Results

Allied Minds - what's the real reason behind the results delay?

Published 2 days ago

Allied Minds (ALM) was due to release its interims at the end of this week but put out a rather strange statement this morning delaying it until the end of September. I thought it would be helpful to offer up an explanation as the situation is more complex and worrisome that this morning’s five-line announcement might indicate.

Atom Bank: Is this the worst stock in Woodford’s portfolio?

Published 10 days ago

I appreciate that the heading seems like a bold claim with such stiff competition but with Atom Bank putting out its results or the year to 31 March 2018 this week, I do think it is a serious contender.

FastForward Innovations – Oh dear, Jim Mellon and Lorne Abony have been taking lessons from Mr Woodford!

Published 10 days ago

Tom covered much of the nonsense surrounding the FastForward Innovations’ (FFWD) placing last week (HERE) but I wanted to look at how Jim Mellon and Lorne Abony got themselves into that particular mess as they seem to have taken a couple of plays straight out of “star fund manager” Neil Woodford’s book.

Tom Winnifrith Bearcast - get your wallet out to see Brokerman Dan in his undies and...Vin is back!

Published 20 days ago

Thank you, thank you. we have reached our £20,000 target for Woodlarks. In fact Luke Johnson has just pledged £1,000 so we are now well over £21,000 but if we reach £25,000 Brokerman Dan will undress for you. More on that in the podcast but please donate, if you have not already, HERE. Elsewhere I look at Facebook (FB) and Robber Barons of the nineteenth century, at Imaginatik (IMTK) and Vin Murria, the Queen of Tech, at Range Resources (RRL) and at RM2 (RM") a Neil Woodford dog where I reckon cash is already looking tight, again!

Woodford Patient Capital Trust: The Big Short (June update - WPCT) – Um, Neil, what do we do now?

Published 22 days ago

Having looked at Woodford’s Equity Income Fund earlier, I will now turn to Woodford Patient Capital Trust (WPCT) which as ever, even though the goalposts keep moving, is up against its limits and with the portfolio remaining awash with cash guzzlers, I’m struggling to understand how Neil Woodford gets out of the mess.

Woodford Patient Capital Trust: The Big Short (June update - Equity Income Fund) – Legal & General jettisoned in bid to keep hot air balloon afloat

Published 22 days ago

With the end-June portfolio listings coming out yesterday, I thought I would update with a couple of pieces looking at each of the two major funds. First up, I’ll look at the flagship fund, the Equity Income Fund, where continuing redemptions necessitate exiting one of the better stocks completely leaving a greater proportion of dross behind.

Oh dear, why is everyone leaving Woodford’s Immunocore? Has the “unicorn hunter” struck again?

Published 28 days ago

I’ve touched on Immunocore a few times in passing as it one of the largest holdings in Woodford Patient Capital Trust (WPCT) as well as being the largest investment made by Dublin-listed Malin Corporation, of which Woodford is the largest shareholder, obvs! Well, it looks like it’s not a particularly happy ship and I wonder whether a (further) devaluation is required?

GYG – The Woodford kiss of death must have the banks worried here

Published 33 days ago

I Thought I would follow up on both Steve’s piece and Tom’s Bearcast on yesterday’s debacle at GYG (GYG) as I was disappointed that both my colleagues failed to make the obvious Woodford connection but, more importantly, I wonder if the banks will be taking a close look at this as the 30 June banking covenants must be a tad challenging.

Itaconix and Hvivo – All very cosy but……WHAT”S THE POINT?

Published 33 days ago

Just following up on Steve’s piece on Itaconix yesterday (HERE) with a couple of further observations relating to some interesting interactions between Woodford and its partner-in-crime in many of these early stage biotech / tech plays, IP Group, (IPO), but more importantly to ponder why on earth either of them are bothering.

Stobart: Outcome never in doubt as Woodford and Tinkler are left licking their wounds

Published 38 days ago

Further to my “Exclusive” on Friday in which I predicted the outcome of the Stobart (STOB) Boardroom battle, the results finally came out yesterday more than 24 hours after the AGM began confirming that Tinkler and his gang had lost; however, it is worth considering what happens next as I doubt very much that this is the end of it.

EXCLUSIVE: Woodford and Tinkler lose bitter Boardroom battle at Stobart……..probably

Published 40 days ago

With the hilarious Boardroom tussle at Stobart coming to its initial conclusion in Guernsey at 11am this morning, I’m calling it early. Just like Paddy Power has probably started out paying early on Brazil to win the World Cup, I reckon the incumbent Board have just edged this one and Tinkler will be weeping at his luxurious Cumbrian estate this evening.

Purplebricks – the only reason the shares have not completely crashed is it is hard to borrow stock

Published 41 days ago

If Neil Woodford wants to make a few friends, as I sense right now he has none at all, he should put his stock in Purplebricks (PURP) up for borrow. Then at least the bears would like him. Because right now there is almost no borrow and the cost of shorting this company is c25% per annum which is a real deterrent. If there was some borrow these shares would halve at once after today’s shockingly bad results.

Utilitywise – a “Strategy Update” only David Brent & major shareholder Neil Woodford are clever enough to understand?

Published 41 days ago

“Evolving the proposition channel strategy”“differentiated segment and channel propositions”“technology-led efficiency proposition, adopting a more consultative sales approach”“invest in the development of a multi-channel ‘go to market’ strategy”. Welcome to a “Strategy Update” announcement from Utilitywise (UTW). Who’s swallowed the dictionary of management bullshit?...

Would you Adam & Eve it – today’s nightmare for Neil Woodford

Published 44 days ago

As it happens I am in the process of buying a number of new mattresses for the house I have rebuilt in Greece. And it seems a remarkably simple process buying what is a commodity product. When my friend Nigel Wray says his mattress company Simba is revolutionising the market I cough and change the subject. But he is not the only one who thinks that mattresses need “disrupting”.  Natch, Neil Woodford, the UK's most conceited fund manager, also thinks that, like washing machines mattresses, are ripe for a revolution.  He owns just under 30% of Eve Sleep (EVE) shares of which are now in free fall.

Itaconix – Shares suspended as Neil Woodford’s week takes a turn for the worse

Published 47 days ago

I suggested yesterday that things were looking up for Neil Woodford but we can all relax again as matters return to normal with disaster looming around every corner for the star fund manager as Itaconix (ITX) has suspended its shares this morning pending a potential fund raise.

Filthy Forty Origo Partners: FY17 numbers due tomorrow, another investment disaster clocked up

Published 48 days ago

On Tuesday 26 June, ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) fessed up that it had lost another boat-load of cash, this time on Kincorra Copper (TSX.V: KCC). Actually, it didn’t – we were simply told it had been sold for CAD 2 million (around US$ 1.5 million). It is not until you realise that the company had sunk US$ 8.5 million into Kincora that you see what a shambles that investment was.

Woodford’s unheralded cash-guzzlers Part 1: More cash please, Neil

Published 48 days ago

It’s undoubtedly been a good week for Neil Woodford, with the Autolus IPO getting off to a flying start and I also sense the Stobart tussle is moving in his direction too. Nevertheless, as I’m still in a grump about his shoddy debt non-disclosure last week, I thought I’d have a look through the Woodford Patient Capital Trust (WPCT) portfolio to see what else I could find as he’s always banging on about unicorns hiding in there somewhere.

Tom Winnifrith Bearcast: Tesla, Tern, Lucian Miers, a stockmarket bubble and another BJ for Neil Woodford from the Mail on Sunday

Published 52 days ago

On my 24 mile walk with Lucian - a bit of a disaster as the last five miles were unplanned and very painful as described here - we discussed Tesla, Tern and the stockmarket bubble. I ponder that and then discuss a total Blow Job splash for Neil Woodford in the Mail on Sunday, a disgraceful day for "journalism."

Woodford Patient Capital Trust: The Big Short (May update) – Shocking non-disclosure as debt now out of control

Published 53 days ago

Yesterday afternoon, Neil Woodford released his end-May portfolio updates and associated fund factsheets which highlighted the challenges facing Woodford Patient Capital Trust (WPCT) in the coming months as its debt position is now almost untenable, not that Woodford has disclosed as such.

Notes from Underground: Cold secrets

Published 60 days ago

Here's my question for you this week: do you tell anyone about subscribing to ShareProphets?

Tom Winnifrith Bearcast - I said he was mad, I was wrong

Published 61 days ago

In today's Bearcast I reflect that it is now just 6 weeks and 1 day to the great event. With gift aid myself and Brokerman Dan have now raised more than £8500 for Woodlarks. As I prepare for a 14 mile training walk this weekend please do sponsor me - I am sure you can afford to donate a tenner HERE. In the podcast I look at Orosur Mining (OMI) - down 48% today but still 90% overvalued - UK Oil & Gas (UKOG), Kefi (KEFI) - where we own shares - RedstoneConnect (REDS), Purplebricks (PURP), Neil Woodford and Feedback (FDBK).

Breaking: We publish Rosenblatt lawyers letter to Tinkler at Stobart accusing him (and Neil Woodford!) of trying to screw shareholders and worse

Published 62 days ago

Earlier today Stobart (STOB) fired its former boss Andrew Tinkler and threatened legal action against him for his actions. Via the Winnileaks service, I have obtained the letter from Stobart’s solicitors Rosenblatt sent to Tinkler which discusses the damning allegations made against him in detail. What is most extraordinary is that he is alleged to have been working in conjunction with fund manager Neil Woodford on actions that would have benefitted Tinkler and Woodford’s funds massively, at the expense of everyone else. This could be a scandal too far for Woodford… The letter is extraordinary and we publish it in full below…

Stobart: Board steps up pressure and summarily dismisses Tinkler

Published 62 days ago

More fun and games on the good ship Stobart (STOB) today with the Board not holding back and dismissing Andrew Tinkler from company and the Board and plan to bring legal proceedings against him, juts as I thought Tinkler (or Tinker as the Sunday Times called him at the weekend) might have been edging ahead.

Woodford Patient Capital Trust – Anyone fancy a low-risk 10% per annum return?

Published 72 days ago

I’ve been meaning to write about the outrageous risk profile assigned to Woodford Patient Capital Trust (WPCT) for a while as it is patent nonsense and dangerous. I wonder whether there could be a mis-selling claim waiting to happen here.

Stobart: Public dirty washing airing hilarity – is Woodford backing the wrong horse (again)?

Published 77 days ago

As a keen observer of the public markets, I love a good old-fashioned boardroom squabble as much as the next man but the one being played out in public at Stobart (STOB) is funnier than normal as the Tinkler/Ferguson tiff is only part of the comedy. Sure the details being shared add to the amusement but I am more concerned about the fact that Neil Woodford and Invesco’s Mark Barnett may have fallen out too – is the protégé finally casting the shackles aside?

Mereo - the worst Primary Bid offer ever flops disastrously - it says it was a success. Whatever.

