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
Terry Smith: Own Boring & Stable, And Avoid These Industries…
In his 2016 Annual Shareholder meeting, Fundsmith’s Terry Smith explained his strategy of only buying good companies, trying not to overpay, and then doing nothing. Smith also discussed the industries that investors should avoid. Here’s an excerpt from that meeting: We only regard approximately seventy companies in the world as … Read More
Terry Smith: The Ideal Company Doesn’t Pay A Dividend
In his latest interview with Fund Insiders Forum De Tijd & L’Echo, Terry Smith discusses a number of topics including why the ideal company to invest in doesn’t pay a dividend. Here’s an excerpt from the interview: Question: How important is this dividend yield for you and your selection of … Read More
Terry Smith: It’s More Important To Avoid Losers Than It Is To Pick Winners
In this interview with Barclays Stockbrokers TV, Terry Smith discussed the importance of having a very long-term horizon, ignoring macro, and why avoiding losers is more important than picking winners. Here’s an excerpt from the interview: Smith: My definition of long-term investing is forever basically. I seek to invest in really … Read More
Terry Smith: Buy Good Companies That Will Not Destroy Value While You’re Holding Them
In this interview with Morningstar Europe, Terry Smith discusses why he focuses on good companies that earn high returns on capital, rather than buying bad companies and waiting for a catalyst. Here’s an excerpt from the interview: Smith: What we are screening for is to get rid of bad companies. … Read More
Terry Smith: If You Do Extensive Analysis Good Stocks Will ‘Talk’ To You
Here’s a great interview with Fundsmith’s Terry Smith at Money Matters in which he discusses how good stocks will ‘talk’ to you if you do extensive analysis. Here’s an excerpt from that interview: Question: In a broadly efficient market how can these anomalies arise, I ask? Or, to put it another … Read More
Terry Smith’s Owners Manual – 14 Filters For Purchasing A Great Investment
One of the investors we watch very closely here at TAM is Terry Smith, CEO at Fundsmith. We’ve recently been reading through the Fundsmith ‘Owners Manual’ which is very similar to the Berkshire Owners Manual. One of the sections in the manual covers Smith’s fourteen filters for purchasing a great … Read More
Terry Smith: Top 10 Holdings (Q1 2020)
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
Terry Smith: Investing In Stocks Is Not A Game Of Pass The Parcel To A Greater Fool
In his 2010 Fundsmith Shareholder Letter Terry Smith discussed why investing in stocks is a claim on a share of the cash flow produced by a business, not a sophisticated game of pass the parcel to greater fools saying: What we can say with a high degree of certainty is … Read More
Terry Smith: A Cheap Price Should Be An Investors Second Consideration
Here’s a great presentation by Fundsmith’s Terry Smith in which he illustrates how investors can generate excellent returns by focusing on high quality businesses, which may be trading at high multiples. Smith had the following to say about investors that focus solely on cheap prices: I wish I’d kept a … Read More
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