Is Active Management Worth Paying For? With Terry Smith (CEO, CIO & Founder of Fundsmith)
发布时间 2024-02-28 17:23:43 来源
摘要
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 founder 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!
TOPICS:
0:00 - Introduction
2:25 - Early Analyst Career (1970s/1980s)
4:49 - 'Accounting for Growth' Publication (1990s)
8:49 - Developing the Fundsmith Investment Philosophy
9:42 - Transitioning from an Analyst to a CEO of a PLC
12:10 - Overview of Fundsmith in 2023/24
15:00 - Defining a Good Company
22:40 - Going From Good Analysis to Smart Investing
26:30 - Case Study: PayPal Inc
30:10 - Case Study: Tesco PLC
32:22 - Why Terry is Sceptical of Bank Stocks
34:31 - Research Standards & Management Gloss
39:05 - Short Thoughts on Shorts
40:57 - Unconventional Approaches to Macro
44:10 - Future of Fundsmith
45:47 - Why Invest in an Active Fund?
50:23 - Military History: Terry's Side Hustle
52:51 - Career Advice for Viewers
56:40 - Conclusion
SPONSORS:
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- IFM Investors are a global institutional asset manager whose purpose is to invest, protect and grow the long term retirement savings of working people. They manage investments across infrastructure, debt, listed equities and private equity assets. Find out more: https://ifminvestors.com/en-gb/
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All content on the Money Maze Podcast is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Guests and presenters may have positions in any of the investments discussed.
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