Published 78 days ago

On Saturday Cynical Bear asked if the Mereo Pharma (MPH) offer at 300p via Primary Bid was its worst ever? The answer, notwithstanding stiff competition from uber dogs such as Toople (ROOP) was clearly YES!. And the placing has flopped. Living in la la land Mereo says it was "successful". Like fuck it was. You lie Mereo!

Mereo Biopharma – Is this the worst PrimaryBid offering ever?

Published 81 days ago

I had to laugh last night when I saw PrimaryBid’s pre-Bank Holiday offer to the likes of you and me -  Mereo Biopharma (MPH) - as although there’s some stiff competition, I think this must the worst  deal offered up to-date and, in fact, worse than the other offer of a lifetime that I’m currently working out how to avoid, namely dinner at the in-laws during the Champions League final!

Woodford and the $2 billion spoof – Part 1: More odd-looking funding

Published 84 days ago

In my view, Woodford’s dealings with what is now his largest unquoted holding across his funds, Benevolent AI, is his kryptonite and will be his undoing and I’m doing a couple of articles outlining why I think the current $2 billion valuation is an absolute spoof and why I believe Neil Woodford is complicit in said spoofery.

Woodford Patient Capital Trust: The Big Short (April update) – Equity Income Fund ups its debt level to £170m!

Published 85 days ago

Yesterday afternoon, Neil Woodford released his end-April portfolio updates so thought I’d provide a bit of commentary prior to a couple of headache inducing articles (for Neil) later on in the week. Not a huge amount of change; however, it’s good to see an open-ended fund getting stuck into the use of debt in such a cavalier way!

WPCT: A review of the laughable results and three important questions for the Chairman

Published 101 days ago

Woodford Patient Capital Trust (WPCT) recently came out with its disappointing 2017 results and thought I’d highlight a few amusing aspects to try to cheer up shareholders here and ask a few serious questions of the Chairman, Susan Searle.

Buy a ShareProphets subscription for £5.99 a month TODAY - 2 weeks of unique treats in store if you do

Published 106 days ago

In the fortnight following the UK Investor Show on April 28 there will be a spectacular avalanche of treats on ShareProphets but those treats will be for paying customers only. So what can you expect? And why should you join TODAY? Here goes...

EXPLOSIVE Video from UK Investor Show 2018 - Tom Winnifrith exposes the Neil Woodford myth on the main stage

Published 110 days ago

The room was packed and I did not hold back one iota. I was nervous ahead of this talk as I knew that it would get a full house and, despite the intervention of my 18 month old son Joshua, I think it flowed well. It is no holds barred stuff on Britain's most conceited fund manager and explains why he is in very deep trouble indeed.

Tom Winnifrith Bearcast - 3 more Woodford disasters today & one tells a MASSIVE FECKING LIE as well

Published 111 days ago

Oh dear it is another bad day at the office for Neil Woodford. First up I answer the question posed by Cynical about the great man HERE. Then I look at the disasters one of which told a monstrous lie in its RNS today: Mereo BioPharma (MPH), Mirriad (MIRI) and Hvivo (DOG). Then I look at Concepta (CPT), shares in which we own, Nighthawk (HAWK) and its dead cat bounce and finally at uber ramp Sound Energy (SOU) and what a CPR based on 2D seismic really means, i.e. Jack shit.

Woodford Patient Capital Trust: The Big Short (March updates) – WTF happened to the “hard” 10% unquoted limit at the Equity Income Fund?

Published 111 days ago

There’s been a lot to comment on relating to Woodford Capital Patient Trust (WPCT) recently but with the March portfolio updates for all of Woodford’s funds finally being published on Monday, I thought I should get my updates out as Woodford appears to have been a bit preoccupied to do so with a minor biotech blip and the like.

Woodford Patient Capital Trust: GOTCHA – Investment Policy WAS changed: an absolute scandal!

Published 113 days ago

Following on from my piece on Sunday in which I suspected that Woodford had covertly changed the Investment Policy for Woodford Patient Capital Trust (WPCT), it was confirmed this morning in its full year results. This is an absolute disgrace and shareholders should get on to their lawyers.

BREAKING: WPCT: Prothena blows up – yet another Woodford biotech debacle

Published 114 days ago

Just as the tide seemed to be turning in favour of a couple of Woodford’s holdings, he suffered an absolute body blow this afternoon with his largest quoted holding, Prothena (NSDQ: PRTA), which comprised 9.12% of WPCT as at end-March, as it announced that it was discontinuing the development of its main drug  and the share price collapsed as a result.

WPCT – Has Neil Woodford changed the Investment Policy without telling anyone??

Published 115 days ago

Following on from Tom’s excellent presentation at the UK Investor Show yesterday I thought it only right to continue in my questioning of the “star fund manager” especially as it looks to me as if the Investment Policy for Woodford Patient Capital Trust (WPCT) has been subtly changed (to the detriment of shareholders of course) but Woodford doesn’t seem to have told anyone!

Tom Winnifrith Bearcast - in awe of Cynical Bear and all my colleagues and feeling like a prat ( or not) over the AIQ scandal

Published 115 days ago

I will see many of you at UK INvestor today. This was recorded last night as I struggled with my Neil Woodford talk. On that note I praise Cynical Bear for his amazing work on exposing Nomates but also all my colleagues at ShareProphets as working with them (even Darren) really can be good fun. I look like a bit of a prat selling my AIQ (AIQ) at 45p but a 130p share price at the close on Friday is a scandal and benefits no-one. I discuss what an outrage this is in detail and loom back to a similar bout of madness involving my pals Nick Leslau and Nigel Wray back in the dot com era. That was market madness, this is - I think - a genuine scandal.

Tom Winnifrith Bearcast: You know I did train as an oil analyst back in the black and white era

Published 117 days ago

Im am putting off assorting my jumbled thoughts on Neil Woodford and the fraud MySquar (MYSQ) into an ordered presentation but that is for this afternoon. Pro tem I look at Avanti Communications (AVN), IQE (IQE), Mobile Streams (MOS), Nighthawk (HAWK) - off 60% today but still at the very least 80% overvalued - and Leaf Clean Energy (LEAF). If you like bearcasts then remember that at UK Investor on April 21 - THIS SATURDAY - one of many highlights will be a live bearcast with myself and Paul Scott. Make sure you book a free ticket HERE using the promotional code WINNIFRITHORDER NOW and we cannt post but will email you a ticket by tonight.

Woodford-backed Xeros Technology: Is this 2018’s version of RM2 International? A resounding “Yes” so far!

Published 118 days ago

Just before Christmas, I asked the question whether Woodford-backed Xeros Technology Group (XSG) would be this year’s RM2 International (RM2) in dropping from a £200m+ valuation to something close to 10% of that. Today’s results confirm that it is well on track.

Itaconix – Q1 trading update, ‘More cash please, Neil’ indeed!

Published 121 days ago

Self-styled “a leading innovator in sustainable performance polymers”, Itaconix (ITX) has announced a trading update for the first quarter of 2018 trumpeting “despite adverse currency movements, group revenue has increased 8% year-on year in the first quarter of 2018”. Sounds decent enough so far…

Advanced Oncotherapy – first mover in the UK? Er….

Published 122 days ago

My thanks to two eagle-eyed ShareProphets readers who have posted in the comments sections of my pieces asking about AIM-listed Advanced Oncotherapy (AVO) and its funding from Yantai Cipu in China, and the now expired, secured (on Advanced’s Harley Street premises), Blackfinch loan. We’ve still not heard a thing about either which is rapidly drawing me to a conclusion as to the answers. Not to worry: I’ll ask (for the fourth time) again tomorrow. But, with big hat-tips to Drunken Sailor and Daniel Victor, it seems that Advanced isn’t even getting over the line at Harley Street before two other proton therapy centres (one of which is up and running already) come on stream. It seems that first mover advantage has already been lost.

SHOCKING: Woodford and Benevolent AI – Has Neil really been forced to give away his shares for free??

Published 125 days ago

I’ve been wondering for a while how Neil Woodford was going to deal with the impending crisis at his flagship Equity Income Fund in relation to the hard, unquoted stock limit of 10% and with all his Get Out of Jail cards used up. Filings at Companies House seem to indicate that he was left with one last option – giving his shares back to the company at nominal value!

Woodford’s Biotech Woes: Part 2 – hVIVO

Published 130 days ago

Completing my weekend mini-series on a couple of (the many) Woodford-owned biotech investments that haven’t quite worked out as he would have hoped, I couldn’t help but notice that hVIVO (HVO)lost about 50% of its value this week so wondered what was going on.

Woodford’s Biotech Woes: Part 1 – Oxford Pharmascience / Abaco Capital

Published 130 days ago

I may have mentioned a few times that I thought Neil Woodford had lost his marbles when he went pretty much all-in on early-ish stage biotech stocks in recent years but although everyone will be aware of the high profile disasters such as Northwest Biotherapeutics and Circassia (CIR), I thought that I would highlight a couple more examples this weekend that hit my radar this week showing how difficult / impossible it can be to pick biotech winners. First up, the business formerly known as Oxford Pharmascience, now Abaco Capital (ABA).

The one man you cannot miss - surely you want to know what the UK's top fund manager is buying & selling?

Published 134 days ago

No! Not Neil Woodford silly! The data about who is the UK's top fund manager is very clear and unless you hold the charts upside down it certainly is not Woodford. The hard data shows that Mark Slater was not only the 3rd best performing UK fund manager last year but over ten years is No 1. Facts don't lie - Slater, like his late father Jim - is just incredibly good at stock picking.

The Woodford Easter Quiz – Odd One Out: The Result

Published 135 days ago

Thanks for the few entries to the Woodford Easter Quiz. Although a couple of people got the odd one out and for the right reason, as I expected, only one person got it right and named all sixteen companies correctly so well done KayeSeraSera (again). A chocolate gift will be winging its way to you, probably in time for Christmas! Full results below.

All is not lost, don’t despair - I expect Sosandar and Woodford to spring back to life

Published 136 days ago

As today is the day to celebrate resurrection, I thought it fitting to comment on a couple of stocks, namely Sosandar (SOS) and Woodford Patient Capital Trust (WPCT). Despite a difficult first quarter for the pair of them, I expect them to laugh death in the face and crack on from here bigger and better than ever.

DEADLINE MIDNIGHT TONIGHT: Competition Time: The Woodford Easter Quiz – Odd One Out

Published 136 days ago

It being a major religious festival, I thought it appropriate to serve up another Woodford-related quiz. Simple on the face of it, just tell me which of the sixteen graphs below is the odd one out and why - a full answer is required other than the obvious. A chocolate gift to anyone who can go one better than that and name all sixteen companies. To assist on one of them, the graph is pre-share consolidation earlier this year.

RM2 International: Woodford all-in holding seven-deuce; wonder how it will turn out?

