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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

By Terry Smith
Cover of Investing for Growth (Hardback) by Terry Smith Cover of Investing for Growth (Ebook - phone) by Terry Smith Cover of Investing for Growth (Ebook - tablet) by Terry Smith

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About the Author

Terry Smith

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 ... Read more on Terry Smith

Contents Listing

Jacket Text

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.

Professional Reviews

"With Terry Smith you are spoiled with detail ... Coming from a master, this is a very good offering indeed based on a decade of excellence." Zak Mir

"Masterpiece" Vivek Mashrani, CFA

"One of the finest books that I have ever read on long-term value investing in high-quality businesses. Highly recommended! … Terry Smith is a great investment manager and his writings make lot of sense." Gautam Baid

"A tremendous book" Brandon Beylo

"Terry is a wonderful investor with a terrific track record. He buys high quality companies and then does nothing." Brian Feroldi, 10 Highly Underrated Books About Money & Investing

"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')

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)

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)

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

Media Coverage

Investment Week

Star fund manager Terry Smith, the founder of Fundsmith and manager of the Fundsmith Equity fund, has written a new book that aims to lift the lid on investing.

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Interactive Investor

Towards the end of his new book, Investing for Growth (published by Harriman House), the founder of the £26 billion asset manager Fundsmith, points out:

“Looking back, it seems that crises, ...

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The Telegraph

Writing in his new book, Investing For Growth, Mr Smith, said businesses and sectors that have thrived this year will continue to do so once the pandemic is over. He includes digital payments, social ...

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Master Investor

Investing for Growth is a collection of essays and articles written by Smith over the past ten years, published together for the first time to celebrate his fund’s first decade. Through a ...

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Master Investor

Investing for Growth is a collection of essays and articles written by Smith over the past ten years, published together for the first time to celebrate his fund’s first decade. Through a ...

Read more


Finally an investment book. This year it has to be Terry Smith’s Investing for Growth, How to Make Money by Only Buying the Best Companies in the World, a collection of his writing over the decade ...

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