As an investor in his income and Patient Capital funds, I too felt my patience stretched to the maximum. I keep telling myself that investing with Woodford is not about quick gains. Those of us old enough to recall the late 1990s will also remember him being singled out for the poor performance of his funds because he refused to be caught up in growth stock fever.
But when all around was crumbling in the early part of this century, his funds shone like a beacon. That reputation explains why, despite the bad period, Patient Capital continues to trade at a very small discount.
More patience might be required and more headlines will undoubtedly and justifiably be written. If only all the big investment funds, especially those run by the banks, were under this level of scrutiny.
American idiosyncrasies
I’ve had an enjoyable three-week break touring some astonishingly beautiful national parks in America.
During that time I learned a number of things:
• Their security on credit cards remains astonishingly lax – waiters walk off with your card and never check the signature;
• Paying for petrol is a nightmare; every station asks for your ZIP code when you use a credit card. Don’t they realise the rest of the world doesn’t have ZIP codes?; and
• 3G in Las Vegas is worse than in rural Norfolk.
However, while in Las Vegas, my wife spotted the Trump International Hotel.
She noted with some glee that it was standing apart from every other building in an apparent wasteland, with devastation all around. No further explanation of the metaphor is needed, I believe.
Tony Hazell is a financial journalist and a columnist with Financial Adviser since 2005
