Co-founder, partner & head of research, Fundsmith
3 dated public stances tracked since 2025-03-14, most recently 2026-03-17. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Julian Robins's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Julian Robins is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2026-03-17 | TSLA | bearish | -3.0% | +10.1% | — |
| 2025-03-14 | UL | bullish | +9.3% | +8.8% | +7.8% |
| 2025-03-14 | TXN | bullish | +14.1% | +5.9% | +13.5% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| TSLA | 1 | | 1 bearish | 2026-03-17 |
| TXN | 1 | | 1 bullish | 2025-03-14 |
| UL | 1 | | 1 bullish | 2025-03-14 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-03-17
TSLA
bearish
Terry Smith · video
Tesla's average ROCE is negative over the measurement period with only one profitable year as an exception, and the returns are maximally unpredictable, making it structurally uninvestable on quality-growth criteria
“Tesla, the returns are either negative or extremely low with the exception of one year. The average is negative and they're extremely unpredictable”
90d -3.0% · 180d +10.1%
FUNDSMITH Annual Shareholders' Meeting February 2026
2025-03-14
TXN
bullish
Terry Smith · video
Texas Instruments is the world's largest analog/embedded processor maker with average chip ASP under $1, making tariff cost passthrough negligible; chips are designed-in with multi-year product lifespans so buyers won't substitute, and the US domestic…
“the average selling price per chip is actually less than a dollar”
90d +14.1% · 180d +5.9% · 1y +13.5%
FUNDSMITH Annual Shareholders' Meeting February 2025
2025-03-14
UL
bullish
Terry Smith · video
Unilever trades at a discount to its peer group and has just promoted Fernando Fernandez—described as exceptional at driving hard-currency returns across emerging market operations—to CEO, following a prior management transition that already refocused the…
“this guy is fantastic”
90d +9.3% · 180d +8.8% · 1y +7.8%
FUNDSMITH Annual Shareholders' Meeting February 2025
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