08 Jul 2022 Fundsmith: Terry Smith's 2022 Interim Letter to Shareholders ( Portfolio )

"In inflationary periods, an acronym which is sometimes used to describe the investment options is TINA — There Is No Alternative. It refers to the concept that equities will be the least poorly performing sector in such conditions because of the ability of at least some companies to continue to grow revenues in real terms and generate real returns on capital above the rate of inflation."