Neil Woodford has been answering questions about investing for 35 years – and every one of them comes down to seven decisions. In part one of this three-part series, Neil and Jon Adair cover the funnel: the three decisions that take you from every company in the world down to a shortlist worth owning.
You'll learn why reported profit tells you almost nothing about whether a business is any good, the only three numbers Neil would keep if forced to choose (PE, debt to EBITDA, and return on capital employed), how to judge a moat and a management team, and why Neil calls valuation "an educated, informed guess" – and means it as a compliment.
Part 2 covers position sizing and portfolio construction. Part 3: when to sell, and how to hold your nerve. Subscribe so you don't miss them.
This video is for information and education only. It is not investment advice, and nothing in it is a recommendation to buy or sell any investment. Capital is at risk. Seek independent financial advice before making investment decisions.
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