Tag Archive

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

During this interview with The Daily Telegraph, Terry Smith answered a number of questions related to his investment strategy, including the most common mistake that investors make today. Here’s a transcript from the interview: What do you think, the best company in the world is, and why? L’Oréal. It is … Read More

During his latest 2024 Fundsmith Annual Meeting, Terry Smith argues that there’s nothing new under the sun, using movies and stock market trends as examples. Movie plots are recycled, exemplified by the “Magnificent Seven” being a remake of “Seven Samurai”. Similarly, hot stock picks aren’t entirely new either. The “Magnificent … Read More

During this interview with Killik & Co, Terry Smith discusses the difficulty of being able to consistently time the market based on short-term trends, highlighting the challenge of predicting which sectors will perform well in the future. Here’s an excerpt from the interview: Smith: I guess my take on them … Read More

In his 2012 Fundsmith Annual Letter, Terry Smith emphasizes that his investment strategy is not about outperforming in every reporting period or market condition but aiming to outperform the market and other funds over longer periods. He draws an analogy with the Tour de France, highlighting the diverse stages that … Read More

In this interview with the Money Maze Podcast, Terry Smith discussed some of his unconventional approaches to macro investing. His key points are: He invests in companies and considers macro factors, but company data is seen as more insightful than traditional statistics like CPI or GDP Payment processors like Visa … Read More

In his latest 2023 Annual Letter, Terry Smith discusses the rise of AI as a significant force behind market growth, particularly for Nvidia and the Magnificent Seven. He offers the following observations: AI Hype: The recent surge in AI’s stock market popularity isn’t entirely new. Significant developments occurred earlier, like IBM’s Watson … Read More

In his book Investing for Growth, Terry Smith provides investors with a summary of what a good company looks like. A good company is one that consistently generates high returns on capital (significantly above its cost of capital) across different economic conditions. His key points are: Return on capital above … 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 book Investing For Growth. Terry Smith criticizes the obsession with “cheap” shares, arguing that owning shares in a good company is a much larger determinant of investment performance than whether the shares were cheap when you bought them. Here’s an excerpt from the book: What has continued to … Read More

In his book Investing for Growth, Terry Smith discusses the challenges of market timing and the impact it can have on investment returns. Missing just a few of the best days in the market can significantly reduce returns. Here’s an excerpt from the book: It is not hard to see … Read More

In this interview with medirectalk, Terry Smith discusses the portfolio concentration rules that fund managers have to follow. These rules limit the amount of money that can be invested in any one company or sector. Smith says that he sometimes has to sell stocks that he likes because of these … 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 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