Recovery is years away, go defensive - Woodford

As such, he is warning those jumping on the bandwagon of investing in cyclicals might be making misguided decisions. "A lot of people are playing this sort of market, who probably do not believe in the probability of a V-shaped recovery, but they want to get on board because it is where the action is. "I think that is a dangerous game to play, I have never invested in that way and my view is to stick to long-term fundamentals. The start of a period of sustained expansion in the economy is a hell of a long way away." Woodford says he will stick to his convictions of investing in defens...