Cole Smead: Manias, Margins, and the Case for Canadian Oil

Is U.S. market dominance about to break? In this episode of Insight is Capital, Pierre Daillie sits down with Cole Smead (CEO & Portfolio Manager, Smead Capital Management) to unpack why today’s market may be less about valuations—and more about a powerful capital cycle that could reshape global investing. From AI-driven CapEx booms to the hidden risks of passive investing, Smead draws on historical parallels—from railroads to telecom to fracking—to explain why investors often miss the biggest regime shifts… and why the next decade of returns may look very different from the last. 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. If you think diversification still means owning the S&P 500… this episode may change your perspective.