Intelligent Investment Today - The Warren Buffett Way

Value Investing Beyond Stocks: How Graham and Buffett Might Buy a Small Business

David Coombs

Most investors associate value investing with stock markets, balance sheets, and ticker symbols. But Benjamin Graham never said value investing was about stocks — he said it was about the intelligent allocation of capital.

In this episode of Intelligent Investment Today, we explore how the core principles of value investing apply just as powerfully to private businesses as they do to listed companies. Using the example of a small, independent grocery store, we ask how a value investor — in the tradition of Benjamin Graham and Warren Buffett — would evaluate risk, cash flow, assets, management dependence, and margin of safety.

We strip away market noise, adjusted earnings, and modern financial jargon to focus on what truly matters: what a business earns, what it owns, and how resilient it is in the face of competition and change. From downside risk and owner dependence to debt, durability, and conservative valuation, this episode is a reminder that a business is a business — whether it turns over thousands or billions.

If you want to think like a true business owner, avoid speculative thinking, and apply Graham’s timeless principles beyond the stock market, this episode is for you.

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