Terry Smith links his definition of shareholder value - whether or not a company is able to generate a sustained return on capital employed above its cost of capital - with shareholder activism.
Terry Smith gives his views on why you should seek to invest in good companies and how to define what a good company is.
Terry Smith explains what he thinks the terms "shareholder value" and "activist shareholder" really mean and how they fit into the world of investment.
Terry Smith argues that the trend of companies that grew by merger rushing to split themselves up is normally better for investment bankers' bonuses than it is for long-term shareholders.
Terry Smith speaks to Barclays Stockbrokers TV about his investment strategy and why he gives almost no thought to the global economy.
Terry Smith appreciated Tesco's problems earlier than most. Now he identifies another world-famous company that canny investors would do best to avoid.
Fundsmith LLP (‘Fundsmith’), the fund management company set up by Terry Smith in November 2010, announces that its Fundsmith Equity Fund* (‘the Fund’) has generated a return of 15.6% in the 12 months ending 31st October 2014 vs the MSCI World Index return> of 9.1% and the average IMA Global< fund return of 2.7%.
Terry Smith explains the reasons why he doesn't own bank shares, despite being the once top-rated banking analyst in the City, and points out that having an understanding of banks would make anyone more wary of investing in them.
Terry Smith discusses how the name of a fund can be a warning sign for investors and explains the importance of only investing in things you understand.
Terry Smith reveals the warning signs that investors in Tesco ignored and explains why he is unlikely to ever own a retailer in the Fundsmith Equity Fund.
Terry Smith speaks to Morningstar about Fundsmith's strategy of only buying good companies and the importance of compounding.
Terry Smith addresses the question - given that so many investors have had such a bad experience in emerging markets, is there a better way to invest in the developing world?
Fundsmith LLP (‘Fundsmith’) notes the statement issued yesterday by Tullett Prebon plc confirming Terry Smith’s intention to stand down from his position as Chief Executive of Tullett Prebon plc. Terry will focus on Fundsmith which he founded in 2010.
Terry Smith uses the example of investing in 'Bric' funds to play the theme of emerging markets growth to explain the dangers of making 'no brainer' investment decisions.
Fundsmith, founded by Terry Smith, announces that the Fundsmith Equity Fund is now available on Hargreaves Lansdown’s Vantage Service, the UK’s biggest retail investment platform.
Fundsmith today announces that personal finance and investment publication, Money Observer, has awarded the Fundsmith Equity Fund (“Fundsmith Equity” or the “Fund”) a Rated Fund status. Money Observer has also included Fundsmith Equity in three of their model growth portfolios, recognising the Fund’s “impressive performance”.
Terry Smith explores what can be learnt from the changes in the constituents of the stock market over the past 100 years.
Terry Smith discusses the reasons why Fundsmith avoided investing in IBM in 2010 and the problems with share buybacks.
If you are wondering how to put together a portfolio of equity investments, you could do worse than visit the website for Fundsmith and download lots of relevant documents. These will give you an insight in a particular type of equity investing that I will caricature as ‘Buffett Mk 2.0’.
Terry Smith points out why most investors are their own worst enemy and the dangers of groupthink.