The Investor's Shelf — one person
Terry Smith
Founder and CEO, Fundsmith LLP 2010-present; previously CEO of Collins Stewart and Tullett Prebon
Accounting for Growth outlived its news cycle as a forensic-accounting primer, and the Fundsmith annual letters are a widely read quality-growth record.
2 books of their own · 24 letters · 12 articles
Books they wrote 2
· 1992 · Subtitled Stripping the Camouflage from Company Accounts; second edition 1996.
· 2020 · Collected Fundsmith annual letters, articles and shareholder meeting material 2010-2020.
Letters 24
www.fundsmith.co.uk/documents/
Fundsmith's Documents page enumerates every annual letter to shareholders Smith has written since the fund launched - 2010 through 2025 - plus semi-annual letters from 2020 to 2026 and the Owner's Manual. Smith's outside journalism sits separately at fundsmith.co.uk/news/archive/?terry-smith and as reprint PDFs under fundsmith.co.uk/media/.
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20262026
- Fundsmith Equity Fund Annual Letter to Shareholders 20252025
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20252025
- Fundsmith Equity Fund Owner's Manual2025
- Fundsmith Equity Fund Annual Letter to Shareholders 20242024
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20242024
- Fundsmith Equity Fund Annual Letter to Shareholders 20232023
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20232023
- Fundsmith Equity Fund Annual Letter to Shareholders 20222022
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20222022
- Fundsmith Equity Fund Annual Letter to Shareholders 20212021
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20212021
- Fundsmith Equity Fund Annual Letter to Shareholders 20202020
- Fundsmith Equity Fund Semi-Annual Letter to Shareholders 20202020
- Fundsmith Equity Fund Annual Letter to Shareholders 20192019
- Fundsmith Equity Fund Annual Letter to Shareholders 20182018
- Fundsmith Equity Fund Annual Letter to Shareholders 20172017
- Fundsmith Equity Fund Annual Letter to Shareholders 20162016
- Fundsmith Equity Fund Annual Letter to Shareholders 20152015
- Fundsmith Equity Fund Annual Letter to Shareholders 20142014
- Fundsmith Equity Fund Annual Letter to Shareholders 20132013
- Fundsmith Equity Fund Annual Letter to Shareholders 20122012
- Fundsmith Equity Fund Annual Letter to Shareholders 20112011
- Fundsmith Equity Fund Annual Letter to Shareholders 20102010
Articles and essays 12
- There won't be another Buffett because no one will have his advantagesFinancial Times, 2025
- Why I never invest in bank sharesFinancial Times, 2023
- Who is to blame for the latest pensions debacle?Financial Times, 2022
- Unilever has lost the plot / Fundsmith on Unilever and GSKFundsmith (reprint of his Financial Times pieces), 2022
- There are only two types of investorsFinancial Times, 2020
- Investors: never let a crisis go to wasteFinancial Times, 2020
- The unique advantage of equity investingFinancial Times (Fundsmith reprint), 2018
- Return-free riskFinancial Times (Fundsmith reprint), 2016
- Banned wordsFinancial Times (Fundsmith reprint), 2015
- Lessons from the Tour de FranceFinancial Times (Fundsmith reprint), 2015
- AstraZeneca is beginning to look a lot like TescoFinancial Times (Fundsmith reprint), 2014
- Share buybacks - friend or foe?Financial Times (Fundsmith reprint), 2014