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6min chapter
TIP526: Quality Investing: Lessons from Terry Smith
We Study Billionaires - The Investor’s Podcast Network
How to Overcome Volatility in the Financial System
Terry Smith: Attempts to suppress volatility will only exacerbate it in the long term. Since era of easy money is over for the time being, tech companies are now forced to be much more deliberate with their spending. He says his portfolio earns returns on capital employed at 32%, and then the S&P 500 on average is 18%. This is his way of showing fundamentally that the Fundsmith portfolio is invested in better companies that are able to reinvest at higher rates of return.
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