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07 May 2013


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Paul S

What a shame. I have agreed and disagreed with what you say on many occasions. However at no point has this any bearing on what funds I invest in. Rather your clear and unambiguous view of events makes me more confident in the overall direction of Fundsmith.

John Doney

Hope you don't bow out for long Terry. My own firm produce a "blog" commentary for our clients and admit that we have often used snippets from your blogs. I tend to agree with most of what you say but not all however my father always said "The key to an informed opinion is to be informed and that means from both sides of an argument". Anyway sincerely hope to hear more from you in the future.

Caroline Gurney

This is really bad news. Would you consider a private email newsletter to which those of us who do appreciate your writing could subscribe?

Paul Coffin

Brilliant. Maybe you an David Davies should start up a new party. Or join UK. I don't know. But I do hope that at some point some of the people talking sense do indeed manage to wins some of the arguments. Although as you say, I doubt it.


I suspect you have already made enough money to get by.

Besides, I shouldn't have thought that your own interest in the fund - even a fund that invests in liquid multinationals - is best served by chasing more and more new investment.

You have left it too late to be remembered as another Warren Buffet, but your contributions to debate are important - even more so given the faults you rightly identify in the media and establishment.

If you must take a break from public policy commentary, you might favour us with some investing commentary. I'd be particulalry interested in:
- the rationale for continuing to back Steve Bullmer's Microsoft; and
- the investment merits of Big Tobacco now that e-cigarettes are making real inroads among smokers.

david fisher

Terry - that is a great shame. I understand your reasons ( by the way you didn't mention the Economist which is as responsible as the FT for the deterioration in the level of commentary). It is a cliche but common sense is a scarce commodity as is courage and independent thought and your withdrawal will make those commodities even scarcer. I think it was for ever thus where the blindingly obvious was expediently ignored but we need people like yourselves with experience of finance and industry who haven't been corrupted by baubles and soft-headed thinking.

Peter Phillips

It's a sad day when one of the few sane commentators and voices has been browbeaten into silence. To where/whom do we now turn for such comment? The only winners are those who want to shut down all dissenting comment.



Personally, I am very sorry to hear this. Your blog is one of the few breaths of independent and insightful comment that keeps me sane in this world of nonsense.

Isn't walking away just what 'they' want?


Well, the point is that there are few enough people prepared to speak truth unto power. Losing one who does just that is always damaging, especially one who is able to talk from experience and has marshalled the relevant figures to back up our case.
I would ask you to reconsider.

John Hayes

Your quitting is understood, but I shall miss reading your useful and persuasive contributions to public discourse.

S Forbes

Terry, you are quite correct in your view of the situation, sadly, you are one of a few voices crying in the wilderness. Sorry to lose you.

You will, of course,in time be proved right; not that will do any of us much good, the deadline to be able retrieve the situation will have long passed and we may be reduced to communicating via carrier pigeon! No Power! No Cash! No Food! Three cheers for the EU,IMF & Climate Change!

Graham Howe

It is a sad day when a voice of reason is forced from view.
There are a large number of us out here that are fed up with being pumped the conventional view / wisdom.
On the Economy;my particular interest
It is fairly obvious to anybody with an ounce of common sense that at some point, someone, somewhere is going to have to pay it back.
Thank you again for your clear headed views


What's the point?
I believe you know the answer to that, but, without conflict of opinions, different points of view the world would be a different and more corrupt place. You're made of stern stuff Mr Smith, enjoy your personal interests and your businesses but please dont stop being an opinionated irritant for your opponents. I may not agree with absolutely everything but then you challenge me to think again.
Write on Terry!


You need to recognise two things: -
(i) we live in 'liberal' multi-institutional dictatorships in Britain and throughout the Western world
(ii) the solution to such dictatorships is for you to become a democratist, i.e. one who advocates the will and rule of the democratic majority in all matters of public importance (including all the ones you touch on in this column), via multi-issue referendums on a regular basis.

Become part of the alternative to Western 'liberal' dictats, dictators and dictatorships of any and every kind. Become a democratist today. Democratism, not 'liberalism', is the way forward, individually and collectively.

It works!

Jason Abbott

I doubt this will get read, but your voice and experience is needed now like never before. Our Country faces huge challenges and we need all the players on the field. Be a shame to not hear from someone of your caliber. Politics is where you would have a louder voice and UKIP if they had half a brain would be beating a path to your door.

All the best anyway.

