Sebastian Lyon's focus on quality businesses and market timing

Sebastian Lyon, a conservative investor who manages a multi-asset fund, emphasizes the importance of investing in quality businesses. He believes that looking at a company's past track record is crucial in determining its quality. Lyon also practices market timing, varying his exposure to equities based on whether they are cheap or expensive. He believes that this approach can be controversial, but he argues that being cautious during expensive market periods can help protect capital.