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May 21, 2021Liked by Prdctnomics

Congratulations on the best summary of Fundsmith's investment process that I've ever seen. Some reference to the ROIC versus WACC sectoral study that Terry Smith often refers to may help investors in providing context. Having looked at that I concluded that the chances of finding long term investment winners in about half the economy are very low, if not zero. Great work!

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