Buy good companies. Don’t overpay. Do nothing.
Some people love to make successful investing seem more complicated than it really is. In this anthology of essays and letters written between 2010–20, leading fund manager Terry Smith delights in debunking the many myths of investing – and making the case for simply buying the best companies in the world.
These are businesses that generate serious amounts of cash and know what to do with it. The result is a powerful compounding of returns that is almost impossible to beat. Even better, they aren’t going anywhere. Most have survived the Great Depression and two world wars.
With his trademark razor-sharp wit, Smith not only reveals what these high-quality companies really look like and where to find them (as well as how to discover impostors), but also:
– why you should avoid companies that abuse the English language
– how most share buybacks actually destroy value
– what investors can learn from the Tour de France
– why ETFs are much riskier than most realise
– how ESG investors often end up with investments that are far from green or ethical
– his ten golden rules for investment
– and much, much more.
Backed up by the analytical rigour that made his name with the cult classic, Accounting for Growth (1992), the result is a hugely enjoyable and eye-opening tour through some of the most important topics in the world of investing – as well as a treasure trove of practical insights on how to make your money work for you.
No investor’s bookshelf is complete without it.
关于作者
Terry Smith became a stockbroker with W. Greenwell & Co in 1984 and was the top-rated bank analyst in London from 1984 to 1989. In 1990 he became head of UK company research at UBS Phillips & Drew, a position from which he was dismissed in 1992 following the publication of his bestselling book Accounting for Growth.
He went on to build two broking businesses, Collins Stewart and Tullett Prebon, from where he retired in 2014 to concentrate on his new fund management venture, Fundsmith.
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