“One of the Invesco Perpetual star manager’s biggest coups in his decades as a fund manager was buying tobacco companies in the Nineties when everyone else was convinced they were going bust as a result of litigation brought by various authorities in the United States. What gave Mr Woodford confidence about the firms’ future was that he looked at the companies’ bonds and discovered that among the holders were the very bodies that were behind the lawsuits. He concluded – rightly, of course – that the tobacco firms would be allowed to survive. As he bought the shares when they were priced for imminent bankruptcy, he reaped vast rewards when the rest of the market caught up.”
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