CITY veteran Terry Smith may have said only last week that he wouldn’t be offering anymore commentary on the economy – but the Fundsmith founder is still keen to impart his business knowledge, as he proved at the Morningstar Investment Conference yesterday.
“I believe in the adage of always buy a business that can be run by an idiot, because sooner or later they all will be,” Smith told delegates, as he also weighed in with his thoughts on the future of Apple under Tim Cook. “The likelihood in my personal view of Apple continuing to produce anything like the products they produced under Steve Jobs is very low indeed.”
It was with no surprise then that The Capitalist learned Smith carries a rival Blackberry handset.
Cook, meanwhile, can console himself with the news that one deep-pocketed bidder has promised to shell out a whopping $610,000 to have coffee with him, as part of a charity auction.