저자: TerrySmith · 외국인
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Fundsmith 창업자 Terry Smith가 UAE 피더펀드 출시를 계기로 인터뷰. 좋은 기업을 합리적 가격에 사고 아무것도 하지 않는 전략을 강조하며, 약 80개 투자 가능 기업만 고른다고 설명. Novo Nordisk는 약 5년 보유 중이며 비만치료제 등 적응증 확장 가능성을 언급. Nvidia는 사업모델 변화가 잦고 과거 주가 80% 하락 사례를 들어 예측가능성이 낮아 미보유라고 함. 장비 산업의 경기 민감성도 지적.
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talking investment now Terry Smith is the founder of fund Smith uk-based fund manager with 37 billion pound under management it's just launched here in the UAE and he's with us in the studio Terry good morning thanks for being here good morning right to 14 years ago you launched fundsmith 2010 and it's grown significantly since then why now launching here in the UAE just tell us what you're doing yeah look we've already got a significant client base here in the UA we've got over a billion dollars from uh from people although we're the biggest Fund in the UK uh we've got quite a widespread of clients you know right around to Japan uh in in the world uh including the UAE uh and the the regulations changed in the UAE recently which you may be aware of which is to say that foreign funds can't be sold here any longer uh and so we've set up a feeder fund with a local firm aditum who are running that for us uh so that local investors will be able to continue to invest in fundsmith so we're here basically for the launch of that feeder fund so let's talk about the fun Smith story as I say only 14 years old and to rise to be the biggest retail fund or the biggest fund by many measures in in the United Kingdom 37 billion pounds under management is is some going in little more than a decade how did you do that um did it by a variety of of reasons first of all just committing my own money to it and my colleagues my my partners uh money uh to it so making a commitment uh to it uh secondly by running it I think in a way that does deliver value for investors really does that's that's what our focus is U the day that we don't think we can do that I would just give up um and um a being clearing communication to people people you know I sit in a lot of meetings unfortunately I could I could end that sentence there sit in a lot of meetings but I sit in a lot of meetings where people say it's all about communication and it's not all about communication communication is incredibly important but you need something to communicate first I don't know if you've seen the the movie Sully about sullenberger the Miracle on the Hudson MH and uh I was a keen amateur pilot um in the past and um one of the things I was taught is that in an emergency the important Mantra is aviate navigate communicate in that order when the engines both blow out on your your your Airbus it's no going mayday mayday mayday I'm in trouble fly the plane first right it's the same with this have a product or service that really delivers something valuable to investors then communicate it and your Mantra is famously simple which is why journalists like me love the Britain's Warren Buffett quote it War who exactly and it's not just because you're both very successful billionaire investors it's because there's essential s Simplicity to your approach and the Mantra of quoted is uh buy good companies don't overpay and then do nothing yeah explain that to us sure um before I begin to explain it let me just say a qualification on it it's simple that doesn't mean it's easy actually doing Simple Things things is often the most difficult in life um we try to buy good companies um and I've got a long uh definition stringent definition of what's a good company um and the good news is you haven't got time enough for it um but I bought your book last night so I can read it this week you can read it at your at your leisure um yeah if you got insomnia it would be very helpful and um so look we buy good companies and I'd start by saying this why would you do anything different to that so what you deliberately go out and buy bad businesses wow what an interesting concept so we're looking for companies which are people say oh you're you're trying to pick winners no I'm not trying to pick the winner I'm trying to bet on the winner after the race has occurred when somebody's won we don't need to worry about whether Coca-Cola and pepsic Co dominate the world drinks Market do we so I'm trying to buy a good business that's been around for a long time through many business cycles that makes a high return on the capital that's employed that's our Capital as investors that's got great profit margins that generates cash no profits without cash need cash right they're not the same thing profits and cash aren't the same thing um that's got a pathway to growth that over the foreseeable future whatever the hell that means but as long ahead as I can imagine it will continue to grow there's something that it sells that we're going to want more and more and more of AD infinitum basically that's run by capable and honest people um who tell me the truth about what's going on including the bad bits because there's always going to be bad bits um and that's the most important thing we do you could almost stop there if you if you own good companies you'll be okay but we try to buy them when they're at least reasonably valued we do believe in the Great Buffet adage it's better to own a great company at a fair price than a fair company at a great price he's absolutely right and then having assembled this small group of very good companies we only