Can a human being’s behavior and personality be fully explained by a machine, chemistry, biology, or data, and where does AI fit in? Is there something intangible left over?    These questions and the different conversations they can spark were the inspiration behind this special episode of A Book with Legs. @SmeadCap CEO and Portfolio Manager @Cole_Smead revisits highlights from conversations with experts offering unique perspectives on the topic, including a computer scientist, a geneticist, a neuroscientist, and a cognitive scientist.   Check out the full episode to hear from names like @kph3k, author of "Original Sin: On the Genetics of Vice, the Problem of Blame, and the Future of Forgiveness" and @charlesmurray, author of "Taking Religion Seriously." Smead Chairman and CIO Bill Smead also shares his perspective on what past manias have had in common and why those lessons remain relevant for investors today.   Listen here: hubs.ly/Q04lp9S_0 Sign up to be notified about new episodes: hubs.ly/Q04lpZ610

“IPOs in general are kind of like playing a lottery ticket. Many will play, few will win.”   @SmeadCap CEO and Portfolio Manager @Cole_Smead joined Steve Sedgwick and @cnbcKaren on @CNBC's @SquawkBoxEurope to discuss the frenzy surrounding the SpaceX IPO, the role of passive investing in today's market, and why investors should think carefully about where capital is coming from, not just where it's going.   Cole also shares why market tops occur when buyers become exhausted and what history can teach investors about today's technology and AI-driven investment cycle.   Watch the full segment here: hubs.ly/Q04k_82n0

A recent article from @BusinessInsider's @jennifer_sor highlights the sectors that @SmeadCap Chairman and CIO Bill Smead sees as historically backed hedges against a potential AI/Tech mania break.   Bill draws on a 1972 mania break, where oil and homebuilders “thrived,” as evidence.    To hear more on why Bill believes these sectors may once again be among the market's biggest beneficiaries when leadership changes, check out the full article: hubs.ly/Q04kwK1G0

For many investors, the S&P 500 has felt like the best thing ever for the past 17 years. History argues that feeling is a lie. Market conditions from previous manias in the S&P 500 have shown that popular, heavily concentrated versions of the index have, in fact, been closer to the worst thing ever. In his latest missive, @SmeadCap Chairman and CIO Bill Smead discusses the tech mania in today’s market and explains why he sees opportunity for investors in oil and homebuilders, sectors that thrived after a 1972 market mania broke. Read “Late-Stage Mania: ‘The Worst Thing Ever’” here: hubs.ly/Q04k4Jjf0 Sign up to have advice sent straight to your inbox: hubs.ly/Q04k4FcS0

Can an IQ test comprehensively define an individual’s intelligence? Are there aspects of human capability that tests fail to take into account? In the latest episode of A Book with Legs, @SmeadCap CEO and Portfolio Manager @Cole_Smead is joined by professor, psychologist, and author Howard Gardner to discuss his book, titled "Frames of Mind: The Theory of Multiple Intelligences.” Cole and Howard explore how we measure and think about intelligence, highlighting that there is a spectrum of abilities beyond a single test score. They discuss the origins of intelligence testing, why an individual's role in society should not be conflated with their intelligence, and some of the less-often-considered forms of intelligence, such as musical and interpersonal skills intelligence. Listen here: hubs.ly/Q04jt_jd0 Sign up to be notified about new episodes: hubs.ly/Q04jvh510 @HachetteUS

“The industry people think this is a crisis, and yet the market is shrugging it off.” @SmeadCap CEO and Portfolio Manager @Cole_Smead joined @VonnieQuinn on @BloombergTV to discuss why markets have remained resilient despite the ongoing conflict in Iran and continued difficulties surrounding the Strait of Hormuz. Cole also shares where he sees value in oil producers and speaks to the ongoing tech mania he sees in markets. To hear more, check out the full segment! Watch here: hubs.ly/Q04jm-CM0

How did one family build Fidelity into one of the most powerful forces in American investing, and what allowed it to endure across three generations? In the latest episode of A Book with Legs, @SmeadCap CEO and Portfolio Manager @Cole_Smead and Analyst Will Keenan sit down with journalist and author @Justinbaer to discuss his book, titled "House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing." Cole and Will explore the 80-year rise of Fidelity with Justin, tracing three generations of the Johnson family and the various investing styles of Fidelity leadership throughout the years. They also discuss the closed-door battles that shaped the firm's direction, the rise and legacy of Peter Lynch, and what this story tells us about active management businesses that last. Listen here:hubs.ly/Q04gZcns0 Sign up to be notified about new episodes: hubs.ly/Q04gZ2yJ0 @HachetteUS

After an impressive first two rounds at the @PGAChampionship, Investor Ambassador @RicoHoey finished Round 2 at even par, four strokes back of the top of the leaderboard. @SmeadCap investors will be cheering Rico as he begins moving day at the 2026 @PGAChampionship at the challenging Aronimink Golf Club!!

