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Fundsmith Performance
malc1111
Posted: 05 July 2021 17:12:30(UTC)

Joined: 02/12/2017(UTC)
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bédé;175831 wrote:
Frank Marquis;175828 wrote:
What is tiresome is a constant derailment of all Fundsmith threads by ...
But 16 pages? And 4 months??


You are not forced to read it , some people may only catch it at tail end etc.
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SimonHughes on 05/07/2021(UTC), Keith Cobby on 05/07/2021(UTC), Guest on 06/07/2021(UTC)
Paul Greer
Posted: 05 July 2021 17:16:24(UTC)

Joined: 13/04/2021(UTC)
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bédé;175831 wrote:
Frank Marquis;175828 wrote:
What is tiresome is a constant derailment of all Fundsmith threads by ...
But 16 pages? And 4 months??



The clues in the title. If not of interest find some BG threads to drool over.
5 users thanked Paul Greer for this post.
SimonHughes on 05/07/2021(UTC), Simon Martin on 05/07/2021(UTC), Fell Walker on 05/07/2021(UTC), Shetland on 05/07/2021(UTC), Guest on 06/07/2021(UTC)
Bulldog Drummond
Posted: 05 July 2021 19:24:09(UTC)

Joined: 03/10/2017(UTC)
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Frank Marquis;175796 wrote:


Noted I'll dial that comment back to the fact that OEICs aren't allowed over 10% in a position therefore can't compare that to a benchmark which does have that.


Would it not be equally odd to compare a fund that has a universe of about 100 potentially qualifying stocks, of which it selects 30, to a benchmark that has 4000?

Can't see why anyone seriously cares what is posted here as it won't affect FS prices in any way. I am not sure that using words like "drool", "ignore" and "just jealous" to describe people who reasonably and politely disagree with an opinion (about a fund, of all things) add much to the quality of the discussion. I am sure that we are all very happy and pleased for those who had the good fortune to buy FS in its early days.

"Anger arousal stems from a perceived threat: to our emotional or physical well-being; to our resources, such as our time, energy, things, and wealth; or to our loved ones. An important aspect of this definition is the keyword “perceived.” As such, we may feel threatened even when no real threat exists, or we may see the threat as being greater than it really is. Consequently, we may impulsively experience overly intense anger, when we perceive the danger to be greater than it really is."
[Psychology Today]


1 user thanked Bulldog Drummond for this post.
bédé on 06/07/2021(UTC)
Frank Marquis
Posted: 05 July 2021 20:12:51(UTC)

Joined: 14/12/2012(UTC)
Posts: 104

Bulldog Drummond;175855 wrote:
Frank Marquis;175796 wrote:


Noted I'll dial that comment back to the fact that OEICs aren't allowed over 10% in a position therefore can't compare that to a benchmark which does have that.


Would it not be equally odd to compare a fund that has a universe of about 100 potentially qualifying stocks, of which it selects 30, to a benchmark that has 4000?

Can't see why anyone seriously cares what is posted here as it won't affect FS prices in any way. I am not sure that using words like "drool", "ignore" and "just jealous" to describe people who reasonably and politely disagree with an opinion (about a fund, of all things) add much to the quality of the discussion. I am sure that we are all very happy and pleased for those who had the good fortune to buy FS in its early days.

"Anger arousal stems from a perceived threat: to our emotional or physical well-being; to our resources, such as our time, energy, things, and wealth; or to our loved ones. An important aspect of this definition is the keyword “perceived.” As such, we may feel threatened even when no real threat exists, or we may see the threat as being greater than it really is. Consequently, we may impulsively experience overly intense anger, when we perceive the danger to be greater than it really is."
[Psychology Today]




No idea why you'd be suggesting the S&P 500 then.

"drool", "ignore" and "just jealous" - huh? And you accuse me of lowering the quality of discussion.
Bulldog Drummond
Posted: 05 July 2021 20:45:39(UTC)

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Frank Marquis;175865 wrote:


No idea why you'd be suggesting the S&P 500 then.

"drool", "ignore" and "just jealous" - huh? And you accuse me of lowering the quality of discussion.


I was merely quoting the words of what some FS supporters have said in the past 24 hours about those who fail to share their opinions. I haven't used those words myself and I haven't accused you of anything.

