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The Woodford Woodstock: rock ‘n’ roll funds

by Dylan Lobo on May 16, 2014 at 13:49

Of course McDermott was delighted to be midwife at this rebirth, taking the stage to reveal how he first invested in Woodford in 1996 after a tip off from a somewhat questionable source. It paid off in the end.  

Then it was time for the main event. Did we learn anything new?

What is clear is Woodford loves his job and talking finance. So much so he was prepared to leave a fruit salad to fester for a good hour while fielding a diverse range of questions...and there were lots of questions.   

We also learned he bought a bank for the first time in 10 years back in the middle of last year and that his new firm is unlikely to follow the Invesco Perpetual model.

Here's a selection of pearls from Woodford last night:

Why he left Invesco Perpetual

‘It was not something I planned to do but when the opportunity arose it was a no-brainer.’


'It’s lamentable that as an economy we fail to turn great science into great business. We need to rely on this intellectual economy for growth. The capital provision environment these entrepreneurs work in makes them risk averse and it means it takes them years to get anywhere.'

Unquoted stocks

'There’s a misguided perception of risk. Investing in these stocks is a much more labour intensive process – the relationship you build is much deeper, you become an embedded partner with that business.'


'Is an art not a science. When you are valuing a company you step into the future and yes it can sometimes be an imperfect judgment. When I think about Astrazeneca I’m stepping into the future.'

Return expectation

‘High single digit returns over the medium to long term.’

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