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Podcast: Excess Returns
Episode: Cole Smead on Deficits, Inflation, and the Erosion of Earnings Quality in Technology Stocks
Description: In this episode of Excess Returns, we welcome back Cole Smead of Smead Capital for a wide-ranging conversation on markets, history, and the principles of value investing. Cole shares his perspectives on fiscal largesse, inflation, passive flows, energy markets, U.S. exceptionalism, and the timeless lessons of Buffett and Munger. His insights bridge economic history with today’s market realities, giving investors a framework to think about risk, capital allocation, and opportunity costs.Deficits, monetary policy, and why recessions are hard to find todayInflation dynamics and lessons from the 1960s and 1970sTh...