Notwithstanding his investment management capabilities at Fundsmith, Terry Smith’s writings have also provided very good value for discerning readers. 

“Accounting For Growth”, published back in 1992, is a ruthless exposure of the creative accounting then used by many UK firms to confuse investors. This often cast a flattering glow on their true financial situations despite the fact that some turned out to be on the verge of bankruptcy. 

The annual letter...