Published 139 days ago

I ended my most recent piece on RM2 International (RM2) with a suspicion that Woodford was getting tempted to support these guys one last time and today a $36 million placing at 1p was announced, pretty much wiping out the existing shareholders and leaving him holding 67% of this uber-dog!

Woodford Patient Capital Trust: Surely this is a breach of Investment Policy?

Published 141 days ago

Further to my update piece last week, I’ve managed to take a closer look at the end-February portfolio of Woodford Patient Capital Trust (WPCT) and I just can’t make the numbers work. I can only assume that Woodford has breached his investment policy; let me explain.

Axel Springer invests £125 million but Purplebricks bosses are dumping shares as it issues profits alert

Published 142 days ago

The good news for Neil Woodford and the other saps who own Purplebricks (PURP) shares is that German media conglomerate Axel Springer has invested £125 million at 360p - a material premium to thge recent VWAP. But then there is the bad news...

Woodford Patient Capital Trust: The Big Short (Feb updates: WPCT) – Family silver being sold and the future looks bleak

Published 145 days ago

Almost three years after launch, Woodford has achieved what would have seemed impossible at the launch of Woodford Patient Capital Trust (WPCT) back in April 2015 in that he has managed to compile a portfolio of 85 holdings without one obviously profitable company among them. Having sold the star of the portfolio in the month namely A J Bell, to keep the lights on and fund a few other future dogs, he’s now left with a whole array of cash-guzzling, largely illiquid dogs – what’s not to like.

Woodford Patient Capital Trust: The Big Short (Feb updates: Equity Income Fund) – Astrazeneca jettisoned but balloon still sinking

Published 145 days ago

Well it only took until 22 March for the end-February portfolios to be updated for the various Woodford funds but quite a lot to cover so it’s a two-parter this month. I’m going to start by looking at Woodford’s valiant efforts in keeping his flagship fund, the Equity Income Fund, afloat. It’s not an easy task dealing with continual redemptions and he has had to ditch an old favourite to do so.

Purplebricks shares have tanked - what is going on? A cue for Neil Woodford to top up?

Published 147 days ago

In days gone by Britain's most conceited fund manager Neil Woodford would have noted how shares in Purplebricks (PURP) have slumped from 440p to c300p in just over three weeks and because Nomates always knows better than the market he would have topped up his holdings. But cash is a tad tight for Neil so he has not done so yet. Maybe he will indeed extend his fund's overdraft and catch another knife? But why are the shares tanking. I suggest you ask RICS.

Tom Winnifrith Bearcast: surely Gert Rieder of Falcon is a fraudster who should be sent to jail

Published 148 days ago

In today's podcast I start with a digression about driving to Greece given the day's good news about the hovel HERE. But I have a serious point about residual values of cars, ref BCA Marketplace (BCA), Northgate (NTG) and others. I then look at Falcon Media (FAL) and its boss who I accuse of fraud and think should go to jail. Then it is on to Milestone (MSG) - told y'all!!!! - Ferrum Crescent (FCR), De La Rue (DLR), and Amur Minerals (AMC). I have a pop at an Ulster born bimbo on BBC Business over Brexit and then discuss Neil Woodford where Roger Lawson defends the indefensible after today's shocking revelations. If you like bearcasts then remember that at UK Investor on April 21 one of many highlights will be a live bearcast with myself and Paul Scott. Make sure you book a free ticket HERE using the promotional code WINNIFRITH 

The Good News from Oxford Nanopore that exposes the valuation scandal at Woodford

Published 148 days ago

I do hope that the FCA and the "Independent" directors at Woodford Patient Capital Trust (WPCT) look into this matter with some urgency as we appear to have evidence today, thanks to Oxford Nanopore, that Neil Woodford funds have been stating their NAV in an unnacceptably aggressive manner. And that is the most generous spin on what has gone on.

In his own words. Neil Woodford on Vernalis, his disaster of the day (up for sale and firing staff)

Published 153 days ago

The chart below says it all. Neil Woodford managed funds own 28% of Vernalis (VER). The shares were 50p when he filled his boots in a placing two years ago. They are now 4.5p as the company has started closing down its operations and has put itself up for sale. As ever, as the shares tanked, Woodford knew better....

Woodford’s Cheltenham Festival Quiz – The Result

Published 157 days ago

Thanks for all the entries – I’m pleased to be able to say “entries” this time - to my Woodford Cheltenham Festival (HERE). I’m calling it a day early as the result is clear. Read on for the winner and the choice of Cheltenham runners on which I am placing the winner’s free bet.

A tale of the UK's two highest profile fund managers at UK Investor Show grab your complimentary ticket TODAY

Published 158 days ago

Even though the event is still almost 7 weeks away on April 21, the Global Group UK Investor Show is now more than two thirds booked out - A highlight of the show is the tale of the two fund managers below: Mark Slater & Neil Woodford. Slater is the UK's most successful fund manager of the past decade. He will give the final speech of the day explaining where he sees the market, what shares he is buying, what he is selling and why. If there is a man to follow it is Mark. Neil Woodford is perhaps the country's highest profile fund manager and makes millions for himself. 

RM2 International: More good news – one more month’s stay of execution!

Published 159 days ago

It’s amazing what can be done when one’s back is against the wall. For the third month running, the guys at RM2 International (RM2) have found some cash from behind the sofa and can put some money in the meter. Its RNS this morning is its most upbeat in a while although I'm not sure it will alter the long-term outcome.

Atom Bank: Huge funding round – a good result for Woodford for once

Published 160 days ago

I do try to be balanced from time to time and despite all his troubles, there’s been a few green shoots for Neil Woodford in relation to Woodford Patient Capital Trust (WPCT) in recent weeks, most notably with a substantial round at Atom Bank…….although much more funding is still required.

Tom Winnifrith Bearcast: MySquar & UKOG - spot the difference: not all "death spirals" are the same

Published 161 days ago

In today's bearcast I start with a reader complaint but then he is a tosser so who cares? Then it is onto looking at the differences between the funding facilities at UK Oil & Gas (UKOG) and MySquar (MYSQ). I am bearish on both but the differences in the two packages are instructive. I look at Nature Group (NGR), Jim Mellon's uber-ramp FastForward (FFWD) and at Purplebricks (PURP) is the Neil Woodford bubble about to burst again, as even former supporters like Paul Scott admit my analysis was right and theirs wrong.

A video to make you barf: Successful fund management is a balance between arrogance & humility says Neil Woodford

Published 164 days ago

Either iii readers are thick and so sent in the daftest softest questions to Neil Woodford or thiis just another blow job paid for interview. Where are the tough questions about disastrous performance, investing in companies that need to break the laws of phsyics, Capita, Provident Financial, The AA, related party deals, RM2, the list goes on and on. If successful fund management is a balance between arraogance and humility it, perhaps, explains why smug Nomates Neil is doing so badly. Get the sick bag ready and watch below...

Arix Bioscience: Will the Chinese save Woodford’s bacon?

Published 167 days ago

In my conclusion to The Big Short series on Woodford Patient Capital Trust (WPCT), I wondered where new pools of capital could come from to keep these biotech valuations afloat now that Woodford has run out of money and I considered capital from China as a potential life-saver. Two pieces of news this week make me consider this further, one in relation to another long-term short pick of mine in the biotech fund space, namely Arix Bioscience (ARIX).

Vernalis: Another Woodford horror-show – a classic example of what happens when the money runs out!

Published 167 days ago

Vernalis (VER) raised the white flag in its RNS yesterday morning and it is no great surprise to see Woodford and Invesco dominating the shareholder base. I hate to think how much Neil Woodford has spent on this dog over the years, but I’m going to see if I can work it out.

Feedback - Oh dear, Malcolm appears to have contracted a nasty bout of Woodforditis

Published 169 days ago

To be clear, I don’t believe Malcolm has ripped off shareholders in an investment trust he manages by stuffing it full of unquoted stocks to save his bacon elsewhere; however, he does seem to have picked up a few of the “star fund manager’s” bad habits when it comes to a stock, namely Feedback (FDBK).

Provident Financial Rescue Rights issue - where does this leave Neil Woodford? Does he have a spare £115m?

Published 170 days ago

Shares in Provident Financial (PFG) are falling again today thanks to weekend press reports that it is sounding out investors about a £500 million rights issue. The big question is where does this leave Britain's most conceited fund manager Neil "nomates" Woodford whose funds own 23% of the equity.

Neil Woodford gets blow-job write up in Daily Mail - shameful journalism but look at the reader comments!

Published 171 days ago

"Why Woodford has NOT lost his magic touch... despite UK's star stock picker seeing a series of huge bets going wrong spectacularly". So screams the headline on a leading article by Paul Thomas in the Daily Mail. I suppose it depends on how you define magic? If you mean it is making things ( like other people's money) disappear then indeed, Nomates is still the King. Why was this article written?

Tom Winnifrith Bearcast - My friend goes down for 21 months but the real story is Neil Woodford's £45m overdraft

Published 172 days ago

My friend and former colleague the aristocrat Dru Edmonstone was - as widely reported - sentenced to 21 months last week for a £60,000 benefits fraud, something the pathetic wretch did to fund his spread betting addiction. I discuss this and ask does a case like that of Dru justify the current clampdown on spreadbetters. I think such a clampdown would not have stopped Dru for addicts will always find a way. I discuss the odd goings on at Saffron Energy (SRON) which hardly inspire confideence. But my main focus is on the revelation HERE by Cynical Bear that Neil Woodford's flagship £7.1 billlion fund has taken on an overdraft, as an emergency measure to fund either redemptions or a growing collection of falling knives or both. If Woodford believes what he says about markets being overvalued - and I do - this is a sign that Britain's most conceited fund manager has completely lost the plot and may be not that far from the final collapse. 

Woodford Patient Capital Trust: The Big Short (Jan updates) – Someone’s got to do it!

Published 172 days ago

As Neil Woodford is such a believer in transparency, he has pulled his monthly updates altogether so these monthly updates now take on a greater importance to provide much needed information to the long-suffering investors in the three funds. Can’t imagine why Woodford stopped them?

Tom Winnifrith Bearcast: doing some futurology to help my good friend Neil Woodford & is it game over for Andalas

Published 173 days ago

Oddly enough Britain's most conceited fund manager Neil Woodford has yet to agree to appear at UK Investor Show to answer some simple questions from me. What is he frightened of? I will have to go ahead with the session without him but I hope that he does not bleat on about how he had no right of reply! Anyhow, I discuss my futurology piece of yesterday and how it should be viewed if you are, like Nomates Neil, a big holder of auto related stocks. I cover BCA Marketplace (BCA), The AA (AA.) and Northgate (NTG) in this section. I also look, en passant, at another Woodford dog RM2 (RM2). Then I cover Milestone (TOAST) and finally pick up on the most excellent post on the comments section of this site by Drunken Sailor on POS Andalas (ADL)

73 Mind-Blowing Implications of Driverless Cars and Trucks - car crash ahead for the AA, BCA and others?

Published 174 days ago

Hat tip to Andrew Monk of VSA for spotting this paper from Hult Business School. It does give you food for thought. Certainly why would anyone invested in a heavily indebted business with bigg exposure to the carrying value of cars as we known them ( Northgate or BCA Marketplace for example) or the AA? Maybe Neil Woodford should read this and ponder before he buys any more shares in the AA or BCA? 

