Financial Times - It’s déjà vu all over again

Terry Smith applies Peter "Yogi" Berra's famous witticism of “It’s déjà vu all over again” to the investment industry, pointing out how many dubious investment products have been sold before.

The Telegraph - Why it is safe to pay up for quality

Terry Smith shows why investors should be willing to pay more for quality businesses due to the power of compound interest. Understanding its effects is essential to success in investment, yet it remains a mystery for many people.

Money Observer - Fundsmith Equity turns in chart-topping gains

Investors in Fundsmith Equity, managed by the forthright Terry Smith, have plenty of reasons to be cheerful. On 1 November 2013, its third anniversary, the global equities fund had powered to a total return of 61.2 per cent, placing it fourth among 244 funds in the Global growth sector, and beating the MSCI World index by nearly 20 percentage points.

Money Observer - Investors face a fund charges conundrum

What has become clear following RDR is that a large number of different parties receive payments from investment funds. The traditional charging structure on funds was ‘bundled’ so a single annual management charge (AMC) was deducted by the fund company to pay the cost of managing the investments, platform services and the annual commission payment to a financial adviser.

Financial Times - Never invest just to avoid tax

Terry Smith points out that people who invest just to avoid tax often fail to look as closely as they should at fee structures and would be better off putting money into something they really want to own.

Financial Times - Sorting the wheat from the chaff

Terry Smith explains what he means by investing in 'good companies' and argues that Warren Buffett was right when he said that return on capital employed is the best way of assessing the performance of a company.

Financial Times - Market timing: don’t try this at home

Terry Smith writes that trying to time markets can achieve the opposite of what is desired and points out that there are only two types of investors – those who know they can’t make money from market timing, and those who don’t know they can’t.

What Investment - Shares versus bonds: why we undervalue near-certainty

Terry Smith thinks the market puts too great a value on bonds compared to the highest-quality shares. Imagine a close relative of yours is gravely ill, and you have the chance to buy a drug that would increase their chances of survival by 10 per cent. What would you pay for the drug?
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