Reckitt Benckiser is mentioned as a company Terry Smith would prefer to invest in over Nvidia, indicating his preference for stable, less growth-oriented businesses.
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No Excuses: Why Fundsmith is Falling Short
Playing FTSEApr 15, 2026
The creator discusses the Fundsmith annual shareholder meeting, focusing on Terry Smith's explanations for the fund's recent underperformance. While agreeing with Smith's point that passive investing is active, the creator disagrees with his conclusions on AI and drug companies, and criticizes his defensive stance on underperformance and his avoidance of capital expenditure.
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PepsiCo is mentioned as a company Terry Smith would prefer to invest in over Nvidia, highlighting his preference for stable, less growth-oriented businesses.
Amazon is mentioned as part of the big tech group that Fundsmith is reducing exposure to, a move the creator finds questionable.
Microsoft is mentioned as a big tech company that Fundsmith is backing away from, a move the creator is skeptical about given their overall performance.
Meta's significant investment in the metaverse is discussed, with the creator acknowledging the waste but noting the company's overall strong financial performance.
Terry Smith criticized Oracle's Cerner acquisition, but the creator points to Oracle's strong financial performance since then.
Novo Nordisk is highlighted as a significant failure for Fundsmith, with the creator strongly disagreeing with Terry Smith's conclusion to avoid drug companies.
Fundsmith's selection of Alphabet is cited as an example of their perceived genius, though the creator questions the overall strategy.
Nvidia is mentioned as an example of a stock that has performed exceptionally well, contrasting with Fundsmith's investment choices.
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NVO
sell opened Apr 15, 2026
-9.16%