Value is outcome not objective

Most strategies to increase earnings are short-termist or risky

What is ‘shareholder value’?

Returns consistently exceed the cost of capital

The corporate hokey-cokey

Companies that grew by merger are now rushing to split themselves up

Why I don’t own bank shares

Banks rely on leverage just to make a living

Eureka! How funds are named

Hedge funds’ performance was lamentable during the financial crisis

Best of 2014 - The warning signs at Tesco

Retailer’s returns on capital have been falling for years

A Hitchhiker’s Guide to emerging markets

Ranks of middle class consumers estimated to reach 4.2bn by 2025

Why buy Brics when you can have Mugs?

Emerging markets have been a huge disappointment

No equity investment lasts forever

Few companies from 1914 are still around today

Big Blue investors may not have a winning hand

Why I avoided investing in IBM

The shale bandwagon

Investors are far from certain to make money from shale

Just the facts when weighing investments

Tech group’s story is more robust than it seems

It’s déjà vu all over again

Many dubious investment products have been sold before

Keep a lid on costs

Many investors are sacrificing all of their income and more to investing charges

Too many stocks . . . 

Beware of ‘diworsification’

Never invest just to avoid tax

Better to put money into something you really want to own

Sorting the wheat from the chaff

Look at returns on capital, not earnings

Market timing: don’t try this at home

Buy low and sell high sounds obvious, but it’s very difficult in practice

Ten golden rules of investment

Boost your returns by avoiding common mistakes

Return-free risk - why boring is best

Buy shares that look like bonds, says Terry Smith


Terry Smith Terry Smith is chief executive of Fundsmith, a fund management company he set up in 2010. Previously, he was chief executive of Tullett Prebon, the inter-dealer broking group, and Collins Stewart, the stock broker, which he had joined in the early 1990s. He was famously dismissed from UBS Phillips and Drew in 1992 after writing Accounting for Growth, a book that exposed the techniques used by companies to flatter their earnings. He set up Fundsmith as a vehicle for his personal wealth; it now has over £3.5bn under management. Smith was educated at an East London grammar school, before completing an undergraduate degree at Cardiff University and an MBA from The Management College Henley.

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