Neil Woodford’s Cheltenham Festival Prize Quiz

Published 174 days ago

Loyal readers will know that I, like Mr Woodford, love a quiz and with my favourite week of the year fast approaching, I thought I’d run a (simpler) quiz with a Cheltenham-related prize. There’s only two questions, so I’m hoping for more than one entrant this time!

House broker Cenkos (Lagos) on the AA - Neil Woodford's disaster of the week

Published 175 days ago

As I write shares in AA Group (AA.) are down by 23% at 89p and you will never gbuess which high profile fund manager is a major holder, largely for the dividend income. Yup you got it, its Neil Woodford and yes the dividend is being slashed.

Idex - yet another Woofdog Norwegian money pit! Is Neil actually Montgomery Brewster in disguise?

Published 178 days ago

I would urge anyone interested in these Woodford stock stories to read the sister Norwegian piece relating to Thin Film Electronics first as the similarities are astounding but it is worth covering Idex in its full glory. Yet another horror show.

Itaconix – a bit more to add on this classic Woodford dog case study

Published 180 days ago

I appreciate that Steve covered the highlights HERE but it is worth providing a bit more information on yet another yapping Woodford pug as the tale is all too familiar and one that will no doubt be repeated again and again in the future.

UPDATED: Neil Woodford - the big question panicking NEDS must ask him about Woodford Patient Capital Trust

Published 184 days ago

UPDATED: Over the weekend I revealed a potential nuclear landmine that could well blow up the Woodford Patient Capital Trust (WPCT).The bad news for the asleep at the wheel nmot so independent NEDS at the Trust is that I have found two more landmines which have been averted but are there more?

Ombu Group another cash guzzler - can Neil Woodford meet his £50 million commitment?

Published 185 days ago

At 31 December 2017, Ombu Group represented c2.02% of the Woodford Patient Capital Trust (WPCT) portfolio being two separate investments of 2.01 % + 0.01%. The principal activity of Ombu Group, according to its accounts, is providing capital and management support to fast growing companies in the fields of industrial technology, energy technology and water technology.

Tom Winnifrith Bearcast: Soho House is a canary, Woodford is Burmah Castol & the folly of M&A

Published 185 days ago

In this podcast recorded in a car park I reflect on new mounting problems for Neil "Nomates" Wooodford and wonder if the demise of his empire will be the Burmah Castrol moment of 2018. I ask if the nutso planned IPO of Soho House is a lagging canary and I reflect on the folly of most acquisitions.

EXCLUSIVE: Insight into the Woodford investment diligence process

Published 185 days ago

After much digging and talking to those in the know I have managed to piece together how Neil Woodford and his team assess potential investments and have actually managed to access a transcript of a recent investment meeting that makes very “interesting” reading!

Woodford’s Whack-A-Mole is getting out of control – could be game over pretty quickly

Published 186 days ago

CityAM announced earlier this week that Woodford’s Equity Income Fund had lost a billion quid in funds since the start of the year down to £7.2 billion. This has huge consequences for all his funds and I’m not sure he has enough arms to suppress all the troublesome blind burrowing mammals raising their heads above ground. For the avoidance of doubt, I am referring to metaphorical moles at this point rather than Woodford’s investment diligence team. Let me explain.

Poodle journalist on The Times does as PR spinners beg and puts buy case for Woodford Patient Capital

Published 189 days ago

You will have read our detailed coverage of Neil Woodford's woes and especially those of his uber dog listed investment company Woodford Patient Capital Trust (WPCT). Our sell advice has saved our readers thousands of pounds. But we believe in balance and so below is the advice of The Times Tempus column which is to buy. It is poorly researched - compare its coverage of Atom Bank with ours HERE) for instance and reads as if it was dictated by a PR person as is so often the case with the stinking carcass that is the deadwood press. Here goes...

Neil Woodford & his Related party pals at IP Group - another damning note from JCap

Published 189 days ago

I am really warming to analyst Anne Stevenson-Yang of JCap whose latest note on Neil Woodfords pals at IP Group (IPO) "Some Companies deserve to die" is a stormer. And she cites the great work done by Shareprophet (sic) in her report.

The WPCT scandal – Shareholders should contact the Board and the FCA immediately

Published 190 days ago

I’m not normally one for emotive comment but my “Big Short” thesis at Woodford Patient Capital Trust (WPCT) is playing out almost exactly as I anticipated, albeit more quickly than I imagined, and it is an absolute scandal, make no mistake. All shareholders should be seeking redress and recompense immediately. Let me explain.

Breaking: Prothena & Purplebricks crashing - is Woodford Fund now in breach of borrowing/unquoted limits? RNS needed ASAP!

Published 191 days ago

As predicted here at the weekend Nasdaq listed Irish biotech Prothena (US:PRTA) is suffering a bloodbath today following the shock after hours resignation of its CMO on Friday. Shares in Purplebricks (PURP) are also crashing and that leaves the Woodford Patient Capital Trust (WPCT) in serious trouble - has it breached its banking limits yet?

Neil Woodford - now about the yield on the Income Focus Fund

Published 191 days ago

I note that for the first time the NAV of the Woodford Income Focus Fund  (C Accumulation Units) has fallen below the 100p launch and that includes 3 reinvested dividends.

Tom Winnifrith Bearcast: A Tired Philadelphia Eagles fan - why did I bother waking up?

Published 191 days ago

For reasons mainly to do with girls (well two of them) I have always been a Philadelphia Eagles fan. The last time they won a championship, Hurst, Peters and Moore were playing for West Ham - the two teams have a lot in common. Anyhow I stayed up late and for once fortune is not always hiding. Why did I get up? The market is a sea of red and I discuss that. I look at IQE (IQE) after chatting to Matt Earl, at Woodford Patient Capital Trust (WPCT), Inspirit (INSP) and at Shield Therapeutics (STX). Nomates Neil Woodford has not replied to my polite invitation of yesterday

An Open Letter to Neil Woodford - are you man or a mouse? Will you take my questions on a public stage?

Published 192 days ago

I have today written to Britain's most conceited fund manager Neil Woodford to see whether he dares to stand up for himself and face up to me in public. Here goes

Notes from Underground: How about a top 30 for once?

Published 192 days ago

I'm looking at the top ten most read stories below and it occurs to me: have you seen most these stories covered anywhere else? Other than publications picking up on our coverage?

Tom Winnifrith Bearcast - Neil Woodford is this weekend staring into the abyss

Published 193 days ago

Capita was last week's main disaster for Neil Woodford although there were others. He has tried to polish the turd HERE but has failed. His next disaster is Prothena which could slump Monday and as I explain in this podcast it is massive for Nomates. I then explain how the whole Woodford empire could well collapse. Make no mistake, this weekend, Britain's most conceited fund manager is staring into the abyss. I also comment on Obtala - take up the Primary Bid offer HERE - and on my wife's failings as a navigator as I march through muddy puddles.

After Capita, the next Neil Woodford disaster is Prothena - CMO walks after hours friday

Published 193 days ago

Uh oh! This matters as Prothena is a massive holding for Britain's most conceited fund manager Neil Woodford and as such an unravel here would be massive omlette on face time. Again. On Friday, after hours, the Chief Medical Officer of Nasdaq listed biotech Prothena walked.  If that is not a red flag what is?

Neil Woodford on Capita - you are talking bollocks you poltroon

Published 193 days ago

Neil Woodford has published his thoughts on Capita (CPI) after its share price halved. To put it bluntly Neil Woodford is yanking the chain of his long suffering investors. In paragraph three he states: "Putting the share price reaction to one side for a moment, I am pleased that we have seen from the company what we thought would be coming". As a reminder, Capita has scrapped its dividend. Yet on 19 January Nomates opined:

Tom Winnifrith Bearcast: Don't tell Neil Woodford but Purplebricks is worth just 94p per share - or probably less!

Published 194 days ago

Today's bad news for Britain's most conceited fund manager, Neil "Nomates" Woodford is a savage note on Purplebricks (PURP) by broker Jeffries setting a 94p target as you can see HERE.  I discuss why this target could be too low or could be far too generous but the shares are certainly a slam dunk sell. I look at IQE (IQE) in light of Matty Earl's bombshell note HERE. There is comment on Online BlockCrap (OBC) and a look behind the headline numbers and the turd polishing which shows why Mobile Streams (MOS) is so deep in the unpolishable merde 

Three more charts that show the absolute folly of Neil Woodford

Published 194 days ago

As we have seen with the debacles at Provident Financial, Capita and elsewhere, Britain's most conceited fund manager, Neil "Nomates" Woodford likes to bet - other people's money - against the herd. A share price is tanking, the market must be wrong. The bears are adding to their shorts. They must be wrong too. Nomates always knows best, I demonstrated this with a chart looking at Capita (CPI) the other day HERE. Now I offer up three more Woodford dogs...

Interserve – no RNS, so why are the shares off by 15%?

Published 195 days ago

I realise that there may be a spot of nervousness in the market at the moment – especially in the wake of disasters at Carillon and Capita. Does that explain why shares in fully-listed Interserve (IRG) are off by 15% today, with no RNS announced?

Woodford and Capita – Strike two: a few observations

Published 195 days ago

My conclusion to The Big Short series over Christmas was that although it was a long-term play, Neil Woodford was only a few pieces of “bad luck” away from a speedier, more dramatic implosion. This week’s Capita (CPI) news is the second of those already and we’re only one month in. Further to the excellent pieces on Capita yesterday (HERE and HERE), a few further observations on the wider Woodford story from me.

Capita - the chart that shows the depth of Neil Woodford's folly

Published 196 days ago

Capita (CPI) is the latest high profile catastrophe for Britain's most conceited fund manager, Neil "Nomates" Woodford. Before we go to a chart of shame, a couple of choice quotes from his December montjhy excuse-sheet, sorry fact-sheet, published on 19 January

Tom Winnifrith Bearcast - I can't think what makes me so delighted about Capita's downfall

Published 196 days ago

Is it that it is the organisation that threatens poor people ( and disproportionately women) with jail if they don't pay the BBC poll tax so that very rich women can get pay rises? Or that Neil Woodford is such a big shareholder and has said so many funny things about what a great investment this is? I discuss the woes of Capita (CPI). I also look at Rosslyn Data (RDT), and its interims which are out today and show that it is 100% fecked.  I discuss the Ariadne bombshell of today and the red flag lessons for those who buy shares in listed companies. And remember today is tax deadline day!

