I’m sorry to admit that the longer I’ve been in this business, the more cynical I have become. The crux of the problem is that on the whole, the industry product is opium. Rather OPM – Other People’s Money. Who cares what the clients outcome is? As long as investment management companies continue to charge their fees, they will continue to make a profit, pay their staff bonuses and the shareholders their dividends.
This mindset leads to short-termism and groupthink. Continue reading “Neil Woodford”