FT reports that Terry Smith took home £30m last year. Unfortunately, they got this totally wrong. Why? Well they failed to watch my video about related party transactions. And I even used Fundsmith as an example. Read on for more...... https://www.ft.com/content/8420a1d1-49bd-4cba-8fe7-e8a7621cc51e">https://www.ft.com/content/8...

In the latest video on my YouTube channel (out today!), we explain how investors could under-estimate how much Terry Smith takes home. This is exactly the trap that the FT has fallen into. They have taken the highest paid member& #39;s pay and assumed that was Terry.

Now the highest paid partner may well be Terry Smith, and I would say he deserves it as he has been an absolutely stellar fund manager. The business generated revenues of £228m last year and has AUM of c.$23bn per the FT. But that profit figure of £49m is rather understated...

.. because it& #39;s derived after £180m of admin expenses, for a company that has 23 staff and 8 partners. The reason is in the related parties note: £156m was paid to FISL, a related party....

I explain in the video that this appears to be a Mauritius entity, controlled by Terry Smith and is likely a better indicator of what Terry Smith made last year. Well done Terry and well deserved. Poor job FT, watch the video for more... https://www.youtube.com/watch?v=Yq-KU_VQ85s">https://www.youtube.com/watch...