Tom Winnifrith Bearcast: Bruno Brooks, those 17 f*cks, Anthea Turner and today's RNS nonsense

Published 198 days ago

Yes indeed it is THAT Bruno Brooks, the one who was shagging Anthea Turner, etc, etc. who runs AIM uber dog Immedia (IME). I explain why its RNS today is the biggest F*ck of all. I also explain why no article on Julie Meyer today - I've been too busy cooking and serving poisonous pizza NOT! Then I look at Defenx (DFX) in some detail before having a butchers at another Neil Woodford dog Utilitywise (UTW).

Tom Winnifrith Bearcast - Surging Sterling: it was never about Brexit

Published 199 days ago

I start with a discussion on Neil Woodford. Should I do a "special" session on him at UK Investor?  Answers in the comments section below please. Sterling is very much on the up. It was never about Brexit, that was a lie from the liberal media and remoaners. It was always about base rates and they are now on the up. What does that mean for us all? I look at Prezzo, another restaurant chain in the merde but it is not just about being in the wrong sector at the wrong time it is about debt and that, as I explain, has wider implications. And finally I look at the latest initiative from this not fit for purpose Government, meddling with share buy backs.

Atom Bank: Yet another Woodford cash-guzzler – more funding required

Published 199 days ago

Pointed in its direction by Robert Dwek in the comments on my last Woodford piece, I thought I would write an article on the hugely capital intensive Woodford portfolio holding, Atom Bank, a start-up bank. A bit of a long read but I found it quite intellectually interesting looking at the challenges facing a start-up bank and it also throws up one of the first major funding issues for Woodford caused by the predicament he has recently got himself into.

Malin Corp: Yet another Woodford cash-guzzler – part of the incestuous biotech investor family

Published 199 days ago

Thought I may as well stick to a theme today and look at another Woodford investment which, surprise, surprise, undertook a placing on Friday, Dublin-listed, Malin Corp. This is yet another fund that invests in the same sort of early-stage biotech plays as Woodford Patient Capital Trust (WPCT). I will touch on why it looks overvalued to me and leave you with a piece of analysis to highlight the odd incestuous world of these biotech investors not that I’m making any accusations of course.

Notes from Underground: I have a bad feeling about this

Published 199 days ago

Tom brings up crytocurrency fraud here - The Anatomy of CryptoCurrency Scams (tweaked) - but I get the sinking feeling that cryptocurrencies is going to be the next step in ShareProphets' fraud busting path.

Tom Winnifrith Bearcast - Is your portfolio in a bear market, mine almost is so I discuss it

Published 200 days ago

I start with a look at the portfolios of those who are crowing as they have aced it for months. I have a warning for them. Then I look at my own portfolio, at the issue of short vs longer term performance at the individual stocks at risk reward and at why I am happy. Under discussion: Mark Slater, Neil Woodford, Optibiotix (OPTI), Reach4Entertainment (R4E), Falanx (FLX), Concepta (CPT), Big Sofa (BST), Premaitha (NIPT). I failed to mention Sosandar (SOS) but I am very happy there too. My HMD podcast I refer to is HERE

Bear Raiders Kerrisdale rips into hapless Neil Woodford on twitter

Published 200 days ago

Hapless Neil Woodford has poured out his heart to the poodle press, Citywire, bleating about how wicked bears Kerrisdale have been beastly about one of the largest - and most obviously overvalued - of the pack of dog investments in his Woodford Patient Capital Trust (WPCT). The bears have bitten back!

Woodford Patient Capital Trust and Benevolent AI (again) – a bit more to the shoddy tale

Published 202 days ago

I don’t apologise for banging this drum a bit more in the context of Woodford Patient Capital Trust (WPCT) as the transactions relating to Benevolent AI just look so wrong and WPCT shareholders should be fuming and raising hell. I also have a few more facts to share and two additional interesting pieces of information – one new, one old.

Tom Winnifrith Bearcast - the chart Neil "nomates" Woodford would rather you did not see

Published 205 days ago

In the excitement I forgot to mention Nomates but you can see a chart below that he'd rather you did not. It is self explanatory and my father wants to clarify that like Larry Cummins of Milestone (MSG) infamy he does not have a degree from Oxford. But unlike Lyin' Larry he has two. I discuss Milestone, Blue Prism (PRSM), AIQ (AIQ), 13 Energy (I3E) and focus on Frontera Resources (FRR) and include in my coverage the sordid role of fat bastard, that is to say Malcolm Graham Wood.

Woodford Patient Capital Trust: The Big Short (Dec updates) – Things are getting ever tighter

Published 208 days ago

As I anticipated in my RM2 International (RM2) piece yesterday, the December monthly updates finally came out yesterday afternoon and I thought it appropriate to provide monthly updates on The Big Short in conjunction with those each month so here goes. Quick summary: it’s not getting any easier for Woodford.

RM2 International: Good news – Neil Woodford’s dog has been given three weeks more to live!

Published 208 days ago

Look, I’m trying to be nice. We were last told that it could be tits up for RM2 International (RM2) by the end of January and today we heard that it has found enough cash down the back of the sofa to last until the third week of February. Good news! The reality is that this is a cash guzzling uber-dog and highlights the predicament that Britain's most conceited fund manager Neil Woodford has got himself into.

Tom Winnifrith Bearcast - we capitalists give ourselves a bad name

Published 210 days ago

In today's podcast I consider Julie Meyer and Ariadne, Provident Financial (PFG), another Neil Woodford dog, UtilityWise (UTW), OnlineBlockcrap (OBC), Mayan (MYN) and Carillion (CLLN) and how we capitalists keep on scoring own goals.

Purplebricks - Scottish House Move attack ad

Published 211 days ago

North of the Border, www.scottishhousemove.co.uk is going after Purplebricks (PURP) big time. Its homepage boasts that it will undercut Purplebricks by £750 and carries a stream of dismal reviews from allagents.co.uk for its larger rival. Then it really goes on the attack as you can see below.

Tom Winnifrith Bearcast, Versarien, Meyer, Woodford & Joshua learns foul language from some "Ladies"

Published 212 days ago

So yesterday saw Joshua go to his first proper football match - Brislington Ladies vs West Ham Ladies. A full photo report will follow later but the language from the Essex Girls in claret and blue was not very lady like. Listeners, I was shocked. On the markets I look in detail at Versarien (VRS), Greatland Gold (GGP), Velocys (VEL), RM2 (RM2)  and as well as Nomates Neil Woodford I also have some Julie Meyer news, I fear that "Praise Be the Lord" may be about to send me a letter.

Woodford’s so good he can bend the laws of physics – The Industrial Heat debacle

Published 213 days ago

I love Warren Buffett’s quote that you only find out who has been swimming naked when the tide goes out and after Woodford’s annus horribilis in 2017, it certainly seems to be easier and easier to find examples of his commando-style investing (thanks also to the pointer from ‘alcira16247’). Next witness for the prosecution, M’Lud, is Industrial Heat, a business that is trying to invent a “cold fusion” machine, an area of physics that most sane scientists appear to think is something out of a science-fiction novel. Not Woodford though.

Notes from Underground: Feeling tired and emotional

Published 214 days ago

I've picked up this week's Private Eye and noted that they have chosen the Telit/Oozi Cats/Uzi Katz scandal for first place in their 2017 awards. And who do they credit for breaking the story? Quote: an Italian newspaper.

Card Factory now 232p after profits warning - guess who filled his boots in October at c315p?

Published 216 days ago

Well which fund manager do you think always knows far better than than the market? After dismal interims in September, only those who always know better than the market would have snapped up 5.02% of the company in early October...

Tom Winnifrith Bearcast: Julie Meyer, Neil Woodford & MySquar - all rotters

Published 220 days ago

In today's podcast I start with a few more words on Julie Meyer MBE although my formal series on her will only continue tomorrow. Then it is onto Neil Woodford in light of today's most excellent piece by Cynical Bear here. Finally I comment on the fraud MySquar (MYSQ) in light of today's article in the Sunday Times.

Another Woodford money pit – Thin Film Electronics

Published 220 days ago

I wouldn’t normally cover stocks listed on the Oslo exchange but Thin Film Electronics was mentioned in the comments of a recent Woodford piece and I also noted it was the Share Punt of the Week in the Daily Mail on Friday, so if it is good enough for them to recommend a Woodford-backed cash guzzler to its brain dead readers, it is appropriate for me to provide another side to that story, especially as the cash burn here is off the scale.

Woodford’s Income Focus Fund – Just keep digging, Neil, keep digging

Published 222 days ago

I’ve been smiling this week at the comments on Woodford’s website as the moderators are desperately sticking to the party line regardless of what is happening in reality or what Woodford himself is briefing to investors privately. Let me explain in the context of his Income Focus Fund.

Neil Woodford - now about the missing dividends and another thing

Published 224 days ago

I gather that Neil Woodford's office has been busy dealing with questions relating to our most excellent series of articles and podcasts over Christmas. I have been made aware of its responses which are detailed but still leave me feeling incredibly unsettled on two major factors.

Woodford Patient Capital Trust: The Big Short (Appendix 2) – A look at the detail of the strange Benevolent AI transactions

Published 228 days ago

I alluded to the swapping of the Benevolent AI stock between the two Woodford funds in my early chapters of The Big Short looking at Woodford Patient Capital Trust (WPCT) but there are so many odd aspects to the saga going back a few years that it merits an Appendix to itself as it raises a number of serious additional questions for the Board in my view.

Tom Winnifrith Bearcast - I just don't get the Provexis valuation at all and another question for Neil "nomates" Woodford

Published 229 days ago

Star Wars beckons. Happy days. Ahead of that I discuss Stanley Gibbons (SGI), Provexis (PXS), Fishing Republic (FISH), Inspirit (INSP) and have some more questions for Neil "nomates" Woodford.

Tom Winnifrith Bearcast: Lyin Steve serves up a horror at UKOG, Woodford's disaster of the day and a question for an old friend

Published 231 days ago

I start this bearcast with a tale of Joshua meeting snow for the first time - a photo later maybe. Then it is onto Lyin' Steve Sanderson and today's horror story at UK Oil & Gas (UKOG). The share price collapse is only starting. Today's disaster for Neil "Nomates" Woodford is HaloSource (HALO) which I discuss before posing a question for my old pal Jim Mellon about SalvaRx (SALV).  I comment on London Capital (LCG) and promise more on that debacle tomorrow while also noting that it is countdown to results day at Inspirit (INSP). Get your beer and Christmas popcorn ready...

Tom Winnifrith Boxing Day Bearcast, if Neil Woodford had a bad 2017 here is why 2018 will be much worse and soon

Published 232 days ago

The most excellent Cynical Bear series on the massive issues that Neil "Nomates" Woodford faces and questions he must answer drew to a close yesterday HERE. Now I go further pushing those questions just a bit more, asdking new ones and outlining three scenarions that could see the Nomates empire and all his funds crumble very quickly indeed. 

