Terry Smith, the fund manager of the £23.7 billion ($30 billion) Fundsmith Equity Fund, is often called Britain’s answer to Warren Buffett. He’s coming off a year in which he underperformed his benchmark, the MSCI world index, which he attributed to weakness in Estee Lauder EL, +1.26%, McCormick MKC, -0.03% and Mettler-Toledo MTD, +2.99% among other holdings, though his annualized 15.3% return since 2010 is about 4 points ahead.In Smith’s annual letter to investors, he said the stock market has decided that ...