![Image upload](https://cdn.commonstock.com/59e44d7d02eb542757988386b5022f086d20eb36942552b74b918046b4768238-1110x606.png)
[annual-letter-to-shareholders-2022.pdf (fundsmith.co.uk)](https://www.fundsmith.co.uk/media/bm0lyc22/annual-letter-to-shareholders-2022.pdf)

Not great! Also, a classic "show me the incentives, and I'll show you the outcome"

Brett Schafer

https://www.fundsmith.co.uk/media/bm0lyc22/annual-letter-to-shareholders-2022.pdf

Terry Smith offers a free class on Share-based compensation

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