'3 more years of market turmoil'
Activist shareholder Brian Myerson today warned that the market turmoil which has battered stocks and other investments over the past 12 months could last for another three years.
The 49-year-old South African said overgeared firms will find it very hard and predicted many will go under.
'I think the market will be very tough for the next two to three years generally,' said Myerson, former chief executive and founder of Active value whose current group Principle Capital has stakes in UK firms including Blacks Leisure and Photo-Me International.
'Business models that were based on a huge amount of leverage will find it very difficult going forward and a lot will not survive. A lot have been punished by the markets and that is reflected in the share prices at the moment.'
But he said low-geared firms such as Dawnay Day Sirius, the property group whose asset manager he has just bought into, are set to benefit.
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