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Woodford apologises for performance
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His portfolio is now mostly biotech, real estate and and dodgy lenders. Hardly a recipe for long term success, more like risky gambling with other people's money.
I don't disagree but in fairness to him that's what everyone was saying about tobacco companies in the 90s. "House prices will stagnate" and "Doorstep lenders will collapse when everyone starts defaulting" are exactly the sort of consensus that contrarian investors get rich by ignoring. House prices will continue to rise, and most people don't default on debts even in a recession, they tighten their belts, do some overtime and pay up.
Doorstep lenders are the new tobacco. The middle-class progressives hate them and insist they'll be up against the wall in a few years, the working classes still need them, the rich will still get rich off them.
But the rest I would completely agree with. Proof that even a 20-year winning streak must come to an end.0
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