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 writing. 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 January 1st, 2024, the release date of this episode. This is the late

Charlie Munger's 100th birthday today. We would love to honor him with this episode. And we're going to

discuss Charlie's brilliance on top of the books that we are interested in as we normally do

each quarter. Joining me for a quarterly book list is our chief investment officer, Bill Smead.

Dad, thanks for joining me. Glad to be here.

So like I said earlier, we'll talk about Charlie later in the episode.

To start this off as we normally do investors and people, you know, we run into and meet with, ask us about the books we're reading.

This is our quarterly episode to talk about books, books, and more books.

So we'll start out by talking about what we've recently read.

And Bill, do you want to kick us off?

Sure.

We read General Petraeus and Anthony Roberts' book Conflict, which was fantastic.

Let's go into conflict first.

So talk about what you liked out of conflict.

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