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Show hosts Dan Mikulskis and Mary Spencer bring on David Ricketts onto the show to discuss his book 'When The Fund Stops.'

1. Process of writing the book

1. What drove David to want to write the book, why this, why now?
2. How easy it is to get interviews with sources
3. Driver for chapter names – is it just Neil that was a Zeppelin/Clapton fan?!
4. Target / expected readership – written in a great “popular” style and not jargony

2. Market dynamics – why was Woodford successful for so long?

1. Comparison to Buffett
2. Managing money away from the City of London
3. Avoiding tech in 2000 and banks in 2008 – for the right reasons?
4. “Hands on” approach –> stewardship (Kay report)
5. Transparency (potentially actually led to downfall though…)
6. Communications – to individual investors

3. Market dynamics – what led to the downfall?

1. Size of the fund
2. Smaller / AIM / unlisted stocks
3. Role of Woodford
4. Role of retail investors / platforms / market commentators
5. Role of administrators / regulators 
6. Run of big share price negative surprises

4. Lessons for investors / warning signs to look out for

1. Key man risk
2. Size matters
3. Style drift (increasing focus on smaller companies)
4. Launching new products
5. Reliance on previous reputation over scrutiny
6. Departures (and particularly compliance officers?!) / team dynamics / diversity
7. Hubris 
8. “Cocktail of hubris and arrogance”

One thing to take away

• Highlight failures around oversight. Whether its Neil Woodford, or the FCA or the investment platforms that would champion Woodford right up until his business collapsed.
• It shines a light on all the different elements of the story, hoping to pass the pressure on to the regulators for answers.

Most underappreciated thing 

• Rise of Neil Woodford but also his downfall. 

Recommendations 

• When The Fund Stops book 
• David Ricketts' homepage 

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