Download PDF Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 By Terry Smith
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Ebook About Buy good companies. Don’t overpay. Do nothing. Some people love to make successful investing seem more complicated than it really is. In this anthology of essays and letters written between 2010–20, leading fund manager Terry Smith delights in debunking the many myths of investing – and making the case for simply buying the best companies in the world. These are businesses that generate serious amounts of cash and know what to do with it. The result is a powerful compounding of returns that is almost impossible to beat. Even better, they aren’t going anywhere. Most have survived the Great Depression and two world wars. With his trademark razor-sharp wit, Smith not only reveals what these high-quality companies really look like and where to find them (as well as how to discover impostors), but also:-why you should avoid companies that abuse the English language-how most share buybacks actually destroy value-what investors can learn from the Tour de France-why ETFs are much riskier than most realise-how ESG investors often end up with investments that are far from green or ethical-his ten golden rules for investment-and much, much more.Backed up by the analytical rigour that made his name with the cult classic, Accounting for Growth (1992), the result is a hugely enjoyable and eye-opening tour through some of the most important topics in the world of investing – as well as a treasure trove of practical insights on how to make your money work for you. No investor’s bookshelf is complete without it.Book Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Review :
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. Really solid tips in a light style but don't gloss over the simplicity. To actually find and sift through quality companies takes time and a lot of balance sheet knowledge. I found it just like a master class of really good analyst insights and it just builds on the value lessons i have had over the years.If you have an interest in value & long holdings then this is great book.What i liked about the book is that each chapter is short and there is a lesson with supporting numbers or metrics to apply. Like the Accounting For Growth book copy I have the paper version of Investing For Growth already has some under lining! I paid for the paper copy back last year and it arrived only two weeks ago so in the meantime I bought a kindle copy and read it then read the hardback version and just picked up a lot of extra details. Its one of those books to read a few times . Read Online Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Download Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 PDF Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Mobi Free Reading Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Download Free Pdf Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 PDF Online Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Mobi Online Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Reading Online Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Read Online Terry Smith Download Terry Smith Terry Smith PDF Terry Smith Mobi Free Reading Terry Smith Download Free Pdf Terry Smith PDF Online Terry Smith Mobi Online Terry Smith Reading Online Terry SmithRead Obsessed By M. William Phelps
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