Neil Woodford is one of the country's best known and most successful fund managers, but in the last few weeks a number of his largest holdings have suffered dramatic price falls. The most spectacular of these was the doorstep lender, Provident Financial (LON:PFG), which Simon Cawkwell had highlighted as a short at 2,100p in his Evil Diaries, describing it as 'an absolute sitter'.
Three weeks after he posted his comments the company issued a profits warning and announced that it had replaced the MD of its consumer credit division with immediate effect. The performance was so bad that the dividend was removed and the chief executive resigned, all of which sent the shares an amazing 66% lower on the day.
by Jim Mellon| Economics|6 mins. to read This missive is being written on the Edinburgh to London train, as I return from a full week at the Edinburgh Festival. My friends Alan and Fran Steel of Alan Steel Asset Management, Scotland's most successful IFA , asked me to speak to a selection of their clients during my visit, which I was more than happy to do.
by Evil Knievil| Evil Diaries|1 mins. to read Had Theresa May openly declared herself a Corbynista I might have understood the mad thinking behind a proposed attempt to bring directors' pay under control not merely for public companies but for private companies as well.
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