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Terry Smith analyses the pharmaceutical industry, concluding that many companies are flattering their true performance by encouraging the market to focus on 'underlying' earnings that do not reflect reality.

In this interview between Terry Smith and Maike Currie, Terry speaks about Warren Buffett's approach to investment and how he has used these principals in his investment strategy.

Fundsmith LLP (‘Fundsmith’), the fund management company founded by Terry Smith, today announces that it has launched a new, upgraded website with improved functionality for investors.

Terry Smith explains that although many investors are attracted to income funds and high-yield equities, what they should be doing is seeking to maximise their total return.

Terry Smith points out that 'income' has become a label for funds that seems to mesmerise investors and questions the whole importance attached to yield.

Terry Smith explores the truth behind Warren Buffett's famous quotation - “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

Terry Smith says that investors can learn a lot from the world of sport. Like in sport betting, many investors spend their time trying to predict the next big winner in a sector, particularly in technology, despite the difficulty of forecasting developments in this area.

Terry Smith cites the methods of professional horse racing gambler Alex Bird as an example of the lessons that investors can learn from the world of sports.

Terry Smith discusses how the popular US catchphrase 'Where’s the beef?' is relevant to the current predicament of McDonald’s, the world's largest fast food operator.

Terry Smith details Fundsmith's simple three stage investment process - invest in good companies, don't overpay, and then do nothing.

Terry Smith links his definition of shareholder value - whether or not a company is able to generate a sustained return on capital employed above its cost of capital - with shareholder activism.

Terry Smith gives his views on why you should seek to invest in good companies and how to define what a good company is.

Terry Smith explains what he thinks the terms "shareholder value" and "activist shareholder" really mean and how they fit into the world of investment.

Terry Smith argues that the trend of companies that grew by merger rushing to split themselves up is normally better for investment bankers' bonuses than it is for long-term shareholders.

Terry Smith speaks to Barclays Stockbrokers TV about his investment strategy and why he gives almost no thought to the global economy.

Terry Smith appreciated Tesco's problems earlier than most. Now he identifies another world-famous company that canny investors would do best to avoid.

Fundsmith LLP (‘Fundsmith’), the fund management company set up by Terry Smith in November 2010, announces that its Fundsmith Equity Fund* (‘the Fund’) has generated a return of 15.6% in the 12 months ending 31st October 2014 vs the MSCI World Index return> of 9.1% and the average IMA Global< fund return of 2.7%.

Terry Smith explains the reasons why he doesn't own bank shares, despite being the once top-rated banking analyst in the City, and points out that having an understanding of banks would make anyone more wary of investing in them.

Terry Smith discusses how the name of a fund can be a warning sign for investors and explains the importance of only investing in things you understand.