Investing for Growth (Second Edition)

'Britain's most popular stockpicker' - Financial Times 'Buffett 2.0' - Investors' Chronicle Second edition of the celebrated guide to investing from renowned fund manager Terry Smith, with new content covering 2020-2025. Foreword by Lionel Barber, former editor of the FT. Buy good companies. Don't overpay. Do nothing. Some people love to make successful investing seem more complicated than it really is. In Investing for Growth, an anthology of essays and letters written between 2010-25, 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 languageHow share buybacks can destroy valueHow to spot quality businesses and why you should invest in themWhat investors can learn from the Tour de FranceWhy leveraged ETFs are much riskier than most realiseWhy you should avoid investing in bank sharesHis ten golden rules for investmentAnd much, much more. Backed up by the analytical rigour that made his name with the cult classic, Accounting for Growth, this book 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.

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. His latest book, Investing for Growth, contains a collection of his essays and letters revealing the wisdom and strategy behind his legendary investing success.