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?

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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 Luce
• The difference between price and intrinsic value
• Benjamin Graham's Mr Market
• Market sentiment and emotional investing
• Ferrari's brand, scarcity and pricing power
• Competitive advantages and economic moats
• Share buybacks and market reactions
• Why value investors should focus on the business, not the noise

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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.

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