Stephen Britt

Please don't give up, please keep pointing out that the King has no clothes.
Would be interested to hear more about the various threats.
Looking forward to reading the 2-year Fundsmith report later this year!
Keep kicking myself for not getting on-board when it was below 100.
Again, don't give up, there is a point.


Terry of course they won't listen. But just the fact that you provided a sensible, thorough approach means you were doing a lot of good, even if I didn't agree with everything you said. It was great to see your old school, sensible thinking tackling many of these smug self satisfied pundits, especially the smug bbc. If you are leaving the public arena, can I ask that you populate your blog teaching us technically about investing?


I'm disappointed Terry. You're the voice of reason. Quite alarmed to hear that you've actually been threatened, although it sounds like an excuse for a cracking blogpost or two.

Frees up a little more time for you to make me some money, I suppose ;)

D Gill

I am very sad to hear this, but can understand if you're just tired of the fight.

I always felt there was a ring of truth about your posts, and I'm only sorry there will be no more of them.

One less sensible and factual voice is not what the country needs, quite the opposite in fact. Hopefully you will recharge with a break and join the discussion again.

It's very sad that you are subject to accusations such as you have outlined, when as far as I can see all you have wanted is open and factual discussion of very important subjects.

I wish you well and thank you for what you have tried to do.


You will be missed. I have been following you for some time and have enjoyed your practical and forthright views on a range of subjects. I suppose it doesn't hurt that my views coincide with yours. All the best. I and others like me will be waiting when you get tired of silence...

Matthew Bird

Many thanks for sharing your views, I largely agreed with most of them. All the best for the future!

David Pope

Sad you feel the need to stop, but I fully understand why. The inability of most of my friends to engage in an informed debate (on anything) based on a few facts is a microcosm of your challenge - so I just keep quiet at dinner parties now! The obsession with 'here today, gone tomorrow' headlines is really quite depressing.
I call it the 'X-factor' factor - most people today really do think that the programme represents music, rather than some preplanned and staged elevator muzak, shorn of all spontaneity and, heaven forbid, talent. It's all no style over no substance - the worst of every world!
Politics and finance (and the climate debate)are the same.
After time, banging your head against a brick wall starts to hurt quite a lot, so like you, I stopped.
All the best, my monies staying with Fundsmith though!!

Richard Foster

It's a real shame that you are quitting your comments on the EU and the other topics you have addressed. Yes you might be ignored or even vilified by some, but that's not really a good reason to stop saying what you so elequently having been saying. Tellers of uncomfortable truths have always been unpopular and usually ignored but if you keep on telling it as you see it, at least you cannot be considered complicit in what follows. Well perhaps not quite complicit but you know what I mean. Maybe you will sleep better or something... Anyway, with perhaps my lone voice, I urge you to keep on with your occasional comments. I appreciate them and the research of your colleague Dr Tim Morgan very much.
If it makes a cheerful counter balance to some cretinous FTSE100 CEO, in some small way, I can tell you I encouraged a family member to invest a very considerable sum in your fund because I liked your ideas, admittedly investment strategy ideas rather than economics and politics but these things are some what interlinked. What's more, they are very happy about it too.

David Jones

You are bang on the money but I can understand why you are withdrawing. Your views (my views) are gaining ground but it might take another Big Bang to sort things out!

John pd

Sorry to hear this Terry. I've both learned from & enjoyed your blog. Thank you.

4 of the issues you identify are,I believe,part of the same global plot.

One clue is the play the man,not the ball,tactics used by Mandelson are straight from the marxist Saul Alinski's book: 'Rules for Radicals'. Precisely the same ad hominem tactics are used in the climate 'debate'.

Ruthless tactics employed by second rate minds pushing the murderous philosophy/religion.

You can't convince true believers,for them facts are irrelevant. However, you cannot assume that the cult leaders are interested in the general good, or even the wellbeing of their well rewarded followers,as Jim Jones demonstrated. Time will tell.

As for Mrs Thatcher,every religion needs it's hate figure, it's Satan. The lady who almost single handedly pushed down the Berlin wall, lending backbone to Ronald Reagan, & squashing Arthur Scargill, fulfills this demonic role.

Then we had the unions turning us into 'the sick man of Europe', & bankrupting us.Now it's the banks bankrupting us,& we need someone with backbone to deal with them.

A gift: youtube & put in: The secret of Oz
Bill Still's theory that the quantity of money in the system is more important than that money's substance.I hr 50 mins.
Also, youtube again & put in:The Real Face of the European Union. 43 mins.

Cheers Terry.

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