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28 December 2022
By Maynard Paton
I have recorded another podcast with my good friend Mark Atkinson. This time we talked about Fundsmith, the fund managed by Terry Smith that helped Mark to retire early. We discussed the fund’s performance, strategy, holdings and annual meetings:
- Mark buying Fundsmith during 2014.
- The fund’s performance and Mark retiring early.
- How Mark’s portfolio is split between Fundsmith, trackers and individual shares.
- The favourable impact of re-ratings and currency movements on the fund.
- Fundsmith’s valuation, its top ten holdings and Novo Nordisk.
- Terry Smith’s ‘do nothing’ approach.
- Reasons for selling 3M, Colgate-Palmolive and Nestle, but still holding Unilever.
- Terry Smith’s stock-picking versus our stock-picking.
- Why not go all in with Fundsmith?
- Investing with conviction and concentrating on your winners.
- Mark’s questions at Fundsmith’s annual meetings.
- Terry Smith buying Facebook despite concerns from investors.
- Terry Smith buying Amazon after changing his mind.
- Fundsmith’s move towards non-dividend-paying shares and ‘tech’.
- How Mark monitors Fundsmith and the risk of fund managers losing their touch.
- Fundsmith versus the FTSE 100 and paying high P/Es for quality companies.
- Should I buy Fundsmith?
- Was buying Fundsmith luck or skill?
PS: The podcast recording took place on 16th December 2022.