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TIP526: Quality Investing: Lessons from Terry Smith
We Study Billionaires - The Investor’s Podcast Network
The Lessons of Investing in a Good Company
Smith shared the lessons he learned after running his fund for 5 years. Some of these really struck a chord with me and resonated with me, so I'll share a few of them here. The first lesson was to invest in something good. If you're a long term investor, owning shares in a good company is a much larger determinant of your investment performance than whether the shares were cheap when you bought them. Another lesson was to not sell a good company. A selling a stake and a good company for him was almost always a mistake.
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