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5min chapter
TIP526: Quality Investing: Lessons from Terry Smith
We Study Billionaires - The Investor’s Podcast Network
Investing in Value - What Terry Smith Says
Terry Smith's three-step process is to invest in good companies, don't overpay, and do nothing. A company that can sustain a return on capital above its cost of capital creates value for shareholders who should want it to retain at least part of its profits. The ability of a company being able to reinvest back into the business gives equities a unique advantage over other asset classes such as real estate or bonds.
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