This is largely carried out by huge financial institutions with short investment horizons.

Midsized investors really have to be patient and need to adopt a long-term investment horizon.

They have consistently underperformed the market over longer-term investment horizons.

Over the last 3, 5, 10 and 15 years - the usual investment horizons for measuring market performance - only stocks have had a down period.

"The investment horizon is definitely longer than they would have put in - it's a fact of the marketplace," he says.

Companies, particularly those that are small to medium-sized, want a solid shareholder base with longer-term investment horizons.

"We can't view this as the end of the investment horizon."

Your investment horizon is one important element of risk.

"That is beyond the investment horizon of most people," he said.

The investment horizon was long-term, over entire economic cycles.