Troy's Lyon: Investors have ignored the lessons of Lehmans

Troy Asset Management CEO Sebastian Lyon has pledged to retain his 'natural caution' in the face of an increasingly optimistic atmosphere for equity investment.

In his latest investment report, the manager of the £2.5bn Troy Trojan fund acknowledged his portfolio's divergence from the UK's main equity indices but said simply following the crowd would make long-term outperformance "impossible". "Short-term missed opportunities are a price we pay for dependable and sustainable wealth protection and growth over the long term," said Lyon (pictured). "The FTSE 100 looked expensive at 6,000, so it should not surprise you if we find it even less appealing at 6,700." "Five years after the demise of Lehman Brothers, investors believe yet again that...