{"id":1294,"date":"2026-03-26T18:13:00","date_gmt":"2026-03-26T18:13:00","guid":{"rendered":"http:\/\/f1527e51-eb21-4088-87af-efab4f62040a"},"modified":"2026-03-29T04:09:41","modified_gmt":"2026-03-29T04:09:41","slug":"cole-smead-manias-margins-and-the-case-for-canadian-oil","status":"publish","type":"episode","link":"https:\/\/advisoranalyst.com\/podcast\/episode\/cole-smead-manias-margins-and-the-case-for-canadian-oil\/","title":{"rendered":"Cole Smead: Manias, Margins, and the Case for Canadian Oil"},"content":{"rendered":"<p><strong>Is U.S. market dominance about to break?<\/strong> In this episode of <em>Insight is Capital<\/em>, Pierre Daillie sits down with Cole Smead (CEO &amp; Portfolio Manager, Smead Capital Management) to unpack why today\u2019s market may be less about valuations\u2014and more about a powerful capital cycle that could reshape global investing.<\/p>\n<p>From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels\u2014from railroads to telecom to fracking\u2014to explain why investors often miss the biggest regime shifts\u2026 and why the next decade of returns may look very different from the last.<\/p>\n<p>This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.<\/p>\n<p><strong>If you think diversification still means owning the S&amp;P 500\u2026 this episode may change your perspective.<\/strong><\/p>\n<p><strong>\ud83d\udd11 What You\u2019ll Learn:<\/strong><\/p>\n<p>\u2022 Why U.S. equity dominance may be nearing an inflection point\u2022 How capital cycles\u2014not narratives\u2014drive long-term returns\u2022 The hidden risks inside passive indexing and concentrated markets\u2022 Why AI and massive CapEx may not benefit investors the way you expect\u2022 The emerging opportunity in international equities and Canadian energy<\/p>\n<p><strong>\u23f1\ufe0f Chapters:<\/strong><\/p>\n<p>00:00 \u2013 The problem with U.S. market concentration<\/p>\n<p>01:00 \u2013 Capital cycles vs valuation cycles<\/p>\n<p>03:00 \u2013 Lessons from past market manias<\/p>\n<p>05:00 \u2013 Why investors often lose in innovation booms<\/p>\n<p>07:00 \u2013 Passive investing under pressure<\/p>\n<p>10:00 \u2013 Oil markets and historical analogies<\/p>\n<p>13:00 \u2013 Behavioral investing mistakes<\/p>\n<p>18:00 \u2013 The SaaS reset and return on capital<\/p>\n<p>24:00 \u2013 Investment discipline and opportunity<\/p>\n<p>28:00 \u2013 Great companies vs great stocks<\/p>\n<p>30:00 \u2013 AI CapEx and unintended consequences<\/p>\n<p>34:00 \u2013 Who really benefits from innovation cycles<\/p>\n<p>37:00 \u2013 Telecom bust lessons for today<\/p>\n<p>40:00 \u2013 Falling tech costs and the Jevons Paradox<\/p>\n<p>44:00 \u2013 Global capital rotation begins?<\/p>\n<p>48:00 \u2013 Index risks and market dispersion<\/p>\n<p>51:00 \u2013 Commodities and the U.S. dollar outlook<\/p>\n<p>56:00 \u2013 From \u201cmythos\u201d to \u201clogos\u201d in investing<\/p>\n<p><strong>About our guest:<\/strong><\/p>\n<p>Cole Smead is CEO and Portfolio Manager at Smead Capital Management, known for his long-term, contrarian approach to value investing and deep research into market cycles and investor behavior.<\/p>\n<p><strong>\ud83d\udcc8 About the Show:<\/strong><\/p>\n<p><em>Insight is Capital\u2122<\/em> explores the ideas, strategies, and perspectives shaping the future of investing\u2014helping advisors and investors think better before capital compounds.<\/p>\n<p><strong>\ud83d\udc4d Like, Subscribe &amp; Share<\/strong>If you found this valuable, support the channel by liking the video, subscribing, and sharing with other investors.<\/p>\n<p><strong>#Investing #StockMarket #ValueInvesting #Macro #Commodities #OilAndGas #AI #GlobalMarkets #PassiveInvesting #ActiveInvesting<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO &#038; Portfolio Manager, Smead Capital Management) to unpack why today\u2019s market may be less about valuations\u2014and more about a powerful capital cycle that could reshape global investing.<\/p>\n<p>From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels\u2014from railroads to telecom to fracking\u2014to explain why investors often miss the biggest regime shifts\u2026 and why the next decade of returns may look very different from the last.<\/p>\n<p>This conversation explores the case for international equities, the structural setup for commodities, and why Canadian oil could play a critical role in portfolios as capital flows begin to rebalance globally.<\/p>\n<p>If you think diversification still means owning the S&#038;P 500\u2026 this episode may change your perspective.<\/p>\n","protected":false},"author":1,"featured_media":1341,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"categories":[18],"tags":[],"_links":{"self":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1294"}],"collection":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode"}],"about":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/types\/episode"}],"author":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/comments?post=1294"}],"version-history":[{"count":2,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1294\/revisions"}],"predecessor-version":[{"id":1366,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1294\/revisions\/1366"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media\/1341"}],"wp:attachment":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media?parent=1294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/categories?post=1294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/tags?post=1294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}