William Green chats with British investing legend Terry Smith. Terry, a member of Bloomberg’s index of billionaires, manages the Fundsmith Equity Fund, which is the UK’s largest stock fund. Since 2010, it’s returned more than 600%, beating the MSCI World Index by over 200 percentage points. Here, Terry talks in depth about the skills, personality traits, & principles that catapulted him from poverty to the pinnacle of the investing world. WHAT YOU'LL LEARN HERE: 00:00:00 - Intro 00:01:20 - How Terry Smith was shaped by poverty & violence. 00:25:12 - How he achieved fame by exposing financial deception. 00:37:35 - What he looks for when identifying great businesses. 00:45:13 - Why many of his favorite companies are 100 years old. 00:51:30 - Which sectors he shuns & which he likes. 00:57:12 - How Microsoft embodies what he loves in a business. 00:59:12 - Why it’s worth paying up for the best companies. 01:13:37 - Why the US is his favorite place to invest. 01:25:24 - How being a CEO made him a better investor. 01:39:34 - Why he refuses to speak with brokers or read their research. 01:42:24 - Why it’s hard to be successful professionally & personally. 01:56:59 - Why he’s deeply skeptical about Tesla. Transcript & Guest Info: https://www.theinvestorspodcast.com/richer-wiser-happier/billionaire-brit-w-terry-smith/ Join our highly vetted community of value investors: https://www.theinvestorspodcast.com/mastermind/ 🔔 Subscribe now and never miss an episode: http://www.youtube.com/c/WeStudyBillionaires?sub_confirmation=1 📊 Add the Fundrise Flagship Fund to your portfolio in just minutes and with as little as $10. https://fundrise.com/wsb ✍️ Get your paper tablet at reMarkable.com today. https://remarkable.com/?utm_source=podcast&utm_medium=paid&utm_campaign=westudybillionaires%7Cremarkableaudio2025&utm_term=a&utm_content=februaryread BOOKS MENTIONED: - Investing for Growth by Terry Smith: https://amzn.to/42KiNGw - Accounting for Growth by Terry Smith: https://amzn.to/42Kp6tS - Richer, Wiser, Happier by William Green: https://amzn.to/426wpeY ▶️ RELATED EPISODES: - Investing for Growth & Lessons from Terry Smith: The Warren Buffett of Britain: https://youtu.be/rc9EiTNlEmo - What I’ve Learned From Warren Buffett & Charlie Munger w/ Chris Davis: https://youtu.be/Oeo66H4lM-g - Buffett, Munger, Bitcoin & More! w/ Ray Dalio, Bill Miller, Chris Davis & Michael Berg: https://youtu.be/L5gPG0Ptgio - The Vigilant Investor’s Guide to Success in Stocks & Life w/ Chris Bloomstran: https://youtu.be/kM8Z7cWtKV4 - The Quest for Quality w/ Chris Begg: https://youtu.be/gggd4dohwkM ABOUT OUR SHOW On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life. Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/richer-wiser-happier The Intrinsic Value newsletter: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #TerrySmith #Investing #StockMarket #Fundsmith #FinancePodcast