Terry Smith (businessman)

Smith's annual letter to Fundsmith investors restates the same three-part strategy every year, buy good companies, do not overpay, do nothing, and then grades the fund against it with tables and plain explanations. Its value for this list is the later letters, written during years of underperformance against the index, where he explains why he has not changed course rather than hiding the numbers. Writing quality and fund performance are two separate questions here.