In this episode of Intelligent Investment Today, we explore one of the most frustrating experiences in investing: watching carefully chosen undervalued stocks underperform for months — or even years — while speculative assets surge.

Drawing on the teachings of Benjamin Graham, widely regarded as the father of value investing and mentor to Warren Buffett, we examine why value investing can feel ineffective in the short term — and why that discomfort may actually be part of the strategy’s long-term edge.

We revisit Graham’s timeless insights from The Intelligent Investor, including the famous “voting machine vs. weighing machine” analogy, and explore real-world case studies:

• Buffett’s early investment in GEICO
• Graham’s experience managing the Graham-Newman Partnership during the Great Depression
• The prolonged value investing slump following the 2008 Financial Crisis

Why do undervalued stocks sometimes keep falling?
Why does the market reward speculation over fundamentals?
And how can disciplined investors stay the course when value strategies lag behind growth stocks?

This episode breaks down the psychological challenges of value investing, the role of patience in long-term returns, and the critical difference between price and intrinsic value.

If you’re a long-term investor struggling with underperformance, market volatility, or doubts about your strategy, this episode will reinforce a timeless truth: value investing isn’t broken — but your patience might be tested.

Stay disciplined. Stay rational. And let the weighing machine do its work.

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Warren Buffett is widely celebrated as the greatest stock picker of all time. But what if that popular belief misses the real source of his success?

In this episode of Intelligent Investment Today, David Coombs explores a provocative idea: Buffett’s enduring advantage is not stock selection — it is capital allocation.

From his early days applying Benjamin Graham’s value investing principles to the transformation of Berkshire Hathaway into a permanent capital allocation machine, we examine how Buffett evolved from elite stock picker to master allocator of capital.

You’ll learn:

• Why capital allocation matters more than stock picking
• How insurance float gives Berkshire a structural advantage
• The difference between investing and intelligent capital deployment
• Why doing nothing is often the most rational decision
• What individual investors can learn from Buffett’s discipline

In a world obsessed with hot stocks, bold predictions, and constant activity, Buffett’s real edge lies in patience, restraint, and rational capital deployment.

If you want to think like a long-term investor — not a market speculator — this episode will change how you view investing.

Stock picking can make you rich. Capital allocation determines whether you stay that way.

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In this episode of Intelligent Investment Today, we step away from stock prices, market forecasts, and short-term noise to explore how one of history’s greatest investors actually thought.

Charlie Munger, long-time partner of Warren Buffett and vice chairman of Berkshire Hathaway, believed that investment success was not driven by complex formulas or superior intelligence—but by sound judgment, emotional discipline, and the consistent avoidance of obvious mistakes. His influence fundamentally reshaped modern value investing.

This episode explores Munger’s most important mental models, including inversion, circle of competence, incentives, second-order thinking, opportunity cost, and the psychological biases that cause investors to make repeated errors. Rather than focusing on what to buy, Munger focused on how to think when uncertainty is unavoidable and emotions run high.

You’ll learn why Munger emphasized temperament over intellect, why avoiding stupidity can be more powerful than seeking brilliance, and how clear thinking—not prediction—can become a durable edge in investing. These principles aren’t about constant activity or clever trades. They’re about patience, discipline, and positioning yourself to benefit from long-term compounding.

Whether you’re a long-term investor, student of value investing, or simply interested in better decision-making, this episode offers timeless insights into how great investors approach risk, uncertainty, and opportunity.

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