Fundsmith annual shareholder meeting

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.