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cover of episode 171: From Triumph to Trauma: The Dramatic Investment Arc of Neil Woodford, ‘Britain’s Warren Buffett’

171: From Triumph to Trauma: The Dramatic Investment Arc of Neil Woodford, ‘Britain’s Warren Buffett’

2025/4/10
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Money Maze Podcast
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Neil Woodford: 我回顾我的职业生涯，从早期在Invesco Perpetual的成功，到后来Woodford Investment Management的失败，我深刻反思了我的投资策略，以及在面对市场波动和监管压力时的应对方法。我承认我的基金表现不佳，给投资者带来了损失，我对此深感抱歉。我始终坚持价值投资理念，但市场环境和估值机会的变化，以及英国脱欧等宏观因素，都对我的投资组合产生了重大影响。在管理巨额资金时，我努力保持谦逊和专注，但最终基金的暂停和清算，原因至今仍不明确，这让我感到困惑。我坚信，未上市公司的投资并非导致基金失败的主要原因，它们的表现甚至优于上市公司。基金的清算造成了巨大的损失，而这部分损失本可以通过更好的风险管理和更清晰的监管来避免。我将继续为我的行为负责，并努力从这次经历中吸取教训。 Simon Brewer: 我与Neil Woodford进行了深入的对话，探讨了他投资生涯的兴衰。从他早期的辉煌成就到基金的最终失败，我们分析了他的投资策略，以及他所面临的挑战。我们讨论了他在互联网泡沫和金融危机期间的投资决策，以及他在英国脱欧后的应对方法。我们还探讨了基金中未上市公司投资比例过高的问题，以及基金暂停和清算的原因。通过这次对话，我们试图更清晰地了解Neil Woodford的成功与失败，以及他未来的计划。

Deep Dive

Chapters
This chapter explores Neil Woodford's formative years, academic background, early career challenges, and eventual entry into the fund management industry. It highlights his initial lack of ambition, his early jobs, and the experiences that shaped his analytical skills and investment philosophy.
  • Neil Woodford's early life and academic journey.
  • His initial career struggles and eventual entry into fund management.
  • Early influences and experiences that shaped his investment approach.

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. Neil was dubbed ‘Britain Warren Buffett’ by the UK media.  

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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