Notebook: emerging markets thoughts

As regular readers will know, I am a fan of Terry Smith and his Fundsmith Equity Fund has been a member of the Investment Reader core fund portfolio since the outset. Okay, Terry may be a little arrogant but in private he has a great sense of humour and I for one don't begrudge him his rewards for making Fundsmith such a runaway success. Of all the professional investors I have encountered, he is the one who to my mind has most accurately translated into practice lessons from the experience of Warren Buffett, whose thinking he, like so many other smart investors, frequently references. (Yes, I am guilty of that too).

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