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Terry Smith: My underperformance was ‘inevitable’
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fnlondon.comStar stock picker Terry Smith has defended the performance of his flagship Equity fund, claiming negative returns posted last year were “inevitable” as the era of easy money drew to a close and the tech stock bubble burst.
One of the most successful names in UK fund management, Smith — who paid himself £36m during the 12 months to the end of March 2022 — has boasted years of stellar performance with his philosophy of buying good companies, not overpaying, then doing nothing.
But...
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