The Smead Book List - Fall 2025
A Book with Legs
Smead Capital Management
4.2 • 1.1K Ratings
🗓️ 29 September 2025
⏱️ 40 minutes
🧾️ Download transcript
Summary
In this special quarterly ‘book list’ episode, Bill Smead and Cole Smead discuss memorable takeaways from books they have recently read, share what they are reading now, and preview what is next on their reading list. The pair also offer fresh insights for investors, drawing on historical examples and personal experiences that shape their perspectives on today’s economy.
Transcript
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| 0:00.0 | You're listening to A Book with Legs, a podcast presented by Smead Capital Management. |
| 0:07.9 | At Smead Capital Management, we advise investors who play the long game. |
| 0:12.3 | You can learn more at Smeadcap.com or by calling your financial advisor. |
| 0:40.3 | Welcome to a book with legs podcast. I'm Cole Smead, CEO and portfolio manager here at Smead Capital Management. At our firm, we are readers and we believe in the power of books to help shape informed investors. In this podcast, we speak to great authors about their writings. The late-great Charlie Munger prescribed using multiple mental models and analysis. |
| 0:44.8 | We analyze their work through the lens of business, markets, and people. |
| 0:47.9 | Today's date is September 29th, 2025. |
| 0:53.9 | This is our quarterly book list where we talk about books, books, and yes, more books. |
| 0:58.5 | Hosting this with me is our founder, chairman, and chief investment officer, Bill Smead. |
| 0:59.7 | Dan, thanks for joining me today. |
| 1:00.8 | Great to be with you. |
| 1:03.1 | So let's start out like we usually do. |
| 1:04.8 | We'll talk about what we've recently read. |
| 1:06.6 | I'll kick it over to you, Bill. |
| 1:07.4 | Yeah. |
| 1:16.4 | What I wanted to do is I wanted to crawl back in a couple of different time periods that I felt were the most analogous to today. |
| 1:32.3 | We've had a tremendous success story in investing with eBay, and I went back and read the book about what happened in 1997 through 99 as they were funded by benchmark capital. It's really, the book is about benchmark capital, but it really is wrapped around the story of the public offering of eBay and the process that went into it. |
| 1:42.3 | And what's the book title and author? |
| 1:46.2 | E-boys by Randall Strauss. |
| 1:51.1 | And so that dovetails with the one I'm reading now, |
| 1:56.3 | which is Brooks Galganca. |
| 1:57.6 | Well, we're not going to go into that yet. |
| 1:57.9 | Yeah. But anyway, so, but the two of those cover a time period |
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