Further Reading: What can we learn from the Woodford scandal?

Ricketts’ book ably traces Woodford’s growing confidence (and later hubris), the conflicts that began to emerge at what is now Invesco, where his interest in unquoted companies would prompt concerns, and the factors behind his downfall. He also raises some pressing issues. At one point, a source hints at the risks of fund managers focusing purely on the long game, noting that Woodford had stuck with his old investment style even as markets had grown more sophisticated. “There was a degree of complacency because he was so long term,” they add. Elsewhere, Ricketts’ sources point to other risks – including the prospect of fund managers who set up their own business getting distracted from the investment process.