Are Quality Stocks Cheap Yet?
Terry Smith's fund dropped 18% in H1. Here's what I think matters going forward
Given the prospect of an economic slowdown, it’s timely that Terry Smith’s Fundsmith Interim Letter has recently been published. In it, he makes two important points about quality and the resilience of his portfolio to inflation and an economic slowdown.
He discusses the impact inflation has on a company’s cost of goods sold. His portfolio has a gross ma…