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TIP526: Quality Investing: Lessons from Terry Smith
We Study Billionaires - The Investor’s Podcast Network
The Secret of Quality Companies
The secret that quality companies have is that they are able to compound capital at higher rates of return. When Terry Smith first started his fund, he was pretty criticized for purchasing Microsoft as many deemed the company too expensive. One lesson Smith learned over the years is that every company has some sort of problem. But what you want to try and find is a company with very little competition where other threats such as regulatory overwatch don't exist.
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