TIP526: Quality Investing: Lessons from Terry Smith
We Study Billionaires - The Investor’s Podcast Network
Long-Term Investing
- Terry Smith's investment strategy emphasizes doing nothing, with a low turnover rate in his fund's assets.
- In 2022, the turnover was 7%, slightly higher than usual.
- Out of 46 holdings, he has held 5 since the fund's inception in 2010.
- He holds long-term positions in companies like Unilever and PayPal.
- Despite this, he sometimes struggles to engage with management about concerns.
- Smith believes in making his concerns public to pressure positive change and unlock unrealized potential in these companies.
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