This video: https://www.youtube.com/watch?v=d3cRr318ve4 , is the annual shareholder meeting of Fundsmith. Apart of presenting the results of the year, they review a set of economic fundamentals and behaviors that are communicated in a very didactic way.
Basic strategy principles
The investment strategy has three pillars that are summed up by the acronym ODD:
- Only invest in good companies.
- Don’t overpay.
- Do nothing.
“We limit it to a few sectors which have the characteristics we seek: consumer staples, some consumer discretionary products, healthcare, and technology being the main sectors.”
About Brexit: Better A Painful Ending, than An Endless Pain.
When there is not the perfect company in a sector, we pick two to look for that perfection.