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, Smead Capital Management 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.

Howard Gardner is the Hobbs Research Professor of Cognition and Education at the Harvard Graduate School of Education. He is an expert on intelligence, creativity, leadership, and professional ethics; former Co-Director of Project Zero; and co-founder of The Good Project. Both a memoir (A Synthesizing Mind) and a study of higher education co-authored with Wendy Fischman (The Real World of College) were recently published by MIT Press. In 2024, Teachers College Press published a two-volume collection of his work, The Essential Howard Gardner on Mind and On Education.

An updated edition of his book Frames of Mind was published by Basic Books in Spring 2026 with a new preface. Purchase "Frames of Mind: The Theory of Multiple Intelligences” here: https://www.hachettebookgroup.com/titles/howard-gardner/frames-of-mind/9781541608528/?lens=basic-books

Visit Howard Gardner's Website and Blog - https://www.howardgardner.com

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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, Smead Capital Management CEO and Portfolio Manager Cole Smead and Analyst Will Keenan sit down with journalist and author Justin Baer 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.

Justin Baer is an award-winning journalist and an editor for The Wall Street Journal. In a career that includes stints at the Financial Times and Bloomberg News, he has covered almost every significant financial event over the past two decades, including the dot-com bubble, the 2008 financial crisis and the economic fallout from the pandemic. Along the way, Baer has chronicled the ups and downs of such major institutions as Goldman Sachs, J.P. Morgan Chase, Citigroup and Warren Buffett’s Berkshire Hathaway.

Purchase “House of Fidelity: The Rise of the Johnson Dynasty and the Company That Changed American Investing” here: https://www.hachettebookgroup.com/titles/justin-baer/house-of-fidelity/9781538766958/

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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, Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by professor and author Andrew Seth Meyer 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.

Those who would like to learn more about Professor Meyer can visit: https://www.andrewsethmeyer.com/.

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What in the subconscious mind informs our actions, and what are our neural networks capable of that distinguishes them from machines such as LLMs?

Gaurav is a computational neuroscientist, experimental psychologist, and an associate professor at San Francisco State University. He also co-authored “A Certain Ambiguity: A Mathematical Novel” and holds a master's in mathematics and computer science and a PhD in psychology. Purchase “The Emergent Mind: How Intelligence Arises in People and Machines” here: https://www.amazon.com/Emergent-Mind-Intelligence-Arises-Machines/dp/1541605268

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What happens when brilliant minds disagree not just on answers, but on the very rules of how answers can be found? These questions are addressed in the latest episode of A Book with Legs, where Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by journalist and author Jason Socrates Bardi to discuss his book, "The Great Math War: How Three Brilliant Minds Fought for the Foundations of Mathematics."

Cole and Jason trace the historical and intellectual battle between mathematical titans David Hilbert, who saw mathematics as a game with strict rules, and L.E.J. Brouwer, whose concept of intuitionism rejected many classical methods. They also discuss how these mental frameworks can be considered when investing and interpreting data.

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What is the Smead Capital Management team reading, and what’s up next?

In this new quarterly ‘book list’ episode, value investors Bill and Cole Smead discuss memorable takeaways from books they have recently read, covering topics from financial crashes and speculative manias to genetics, technology and human behavior. They also discuss what they’re currently reading and preview what’s next on their list, while offering perspectives on today’s current market questions, including energy, housing, and where opportunities may lie next.

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How much of our temperament and behavior is passed through DNA, and how do we punish those whose behavior may be shaped by genetic forces outside of their control?

These concepts are explored in the latest episode of A Book with Legs, where Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by professor, scientist, and author Kathryn Paige Harden to discuss her book, “Original Sin: On the Genetics of Vice, the Problem of Blame, and the Future of Forgiveness.” Cole and Kathryn discuss the ideas of right, wrong, and sin, and how much our genetics are to blame for our actions. The two also analyze findings from studies led by Paige and the mental frameworks of some of history’s greatest theological minds to guide their discussion

Harden is a professor of psychology at the University of Texas, where she directs the Developmental Behavior Genetics lab. She conducts research on how genes and environments combine to shape children's mental and physical health. She is the author of over 150 scientific publications and two books: The Genetic Lottery and Original Sin. Purchase a copy of “Original Sin: On the Genetics of Vice, the Problem of Blame, and the Future of Forgiveness” here: https://www.penguinrandomhouse.com/books/714593/original-sin-by-kathryn-paige-harden/

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What is the divine, and what can the distinctions between AI learning and human cognition reveal about it?

These concepts are explored in the latest episode of A Book with Legs, where value investor Cole Smead, CEO and Portfolio Manager of Smead Capital Management, is joined by author and professor Tom Griffiths to discuss his book, “The Laws of Thought: The Quest for a Mathematical Theory of the Mind.” The two discuss the history of attempts to understand human behavior through a mathematical lens and engage in thought-provoking conversation on the differences between machine and human learning.

Griffiths is the Henry R. Luce Professor of Information Technology, Consciousness, and Culture in the Department of Psychology and Computer Science at Princeton University.

Purchase a copy of The Laws of Thought: The Quest for a Mathematical Theory of the Mind here: https://us.macmillan.com/books/9781250358356/thelawsofthought/ Sign up to be notified about new A Book with Legs episodes: https://hubs.ly/Q0452V800

How much trouble could a wind farm cause? Turns out, a lot. When Rick Jarrett decided to capitalize on strong gusts around his land in Big Timber, Montana, the prospect of a wind farm in the shadow of the Crazy Mountains upset hyper-wealthy neighbors who were more concerned about property aesthetics than multi-generation locals looking to make a living. It also caught the attention of Crow Tribe activists, for whom the Crazy Mountains held deep cultural significance.

In this week's episode of A Book with Legs Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by Amy Gamerman, author of “The Crazies: The Cattleman, the Wind Prospector, and a War Out West." Gamerman has written about real estate and culture for The Wall Street Journal for more than two decades. Her work has earned multiple awards from the National Association of Real Estate Editors and has appeared in Vogue, Redbook, and Departures. She attended Yale University and King’s College, Cambridge.

Smead Capital Management Chairman and CIO Bill Smead and CEO and Portfolio Manager Cole Smead sat down with author and Columbia Law School professor Tim Wu for a special live taping of the A Book with Legs podcast at today’s Smead Investor Oasis. The three discuss Tim’s new book, titled “The Age of Extraction.”

The book unpacks one of the defining challenges of our time—the growing power of tech platforms. In this live episode, they explore the benefits and risks of that power, and what it will take to reclaim control and restore balance to the economy. Keep an eye out for a recording of the live episode, which will be posted today.

In this episode, learn how today’s geopolitics, climate change, and key happenings in the Arctic affect people and countries around the globe. The Arctic plays a complex role on the world stage, impacting everything from Russian national identity to shipping routes and military aspirations. Understanding these themes requires a comprehensive look at Arctic history, its exploration, and why it’s considered an important territory for major world powers.

Smead Capital Management CEO and Portfolio Manager Cole Smead is joined by Kenneth R. Rosen, author of “Polar War: Submarines, Spies, and the Struggle for Power in a Melting Arctic." Rosen is the recipient of the Kurt Schork Award for his reporting from Ukraine, Syria, and Malta, and has been featured in The New Yorker, The New York Times, and The Atlantic, among other publications.