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Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Hardcover – October 27, 2020

by Terry Smith (Author)
4.5 4.5 out of 5 stars 746 ratings
See all formats and editions
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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.

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Previous page
  1. Print length
    320 pages
  2. Language
    English
  3. Publisher
    Harriman House
  4. Publication date
    October 27, 2020
  5. Dimensions
    6.5 x 1.1 x 9.45 inches
  6. ISBN-10
    0857199013
  7. ISBN-13
    978-0857199010
  8. See all details
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Editorial Reviews

Review

“Can dynamite be reassuringly explosive? This book certainly is. Terry Smith has had plenty to say about the stock market in the last ten years and, like his funds, he’s been bang on the money all the way through.” ―Jonathan Davis Editor, The Investment Trusts Handbook

“What sets him apart is not just his formidable winning streak, but the principles on which he has chosen to take a stand … Terry has always put his money where his (considerable) mouth is.” ―Lionel Barber, Editor, Financial Times (2005–2020)

“His essays are readable, easy to digest and refreshingly light on techno-babble. They will help you understand why some companies have durability while others, ostensibly doing well, suddenly disintegrate.” ―Jeff Randall, Presenter, Sky News (2007–2014)

“I could dispute something on around half of Smith's pages - we've been bickering about fees for at least a decade. But I hugely admire his concentrated conviction-led, growth-focused approach, and, oh yes, his fund has done wonders for my self-invested personal pension. So I'm still reading every page.” ―Merryn Somerset Webb, MoneyWeek ('Five books to put on your Christmas list')

“One of the finest books that I have ever read on long-term value investing in high-quality businesses. Highly recommended!” ―Gautam Baid

About the Author

Terry Smith became a stockbroker with W. Greenwell & Co in 1984 and was the top-rated bank analyst in London from 1984 to 1989. In 1990 he became head of UK company research at UBS Phillips & Drew, a position from which he was dismissed in 1992 following the publication of his bestselling book Accounting for Growth.

He went on to build two broking businesses, Collins Stewart and Tullett Prebon, from where he retired in 2014 to concentrate on his new fund management venture, Fundsmith.

Product details

  • Publisher ‏ : ‎ Harriman House (October 27, 2020)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 320 pages
  • ISBN-10 ‏ : ‎ 0857199013
  • ISBN-13 ‏ : ‎ 978-0857199010
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 6.5 x 1.1 x 9.45 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 746 ratings

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Customer reviews

4.5 out of 5 stars
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Top reviews from the United States

Robert Ray
5.0 out of 5 stars A different and very valuable look at investing
Reviewed in the United States on March 2, 2021
Verified Purchase
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.
10 people found this helpful
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Keith
5.0 out of 5 stars Fantastic Book
Reviewed in the United States on August 5, 2023
Verified Purchase
This is a fantastic book with some great lessons for people willing to learn. I would recommend this book to everyone. The main thing I like about the book is that it is very succinct in explaining its lessons, and those lessons are actually applicable.
2 people found this helpful
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Joshua T. Hill
4.0 out of 5 stars Good Compilation of the Old Writings of a Great Investor
Reviewed in the United States on December 20, 2020
Verified Purchase
I found this to be a good compilation of writings from a great investor (Terry Smith). His wit and style make them easy to read and comprehend for even the average investor. I highly recommend it.
2 people found this helpful
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John O'Brien
5.0 out of 5 stars Read it a few times.
Reviewed in the United States on February 8, 2021
Verified Purchase
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 .
2 people found this helpful
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Patent That
5.0 out of 5 stars The best investment book I've ever read.
Reviewed in the United States on September 24, 2022
Verified Purchase
I've been reading investment books since 1986. Most disappoint. This does not. It is one of only two investment books that I liked so much I bought a second copy as a backup in case I accidentally ruin the first one. The other book was the first one I read in '86: John Train's The Midas Touch, an obscure gem. I am no longer a Buffett/Munger type investor but a Terry Smith/Julian Robbins practitioner.
3 people found this helpful
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Nozomi
3.0 out of 5 stars Has some good nuggets
Reviewed in the United States on February 12, 2024
Verified Purchase
Book is a bit repetitive. Has some good nuggets. Is British with British tone and humor. Worth a read. It's a bit pricy.

Next on my list is "Only the Best will do", another growth book by an American.
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mm07
5.0 out of 5 stars I’ve read a book shelf full of investment books
Reviewed in the United States on September 17, 2022
Verified Purchase
And this might be in the top 5. This is more than just a collection of investor letters with vague platitudes.

His letters lay out in pretty specific terms his methodologies which are sort of a mix of Peter lynch and warren buffet. Great book!
One person found this helpful
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David Lowrey
5.0 out of 5 stars I love is thought process
Reviewed in the United States on October 30, 2022
Verified Purchase
He has a no nonsense application ouch to analyzing companies. Plus if gives wonderful stories on how to see through the BS of companies reports an Wall Street analysis or lack there of.
One person found this helpful
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Top reviews from other countries

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Pavel
5.0 out of 5 stars A great read
Reviewed in Canada on March 16, 2023
Verified Purchase
A must read for every value investor!
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Fabrício da Silva
4.0 out of 5 stars Por dentro do processo de avaliação de um gestor inglês
Reviewed in Brazil on September 20, 2022
Verified Purchase
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.
One person found this helpful
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Hendrik
5.0 out of 5 stars it’s a good book
Reviewed in Germany on April 4, 2023
Verified Purchase
Lots of honest advice from a person how has operated in the field of finance for most of his life.
One person found this helpful
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delhez
5.0 out of 5 stars incontournable
Reviewed in France on August 22, 2021
Verified Purchase
un must pour tout qui veut investir en évitant les erreurs classiques, le tout étayé par des arguments imparables
One person found this helpful
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@Timothy_Hughes
5.0 out of 5 stars How to understand financial markets
Reviewed in the United Kingdom on February 10, 2021
Verified Purchase
Every Christmas and New Year I get a list of books that break with my normal diet of sales, marketing and leadership books. Merryn Somerset Webb, (@merrynSW on Twitter) who writes in the Financial Times (FT) always provides an excellent set of book recommendations, usually in the weeks before Christmas. Certainly in time for Amazon to deliver.

One of the books she recommended this year was Terry Smith “investing for growth”. This is a collection of his blogs for the FT as well as the letters he sends to his shareholders as CEO of “Fundsmith”. If you like a direct, take no prisoners writing style and you are interested in investment, then this is the book for you. Terry is a contrarian and provides a narrative will challenges the normal views we read today. So if you like swimming upstream, than floating downstream and want to understand a bit about investing it’s worth a read. The sort about him calling IBM to point out their annual accounts are wrong by $1.5 billion is just a taster.
9 people found this helpful
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