Investing for Growth: How to make money by only buying the best companies in the world – An anthology of investment writing, 2010–20 Hardcover – October 27, 2020

Really solid tips in a light style but don't gloss over the simplicity. To actually find and sift through quality companies takes time and a lot of balance sheet knowledge. I found it just like a master class of really good analyst insights and it just builds on the value lessons i have had over the years.If you have an interest in value & long holdings then this is great book.What i liked about the book is that each chapter is short and there is a lesson with supporting numbers or metrics to apply. Like the Accounting For Growth book copy I have the paper version of Investing For Growth already has some under lining! I paid for the paper copy back last year and it arrived only two weeks ago so in the meantime I bought a kindle copy and read it then read the hardback version and just picked up a lot of extra details. Its one of those books to read a few times .

Smith is a buy and hold investor, buying great companies (with very high returns on invested capital) for a reasonable price and then holding (almost) forever. Like Charles Munger he believes that an investor's returns over long periods on a stock are tied to the stock's return on capital, not so much on price paid. He has certainly been successful with it. But for any investor, new or experienced, the book offers a different and valuable way at looking at investing, even if the reader does it differently. The first example is on p. XIX with a graph showing what PE ratio someone could have paid for different companies while still getting a 7 % annual return over the next 46 years (1973 to 2019): over 100 times earnings for Pepsico, Heineken, Colgate, Hershey, Lindt and L'Oreal. "What investors can learn from Alex Bird's 500 winning bets at the races" is a great illustration of why financial analysis is valuable and required. Another chapter questions the value of investing in a company with a great CEO (Jack Welch for example); the success might be illusory or temporary, and the successor is unlikely to live up to the predecessor. The contents are taken from articles and annual shareholders' letters written over 9 years so there's some repetition. But overall it's a worthwhile read for any investor.

I found this to be a good compilation of writings from a great investor (Terry Smith). His wit and style make them easy to read and comprehend for even the average investor. I highly recommend it.

Source of quality investing

This is a fantastic book with some great lessons for people willing to learn. I would recommend this book to everyone. The main thing I like about the book is that it is very succinct in explaining its lessons, and those lessons are actually applicable.

I cannot help it, I just love reading these business, finance, and/or investing books. Accordingly I also couldn’t resist reading this one. To my surprise, though, I feel like I actually learned a thing or two from this book (Terry Smith really drives home the point about good/quality companies — their fundamentals will constantly improve even if their valuation varies in the short term).Still a few remarks:- this is not a monograph, but simply a collection of articles and annual letters to shareholders- Terry Smith repeats himself quite often across the different pieces of writing included in this book- the writing can be quite good, but it doesn’t always hit the mark

I've been reading investment books since 1986. Most disappoint. This does not. It is one of only two investment books that I liked so much I bought a second copy as a backup in case I accidentally ruin the first one. The other book was the first one I read in '86: John Train's The Midas Touch, an obscure gem. I am no longer a Buffett/Munger type investor but a Terry Smith/Julian Robbins practitioner.

Book is a bit repetitive. Has some good nuggets. Is British with British tone and humor. Worth a read. It's a bit pricy.Next on my list is "Only the Best will do", another growth book by an American.