Book Club -
When the Fund Stops with David Ricketts

Our viewpoint

You can listen to our podcasts online via the player below or search for 'Investment Uncut' and review, rate and subscribe on Apple Podcasts, Spotify, Pocket Casts or SoundCloud

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. 


How to access our podcasts

You can access all our podcasts across all major audio platforms via computer or devices.


Apple Podcasts

Pocket Casts


Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​

Our investment thinking

Our investment thinking

Insight hub

The latest recommended reads from our investment experts. From in-depth guides to quick-to-read blogs, we explore a range of themes to help you keep up-to-date.

Enter the hub