Fictional 19th century adventurer Phileas Fogg was a most calculating, logical and meticulous man, but he was also prone to taking outlandish risks to meet his objectives. Were it gunning a steam train over a collapsing railway bridge, or rescuing a captured princess away from the grasp of an army of religious fanatics, Mr Fogg was a man who was prepared to put it all on the line to achieve his aims. During his famous 80-day adventures heading eastward around the world, he also possessed one attribute which is essential for anyone seeking to be rewarded for taking risk: luck.
Sadly, luck is a fickle friend and Mr Fogg’s luck ran out when he set out 12 months ago on a circumnavigation of the investment-trust world on behalf of Investors Chronicle (we send Mr Fogg around the world in eight investment trusts this time every year). There was one risky trust in particular that blew up spectacularly: Woodford Patient Capital Trust (WPCT).