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

At Smead Capital Management, we advise investors who play the long game.

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. In this episode, we will discuss a fact

of life that people may not like, but we will also discuss whether this will ever change in mankind.

Toby Stewart is joining us to discuss his newly published book, Anointed, the Extraordinary Effects

of Social State in a winner-takes-most world.

Toby is the Liel Halsall, Distinguished Professor of Business Administration at the Haas School

of Business, UC Berkeley.

He is a faculty director of the Berkeley-Hoss Entrepreneurship Program and faculty director of the Institute for Business

Innovation and Distinguished Teaching Fellow. A little more on him. He is taught at Harvard, Columbia

University, and the University of Chicago. He sits on multiple corporate boards as well. He was also Department

Editor at Management Science. He has published in many academic journals, I will note. He also,

as I like to usually note with authors, holds a BA in economics from Carleton College and a PhD

in business from Stanford University. Toby, thanks for joining me today. Thank you so much,

Cole. Thrill to be here. I have to ask this because it's just eating him eat. Carlton College,

classic liberal arts school, I assume. I saw you an econ degree. I have an econ degree from a small

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