4万字对话｜72岁传奇投资人特里·史密斯详述一生，如何塑造自己的投资风格

Core Insights - The article features a dialogue between William Green and Terry Smith, a renowned British investor known for managing Fundsmith, the largest equity fund in the UK with over £27 billion in assets [1] - Since its inception in 2010, Fundsmith has achieved an average annual return of 14.8%, significantly outperforming the MSCI World Index by over 200 percentage points [1] Group 1: Background and Early Life - Terry Smith grew up in a challenging environment in East London during the 1950s and 60s, characterized by poverty and the remnants of World War II [2][3] - His family lived in a very poor area, with inadequate housing and facilities, which instilled in him a strong desire to improve his circumstances [11][15] - Smith's father was a skilled driver who suffered from asbestos-related illness, while his mother held various low-paying jobs, contributing to their family's financial struggles [12][14][15] Group 2: Influences and Motivations - A pivotal moment in Smith's life was watching the film "The Thomas Crown Affair," which exposed him to a different lifestyle and fueled his ambition for wealth and success [19][20] - His father's interest in cars and driving skills influenced Smith's own passion for automobiles, leading him to collect over 200 cars [23][24] - Smith's experiences in a rough school environment led him to take up boxing, which became a lifelong interest and a source of discipline [31][32] Group 3: Investment Philosophy - Smith emphasizes the importance of understanding a company's economic reality and its ability to maintain high returns, reflecting a deep analytical approach to investing [2][19] - He cites Charlie Munger's influence on his investment philosophy, particularly the idea that the performance of a company's stock will align with its capital return over the long term [2][19] - Smith's investment strategy focuses on high-quality, resilient companies, which has been a key factor in his fund's success [1][2]