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.

Terry Smith argues that David Cameron was right not to agree to the proposed changes to the Treaty of Lisbon at the latest summit, as financial services are a far more vital part of the UK’s economy than they are of any European country.

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.

Terry Smith writes on the loss of a unique boxing champion, Joe Frazier.

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.

Terry Smith argues that the sovereign debt crisis he predicted in 2008 has arrived, and that none of the piecemeal measures being proposed will work until the fundamental issues are addressed.

Terry Smith gives his account on News Corp, highlighting how extraordinary share arrangements insulate Rupert Murdoch from the repercussions of the company’s underperformance.

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.