Investing for Growth (Second Edition)

Investing for Growth (Second Edition) by Terry Smith offers a succinct and strategic approach to successful investing: Buy good companies. Don't overpay. Do nothing.

Too often, people make investing seem needlessly complex. In this anthology of essays and letters penned between 2010-2020, renowned fund manager Terry Smith takes pleasure in dismantling the various myths of investing, advocating for the straightforward strategy of acquiring the world's best companies.

These are businesses that generate significant cash flow and utilise it effectively. The outcome is a powerful compounding of returns that is nearly unbeatable. Moreover, these companies are time-tested, having endured the Great Depression and two world wars.

With his distinctive razor-sharp wit, Smith not only identifies what these high-quality companies look like and where to locate them (and how to detect impostors), but also discusses:

• 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.

Supported by the analytical rigour that established his reputation with the cult classic, Accounting for Growth (1992), Investing for Growth provides an engaging and enlightening journey through critical investing topics, enriched with practical insights to make your money work for you.

No investor's bookshelf is complete without it.