The S&P500 is predominantly based on a fairly small number of US mega-caps, as is FS, so although not perfect it seems to me like a reasonable comparison.
Frank Marquis
Posted: 06 July 2021 07:41:30(UTC)

Joined: 14/12/2012(UTC)
Posts: 104

Bulldog Drummond;175868 wrote:
Frank Marquis;175865 wrote:


No idea why you'd be suggesting the S&P 500 then.

"drool", "ignore" and "just jealous" - huh? And you accuse me of lowering the quality of discussion.


I was merely quoting the words of what some FS supporters have said in the past 24 hours about those who fail to share their opinions. I haven't used those words myself and I haven't accused you of anything.

The S&P500 is predominantly based on a fairly small number of US mega-caps, as is FS, so although not perfect it seems to me like a reasonable comparison.


Why quote me with that accusation then?

Why 100% US? Why so many companies that Fundsmith wouldn't invest in?

By far the closest match to the Fundsmith investable universe is the MSCI World Quality Index but then I guess that doesn't suit your argument/agenda.
1 user thanked Frank Marquis for this post.
Joe Soap on 06/07/2021(UTC)
WBH
Posted: 06 July 2021 08:51:17(UTC)

Joined: 06/05/2021(UTC)
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My thinking is that the only really relevant benchmark is where you would place your money if it was not in Fundsmith, which will be different for each individual, and will consequently generate different conclusions. As such, without meaning any disrespect, this debate seems a little pointless.

Personally, I have held FS since I started investing, and continue to do so because:

a) it consistently outperforms my global tracker and with lower volatility
b) it outperforms the other funds I'm aware of that might compete for the 'defensive global' slot that I like to have in my portfolio

If another investor does not share the priorities implicit in (a) and (b) above they will naturally come to a different conclusion about FS's suitability. There is no 'right' answer to this debate.

8 users thanked WBH for this post.
Dan L on 06/07/2021(UTC), Bulldog Drummond on 06/07/2021(UTC), Mat1 on 06/07/2021(UTC), SimonHughes on 06/07/2021(UTC), Chalky W on 06/07/2021(UTC), Tim D on 06/07/2021(UTC), smg8 on 06/07/2021(UTC), A Reader on 06/07/2021(UTC)
bédé
Posted: 06 July 2021 09:04:25(UTC)

Joined: 26/09/2018(UTC)
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Paul Greer;175834 wrote:
bédé;175831 wrote:
Frank Marquis;175828 wrote:
What is tiresome is a constant derailment of all Fundsmith threads by ...
But 16 pages? And 4 months??

The clue is in the title. If not of interest find some BG threads to drool over.
I am interested, but not in the fawning. I have a foot in both camps. Does that disqualify me? Am I not a pure enough believer?

Whatever happened to reasoned debate?
1 user thanked bédé for this post.
Bulldog Drummond on 06/07/2021(UTC)
1962
Posted: 06 July 2021 10:35:22(UTC)

Joined: 24/03/2018(UTC)
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The way I deal with Fundsmith is that I limit my exposure to 10% of assets. It forces me to look for other sources of return and spreads risk. It also lessens the effect of their management fee.
3 users thanked 1962 for this post.
Jones purchase on 06/07/2021(UTC), malc1111 on 06/07/2021(UTC), bédé on 06/07/2021(UTC)
Frank Marquis
Posted: 06 July 2021 11:40:23(UTC)

Joined: 14/12/2012(UTC)
Posts: 104

bédé;175929 wrote:


Whatever happened to reasoned debate?


Indeed it's notable that certain posters throw around plenty of accusations around Fundsmith yet never actually respond directly to refutations of those points.

Shall we consider some of the recent ones?
  • All the best ideas were more than 5 years ago
    The fund is too big
    Terry Smith doesn't do any work
    The fee is too high
    Nike is its biggest holding
    Nike is just a sneaker company
    Fundsmith underperforms x index


Any actual discussion of the fund (holdings / news / valuations) just gets drowned out by those who seem to love posting no matter how true or relevant their offerings are and want to troll the thread.
1 user thanked Frank Marquis for this post.
Joe Soap on 06/07/2021(UTC)
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