Intelligent Investment Today - The Warren Buffett Way

In this episode of Intelligent Investment Today, we examine one of the most important—and most frequently misunderstood—distinctions in investing: the difference between investment and speculation.

Using a personal £750 stake in The New European (now The New World) as a real-world case study, we explore why not every purchase of shares qualifies as an investment in the Benjamin Graham sense. Sometimes, an opportunity is driven less by intrinsic value than by curiosity, narrative, or the simple desire to observe what happens.

We discuss why Graham insisted on a clear distinction between investment and speculation, how margin of safety separates disciplined analysis from hopeful expectation, and why accurately labelling our decisions may be one of the most valuable disciplines an investor can develop.

The episode also considers the psychological dangers of "small" speculative positions, how narratives can quietly replace valuation, and why keeping speculation separate from a long-term investment strategy is essential for protecting both capital and decision-making.

Whether you've ever bought shares because a story intrigued you—or simply wondered where investing ends and speculation begins—this episode offers a thoughtful framework for recognising the difference.
Support the show

Not all profits are created equal. Some businesses generate cash that can be reinvested or returned to shareholders, while others must spend heavily just to maintain their position. In this episode, we explore the concept of capital intensity, why free cash flow matters more than headline earnings, and how capital-light businesses like Coca-Cola have historically been well suited to long-term compounding. You'll also discover why capital-heavy industries such as automotive and parts of the technology sector face very different investment dynamics—and what this means for buy-and-hold investors. 
Support the show

Why do so many investors follow the crowd—even when history shows that's often the worst thing to do?
In this episode of Intelligent Investment Today, David Coombs examines Benjamin Graham's timeless advice on independent thinking and explains why exceptional investment returns require the courage to reach your own conclusions.
From Mr Market and intrinsic value to Warren Buffett's disciplined approach, this episode explores the psychology behind successful investing and why popularity is never a substitute for sound analysis.
If you enjoy value investing, behavioural finance, and long-term investing, this episode is packed with timeless lessons from the world's greatest investors.
Support the show

Markets move in cycles — but human behaviour doesn’t. In this episode of Intelligent Investment Today, we explore why periods of boom and bust have repeated throughout financial history with remarkable consistency, despite changing industries, technologies, and narratives.

From euphoric speculation to fear-driven sell-offs, we break down the psychological forces that drive market extremes and why they so often lead to mis-pricing on both sides. Drawing on the principles of value investing and the insights of Benjamin Graham, we examine how optimism quietly transforms into excess during booms, and how panic creates opportunity during busts.

We also look at why most investors struggle to navigate these cycles in real time — and how discipline, patience, and a focus on intrinsic value can create a lasting edge when others are pulled in by emotion.

Ultimately, this episode is about perspective: understanding that while markets evolve, the cycle of greed and fear remains constant — and that recognising this pattern is one of the most powerful advantages an investor can have. 
Support the show

Investing is often presented as complex, technical, and highly specialised — but is that complexity always necessary?

In this episode of Intelligent Investment Today, we examine the gap between genuine financial complexity and the way investing is framed, explained, and sold. While markets themselves involve uncertainty and real analytical challenges, much of long-term investing success can be traced back to surprisingly simple principles: buying productive assets, staying diversified, keeping costs low, and exercising patience.

We also explore the structure of the investment industry itself — and how incentives, language, and jargon can shape the perception of complexity. From technical terminology to active management fees and advisory systems, we ask whether complexity sometimes serves a purpose beyond improving investor outcomes.

Drawing on evidence from long-term fund performance and the philosophy of Benjamin Graham, this episode challenges the assumption that successful investing must be complicated. Instead, it highlights a more uncomfortable possibility: that simplicity, discipline, and consistency may already be enough — even if that message is less commercially appealing.

Ultimately, this is an episode about clarity. About stripping away unnecessary noise. And about understanding what investing really requires once everything non-essential is removed.
Support the show