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What can we learn from a decade of Terry Smith

What can we learn from the fund manager's writing?
What can we learn from a decade of Terry Smith
  • A look at Investing for Growth, the anthology of Terry Smith's writing over a decade
  • Why might investors read it and what can they learn?

“When I am driving I sometimes see an ice cream van which has emblazoned across the back the advertising slogan 'IT’S QUALITY THAT COUNTS'. The ice cream vendor seems to have figured out one of the great axioms of equity investment. He also does a decent 99 so he has two advantages over most pundits.”

So goes one paragraph from Terry Smith’s introduction to Investing for Growth, an anthology of the manager's writing from the first decade of Fundsmith Equity (GB00B4Q5X527), the blockbuster fund launched in late 2010. The abstract above highlights part of Fundsmith's appeal. While the flagship fund is now extremely well known for its strong performance (see chart), Smith has also been a rich source of clearly written and sometimes acerbic commentary, covering both his portfolio and the wider investment world.

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