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Noise Cancelling — tune out the chatter

Every investor faces the same few decisions. Neil Woodford, 35 years in the markets, works through them in the open – the analysis, the judgement, and a straight account of how it turned out. The signal on the things that matter, without the noise.

This week on Noise Cancelling

Truth is ever to be found in simplicity

The world’s most sophisticated institutions modelled this war and said catastrophe. The market, with no model at all, said no. So far the market is winning – and the reasons why go to the heart of how I think about forecasting.

Read the piece
Global Economic OutlookQ3 / 2026

The synchronised mistake

The world's central banks turned hawkish in unison this spring, just as the shock that frightened them was already reversing. My mid-year report card, honestly marked, and where I think the second half goes.

Neil Woodford · 15 min · 1 Jul 2026
The Weekly

Markets shrug again; the tax burden doesn't

Missiles over the Gulf, the AI darlings of 2026 in sharp reverse, a $5.5bn bid nobody noticed – and a tax burden heading somewhere Britain has never been in peacetime

Neil Woodford · 9 min · 17 Jul 2026
Macro

Fool me once: Miliband's Jackdaw U-turn

Ed Miliband called new North Sea drilling "climate vandalism". Now, with the chancellorship under Andy Burnham in sight, he is reported to be ready to wave the Jackdaw gas field through. What the U-turn reveals about the policy that gave Britain the dearest industrial electricity in the developed world.

Neil Woodford · 5 min · 14 Jul 2026
Explainer

Cheap, or broken?

A share that has just fallen 40% is either a mispriced business or a deteriorating one. Here is how I try to tell the two apart.

Neil Woodford · 5 min · 13 Jul 2026
Macro

UK Economy Briefing: July 2026

With oil prices back at pre-conflict levels, our arithmetic shows CPI inflation peaking at a little over 3% in September and falling below the 2% target in the second half of 2027.

Neil's Favourite Economist · 4 min · 12 Jul 2026
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Topics

What we’re thinking

These are the big topics and ideas we’re thinking about right now. Browse and follow the topics most interesting to you.

Britain isn't broken

Neil's running argument that the UK — its economy and its public finances — is consistently misrepresented as a basket case by politicians, the OBR and the press, and that the declinist consensus is empirically wrong.

View this topic →
Central banks are fighting the last war

Why the Fed, ECB and Bank of England consistently lag reality — moving too late, chasing inflation that has already turned — and why the rates consensus is predictably wrong.

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UK Economy Briefing: July 2026

With oil prices back at pre-conflict levels, our arithmetic shows CPI inflation peaking at a little over 3% in September and falling below the 2% target in the second half of 2027.

4 min readPublished 12 Jul 2026
Neil WoodfordNeil WoodfordLead voice · 35 years investing
Why trust this

Thirty-five years of real decisions. The working shown. The mistakes admitted.

One named, accountable investor – not an algorithm, not a newsroom. The source is a person whose judgement has been backed with real money over real time, who shows the reasoning and is straight about how it turned out. That is the one thing no competitor can copy.

The Show · Video + audio

Noise Cancelling,
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Neil talks the week through the way the decisions actually get made – with the reasoning shown. Watch it, or take it as audio.

S2 Ep 3 · 42 MIN

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