Investing for Growth

Phenomenal source of investing ideas.

Amazing book in growth investing😍😍❤❤💕💕

Very poor paper and third rate printing . It feels like you bought a pirated copy off the foothpath . Amazon must ban this kind of shoddy product.

Good read!!

One concept stretched across the book. Lot of examples are in hindsight. Works mostly in matured market but not in developing market. It's good marketing of his fund overall.

Excelente livro sobre investimento em ações, aprendi muito. Não é um manual sistemático, mas uma coletânea de artigos e cartas anuais aos cotistas do Fundsmith, tudo escrito com objetividade, inteligência e frequentemente sarcasmo britânico. Só perde uma estrela por ser um pouco repetitivo: ideias e às vezes até pequenos trechos se repetem em diferentes capítulos. Podia ser enxugado em umas trinta páginas sem perda de conteúdo. Mesmo assim, recomendo muito.

Very interesting book, Terry's insights are really valuable and it is written in a way understandable to anyone. I love how he doesn't overcomplicate things and keeps his investing philosophy simple. Besides this, the book itself is of very high quality.

un must pour tout qui veut investir en évitant les erreurs classiques, le tout étayé par des arguments imparables

Smith is a buy and hold investor, buying great companies (with very high returns on invested capital) for a reasonable price and then holding (almost) forever. Like Charles Munger he believes that an investor's returns over long periods on a stock are tied to the stock's return on capital, not so much on price paid. He has certainly been successful with it. But for any investor, new or experienced, the book offers a different and valuable way at looking at investing, even if the reader does it differently. The first example is on p. XIX with a graph showing what PE ratio someone could have paid for different companies while still getting a 7 % annual return over the next 46 years (1973 to 2019): over 100 times earnings for Pepsico, Heineken, Colgate, Hershey, Lindt and L'Oreal. "What investors can learn from Alex Bird's 500 winning bets at the races" is a great illustration of why financial analysis is valuable and required. Another chapter questions the value of investing in a company with a great CEO (Jack Welch for example); the success might be illusory or temporary, and the successor is unlikely to live up to the predecessor. The contents are taken from articles and annual shareholders' letters written over 9 years so there's some repetition. But overall it's a worthwhile read for any investor.

I like his style of investing and hoped to get a deeper insight into his mind, and learn a few more things, of course. After first few chapters I was bummed and thought to myself "just keep going, it might get better". I find what Terry Smith has to say very redundant. After almost 200 pages I have to say, it is absolutely disappointing. Mr Smith repeats himself roughly 50 times, and I don’t know if I remember more than one time that he actually reflects on his investment process and any particular things that he learned over the years - he once mentions he sold Domino’s and repurchased the stock, which was good, because making a mistake (by selling) can only be made worse by not repurchasing after the realisation that you were wrong in the first place. Also there is no real editing, which is the reason why things are mentioned 20 times and sometimes 3 times in 5 pages. It’s really just everything he’s written over the years, which I find very disappointing regarding the price of the book and his focus on quality, which in my humble opinion does not apply to this book. I am pretty disappointed and can't recommend the book. Especially for 30€ I would expect something more than just everything the author wrote from 2010-2020 without any further thoughts or sidenotes. Get “Richer, Wiser, Happier”, “The Joys of Compounding” or both of Howard Marks’ books instead, they are worth every cent and they are miles better than “investing for growth”. You will find that the return on capital is better with the aforementioned.