Evil Knievil: Woodford unmasked
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One can do what Woodford has done provided one has a non-stop support mechanism for the large holdings upon which the valuation of one’s fund depends. Also helpful is a bull market which keeps drawing in fresh punters to support existing and future positions.
The interesting question is how Kent managed to find themselves so heavily committed to Woodford. I very much doubt that Kent have any right of action. There will just have to be a discussion in Kent’s next cabinet meeting. This should be a heartfelt occasion. With some shouting added in.
Some punters will be tempted to buy now, believing that things can’t go lower. I assure these gentlemen that they can. Every time the market bids it will be drenched by the escapers.
Obviously there will be calls for the FSCS to get involved. I trust they utterly refuse. All the prospectuses have been completely clear.
What is it about Kent ? They went big into Icelandic banks as well.
I haven’t read the prospectuses and thankfully have never invested in anything managed by Neil Woodford, but I do believe there should be an investigation into the transactions between the Income Fund and WPCT. I find it difficult to accept that these were arms length transactions, subject to rigorous third party oversight.
Hey….wait a minute…..this stop on dealing is about Woodford’s Equity Income Fund UT…..it’s nothing to do with WPCT which is an IT and still openly and easily traded. Sloppy writing Evil!
Plus the shenanigans with the Guernsey quotes
I think you make a very fair point. Will the authorities agree with you? Let’s hope so, and let’s hope they include the cheerleaders from H-L in their investigations.
The government will bail out the fund as local councils are involved just like Icelandic banks by Brown when Kent and others were invested, but many like me are still waiting on payment for Equitable fiasco which was supervised by Brown and all.
RE.A have withheld their preference dividend is this the end of the ordinaries. Any opinions, i have fingers crossed that palm oil price will recover.
Looks to me like a great time to pick up WPCT at a bargain basement price. The NAV is depressed and the price is at a 30% discount to NAV. I’ve never invested in Woodfords funds before and he’s clearly messed up big time by investing in illiquid unquoted companies but the time to buy is when there are rivers of blood running in the streets. I piled in yesterday and more today. Its not for the faint hearted but for someone like Evil I would have thought this is a great punt.
Please can you remove my previous comment dated 11th June 2019 at 10:21.
There’s an article in the FT titled “Inside Benevolent AI: the $2bn tech company backed by Neil Woodford”. It suggests that the valuation of BenevolentAI has been manipulated and therefore I’ve got out of WPCT at a loss. Clearly the NAV of WPCT can’t be in any way relied upon.