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BT connects millions of homes and businesses across the UK. It owns valuable infrastructure, operates a major mobile network and provides services that many of us simply couldn't do without. But does that make it a good investment? In the second company deep dive of Intelligent Investment Today, David Coombs gets under the bonnet of BT Group to examine the business behind the dividend. With substantial debt, a large pension scheme and billions invested in upgrading its fibre network, BT has some significant financial commitments. Yet management believes that as the network build matures, cash flow could improve and leave more money available for shareholders. David examines BT's profits, free cash flow, debt and dividend sustainability, while weighing up the potential rewards of its transformation against competition, execution risks and the possibility that the promised recovery takes longer than expected. Can BT turn its expensive infrastructure into a stronger cash-generating business? And is the current share price attractive enough to compensate investors for the risks? Because an essential service isn't automatically a great investment — and a generous dividend is only part of the story. For information and educational purposes only. This episode does not constitute financial or investment advice.

What if you only had twenty investment decisions left for the rest of your life? In this episode of Intelligent Investment Today, we explore Warren Buffett's famous Twenty Punch Card analogy and why one of the world's greatest investors believes that doing less can actually lead to better results. Buffett's idea is wonderfully simple: imagine you were given a card with just twenty punches on it. Every time you bought an investment, you used one punch. Once all twenty were gone, you could never invest again. How would you invest differently? We'd probably become far more selective, spend more time researching businesses, worry less about short-term market movements and become much more comfortable doing absolutely nothing. We explore how Buffett's punch card fits with Benjamin Graham's principles of value investing, including the importance of a margin of safety, patience, independent thinking and knowing when to wait for the right opportunity. We also look at the dangers of excessive trading, the financial industry's incentives to keep investors active, the psychology of FOMO, diversification and why owning fewer businesses can sometimes lead to greater conviction and understanding. Because the market will always give you another pitch. You don't have to swing at every one. Investing isn't about how many decisions you make. It's about the quality of the few decisions that really matter. Support the show

What is a business actually worth? It's one of the most important questions in investing — and one of the hardest to answer. In this episode of the paid edition of Intelligent Investment Today, David Coombs introduces a more practical approach to value investing. Moving beyond the philosophies of Benjamin Graham, Warren Buffett and Charlie Munger, we'll get to grips with the numbers that really matter. From balance sheets and cash flows to debt, dividends and competitive advantages, we'll examine individual companies in detail, starting with the UK's biggest income-generating businesses. But this isn't simply about chasing the highest dividend yield. It's about understanding where the money comes from, whether those dividends are sustainable, what could go wrong and, ultimately, whether the price makes sense. Expect annual reports, financial analysis, a healthy dose of scepticism and the occasional reminder that investing rarely comes with shortcuts. It's time to move beyond the theory and start asking what businesses are really worth. Welcome to the paid edition of Intelligent Investment Today.

A high dividend yield might look tempting. But what happens when the business paying it is operating in a declining industry? In the first paid edition of Intelligent Investment Today, David Coombs gets under the hood of two of the UK's biggest tobacco businesses: British American Tobacco and Imperial Brands. Both generate substantial cash, boast powerful brands and return significant sums to shareholders. But with declining cigarette volumes, rising regulatory pressures and the challenge of replacing traditional tobacco with next-generation nicotine products, are their cash flows as durable as they appear? David examines the numbers that matter to value investors, from operating profits and free cash flow to debt, capital allocation and dividend sustainability. He also explores the pricing power that has helped tobacco companies remain remarkably profitable, despite the long-term decline in smoking. But this isn't simply about finding the biggest yield. It's about understanding the business behind the dividend, assessing the risks and asking the question at the heart of every value-investing decision: What is the business actually worth? Because a generous dividend means very little if the underlying economics don't hold up. Educational content only. This episode does not constitute financial or investment advice.

What can a wonderfully cynical book from 1940 teach us about investing today? In this episode of Intelligent Investment Today, we explore Fred Schwed Jr.'s classic Where Are the Customers' Yachts?—a witty and irreverent look at Wall Street, financial professionals and the remarkable confidence with which people try to predict the future. Schwed's famous question—"Where are the customers' yachts?"—becomes a starting point for a broader discussion about investing. Why do we place so much faith in forecasts and experts? Why does confidence often sound like competence? And could we actually make better investment decisions by accepting that we don't know what happens next? Drawing on the principles of Benjamin Graham and value investing, we look at the difference between owning good businesses and simply buying predictions, the dangers of information overload, the importance of understanding incentives, and why successful investing doesn't necessarily have to be exciting. Because while Wall Street may want to entertain us, the value investor has a rather simpler objective: to allocate capital sensibly and let good businesses compound over time. And the next time someone claims to have discovered the secret to making money in the markets, perhaps there's one question worth asking first: Where's your yacht? Support the show

