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  • Built on a Lie

  • The Rise and Fall of Neil Woodford and the Fate of Middle England’s Money
  • By: Owen Walker
  • Narrated by: Thom Petty
  • Length: 9 hrs and 14 mins
  • 4.5 out of 5 stars (134 ratings)
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Built on a Lie cover art

Built on a Lie

By: Owen Walker
Narrated by: Thom Petty
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Summary

Brought to you by Penguin. 

The proud owner of a sprawling £14 million estate in the Cotswolds, boasting a stable of eventing horses, a fleet of supercars and neighbouring the royal family, Neil Woodford was the most celebrated and successful British investor of his generation. 

He spent years beating the market, betting against the dot com bubble in the 1990s and the banks before the financial crash in 2008, making blockbuster returns for his investors and earning himself a reputation of 'the man who made Middle England rich'. As famous for his fleet of fast cars and ostentatious mansions, he was the rockstar fund manager that had the lifestyle to match. 

But, in 2019, after a stream of poorly judged investments, Woodford's asset management company collapsed, trapping hundreds of thousands of rainy-day savers in his flagship fund and hanging £3.6 billion in the balance. 

In Built on a Lie, Financial Times Reporter Owen Walker reveals the disastrous failings of Woodford, the greed at the heart of his operation, the flaws of an industry in thrall to its star performers and the dangers of limited regulation. With exclusive access to Woodford's inner circle, Walker will reveal the full, jaw-dropping story of Europe's biggest investment scandal in a decade.

©2021 Owen Walker (P)2021 Penguin Audio

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What listeners say about Built on a Lie

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

Good narrator. Fascinating story.

Enjoyed it, good insight. Hard to believe no-one got a criminal conviction for the activities, be that both Woodford and the fsca! Recommended. Easy listening.

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars
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    5 out of 5 stars

A potentially dry subject told like a thriller.

Okay, so I exaggerated a tiny bit in the title of my review...
But seriously, this could have been as boring as hell. But it wasn't at all and jogged along like a cross between a whodunit and a weighty (and important) channel 4 Dispatches documentary.
Can't make my mind up whether that's because it's brilliantly written or brilliantly narrated. Probably both.
The research that's gone into this book must have been enormous and I can only marvel at the enormity of the task.
Should be a best seller, but probably too niche. Nevertheless, I enjoyed it immensely and I'm not in finance. I will, however, pay closer attention to what my own pension fund manager buys and sells on my behalf in future though!

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  • Overall
    5 out of 5 stars
  • Performance
    5 out of 5 stars
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    5 out of 5 stars

Excellent book

Excellent book. A very British look at how financial institutions work and how the British regulators are just as guilty as their American counterparts of mismanagement and hubris.

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1 person found this helpful

  • Overall
    4 out of 5 stars
  • Performance
    5 out of 5 stars
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    5 out of 5 stars

Good narrator but not the best

Great story and how the financial world looks after its own and like bankers never get put in prison

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  • Overall
    2 out of 5 stars
  • Performance
    2 out of 5 stars
  • Story
    2 out of 5 stars

A little like Woodford. The story and performance comes up short.

I was very disappointed in this book which I listened to on Audible. I found the story of Woodford’s rise and fall superficial and lacking in any new information or insights.

Woodford was under pressure from the start to get the £££ he had raised invested. The broking firms he befriended earned huge commissions pushing substandard IPOs his way and guaranteeing him big allocations.

The book focusses on the illiquid investments in private companies made by Woodford but only touches on the poor investments he made in high risk, loss making, cash consuming and highly illiquid AIM stocks.

The author lets off very lightly the board of Patient Capital who seem to have been appointed for what they didn’t know rather than what they did. They were pretty uncommercial and malleable, only standing up to Woodford when it was too late.

The narrator didn’t bother to find out how he should pronounce various names. He talks about the A, I, M market and mispronounces the name of Paul Pindar and others. Mildly irritating but many won’t realise.

A good read for those with limited knowledge of the City and who want to protect themselves in the future but the book offers little in the way of new information or great insights.

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  • Overall
    3 out of 5 stars
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    3 out of 5 stars
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    3 out of 5 stars

Lifeless Narration but well informed book

Obviously this was written as a book and it does deal with a dry subject. But it maybe this is not one for the audio format. At times it was painful
to listen to the narrator convey interviews and quotes. The content is very well researched and informative.

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5 people found this helpful

  • Overall
    2 out of 5 stars
  • Performance
    2 out of 5 stars
  • Story
    2 out of 5 stars

Dull

Interesting story of a bloke who ripped off thousands of hard working people whilst lining his pockets with obscene amounts of money.

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1 person found this helpful

  • Overall
    3 out of 5 stars
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    3 out of 5 stars
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    4 out of 5 stars

A cautionary tale

A well-researched and interesting book. I felt the narrator was a little over-dramatic if I’m honest, unnecessarily hyperbolising, but not to the overall detriment of the book. Worth a read if you’re interested in this sort of stuff!

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