Competition Time: The Alternative Woodford Christmas Quiz – The Answers

Published 233 days ago

Well, it didn’t get quite the response I was hoping for but it did get one excellent response from Kayserasera who was pretty much spot on with his answers and wins the charity donation and bubbles – congrats! The answers are below.

Woodford Patient Capital Trust: The Big Short (Chapter 5): Conclusion – the perfect short?

Published 233 days ago

I’m going to draw together my analysis on Woodford Patient Capital Trust (WPCT) in one piece now so that if you’ve actually been enjoying Christmas rather than reading Shareprophets, you can start here and work backwards. I will also add a few words of caution that I picked up from the book “The Big Short” itself.

Woodford Patient Capital Trust: The Big Short (Bonus Chapter 4) – SHOCKING: The Income Focus Fund has been roped in now!

Published 234 days ago

Er….hi, just me again! This Chapter of “The Big Short” looking at Woodford Patient Capital Trust (WPCT) wasn’t in the original draft manuscript sent to my editor but as something truly astounding was pointed out to me in the comments of my piece yesterday, I thought I’d better add to the opus. Hat tip to Robert Dwek for spotting it.

Woodford Patient Capital Trust: The Big Short (Chapter 3) – Concerns over its aggressive valuation policy

Published 234 days ago

Having looked at the unquoted risk and the level of debt and connected liquidity issues within the Woodford Patient Capital Trust (WPCT), it is time to look at the tricky topic of valuation policy as it looks to me as if Woodford is taking a particularly aggressive approach, albeit a flexible one, to the valuation of the unquoted stocks (almost all the fund!) that casts further doubts on the underlying NAV.

Tom Winnifrith Bearcast: Merry Christmas to you all unless...

Published 235 days ago

I start with the issue that has been bugging me all week, there is light at the end of the tunnel. I review a number of villains like Rob Terry, MySquar's holocaust denying fraudster scumbag of a CEO Schaer & also the China team at Pinsent Masons and look at what 2018 has in store for them. I ask very serious questions indeed of the compliance department at Woodford Capital as Cynical Bear continues to take Neil Woodford apart. My experience as a failed fund manager gives me some insight into the mess I think Nomates is now in. I look at the shocking behaviour of London Capital (LCG) and Real Good Food (RGD) on Friday. Tosserrs. And, like Malcolm, I have a Christmas message for you all and send you all my best wishes. That is unless you are Woodford, Terry etc

Woodford Patient Capital Trust: The Big Short (Chapter 2) – The debt and liquidity crisis

Published 235 days ago

Continuing  my festive series on The Big Short, Woodford Patient Capital Trust (WPCT), having highlighted yesterday the huge unquoted risk within the portfolio and having to clean up after its big brother, the Equity Income Fund, I wanted to turn next to concerns I have over its debt levels which leads on to liquidity issues.

Woodford Patient Capital Trust: The Big Short (Chapter 1) – Huge unquoted risk and a shocking conflict of interest

Published 236 days ago

I started my festive series on The Big Short, namely Woodford Patient Capital Trust (WPCT) earlier by providing some wider context about some of the challenges Woodford faces particularly with his flagship fund, the Equity Income Fund, but let’s get into the details of WPCT itself. I’ll start with the ever increasing size of its unquoted portfolio and what appears to me to be a massive conflict of interest.

Woodford Patient Capital Trust: The Big Short (Foreword) – The wider context: Woodford’s problems with the Equity Income Fund

Published 236 days ago

My Christmas Quiz may have been too clever by half (one entry so far at the time of writing!) but I found it helpful in any event as the research I undertook made me realise that there is massive short potential across the biotech echo chamber participants with Woodford Patient Capital Trust (WPCT) being the best example for a couple of specific reasons. Accordingly, I’m doing a few pieces over the festive period outlining my analysis and raising some serious questions along the way for Woodford to answer. To start though one must provide some wider Woodford context particularly in relation to his flagship fund – the Equity Income Fund.

Mirriad Advertising: The valuation echo chamber at work again - Sell

Published 238 days ago

An interesting compare and contrast for me today looking at the two technology businesses that joined AIM yesterday at a very similar share price. That is where the similarities end though as one is a classic example of an overvalued business bid up by participants in the valuation echo chamber and one looks like that rare mythological beast – a Cynical Bear Buy tip. Let’s start with Mirriad Advertising (MIRI), the massive Sell pick.

Neil Woodford backed Xeros Technology: Is this 2018’s version of RM2 International?

Published 239 days ago

As a natural bear, I’m always interested in finding the next £200 million plus business that could lose 90% in a year a la RM2 International (RM2) this year (see question 4 of my Alternative Woodford Christmas quiz) and I didn’t have to look far for the next possibility; just a bit further down the alphabetical list of Woodford’s holdings in fact, namely Xeros Technology Group (XSG).

IP Group - a disaster waiting to happen: One for the Bankers

Published 240 days ago

US based JCap has published a devastating report on IP Group (IPO) a company heavily backed by Britain's most conceited fund manager Neil "Nomates" Woodford. It reckons that the shares could halve or it could be far worse.

Tom Winnifrith Bearcast - The Versarien debate, putting Lucian into context and Slater & Woodford on "cheap" Britain plays

Published 242 days ago

I discuss Lucian's short on Versarien (VRS) which he discusses again today HERE. I really have no view but raise a couple of points which the bulls might take comfort from though I accept there is a valid bear case too. I look at On-Line (ONL), Lucian's new short,  and try to put Blockchain madness into a historic context. I cover BCA Marketplace (BCA) and then look at the Mark Slater & Neil Woodford thesis on "cheap British stocks." I get it but suggest that there is an elephant in that room called Jeremy.

Tom Winnifrith Bearcast: Yet another bad day at the office for Neil "Nomates" Woodford

Published 244 days ago

Another bad day at the office for Britain's most conceited fund manager Neil "nomates" Woodford. There is yet more bad news at Vernalis (VER) now 9p having collapsed again - Nomates has been a big cheerleader after all prior disasters saying Mr Market is wrong. Whatever. Then there is the issue of IP Group ( IPO).  Elsewhere I takje another look at IDOX (IDOX) where I am even more bearish and then at Tungsten (TUNG) which looks all wrong. I also comment on Dialight (DIA) , The People's Operator (TPOP), On Line (ONL), Milestone Group (MSG) and a chat with Mark Slater on a pub company which is just the wrong price. 

Tom Winnifrith Bearcast: Of course you know best Neil (another bad day for Woodford), UKOG to sub 1p and Adam Reynolds NOT fired

Published 253 days ago

I hope you enjoyed the two share tips earlier and thanks for the kind words from many of you abour our place in Greece. I start with a look at Strat Aero (AERO). I covered the dire maths earlier here but it is the sheer dishonesty of the placing that really annoys me. Then I look at more bad news for Nomates Woodford from Provident Financial (PFG) which cvould well up a zero. Then I cover UK Oil & Gas (UKOG) as its shares slide again and Arian Silver (AGQ) which is worthless. Adam Reynolds was not - as gleeful in house BB loon Wildes suggests - fired by Optibiotix (OPTI) - I explain why I remain uber bullish there. Finally today's interims from Vianet (VNET) are misleading and even after a 10% fall today the stock is a slam dunk sell.

Tom Winnifrith bearcast: this time Neil Woodford is only talking 50% bollocks but what about Brokerman Dan on Ascent you ask?

Published 256 days ago

The publicity hungry, failing, fund manager Neil Woodford is all over the papers. On the markets he's right ( and bearish) but when discussing his own (failing) funds he is talking utter bollocks and I explain why. Brokerman Dan (Levi) has formed a shareholder action group on Ascent Resources (AST). I discuss his case against them and make a few suggestions to the company. I comment on R4E (R4E) on the disgraceful behaviour of Pathfinder Minerals (PFP), look at RM2 (RM2) and then finally at Sabien (SNT) which look either to be on the brink of a last gasp fundraise ( at a more than 99% discount to the IPO price) or of insolvency. In the same breath I mention Inspirit (INSP), another AIM boiler room dog that should be shot.

RM2 International: Yep – it was another bad week ahead for Woodford

Published 256 days ago

A week ago, I noted that news was due from the disruptive pallet manufacturer, RM2 International (RM2) and doubted that it was going to be positive. Well, it finally came out yesterday and I wasn’t disappointed although assume Neil Woodford and the long suffering shareholders of this and his Patient Capital Trust (WPCT) probably were.

RM2 International: Another bad week ahead for Woodford?

Published 261 days ago

If I was Neil Woodford I would wake up each Monday morning thinking, for the love of god, please can this be the week with some good news to come out of the Woodford Patient Capital Trust (WPCT) portfolio. Unfortunately, I don’t think it will be this week as it looks like crunch time is approaching for the “disruptive” pallet-maker, RM2 International (RM2).

Notes from Underground: You'd better not pout, Chris Oil is coming to town

Published 262 days ago

Whelp, my letter to Father Christmas is in the bin - I have everything I want now. Chris Oil is back. If the UK's most successful B&B Operator's son/Oil Baron is truly back, we'll have clicks and pageviews for months to come. If someone is looking for Hanukkah gifts, then please please please, a Rob Terry IPO for me. I've been good.

Anyone else notice the frightening similarities between Aberdeenman and Neil Woodford?

Published 263 days ago

I had to smile this week as both Aberdeenman and Neil Woodford published blogs dealing with their investment elephants in the room namely Nuformix (NFX) and Prothena (NSDQ: PRTA) respectively. Worryingly, it was hard to tell the difference between arguably the finest stock-picker in the UK of the last twenty years and the Scottish market-abusing LSE, Twitter and blogger loon!

Purplebricks - Woodford in for a penny, in for a pound

Published 267 days ago

A TR-1 released by AIM-listed Purplebricks (PURP) reveals that Woodford Investment Management - the stamping ground of former idol Neil Woodford - has been piling in to buy more shares in the light of recent weakness in the share price. Is it good news for Purplebricks? I fear not.

A Second big investor dumps Neil Nomates Woodford after more dismal returns - more to follow

Published 271 days ago

Last month the Jupiter Merlin group which, at one point, had £942 million invested in funds managed by Neil "nomates" Woodford announced that it was pulling out its last monies. Now another big investment group has given up on Britain's most self important fund manager. Aviva, one of the largest savings providers in Britain, has had enough.

BCA Marketplace - the macro data out that reinforces the big short

Published 272 days ago

Even supporters of BCA Marketplace (BCA) concede that it is massively operationally and financially geared to sales volumes in the second hand car market. And thus yesterday came the data that bulls such as Neil "Nomates" Woodford must have been dreading.