Warren Buffett called the stock market "a church with a casino attached." Right now, many investors are sitting on the casino side, chasing concentrated positions in glamorous tech stocks, semiconductors, and speculative AI investments without fully understanding how those bets will ultimately be monetized. In his latest missive, @SmeadCap Chairman and CIO, Bill Smead, unpacks Buffett's warning and explains why he believes today’s market increasingly resembles speculation rather than long-term investing. Bill also outlines why he sees opportunity for investors in oil as the sector “crawls out from its most depressed levels versus the S&P 500 Index over the last 36 years.” Read "A 'Casino' Stock Market" here: hubs.ly/Q04gyVq80 Sign up to have advice sent straight to your inbox: hubs.ly/Q04gBFpV0

Chairman and CIO of @SmeadCap, Bill Smead, joins @cherylcasone on @FoxBusiness’ Making Money with @cvpayne. Bill highlights that markets are trading at the highest level in relation to GDP in United States history, with the only comparable moment being the peak of the dot-com bubble. To hear what this means for investors, Bill’s stock picks in oil, and his opinion on GameStop’s bid to acquire eBay, check out the full segment: hubs.ly/Q04f-d7q0

@SmeadCap is proud to support Investor Ambassador @RicoHoey as he competes alongside the world’s best players for one of golf’s most prestigious titles at next week’s @PGAChampionship. We’re excited to watch @RicoHoey get dialed in this weekend at the @MyrtleBeachCl at @thedunesclub_MB before taking that momentum into the season’s second major championship!

What’s next in GameStop’s bid for eBay? @SmeadCap Chairman and CIO Bill Smead’s perspective on the news was highlighted in articles from @MarketWatch, @Bloomberg, and @CNBC. Bill does not believe that GameStop will be able to “pull off” the deal, and thinks the offer is a symptom of the mania in the stock market. He adds that another potential downside of the deal is that the bid could inspire offers from other buyers. To learn more, read each of the articles below: From MarketWatch’s @christjine: hubs.ly/Q04fsMrK0 From Bloomberg’s @spencersoper: hubs.ly/Q04ft3mR0 From CNBC’s @tobyburns1: hubs.ly/Q04ft5900

In an article from @Reuters' Amina Niasse, @SmeadCap Chairman and CIO Bill Smead weighs in on news that certain benefits may be cut for Americans enrolled in Medicare Advantage health plans in 2027. According to Bill, “It would not be shocking if there's somewhat of a backlash.” To read more, including what this means for investors, check out the full article here: hubs.ly/Q04fk4g50

What makes a civilization endure, and how did a Chinese empire that conquered everything fall apart in 15 years? In the latest episode of A Book with Legs, @SmeadCap CEO and Portfolio Manager @Cole_Smead is joined by professor and author @AndrewSethMeyer to discuss his book, titled "To Rule All under Heaven: A History of Classical China, from Confucius to the First Emperor." Cole and Andrew explore one of the most consequential periods in Chinese history, a 200-year era of warring states that began with Confucius and ended with the rise and swift collapse of China's first empire. They also discuss the role of philosophy in shaping power, Confucius’ works in a modern context, and what this story reveals about the world we navigate today. Listen here: hubs.ly/Q04fgDTk0 Sign up to be notified about new episodes: hubs.ly/Q04fgDMN0 Learn more about Professor Meyer: hubs.ly/Q04fgxrv0 @OxUniPress

In a recent @CNBC article, Michael Considine highlighted comments from @SmeadCap CEO and Portfolio Manager @Cole_Smead's appearance on @CNBCi's “Squawk Box Europe”, where Cole outlined why he believes commodities may beat stocks. Cole noted that capital-intensive businesses, including commodities like oil, are producing “the highest cash returns on capital globally,” while asset-light businesses like big-cap tech are producing the lowest. Read more here: hubs.ly/Q04f7FgV0

“This is a golden era in the history of the energy business, and it is not going to stop right now.” @SmeadCap CEO and Portfolio Manager @Cole_Smead joined Andrew Bell on @BNNBloomberg during Andy’s final day on air. Cole shared some of his favorite stock picks within the energy sector and outlined why now is the time to buy into oil. Wishing Andy all the best in his next chapter. Check out the full segment here: hubs.ly/Q04f7DF70

The big money always requires faith. Right now, that means placing faith in oil while others chase more near-sighted opportunity in natural gas. In his latest missive, @SmeadCap CEO and Portfolio Manager @Cole_Smead explains why oil has outperformed natural gas, what the futures curves are telling investors today, and the moment that will signal that the trade has run its course. Read "The Big Money Always Requires Faith" here: smeadcap.com/missives/big-mo… Sign up to have advice sent straight to your inbox: hubs.ly/Q04d-HTT0