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TIP526: Quality Investing: Lessons from Terry Smith
We Study Billionaires - The Investor’s Podcast Network
Investing in the Fundsmith Equity Fund
The Fundsmith Equity Fund is now four years old. It's about looking for companies that right across the business and economic cycle have fundamentals that actually create value by making a high return on capital in cash. One of the things that we're really bad at as investors is judging the outcome of differential rates of compounding. The secret to the companies we have, if there is a secret, is that they actually compound in value more consistently than the marketers are over long periods of time. And that's what makes them relatively inexpensive over time.
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