RWH054: Billionaire Brit w/ Terry Smith

This podcast interviews Terry Smith, a legendary British investor, about his life and investment philosophy. The conversation begins with his humble beginnings in poverty-stricken East London and traces his journey to becoming a billionaire fund manager. Smith details his investment strategy, emphasizing a focus on high-quality, durable companies with strong financials and a long-term perspective, exemplified by his portfolio's average company founding date around 1920. He also discusses the importance of thorough due diligence, avoiding "bad" sectors (like airlines), and the value of a strong, independent team. Listeners gain insights into Smith's combative yet thoughtful approach to investing and business, along with his philosophy on philanthropy.