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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.
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