The main aspects of the paper would be to analyse the collapse of Neil Woodford empire using the EMH theory VS Behavioural Finance. According to EMH, market will stabilise itself. But the idea of the project is to analyse how 31 years of knowledge and practice of Neil Woodford still lead to collapse of the fund using behavioural finance aspects, such as overconfidence, ego defence mechanism, attitude towards risk, mental accounting, heuristics etc. The case of Neil blow the public confidence in the fund investment, so recommendation for the future fund managers how to avoid similar issues using behavioural finance techniques is necessarily. Suggested reading: -“behavioural investing” James Montier – “behavioural finance” William Forbes