Terry Smith on AI - Will There Even Be a Winner?
"If everybody's got it, there may be no competitive advantage"
Having re-listened to the Fundsmith Annual Shareholders’ Meeting 2024, there’s a topic worth discussing in more detail: are there any long-lasting winners in highly disruptive technology that have produced outsized returns versus sectors that didn’t experience an unprecedented tailwind? Unsurprisingly, it resonates to the competition between the Hare and the Tortoise, and it’s something we’ve talked about in a previous post.
As our portfolio is filled with rather old-fashion businesses that have been beating many high-flying tech stocks for decades, let’s further discuss the topic on AI and disruptive technology.