Terry Smith: ‘When The Police Raid The Bawdy House Even The Nice Girls Get Arrested’

1. In his recent 2022 Annual Letter, Terry Smith explained how sometimes good companies, with solid fundamentals, get taken down in a meltdown, together with their underperforming counterparts.
2. Here’s an excerpt from the letter:
3. Our highly valued and technology holdings did not fare as poorly as some of the companies which had significant market values but no profits, cash flows or in some cases even revenues.