Media Focus Haunts Investors


    Investors are haunted by the media focus on the disaster of week, says Jeffrey Tory, chairman of Pembroke Management, making this the least popular bull market he has seen in his career. Speaking at its ‘Pembroke: Celebrating 45 Years Of Growth & Investment Success’ event, he said in the emotional fallout of the two major bear markets in the last 10 years, people lost faith in equities. This investor skepticism about the macro environment has kept cash on the sideline. However, there are lessons to be learned from the recent past. Timing markets is impossible, he said, and the best thing is to focus on individual businesses and valuations. Valuation matters, although he has seen a bit of a loss of discipline recently in some sectors. As well, when investors start to reach for yield, it is very dangerous. It is “important not to be seduced by the promise of returns,” he said.