Terry Smith, popularly known as ‘Britain’s Warren Buffett’, is a highly successful fund manager who has over three decades of experience in the industry. His investment fund Fundsmith began operating in 2010 and is now the largest investment fund in the UK. As of end-June 2022, Fundsmith held over £22 billion in assets under management and has returned 15.8% p.a. to its unitholders since inception. (In comparison, the MSCI world index returned 11.2% p.a. over the same period.) Unlike Buffet, Terry Smith is a lot more brash compared to his American peer. Smith is famous (or some might say infamous) for his book ‘Accounting for Growth’ which critiqued accounting practices at companies after a series of high-profile FTSE 100 public companies went bankrupt in 1990. His then-employer, UBS, asked Smith to withdraw the book. He refused and was later fired. Smith believes that macro trends are difficult to predict accurately....