More problems for Neil "Nomates" Woodford as Kerrisdale savages biggest holding in WPCT

Published 279 days ago

US bear raider Kerrisdale has launched a savage attack on the largest holding in the Woodford Patient Capital Trust (WPCT) the closed end fund managed by Nomates. The nature of the WPCT means that if Kerrisdale is even half right, Nomates is in big trouble.

Provident Financial – update from this, another, Neil Woodford nightmare

Published 306 days ago

Following a calamitous trading statement in August, there is now another “Trading Statement” announcement from Provident Financial (PFG) – this emphasising home credit business recovery plan progress and seeing the shares currently sparking higher. So, what’s the detail?...

The £1.75 billion company that could go to zero - a major report from Tom Winnifrith

Published 307 days ago

The red flags are obvious. The business model is one that could blow up with the asset bubble that has created it. Even in a best case scenario the valuation is absurd. Oh and Neil Woodford is a major investor. Need I say more. After Purplebricks (PURP) which is a nailed down zero, this is my number 1 short for the Autumn.

Woodford - the Redemptions begin in earnest, Jupiter Pulls

Published 308 days ago

I flagged up at the weekend why Neil "nomates" Woodford might be just a couple mmore high profile disasters away from disaster in terms of a flood of redemptions. Well it appears that some are not waiting for the implosion of Purplebricks and another Woodford car crash.

Tom Winnifrith Bearcast - what is the difference between Warren Buffett and Neil "nomates" Woodford?

Published 310 days ago

Answers on a postcard. But for starters, one Hathaway, One had a way but lost it. I start with a detailed look at the Woodford Patient Capital Trust (WPCT) then run some numbers by you on LPE's and Purplebricks (PURP). I mention UK Oil & Gas (UKOG) en passant, Jersey Oil & Gas (JOG), Columbus Energy (CERP), Mirada (MIRA) and finally Conroy Gold & Natural Resources (CGNR)

Britain's craziest divorce case - how is a business making £40k worth £1.1 billion?

Published 311 days ago

Given how crazy and one sided Britain's divorce laws are only a complete and utter idiot of a man who is worth anything at all would ever get married. When I married my Mrs I was worth minus money so it was my mother in law who insisted on a pre-nup. Whatever. Anything for a quiet life. But are we seeing peak insanity in the divorce courts?

Tom Winnifrith Bearcast: Double Blow Job for Woodford in Sunday Times, Neil you are not "Britain's Buffett"

Published 311 days ago

The real fear Neil Woodford has is redemptions. The sleazey scoops for blow job articles deals in today's Sunday Times cannot hide that. I look at the absurd valuation of Oxford Nanopore, an unlisted biotech Unicorn, puffed in today's paper but also at the cracks now showing despite the glowing piffle in the same paper's write up on Nomates himself

Purplebricks bullies another critic with fascist lawyers letter from Schillings but Chris Wood bites & fights back

Published 314 days ago

Having received a fascist lawyers letter from heavyweight lawyers Schillings myself I know that it can be quite intimidating. Mine (HERE) was on behalf of the fraudsters Quindell (QPP) and I told Schillings that I would "see you in Court bitchez." I knew Quenron would not dare go through a disclosure process. Estate Agent Chris Wood is armed with the same knowledge and has thus responded robustly to a missive on behalf of Purplebricks. I have chatted to Chris at length today and, as someone convinced, that Purplebricks is a zero I am happy to republish the missive from Schillings  and the response of Chris which adds mountains of evidence to the fact that Purplebricks is a can of worms which is spending ever greater sums trying to gag critics with fascist missives from expensive lawyers. Over to Chris:

Midatech Pharma – a reader asks what we think (it’s not good….the curse of Neil Woodford (again)

Published 315 days ago

I have to say I haven’t come across AIM-listed Midatech (MTPH) until now. However, with interims results just released perhaps I could get a handle on it. The problem is that the interim report has a few gaping holes in it, all of which leaves a strong sense of unease. The unease in increased when I note that the recent bailout placing (at a whopping 31% discount) showed up Woodford Investment Management as a major holder. Oh dear, not a good start….

Tom Winnifrith Bearcast: Has Uzi Katz dumped his Telit shares & the next Neil Woodford car crash awaits

Published 316 days ago

I start with a discussion prompted by a reader request on whether a brand has a hidden added value which you should account for when making an investment. Another reader asks if it is time to buy back into Eden Research (EDEN). I think he is being spoofed and explain why. Then I look at the latest (non) news from Telit (TCM) and ask if the mortgage fraudster and fugitive from US Justice, Uzi Katz, has dumped his shares. I look at what is happening at Conroy Gold & Natural Resources (CGNR) , at the latest Mosman (MSMN) spoof, comment again on Nighthawk (HAWK) and then at the next Neil Woodford car crash RM2 (RM2).

RM2 International: The future’s fine apparently – just need funding and customers!

Published 322 days ago

RM2 International (RM2) gets the silver medal in the Results Preview five horse race having released its interims this morning. I was keen to see progress on the funding but there is nothing definite on that front although there’s nothing to worry about out as the management have got it covered – yeah right!

Purplebricks...and another thing

Published 329 days ago

An eagle eyed reader flags up another matter relating to Neil "nomates" Woodford's next disaster, that is to say Purplebricks (PURP) which, in light of the latest shocking revelations today, is a zero in waiting as I explained HERE.

BREAKING: Purplebricks - the Dynamite reviews it is utterly desperate you do not see: SELL Target price 0p

Published 329 days ago

These are the genuine reviews on AllAgents.co.uk that Purplebricks (PURP) has attempted to ensure that you do not see by sending threatening lawyers letters as we exposed yesterday. As you can see they are dynamite and show quite clearly a flawed business model which sees customer after customer ripped off. Word of that is spreading which is why this company will NEVER make a profit and will sooner or later run out of money and go bust. The shares are a sell at 380p - target price 0p. Now read on and wonder why folks like Neil "nomates" Woodford and Roger Lawson want to own these shares... PS If Purplebricks wants to threaten me to remove these posts I will take great pleasure in seeing the bitchez in Court.

Sell Purplebricks

Published 330 days ago

This was written before TODAY's SHOCKING EXPOSE. Despite falling 25% from its August high Purplebricks (PURP) has been a spectacular investment for practically everybody involved in its brief four-year history. 

BREAKING: Purplebricks - bogus internet reviews on Trustpilot as it launches in the USA

Published 332 days ago

A questionable business model,shocking revelations on Watchdog, very murky management CVs exposed HERE, a complete lack of profits, a sky high valuatione, endorsements from shareholders "nomates" Neil Woodford and Roger Lawson as well as being tipped in the Godawful Midas Column in today's MoS- what could possibly go wrong for Purplebricks (PURP)? To justify its most recent keep the lights on fund raise it had to promise a new expansion strategy. And so on Friday it announced a US Launch. Natch it starts off with patently bogus internet reviews as you can see below. The Yanks are so dumb they will not notice will they?

Tom Winnifrith Bearcast: Blenheim & Allied Minds, why is Neil Woodford backing only 1 of these 2 accidents waiting to happen

Published 334 days ago

In today's bearcast I take a detailed look at Allied Minds (ALM) another Woodford disaster waiting to happen and then at 60% overvalued Blenheim Natural Resources (BNR). I comment on accident prone DX Group (DX.) before asking where's Debbie gone? Yes has the Milestone (MSG) boss been resigned already?

Eve Sleep: Interims out – decent execution but the jury’s still out for me

Published 334 days ago

I covered the trading update for the Woodford-backed Eve Sleep (EVE) HERE but with interims out this week, it is worth taking a closer look to assess progress in its maiden year on AIM. In summary, I would give it a B+ grade for execution but only a D grade for “ability to show there is a viable business model here” and would keep a watching brief for now. Doesn’t stop Neil Woodford getting stuck In some more though – natch

SHOCKER: Corporate Failures and Censures - the red flags at Purplebricks you ignore at your peril

Published 335 days ago

Neil Woodford, Paul Scott and the man who compares himself to Warren Buffett, Roger Lawson, have no doubt done full due diligence on the manangement at Purplebricks (PURP), notably its founders, the Bruce brothers. Or maybe not...

Fake News on arrogant bastard fund manager Neil Woodford from the Mail on Sunday

Published 339 days ago

Neil Woodford's fund management group has spent vast sums advertising its products in the financial press and has received vast amounts of slavishly positive comment in the same publications. These two facts are, of course, in no way related. And so after Woodford said sorry, in a terribly unconvincing manner, for having done so badly over the past year how does the Mail on Sunday's Alex Sebastian, himself a unit holder, spin this? With fake news natch

Arrogant Bastard Fund Manager Neil "Nomates" Woodford offers up the least convincing apology since Nixon

Published 339 days ago

An evil PR spinner has had words with underperforming fund manager Neil "Nomates" Woodford, aka the most arrogant bastard in the City. Until now the line was "I am right the market is wrong, its business as normal." Now Nomates has recorded a video in which he says that he is sorry for the underperformance of his funds. Perhaps it is the fact that he has seen folks yank a net £350 million out of his £10 billion CF Woodford Equity Income fund in recent weeks that has caused the contrition. If redemptions continue on that scale, Woodford will be forced into some hurried share sales which will only compound his woes. The trouble it that Woodford patently does not feel sorry.

My top four short-able shorts in London

Published 352 days ago

It is all very well saying that tiddly little companies like Advanced Oncotherapy (AVO) or Eden Research (EDEN) are worthless cash guzzling frauds heading for 0p but they are just very hard to short. That both stocks will hit zero is a given. In the end frauds always run out of other people's money. What you want are stocks you can short which look almost certain to collapse. And right now you need them badly as a hedge. A hedge against what?

Theresa May the Unacceptable face of Useless - the PM barges in on Mr Crook and Executive Greed

Published 353 days ago

There is no doubt that ex Provident Financial (PFG) boss Peter Crook was a grossly overpaid and useless CEO. The £40 million he trousered in ten years is obscene given the share price collapse and nature of his departure last week. I have noted before that fat cat bosses give capitalism a bad name and allow those who seek to undermine the only way to make the world a better and more prosperous place to attack we capitalists. Idiots like Theresa May play to the gallery in joining in.

Lessons in Human Nature from the Woodford Debacle and Purplebricks the next shoe to drop?

Published 353 days ago

I certainly don’t wish to gloat at the recent misfortunes suffered by many of Neil Woodford’s investments, but the sorry spectacle provides some useful insights into the role of human nature in investing and business in general.

Notes from Underground: We interrupt your regularly scheduled programme

Published 353 days ago

Usually I comment on the most popular stories of the week, and the ones that were not read as much as they should have. But today I was going to tell more lies about President Trump and then smear Robert Lee like every other brain dead liberal Metropolitan elitist and finally the patience of Tom Winnifrith has snapped. If Darren wants to write fake news he can fucking well quit and go work for the fucking Guardian.

