Fundsmith Equity Fund - Sicav
€56.39 T Class Acc, 22 Oct 21

Archive

  1. Terry Smith

    Financial Times - What Buffett has known since 1979

    Terry Smith writes to the Financial Times to point out that investors are only starting to realise what Warren Buffett has known for decades - that return on capital employed is the best measure of managerial performance.

    By Terry Smith
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  2. Terry Smith

    Financial Times - Poor and Confused Outlook Continues for Retail Investors.

    Sir, I refer to Alice Ross's article " Market timing errors prove too costly " (FT Money, November 20). The article quoted Skandia saying that behaviour on its investment platform reflects the fact that many investors buy UK equities in response to what the FTSE has been doing - buying more when it is high and less when it is low - a recipe for poor investment performance adding further justification to the notion that most investors are their own worst enemy.

    By Terry Smith
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  3. Terry Smith

    ETF's - you were warned.

    The losses of $2bn incurred by an allegedly rogue trader on the Delta One desk at UBS have again raised the subject of the (lack of) risk controls by banks dealing in opaque instruments, the need to separate investment and retail banking and the risks inherent in ETFs.

    By Terry Smith
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  4. Terry Smith

    Accelerated Stock Repurchases

    This week there was a new development in the share buyback mass shareholder value destruction exercise which has gripped American companies and has some following in the UK.

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  5. Terry Smith

    Well he would, wouldn't he?

    When Mandy Rice-Davies was giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, in the Profumo Affair, she made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?" (often misquoted as "Well he would say that, wouldn't he?"). By 1979 this phrase had entered the third edition of the Oxford Dictionary of Quotations.

    By Terry Smith
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  6. Terry Smith

    ETFs - Worse than I thought

    On 11th January I published my first annual letter to the holders of the Fundsmith Equity Fund. In it I levelled some criticisms at the investment fad for Exchange Traded Funds ("ETFs").

    By Terry Smith
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  7. Terry Smith

    Share Buybacks - Friend or Foe?

    Almost 20 years on from publishing my book, Accounting for Growth, I am exposing another loophole in the accountancy rules which is allowing companies to appear to have created value when they have not.

    By Terry Smith
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  8. Terry Smith

    Fundsmith's Terry Smith Commenting On The Year Ahead

    At an Editorial Intelligence event, in association with the Financial Times, a panel debated "the Year Ahead". The event was chaired by Lionel Barber, the FT's Editor, and Terry Smith, Founder of Fundsmith, was joined on the panel by Lord Andrew Adonis, Gillian Tett and Baroness Shriti Vadera .

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  9. Terry Smith

    There’s Good News and Bad News

    Just 18 days after the Fundsmith Equity Fund opened, the first takeover approach for a stock in the portfolio occurred with the news that KKR is in talks to buy Del Monte Foods.

    By Terry Smith
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  10. Terry Smith

    Sir Keith Park

    On Wednesday 15th September we celebrated the 70th anniversary of Battle of Britain Day with the unveiling of the statue of Sir Keith Park in Waterloo Place, London.

    As Mrs Moneypenny pointed out in her column on 11th Sept, the campaign was launched in that column three years to the day prior to the unveiling:

    By Terry Smith
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