Category Archive

In his latest Fundsmith semi-annual letter, Terry Smith reminds investors to focus on fundamentals and forget macro. Here’s an excerpt from the letter: Smith: To sum up, conditions are tougher and our companies are mostly having to cope with slower revenue growth and/or higher input costs. However, that’s what happens … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

Earlier this year, Terry Smith wrote an article for the Financial Times outlining his reasons for not investing in bank stocks, one of which included systemic risk. Here’s an excerpt from the article: Smith: Finally, surely there must be some good banks to invest in which are better than the … Read More

In his recent article titled – Why I never invest in bank shares, Terry Smith explains why he never invests in bank stocks. Here’s an excerpt from the article: Smith: That encompasses my long-standing reasons for avoiding bank shares but another has emerged in recent years – Fintech. What are … Read More

During his recent Annual Shareholder meeting, Terry Smith explained why you should invest in businesses that can be run by an idiot! Here’s an excerpt from the meeting: Smith; One of the things that we’ve tried to operate on as a mantra over the years which we didn’t invent because … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his 2018 Annual Letter, Terry Smith discussed why you should stay invested in the stock market. Here’s an excerpt from the letter: Imagine a fund manager approached you with an offer for you to invest in a portfolio of high quality companies. You may quite like the strategy but … Read More

In this interview with AJ Bell, Terry Smith discussed where to find the great businesses of the future. Here’s an excerpt from the interview: Smith: The same place they came from in the past actually. I will go back once again, third time in one interview, to the Warren Buffett … Read More

In this recent edition of medirectalk, Terry Smith explained why most companies are not susceptible to reason. Here’s an excerpt from the interview: Terry Smith: Yes, I’ll elaborate. As my colleagues will attest I think if you speak to them this was one where I was very, very, very, close … Read More

In his recent 2022 Annual Letter, Terry Smith explained how sometimes good companies, with solid fundamentals, get taken down in a meltdown, together with their underperforming counterparts. Here’s an excerpt from the letter: Our highly valued and technology holdings did not fare as poorly as some of the companies which … Read More

In his latest Annual Letter, Terry Smith explains why tech companies should stop behaving as though money is free, and stick to their core business. Here’s an excerpt from the letter: However, as well as the lower valuations caused by higher rates, technology stocks are facing some fundamental headwinds. A … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his recent interview with the Master Investors podcast, Terry Smith explained why we still haven’t reached the ‘capitulation phase’. Here’s an excerpt from the interview: Smith: I think there’s more to come, it’s just gut feel actually. As you said I’ve been doing this for quite a long time … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest 2022 Semi Annual Letter, Terry Smith discusses TINA — There Is No Alternative. Here’s an excerpt from the letter. In inflationary periods, an acronym which is sometimes used to describe the investment options is TINA — There Is No Alternative. It refers to the concept that equities … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest Fundsmith Annual Meeting 2022, Terry Smith discusses Buffett’s simple rule of thumb for buying. Here’s an excerpt from the meeting: There’s a rule of thumb, which is a sort of a Buffett and a number of others rule of thumb, which is if you can invest in … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

In his latest presentation with MeDirect Malta, Terry Smith illustrates why good companies don’t become bad companies. Here’s an excerpt from the presentation: This slide (below) shows quite a long period of time back to 1966 and it shows the return on capital for companies, the ones in the red … Read More