I attended a talk by Terry Smith, organised by the Sone Club. A former investment banker, Terry Smith has launched a new fund, Smith Fund, which basically invests only in stocks of companies that sell low unit value products of daily use, to consumers who cannot negotiate the price. These companies are all what were known as the blue chip companies and are over a hundred years old, so they have seen wars, recession and other calamities. These are long-term investments. Not for Terry Smith tech stocks – a highly innovative and volatile market with prices changing and high obsolescence rates.