Terry Smith, the fund manager of the £23.7 billion ($30 billion) Fundsmith Equity Fund, is often called Britain’s answer to Warren Buffett. He’s coming off a year in which he underperformed his benchmark, the MSCI world index, which he attributed to weakness in Estee Lauder
EL,
+1.26%,
McCormick
MKC,
-0.03%
and Mettler-Toledo
MTD,
+2.99%
among other holdings, though his annualized 15.3% return since 2010 is about 4 points ahead.
In Smith’s annual letter to investors, he said the stock market has decided that Nvidia
NVDA,
+6.43%
will be the winner in designing chips for artificial intelligence and that Microsoft
MSFT,
+1.89%
will be the winner as the provider of an AI model. “If it can do so at this stage it would seem to me to be a break with tradition. Think back to some of the major technology developments of the past half century or so and the early leaders:
Microchips: Intel
Internet Service Providers: AOL
Mobile Phones: Nokia
Search Engines: Yahoo
Smartphones: Research In Motion (Blackberry)
Social Media: Myspace.”
Where are they now, he asks? (Intel is trying to re-establi …
Article Attribution | Read More at Article Source
EL,
+1.26%,
McCormick
MKC,
-0.03%
and Mettler-Toledo
MTD,
+2.99%
among other holdings, though his annualized 15.3% return since 2010 is about 4 points ahead.
In Smith’s annual letter to investors, he said the stock market has decided that Nvidia
NVDA,
+6.43%
will be the winner in designing chips for artificial intelligence and that Microsoft
MSFT,
+1.89%
will be the winner as the provider of an AI model. “If it can do so at this stage it would seem to me to be a break with tradition. Think back to some of the major technology developments of the past half century or so and the early leaders:
Microchips: Intel
Internet Service Providers: AOL
Mobile Phones: Nokia
Search Engines: Yahoo
Smartphones: Research In Motion (Blackberry)
Social Media: Myspace.”
Where are they now, he asks? (Intel is trying to re-establi …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]