Intelligent Investment Today - The Warren Buffett Way

In this episode of Intelligent Investment Today, we explore a deceptively simple insight from Warren Buffett that reshapes how we think about investing: you only have to do a few things right in life, so long as you don’t do too many things wrong.

Drawing on the enduring principles of Benjamin Graham, we unpack why successful investing is less about predicting the future and more about protecting yourself from permanent loss. Rather than chasing constant brilliance, the greatest investors focus on discipline, patience, and margin of safety—ensuring they survive long enough for compounding to do its work.

We examine why catastrophic mistakes matter far more than missed opportunities, why excitement is often the enemy of returns, and how staying within your circle of competence can quietly outperform more aggressive strategies over time.

Ultimately, this episode makes a simple but powerful case: investing success is not built on perfection. It is built on durability, restraint, and the ability to avoid doing too many things wrong.
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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.
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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. 
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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.
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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. 
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