What I take from Terry Smith’s 2004 Annual Letter to Investors:
- He has a theory that drinks firms will be hit by weight-loss drugs, as they seem to reduce drinking (and may, in future, be prescribed for alcoholism).
- He’s a fan of tobacco harm reduction.
- The letter contains a good an underappreciated point that passive investment through index funds “is in fact a momentum strategy”.
The letter is available here.
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