Star fund manager Terry Smith has issued a robust defence of his ‘controversial decision’ to buy into troubled Facebook in a letter to investors in his flagship fund.
Despite the emergence of what Smith dubbed a ‘a circular firing squad’ for the tech giant, he claimed the numbers paint a picture to suggest it will come good after what he called a ‘glitch.’
In the letter, the Mauritius-based investment industry heavyweight gave no sign he will ditch his famous ‘buy good companies, do nothing’ approach in the case of Facebook.
Facebook shares are down 30 per cent from the peak of almost $220 they hit earlier this year.
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