2025-02-09
2 小时 25 分钟You're listening to tip.
Hi there.
It's wonderful to be back with you on the Richer, Wiser, Happier podcast.
Today's episode is one of my all time favorites.
Our guest is a legendary British investor named Terry Smith, who manages the Fundsmith Equity Fund.
Since his Fund's inception in 2010, Terry has racked up an average return of 14.8% a year by investing in a global portfolio of high quality companies that are extremely durable.
Cumulatively, he's beaten the MSCI World Index by more than 200 percentage points over the last 14 years.
The financial Times describes Terry as one of the UK's most renowned stock pickers.
Bloomberg, which includes Terry on its list of billionaires, calls him the UK's most popular money manager.
Terry's success, both in markets and business is even more impressive when you consider the odds that were stacked against him.
As you'll hear, he grew up as the son of a truck driver in the 1950s and 60s in a very rough and tumble area of East London that was best known for poverty and deprivation and bomb damage from World War II and plenty of violence, including the criminal enterprises run by the infamous Kray twins.
In this conversation, Terry talks in depth about what it took to drag himself out of that environment to the pinnacle of the investment game.
You'll get a keen sense of the analytical skills, the investment principles, and the sheer grit and determination required for him to become an investing legend.
He's come a long way, both literally and figuratively.
Now in his early 70s, he lives on the tropical island of Mauritius off the coast of Africa, about 6,000 miles from London.
In his spare time there, he practices martial arts, spars regularly with much younger fighters, and also indulges in his hobby of building a collection of more than 200 cars.
As you'll hear, Terry is a remarkable character.
Ferociously driven, fiercely intelligent, charismatic, funny, charming, combative, shrewd, and I would say, pretty tough.
I suspect he's not the easiest man in the world to live with or work with, and I was slightly wary of him going into our conversation, but I ended it by liking him a good deal and hugely admiring his strength of character and really the sheer resilience and indomitability of the guy.
In any case, I hope you enjoy our conversation as much as I did.