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. I'm the president and a portfolio manager here at Smead Capital Management. At our firm, we are readers and book junkies. It can be said

that leaders are readers, and we believe books provide us a great source of information for filtering

what is and isn't important for us as investors.

Investing is the last great liberal art and the best way to spend a lifetime of learning.

This podcast is for readers, thinkers, business-minded people, and investors who want to grow their

knowledge from great authors and their writing. Charlie Munger often talks about using

multiple mental models and analysis. Our aim for this podcast is to help. Charlie Munger often talks about using multiple mental models and

analysis. Our aim for this podcast is to help listeners test Munger's theory in business,

markets, and people. Investors and people we run into often ask us what books we're reading

on our reading list. And what we thought about putting something out, you know, that people could look at,

we decided to talk about what is on the Smead book list instead. And we will continue to do this

quarterly. Joining me to talk about our current book list is our chief investment officer, my dad,

Bill Smead. Dad, thanks for joining me. Thank you for having me, and it's always fun to talk about great books.

I'm excited to talk about what we are reading.

So to get us started, Dad, let's go over anything you just read,

and what were any big ideas you drew out of those books?

Well, I read Disorder by Helen Thompson,

and she does a very deep dive into the oil business, the connection

...