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Is Active Management Worth Paying For? With Terry Smith, CEO & CIO of Fundsmith
Our guest today has been referred to as "the English Warren Buffett" for his style and success in investing. His book, published in 1992, Accounting for Growth, and its ensuing controversy helped propel it to the top of the bestsellers chart, displacing Stephen Hawking's ’A Brief History of Time’ from the No.1 spot.
He’s been head of research, CEO of a public company, a former top banks analyst who won’t own a bank in his fund, and a highly respected and extremely successful CEO and CIO at the Global Equity Fund Manager, Fundsmith.
Terry details his progress through finance, his growing attention to combine accounts, examining inconsistencies and checking the cash flows. He explains why he believes you cannot be successful in investing unless you break out from the crowd.
He then describes the genesis of Fundsmith, its mission “to run the best fund ever; by which we mean the one with the highest return over the long term adjusted for risk.” Unambiguous and Ambitious!
He details what, how, and why he looks for in the companies he selects, red lines, distrusting management gloss and why equities beat stocks over the long term. Lots to learn!
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