What happens when investors suddenly decide they don't like a company's latest product? In this episode of Intelligent Investment Today, David Coombs examines Ferrari's share-price reaction to the unveiling of its first fully electric model, the Luce. Ferrari's Milan-listed shares fell sharply following the launch, raising a fascinating question for value investors: did the underlying value of the business really change overnight, or did the market simply react emotionally to what it saw? Using Ferrari as a real-world case study, David explores the difference between share price and intrinsic value, the dangers of relying on gut feeling, and why Benjamin Graham's famous concept of Mr Market remains so relevant to investors today. The episode also looks at Ferrari's brand, scarcity, pricing power and competitive advantages, before considering what the company's subsequent share buybacks might tell us about the market's initial reaction. The Luce may ultimately prove to be a brilliant strategic move—or a mistake. But investors don't need to predict the future with certainty. They need to understand the economics of the business, estimate its intrinsic value and maintain a sufficient margin of safety. The market can tell you the price. It cannot tell you what a business is worth. Key topics Ferrari and the launch of the LuceThe difference between price and intrinsic valueBenjamin Graham's Mr MarketMarket sentiment and emotional investingFerrari's brand, scarcity and pricing powerCompetitive advantages and economic moatsShare buybacks and market reactionsWhy value investors should focus on the business, not the noiseSupport the show

In this episode of Intelligent Investment Today, we break down one of the most liberating truths in investing: you don’t need to predict the future to succeed. Drawing on the wisdom of Benjamin Graham and Warren Buffett, we explore why forecasts about interest rates, recessions, oil prices, elections and economic trends are so often wrong — even when they come from experts.  Instead of trying to outguess the world, we explain how focusing on intrinsic value, margins of safety, and the underlying economics of a business can help investors sleep better, worry less, and make smarter long‑term decisions. With clear examples, calm reasoning, and a reminder that “confidence is not the same as accuracy,”  this episode encourages listeners to stop chasing predictions and start analysing what truly matters. A thoughtful, grounded guide for anyone seeking clarity in a noisy financial world. Support the show

Why did Warren Buffett buy Nebraska Furniture Mart, and what made Rose Blumkin (Mrs. B) one of the greatest entrepreneurs he ever encountered? In this episode of Intelligent Investment Today, David Coombs explores one of Warren Buffett's most fascinating acquisitions and uncovers the timeless investing lessons hidden inside an apparently ordinary furniture retailer. Starting with just $500 and unable to speak English, Rose Blumkin built Nebraska Furniture Mart into one of America's most successful retail businesses through a simple philosophy: "Sell cheap and tell the truth." Buffett recognised far more than a successful retailer—he saw exceptional management, a powerful competitive advantage, outstanding business economics and a company built around genuine customer value. You'll discover:  Why Warren Buffett invested in Nebraska Furniture Mart  The remarkable story of entrepreneur Rose Blumkin (Mrs. B)  How low prices became a lasting competitive advantage  The importance of business moats, scale and operational efficiency  Why Buffett thinks like a business owner—not a stock market trader  Practical value investing lessons every long-term investor can apply Whether you're interested in value investing, Warren Buffett, Benjamin Graham, Berkshire Hathaway, or identifying high-quality businesses with durable competitive advantages, this episode offers practical insights into how intelligent investors evaluate companies beyond the daily movements of the stock market. If you enjoy long-term investing, business analysis and learning from the world's greatest investors, subscribe to Intelligent Investment Today for weekly episodes exploring the principles behind successful investing. #WarrenBuffett #ValueInvesting #BerkshireHathaway #NebraskaFurnitureMart #RoseBlumkin #Investing #StockMarket #BusinessAnalysis #BenjaminGraham #LongTermInvesting Support the show

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. Support the show

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

Why do some investors remain passionate about markets for decades, while others become exhausted chasing returns? In this episode of Intelligent Investment Today, we explore an often-overlooked idea: the importance of enjoying the process of investing rather than becoming obsessed with the proceeds. Drawing on the examples of Warren Buffett, Benjamin Graham, Charlie Munger, and Peter Lynch, we examine why curiosity, patience, and genuine interest may be far greater advantages than greed, anxiety, or the fear of missing out. Because investing is not simply about reaching some distant financial destination. It's about developing habits, knowledge, and a mindset that make the journey itself worthwhile. Along the way, we'll discuss why people who love what they do often become exceptionally good at it, why patience is easier when you're genuinely fascinated by businesses, and why perhaps the greatest investors aren't chasing money at all—they simply love the game. Topics covered: • Why enjoyment and curiosity create long-term advantages • Warren Buffett and the joy of studying businesses • Why obsession with outcomes can lead to poor decisions • The connection between passion, patience, and success • How market downturns become easier when you enjoy the process • Why life—and investing—is largely about the journey, not the destination • The timeless value of maintaining a curious mind Because while markets rise and fall, fortunes come and go, and stock prices fluctuate endlessly, a curious mind never really retires. Support the show