think that we can identify about 80 companies in the world that are that are investable um there's not many that that go through these that go through the eye of the needle in terms of this we do nothing because why would you change anything at that point it costs money to change things and by and large when I change things I don't always get it right the grass isn't always greener on the other side when I change things quite often it's not as green so that's what we do we try and identify those good companies and I spent most of what I just said in reply talking about the good companies because it is the most important thing well if we look at some of the companies in your relatively limited portfolio for a portfolio of that size you do have Novo Nordisk which makes the the weight loss drugs you do not have Nvidia no can you explain those two decisions to me yeah sure I mean the simplest way might be because I was wrong that's I mean I think there's a reasonable possibility Novo we are we've owned Novo for about five years so we owned it before the words weight loss were ever used in connection with Novo Nordisk it was then basically a company that made uh uh insulin and other drugs to control diabetes it's the it's the world leader in the in the control of what's the biggest and fastest grain disease in the world diabetes uh and when we met them we were really struck that they were different to other drug companies into in terms of the drug Discovery process they didn't have large sort of campuses full of phds uh trying laboring away to take an existing drug that they had on patent to try and find a way to do something with the formulation to get the patent extended they went for radical changes in terms of the new drugs that they discovered and um uh we thought that was going to produce spectacular results and it has it's produced uh the the weight loss drug Wavey which is also of course OIC for the treatment of diabetes and so far it's labeled by Health authorities a number of countries for diabetes which is what it's there for and also for weight loss but I think it will go on to be labeled for uh improving your kidney function or at least stopping its deterioration and and your liver um and for the um eradication or remission of autoimmune conditions of Lupus arthritis Etc probably haling the development and sending into remissions something like a dozen cancers uh uh aling the progress of Alzheimer's um and um is a remedy for for um alcoholism we've only got a short short while left Terry your quick thesis on Nvidia which you don't own I might be wrong um the problem for us in owning Nvidia is we don't think it's very predictable I mean it's obviously on a on a tear at the moment from selling these gpus for artificial intelligence but it's had two big changes of its business model from chips that were used for gaming and chips that we use for Bitcoin into these gpus now and it's handled that brilliantly it's petted through all those brilliantly but will it be able to do it in future I don't know bear in mind the last two times it did it the shares went down 80% it's not got the predictable characteristics we seek the other thing to say about it I know you say a short time is um we don't like things which are sold which are very high value and are sold as part of the capital cycle you know somebody who makes a great big machine that they sell to another company to make stuff because when there's a downturn that business just goes to zero sometimes right it's not not not like selling toothpaste you know and um my trick question for of you think you might know something about Nvidia all right so get ready because I'm about to question you now okay is they sell chips right could you tell me physically what one of these new F Nvidia GPU chips looks like not a clue no no come on I want you to tell me you know what microchips look like tell me what this looks like I'm not going to let you off it's like it's like a a Kit Kat isn't it it's going to lots and lots of Wafers on top how big is it how big is it a fair point don't know it ways on average 30 kilos right right it's the size of a small suitcase and is water cooled and cost two to three million bucks this is a big capital investment item right uh and that's not the sort of thing we invest in basically it's a it's a long long long remove from buying toothpaste right because people say to us oh you invest in a lot of things that are sold to Consumers correct isn't it dangerous to be close to the consumer when there's an economic downturn to which my answer is yeah it's very dangerous there's only one thing more dangerous than being close to the consumer and a Down not being close to the consumer because when the consumer stops buying things as much and the consumer company making Cosmetics or tooth space whatever has a 5 to 10% downturn guess what happens to the suppliers of Capital Equipment that goes into their factories to make this stuff theirs goes to zero they just stop ordering Terry it's been great fun talking to you thank you so much for joining us today someone's asking what's the name of the book I bought it last night on Amazon it's accounting for growth and no investing for growth investing for GR is for accounting for growth was my first and that's a story for another day appreciate your time this morning Terry Smith founder of fun Smith now teamed up with Adam here in the UAE thank you
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