Graham Witcomb
Person
Graham Witcomb is an investment analyst at Intelligent Investor, where he focuses on the healthcare, gambling and transport infrastructure sectors. He contributes research and analysis on companies and investment themes.
What Graham Witcomb has said on podcasts
26 statements
CSL’s gross-profit segment reporting makes divisions harder to analyze.
“It makes it way more difficult to compare or to figure out which division's doing well”
Open the episode · Stock Take: Misleading MetricsListen at 3:13
Companies changing segment reporting are hiding information.
“there's only one reason that any company changes its reporting like this, which is to hide something”
Open the episode · Stock Take: Misleading MetricsListen at 3:25
Sudden reporting changes may not serve shareholders’ interests.
“There's usually a reason for that change and it's not always in the shareholder's best interest.”
Open the episode · Stock Take: Misleading MetricsListen at 4:55
Excluding CSL’s acquisition amortization obscures real drug-acquisition costs.
“if you exclude those amortization costs from the profit, you're basically saying that there's no cost to buying these startup drugs”
Open the episode · Stock Take: Misleading MetricsListen at 11:11
CSL’s adjusted profit may resemble cash flow but obscures ongoing business costs.
“it's another case of where a company is doing something that might be for, like they could argue this is closer to what the cash flow is for the business. And so shareholders might want to focus on that, but at the same time, it's obscuring what the real costs are that CSL has to endure to keep its business running.”
Open the episode · Stock Take: Misleading MetricsListen at 11:54
EBITDA is useful for comparing companies.
“I don't mind it for comparison purposes. I use it a lot if you're trying to compare different companies”
Open the episode · Stock Take: Misleading MetricsListen at 27:44
Cochlear’s price increases shifted demand toward competitors.
“demand kind of shifted over to them over the past 6 months or a year or so.”
Open the episode · Stock Take: Eight Results That MatterListen at 7:54
Damaged pricing power could undermine Cochlear’s investment case.
“if that is damaged, then it can be Yeah, that, that, that could really ruin its kind of buy case”
Open the episode · Stock Take: Eight Results That MatterListen at 9:29
Successful Horizon 2 yield improvements would give CSL a major competitive advantage.
“if they do, then that's a massive leg up over their competitors.”
Open the episode · Stock Take: Eight Results That MatterListen at 16:28
Horizon 2 could add approximately $500 million in CSL revenue.
“At current kind of sales prices, it'd add probably half a billion of revenue to the company.”
Open the episode · Stock Take: Eight Results That MatterListen at 16:33
Philips will probably re-enter the CPAP market within about a year.
“Philips is probably going to be reentering in the next year or so.”
Open the episode · Stock Take: Eight Results That MatterListen at 24:49
Philips will probably price CPAP products cheaply to rebuild its reputation.
“Philips, which will probably come in and have to start selling cheaply to rebuild its reputation.”
Open the episode · Stock Take: Eight Results That MatterListen at 25:06
Management says GLP-1 users are more likely to continue CPAP therapy.
“management say that people taking those pills are actually more likely to continue therapy with CPAP devices.”
Open the episode · Stock Take: Eight Results That MatterListen at 26:39
Most users discontinue current GLP-1 drugs within six months.
“most people are off them within 6 months.”
Open the episode · Stock Take: Eight Results That MatterListen at 27:21
Current GLP-1 drugs probably will not be transformative long term.
“the current set of GLP-1s are probably not going to be the end. They're not going to be the ones that change the world.”
Open the episode · Stock Take: Eight Results That MatterListen at 27:27
Future oral GLP-1 drugs will probably be more effective or sustainable.
“the next ones, the pills, will probably be better again”
Open the episode · Stock Take: Eight Results That MatterListen at 27:40
AI agents are unlikely to pose a massive threat to REA Group.
“I'm not fully convinced about the AI agents being a massive threat to it”
Open the episode · Stock Take: Eight Results That MatterListen at 33:01
Sonic Healthcare should benefit substantially from AI.
“Sonic should be a huge AI beneficiary because it's all about diagnosis and analysis.”
Open the episode · Stock Take: Eight Results That MatterListen at 36:33
Sonic Healthcare will benefit overall even if GP visits stagnate or decline.
“I think it's going to be a net beneficiary even if GP visits stagnate or do decline.”
Open the episode · Stock Take: Eight Results That MatterListen at 36:53
Government changes could materially affect Sonic Healthcare’s Medicare pricing.
“Sonic's major issue is, uh, Medicare pricing, and that can change with a new government.”
Open the episode · Stock Take: Eight Results That MatterListen at 38:49
Sonic Healthcare is unlikely to deliver outsized returns.
“they're the kind of company you can't ever expect outsized returns from it”
Open the episode · Stock Take: Eight Results That MatterListen at 39:24
Sonic Healthcare should maintain small profits and decent returns on capital.
“it's also just going to keep having a small profit and be able to get a decent return on capital.”
Open the episode · Stock Take: Eight Results That MatterListen at 39:28
Organizational culture is a genuine competitive advantage.
“it's definitely a real one”
Open the episode · Stock Take: The Anti-AI StockListen at 17:14
AI markets exhibit bubble-like overinvestment and valuations disconnected from potential earnings.
“everything about it does scream, this is a bubble, this is overinvestment. The valuations are completely disconnected from what the companies can potentially earn.”
Open the episode · Stock Take: The Anti-AI StockListen at 23:33
Overpaying for AI-related companies can destroy the investment case despite strong future profits.
“if you pay too much for them, then it still destroys the investment case”
Open the episode · Stock Take: The Anti-AI StockListen at 25:27
Healthcare companies and ARB appear relatively resilient to AI-related market disruption.
“I think those companies are a bit more resilient. We've got ARB on the buy list”
Open the episode · Stock Take: The Anti-AI StockListen at 29:26
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
4 episodes featuring Graham Witcomb
Stock Take
Management metrics can hide the real cost of growth
Investors can misread a business when adjusted measures obscure amortization, depreciation, debt, and the capital required to sustain operations.
Sep 17, 2026 · 30 min
Stock Take
Telstra and SEEK expose the cost of opaque reporting
The discussion argues that weak disclosure can distort investor judgment, while patience and psychological resilience increasingly define the remaining edge.
Aug 20, 2026 · 33 min
Stock Take
Eight stocks face defining tests this reporting season
The episode identifies the operational milestones, competitive threats and valuation questions that could reshape eight investment cases.
Aug 6, 2026 · 41 min
Stock Take
An unconventional builder meets an uncertain AI boom
The episode tests whether durable business culture can outweigh a weak conventional moat, then asks how investors should act before AI winners emerge.
Jul 23, 2026 · 36 min