Plenty of fund managers will have had some sleepless nights recently, but not Fundsmith’s Terry Smith. “I never invest in bank shares,” he says in the Financial Times. Banks need too much leverage to make an “adequate return”. NatWest, for instance, has £5 of shareholders’ equity to finance £100 of assets, so it is geared 20 times; the average
From the editor...
Mar 24, 2023
2 minutes
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