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cover of episode 171: From Triumph to Trauma: The Dramatic Investment Arc of Neil Woodford, Founder of Woodford Investment Management

171: From Triumph to Trauma: The Dramatic Investment Arc of Neil Woodford, Founder of Woodford Investment Management

2025/4/10
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Money Maze Podcast
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Neil Woodford: 我回顾自己从孩童时代到大学毕业的经历，以及在不同投资公司工作的经历，这些经历塑造了我的投资理念和方法。我始终坚持价值投资，注重对公司基本面、管理团队和宏观经济的分析。在投资过程中，我成功地抵制了网络科技泡沫和金融危机的冲击，这得益于我的价值投资理念和对风险的谨慎态度。在创立Woodford Investment Management之后，我将投资范围扩展到非上市公司，这并非新的尝试，而是基于对市场估值机会的判断。然而，英国退欧后的市场波动和巨额资金外流导致了基金的最终失败。我仍然对英国经济持乐观态度，并认为建房商、银行和建材行业是值得投资的领域。我目前正在与英国金融行为监管局就其指控进行抗争，我不同意FCA提出的所有观点，但我也承认自己对基金表现不佳负有责任。 Simon Brewer: 我与Neil Woodford进行了深入的访谈，探讨了他职业生涯中的成功与失败。我们回顾了他的投资策略，分析了他基金的兴衰，以及他与监管机构之间的纠纷。访谈中，我们探讨了价值投资、市场风险、非上市公司投资、监管环境等多个方面，并对英国经济的未来发展进行了展望。

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This chapter explores Neil Woodford's formative years, his academic journey, and the early career choices that shaped his path in fund management. It highlights his initial lack of clear ambition and his eventual discovery of a passion for the fund management industry.
  • Neil Woodford's early life and academic performance.
  • His initial career struggles and eventual entry into fund management.
  • Key lessons learned from various firms like Reed Pension Fund, TSP, Eagle Star, and TSB.
  • His decision to join Perpetual and his ambition to be a fund manager who could express his views in a portfolio.

Shownotes Transcript

Some of our conversations are deliberately different, and the man I interview here has cost me a lot of money! I also consider him a friend and somebody whose perspective I have valued.  

It could be said that Neil Woodford, CBE, has had a career of two halves, the first of which encompassed extraordinary investment success at Invesco Perpetual and then at Woodford Investment Management (2014-2019).  

At its peak, Woodford’s business managed £15bn and was backed by Hargreaves Lansdowne and St. James’s Place. Its clients included Kent County Council’s pension fund, a range of wealth management firms and 300,000+ retail investors.  

Yet in 2019 the fund was suspended and then liquidated, following a shift in asset allocation from blue-chip public equities to illiquid, unlisted companies (he denies this was the cause of the collapse in this discussion). In the run up to the collapse, he experienced approximately £7bn of outflows.  

Using an investment lens, here we try to examine and understand what went right, what went wrong and now what may lie ahead.  

Neil remains under investigation by the UK Financial Conduct Authority at the time of this interview (March 2025). 

​​The Money Maze Podcast is kindly sponsored by Schroders), World Gold Council), LSEG) and IFM Investors). 

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