Fundsmith 6M letter – Active vs. passive, Momentum & Style change

Management Summary: In this post, out of pure self-interest, I looked a little bit deeper into Terry Smith’s controversial 6M Fundsmith report and focus on the “Active vs. Passive” debate, how Fundsmith’s Buys and Sells look under my own Momentum scoring and some thoughts on changes in investment management styles. Intro & Background Terry Smith, the outspoken Boss of UK