Crypto Reporter Olga Kharif talks about the crypto market. And we Drive to the Close with Cole Smead, President and Portfolio Manager at Smead Capital Management.Hosts: Tim Stenovec and Katie Greifeld Producer: Sara LivezeySee omnystudio.com/listener for privacy information.

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 podcast@smeadcap.com.

Cole Smead, President & Portfolio Manager at Smead Capital Management, talks about markets, investing, and the economy in 2022. Everett Millman, Chief Market Analyst at Gainesville Coins, discusses metals and commodity prices amid the Ukraine-Russia war. Daniel McGahn, CEO of American Superconductor (AMSC), talks about the possibility of future cyberattacks on the electric grid. Kevin Kelly, CEO of Kelly ETFs, talks about real estate investments and inflation. Hosted by Paul Sweeney and Taylor Riggs. See omnystudio.com/listener for privacy information.

Bill Smead, founder of Smead Capital Management. "At Smead Capital Management, we are stock market investors. Our clients are individual investors, advisors, family offices and institutional investors who invest with the firm through its mutual funds, separate accounts and other investment vehicles. We advise investors that fear stock market failure through a low-turnover, differentiated value discipline seeking great businesses to build wealth.” Smead Capital Management had a portfolio valued at $1.59 billion across 31 stocks. Over the years they have seen a turnover of 11% with top holdings in Amgen Inc. (AMGN), Target Corp. (TGT), Discovery Inc. (DISCA), NVR Inc. (NVR) and American Express Co. (AXP). Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here: https://www.gurufocus.com/membership/new/index.html#/?utm_campaign=podcast Watch the full live stream: https://youtu.be/ieXHW5PuHVc

Dr. Ian Lustbader, Clinical Professor of Medicine at NYU Langone, discusses why the shot-or-test rule makes sense. Bloomberg Businessweek Editor Joel Weber and Bloomberg News U.S. Health Care Reporter Cynthia Koons explain why Covid pills may save lives, but they won't end the pandemic. Bloomberg News Health Editor John Lauerman talks about Johnson & Johnson's plan to split off its consumer division, following in the footsteps of other big drugmakers that have moved to focus on the more-profitable pharmaceutical market. Kathy Kraninger, VP of Regulatory Affairs at Solidus Labs, shares her thoughts on crypto manipulation and regulation. And We Drive to the Close with Bill Smead, CIO at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Lindsey Piegza, Chief Economist for Stifel Financial, talks jobs and the economy. Dan Ives, Managing Director, Equity Research at Wedbush Securities, talks Tesla. Bill Smead, CIO of Smead Capital Management, discusses the markets. Omar Aguilar, CIO, Head of Investments at Schwab Asset Management, discusses their behavioral finance study. Hosted by Paul Sweeney and Kailey Leinz. See omnystudio.com/listener for privacy information.