Nick, Michael & Terry Flash the Cash

iglad

They don't buy very often but when they do it makes a headline, the devil may love Prada but so do Nick Train & Michael Lindsell.

https://citywire.co.uk/funds-insider/news/lindsell-train-global-pounces-on-prada-in-first-buy-for-two-years/a1264954

Meanwhile Terry Smith buys something for the weekend.

https://citywire.co.uk/funds-insider/news/terry-smith-faces-down-hedge-fund-bear-with-first-buy-this-year/a1265892?ref=citywire-money-latest-news-list

Prism

If anything this shows how different these two styles actually are. Handbags vs Toothpaste.

Scarpacci

Having recently read "Moneyland", I can certainly see the logic in those luxury companies given the number of high net worth shoppers in emerging economies who desire Western brands.

Still, I find myself more in agreement with Terry Smith on not investing in fads, because it's hard to know when they will go in and out of fashion. Brand names like Prada might always have cachet, but you're still dependent on them producing the right goods at the right moment and repeating the trick forever. Burberry hasn't been a reliable performer on that front in recent years.

Church & Dwight is interesting. Terry Smith has been effusive in praising the company and has mentioned it as a regret that they didn't hold it in Fundsmith before. I have held it for a few years and read through the short report this week

CHD is a hodgepodge of brands, more towards the value side of the market. It's interesting he's sold out of both P&G and Colgate, which have more dominant brands and much more international businesses, but has bought a company that is #2 or #3 to them and primarily in the U.S.