The Nomates Neil Woodford 2001 excuse/defence - it's just a Maginot line

Published 355 days ago

It is quite amazing to see just how few friends fund manager Neil Woodford has in the City these days. It is almost as if I am starting to feel that he is a kindred spirit. Neil, how about we have a joint Square Mile Christmas party for all of our friends in a telephone kiosk somewhere? The vast fees Nomates has charged for delivering three years of dismal underperformance do not play well but it is the arrogant insistence that Mr Market is always wrong because Nomates knows better that has unleashed such waves of schadenfreude after his latest disasters. But he still has one or two defenders who say "aha remember 2001" - but this Maginot defence does not wash.

Sphere Medical – Yet another Woodford debacle: it’s all becoming a bit too common

Published 358 days ago

When Neil Woodford launched his Patient Capital Trust (WCPT) to much fanfare in 2015, everyone waited expectantly to see how he would start spending the £800 million war chest and so one had high hopes in April 2015 with the announcement of the first investment for the fund, namely a £4 million investment in an exciting quoted biotech play, Sphere Medial Holdings (SPHR). As an announcement last night showed, it has been as successful (or not) as one of his other uber-dogs RM2 International (RM2).

Provident Financial – calamitous “Trading Statement”, shares plunge, another nightmare for Neil Woodford

Published 358 days ago

Earlier this month in Neil Woodford - how long before The Deadwood Press admits that he does not walk on water?, Tom noted a bad record – recently including Provident Financial (PFG). The Mail on Sunday had written “the FTSE 250 doorstep lender whose profits halved after it struggled to move to a new operating model” - the struggles have got considerably worse…

Does Neil Woodford really deserve a halo - is Circassia the biggest dog in his funds?

Published 362 days ago

If you read the bent, freebie is our middle name, personal financie columnists in the deadwood press, fund manager Neil Woodford walks on water. I disagree and have noted before, that, maybe, after three dismal years, others are starting to see the light.  But, with assistance from a leading broker, how about we have a real look at the Woodford Patient Capital Trust (WPCT) but also at the sort of dogs Neil ifalls in love with.

Telit - as we often predicted this is the day the disaster unfolded, but can the CEO explain his £24m share sale?

Published 373 days ago

I am not sure if Neil Woodford had a big stake but Telit Communications (TCM) ticked all the other red flag boxes for AIM casino disasters waiting to happen. UK Investor Show attendees know that this has been high on the bear's hit list for a while. Today the train wreck happened and as I write, shares in what was the most shorted stock on the casino, are 39% down at 156p. But a £199 million market cap is still a rum and coke. The shares could be 20p and I still would not buy. Pro tem I count this as another big win for the Sheriff of AIM.

Neil Woodford - how long before The Deadwood Press admits that he does not walk on water?

Published 374 days ago

This website has not joined in the general financial press adulation of fund manager Neil Woodford. But the rest of the 4th Estate has not held back in praising him as some sort of legend. This is of course not in any way related to the vast amount he spends on advertising his Woodford funds across Fleet Street. Oh no... the financial media can always be relied upon as beacons of integrity. But now even the MSM are starting to wake up and smell the coffee.

HaloSource – Woodford dog bailed out by few friends it has left, will the end still be the same though?

Published 421 days ago

HaloSource (HALO) “is pleased to confirm that the company has raised approximately £1.8 million ($2.2 million) through the issue of an aggregate of 117,692,560 new common shares to new and existing investors at a price of 1.5 pence per new common share”. I bet it is…

Brave Bison – How long has it been sitting on price-sensitive information? Shocking!

Published 543 days ago

Steve Moore touched on Brave Bison’s (BBSN) disappointing profit warning yesterday (HERE) but I feel he could have said more as the timing of yesterday’s announcement is shoddy and needs further investigation as does some of the other recent announcements.

Sunday Times on Proton Beam Therapy - the numbers for Advanced Oncotherapy do not add up

Published 647 days ago

The Sunday Times today has splashed on the roll out of proton beam therapy centres in the UK. It states there are plans to build SIX centres in the UK...but....

Tom Winnifrith Bearcast: can someone teach Welsh git Justin the Clown how to read?

Published 650 days ago

Poor old Justin the Clown is still talking cobblers about Andalas (ADL). Perhapds it is the strain of now having to live in a cardboard box but the poor fellow now seems unable to read so I put him straight. Then it is onto Halosource (HALO) where Neil Woodford is taking another big hit which reminds me that Nigel Somerville and I are doing a special session on Woodford disasters at UK Investor Show on April 1 2017. To celebrate this we have 20 complimentary investor class seats to hand out today. Just go to www.UKInvestorShow.com and book using the promotional code NOVUKSP - book now!  Elsewhere on bearcast I discuss Xtract Resources (XTR) and Gattaca (GATC). 

Tom Winnifrith Bearcast: Drown all cat haters including my brother in law

Published 786 days ago

I am back in from the fields where I have been labouring in 40 degree plus heat. Today I offer a few thoughts on Circassia (CIR) and the risks folks just dont seem to appreciate of a) biotech and b) backing stock selections of star fund managers, in this case Neil Woodford - who incidentally is clearly a very talented chap. I look at Gulf Keystone (GKP), XCite Energy (XEL), China Frauds and then in some detail at Blur (BLUR). For further info on its brain dead dickhead of a PR man Dominic Barretto go HERE

Circassia shares crash on cat trial failure - the latest Neil Woodford Biotech disaster

Published 786 days ago

Hats off to veteran journalist Tim Blackstone who called Circassia (CIR) as a short with a £900 million market cap on January 16 this year HERE. Today the shares have crashed by 64% to 98.5p giving it a market cap of just £261 million. Tim Blackstone dared to go up against Neil Woodford with this call as he is the largest shareholder. It looks like another biotech disaster for Woodie. 

Notes from Underground - Other voices, other rooms

Published 885 days ago

Maybe it's because it's a big US stock, or maybe because the world just hates working with Microsoft, but Nigel Somerville's Hey! Microsoft! Fuck you and fuck you some more - re Windows 10 comes in at an easy number 16, which is extremely high for a non-Tom story. Particularly one only written yesterday. It apparently has got under people's skin.

Tom Winnifrith Bearcast 6 March: Crook Rob Terry, Neil Woodford & the pig Richard Chase

Published 892 days ago

This podcast looks at three men. First is the criminal fraudster and expenses thief Rob Terry and I discuss what sort of trial and what sort of punishment needs to take place and be imposed. Then it is fund manager Neil Woodford and I look at his growing biotech headaches. Finally the greedy pig Richard Chase of Nyota. If you have not yet listened to yesterday's special on this failure of a CEO please do so and send the email I request.

Notes from Underground - A rose by any other name

Published 927 days ago

Another week that shows a crack in the facade of Tom's Top 10 Dominance: Cynical Bear's Is Neil Woodford's Halo slipping? makes the list at number 10. For the avoidance of doubt, Tom did contribute 23 of the 25 most read articles.

Is Neil Woodford's Halo slipping?

Published 931 days ago

Following on from Steve Moore's piece on Halosource (HAL) yesterday, I wanted to highlight a couple of further points, in particular commenting on the predicament in which it leaves the investment guru, Neil Woodford.

Letting the Cat Out of the Bag: Circassia is a short

Published 942 days ago

In the mid nineties the flagship of UK biotech was British Biotech a constituent of the FTSE 100 share index with a valuation of £1.5 billion. The company enjoyed the support of the leading healthcare analyst, Dr Ian White, and rode high on a supposed inhibitor for cancer called marimastat. In my swansong as a financial journalist I wrote a devastating critique in the Mail on Sunday in the summer of 1996 with on the record quotes from leading oncologists in Edinburgh and London. Subsequent investigations on both sides of the Atlantic found that the company “had wilfully misled the public about the progress of marimastat”. British Biotech collapsed.

Purplebricks foundations look very shaky

Published 955 days ago

Purplebricks (PURP) floated on AIM during the middle of last month, but its valuation looks on the high side to me.

Cenkos , Quindell and the Serious Fraud Office..let me help you gents with a leaked email

Published 983 days ago

The Sunday Times today reports that the Serious Fraud Office has demanded boxes of documents and emails from Cenkos, the Nomad to Quindell (QPP) as part of its enquiry. Let me assist you Gents, for Cenkos actively worked to protect this fraud as the AIM regulation team knows full well. You see...I was inadvertently cc'd in on emails between Cenkos and the chocolate teapots.

Allied Minds still a sell after results - 3 times overvalued

Published 1200 days ago

Allied Minds (ALM), as we have discussed previously, is an R&D-focused company with interests in “life sciences and high technology”. In its own words, “Allied Minds' core aim is to focus on early-stage disruptive technologies that it believes have significant upside potential and to realise that potential through supporting commercial development.” There are few instances of companies with almost zero revenue generation entering the FTSE-350, but this is one of them.

Tom Winnifrith Bearcast - are biotech valuations bonkers

Published 1229 days ago

Self important fund manager Neil Woodford flagged up concerns about biotech valuations the other day. Discussing inter alia Plethora (PLE) another bit of a disappointment for my good friend Jim Mellon I look at how investors do and should value such stocks and tend to agree with Woodford that right now risk reward are out of kilter.

BT Prepares Funding for EE Move

Published 1334 days ago

Money doesn’t grow on trees, and the money to fund BT’s (BT.A) £12.5 billion takeover of EE has to be found from somewhere. So BT is potentially preparing a raft of measure to find the money. There is speculation that this includes a £2 billion rights issue. A further £3 billion could be raised in the bonds markets.

HSBC Results Hit By ‘Significant Items’

Published 1379 days ago

I’ve taken a while to absorb the HSBC (HSBA) Q3 results. It’s interesting to see how the market reacts a while after publication.

Neil Woodford thinks British American Tobacco (BATS) is Fundamentally Undervalued and I Agree!

Published 1406 days ago

Neil Woodford has been adding to his holding in British American Tobacco (BATS) for his CF Woodford Equity Income Fund. Brokers such as Berenberg and Noruma also rate the share a buy. And stop the press, since I first wrote about them HERE have also topped up!

The Advice of Others

Published 1422 days ago

My father originally advised me that Sainsbury’s (SBRY) was a good buy at 315p. “In the long term they’re good value at this price.” I did my own research, saw that the PE was low and the yield attractive. I didn’t have any shares in the supermarket sector and never had, so it was good from a ‘diversity’ view I guess. I bought the share.

GlaxoSmithKline- a Good Addition to Your Portfolio

Published 1442 days ago

GlaxoSmithKline (GSK) shares are currently trading at 1457p on a PE of 13.1 and a dividend yield of 5.35%. I’ve only fairly recently bought into the company, here is a table at between 1379p and 1556.6p, So I am not exactly quids in yet but this is a long term play.

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