I like Terry Smith. Never regretted one day being invested with him. This is an excellent presentation but a great pity there was not a split screen so we could see the slides all the time.
Very interesting response to the "Is your fund too big?" question at 1:16:44. So are his comments on illiquid holdings, especially since they came before the Woodford debacle.
Wrong about dairy farming in India though. India's Amul cooperative is a formidable dairy company which is estimated to be four time the size of Nestle India if ever listed, very efficiently run too. Has existed from 1940s. but when it comes to baby dairy products, Nestle India has a Himalayan moat.
@@sahej8563 no you are not reading it right because I didn't mention the word valuation anywhere. Valuation depends on many other things. But no of customers, range of products, revenue, distribution network and on many other parameters, Amul would be much larger than Nestle India which would all reflect on market cap if listed.
The vast majority of the market is of no interest to us at all . This statement should tell U why U should avoid investing in passive funds. U end up backing more loosers than winners !
sheer masterclass, no other lesson in investing is required
Love Terry Smith and his work!
There is no better fund manager if you are a genuine committed investor
I like Terry Smith. Never regretted one day being invested with him. This is an excellent presentation but a great pity there was not a split screen so we could see the slides all the time.
The British equivalent of the legendary W.B.
I like it, very important mental models for investing here.
I have to watch this at 0.75x to understand some of Terry's wisdom.
Agree with you😅
How many of us wish we'd seen this vid before buying individual Shares
thank you sir... I want to stand and clap... ur a master...
There are two kinds of forecasters, those who don't know. And those who don't know they don't know. -Galbraith.
A true fan.
Great video learn lots of lessons thank you for uploading
Wow amazing and very educational video!
so much common sense
A great basic introduction to longterm investing.
Great video. We compare our performance against fundsmith and other funds/etfs every month
Proly the only global fund U ever gonna need 👍
Beats Passive Investing hands down and then some more 😀
A slight correction we had Amul (dairy giant) much before Nestle in India.
Very interesting response to the "Is your fund too big?" question at 1:16:44. So are his comments on illiquid holdings, especially since they came before the Woodford debacle.
What a genius
on DPZ: "I blame Julian, no I'm just kidding". Poor Julian lol
Simply the best.
Wrong about dairy farming in India though. India's Amul cooperative is a formidable dairy company which is estimated to be four time the size of Nestle India if ever listed, very efficiently run too. Has existed from 1940s. but when it comes to baby dairy products, Nestle India has a Himalayan moat.
I don’t know if I’m reading it right but are you saying Amul if listed in India would be 4 times larger than nestles India’s valuation ?
@@sahej8563 no you are not reading it right because I didn't mention the word valuation anywhere. Valuation depends on many other things. But no of customers, range of products, revenue, distribution network and on many other parameters, Amul would be much larger than Nestle India which would all reflect on market cap if listed.
6x in 25 years is CAGR of 6.8% right?
And Tax in 2016 is 22% vs 35% in the 1990s.
It's better to buy a great company at a reasonable price than a reasonable company at a great price
Superb :D
He’s been investing in the longest bull market in history - very hard to fuck it up. Let’s see how his philosophy holds up during a beer market
great talk but why can't they get microphones that work.
Tough audience!
Why would you never own an insurance company ? (1:04:50)
12:25 not 50 years but 40 years ago!
1:21:03 Buy when there is certain glitch in the great company
Hasn't Buffet bought some airlines?
You got your answer now?
The vast majority of the market is of no interest to us at all . This statement should tell U why U should avoid investing in passive funds.
U end up backing more loosers than winners !
The bald guy is cute
1 hour and 25 minutes spent on good performing companies... "did you ever consider shares in tesla?"
Not investing in Tesla will be his biggest mistake.