Fundsmith secret of success
Pick stocks that:
● that can sustain a high return on operating capital employed;
● whose advantages are difficult to replicate;
● which do not require significant leverage to generate returns;
● with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return;
● that are resilient to change, particularly technological innovation; and
● whose valuation is considered by the Fund to be attractive.