The Sunday Times reveals that directors of the company responsible for the failed Woodford Equity Income fund pocketed about £2.7 million in the run-up to the fund’s suspension — a move that ultimately cost investors £1 billion. Christopher Addenbrooke and Karl Midl are named and shamed.
The paper also reports that investors are forking out millions for frozen funds; although they can’t get their cash out of property investments, they are still paying hefty fees – fund managers have continued to pocket more than £33 million.
It seems that baby boomers (born between 1981 -2000) had a bigger drop in their earnings during the coronavirus crisis than millennials and were almost equally likely to have been furloughed.
The Sunday Telegraph tells how families are burning through their savings to cover care fees; radical proposals for reform have sparked rows over who should pay.
They identify three cheap stocks that will survive Covid – and three that won’t.
There’s a very worrying story about a 53-year old who has lost her entire life savings, the equivalent of £2.3m, after being tricked into transferring out of her defined benefit pension scheme into risky investments.
The Mail on Sunday notes that Sirius Minerals bosses Chris Fraser and Thomas Staley pocketed £1.3m after agreeing a takeover that cost many shareholders their life savings.
They advise their readers to move fast for a bargain as house prices see a surprise surge and explain how to work out what to pay for a house now.
The paper’s Power Portfolio is being updated this weekend and will remain unique and free but will be unavailable briefly – so expect a little bit of client confusion.
“Only buy something that you’d be perfectly happy to hold if the market shuts down for ten years.” (Warren Buffett)
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Please stay safe and don’t get over-confident; the virus is still very much here and waiting for any sniff of a chance.
Better to be bored than buried…
