RESPECTED City investor
In his annual letter to shareholders, the
Smith also says the firm has "asked [investors] to suspend disbelief" that the arrival of notorious activist
"This explanation sounds like it was lifted from the script of Miracle on 34th Street,"
Smith writes.
Smith, who was City A.M.s investor of the year in 2022, goes on to say that
Last year the investor made headlines when he attacked
"A company which feels it has to define the purpose of Hellmann's mayonnaise has in our view clearly lost the plot. The Hellmann's brand has existed since 1913 so we would guess that by now consumers have figured out its purpose (spoiler alert - salads and sandwiches)," he wrote in 2022.
CONTINUED FROM PAGE 1 In his usual unforgiving style, Smith went on to criticise
"Among the outpouring of comments last year were a number of apologists for
"To further illustrate the point, this year we are moving on to soap," he continued.
"When I last checked it was for washing. However, apparently that is not the purpose of Lux, the Unilever brand, which apparently is all about 'Inspiring women to rise above everyday sexist judgements and express their beauty and femininity unapologetically'."
"I am not making this up... I will leave you to draw your own conclusions about the utility of this."
Smith did, however, say he would keep his holding in the firm.
(c) 2023 City A.M., source