You're listening to A Book with Legs, a podcast presented by Smead Capital Management.

At Smead Capital Management, we advise investors who fear stock market failure.

You can learn more at Smeadcap.com or by calling your financial advisor.

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. We analyze their work through the lens of business,

markets, and people. Today's date is March 31st, 2025. This is our quarterly booklist where we

talk about books, books, and more books.

Hosting this with me is our chief and best officer and founder, my dad, Bill Smead.

Great to be here, Willie.

Thanks for joining me.

So, as many you know, this is our quarterly thing.

We like to have a little bit of fun.

So we'll talk, you know, what we're going over and kind of some titles and whatnot.

So as we usually kick it off, we'll start out with what we recently read.

Bill, I'll kick it to you first and, you know, what books do you just get done with?

Yeah, I actually, the most recent one, I reread a short history of financial euphoria by John Kenneth Galbraith.

Just to be reminded, refreshed on the behaviors that have contributed to the senselessness of inflating relatively useless items or

or excitement about economics and then of course of course, along with that, the book that I just really was super impressed with

was called Bubble in the Sun by Christopher Knowlton telling the story of the land grab in

in the mid-1920s.

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