ILT017 Roger Lee Discusses UK Equities, Interest Rates, Political Risk & the Case for a Re-Rating

In this episode of Investing for the Long Term, Downing's Judith Mackenzie and Rosemary Banyard are joined by Roger Lee, Head of Equity Strategy at Cavendish. Roger shares his unconventional journey from studying physics and qualifying as an accountant to becoming one of the UK's leading equity strategists. Along the way, he explains how his passion for politics and storytelling shapes the way he interprets markets and communicates with investors. The conversation explores why UK equities continue to trade at a significant discount, what could finally trigger a re-rating, and how shifting interest rate expectations, oil prices, and global politics are influencing investor sentiment. Roger also discusses whether the UK can attract more investment, why mergers and acquisitions may help unlock value, and why he believes there is still a compelling long-term case for UK stocks. Timestamps: 01:01 – Roger's journey into finance 03:32 – How studying physics shaped his investment thinking 04:58 – The link between politics and markets 07:01 – Why storytelling matters in market commentary 08:11 – Advising investors and corporates 10:16 – The UK's equity investing culture 13:23 – Why investors are looking at the UK again 15:16 – The UK valuation debate 20:07 – Can the UK fix its listing problem? 23:07 – Leadership, growth and attracting capital 32:48 – What long-term investing really means 34:26 – Oil prices, interest rates and potential catalysts for UK equities 38:59 – Wrap up If you like this episode, please let us know by subscribing for future company reviews and insightful conversations about the markets, personal finance, portfolio management and stock analysis. Hope you enjoy this episode and have a wonderful day. Links & Resources: Visit Downing Fund Managers here: https://www.downing.co.uk/downing-fund-managers Follow Downing on X/Twitter @downingllp: https://twitter.com/downingllp?lang=en Investors reading and watch list for the long-term investor: https://www.fundyourretirement.com/wp-content/uploads/2023/11/Top-picks-for-a-long-term-investor.pdf Disclaimer: This presentation is for educational purposes only. All opinions and information are for demonstrational purposes and do not constitute investment advice. Trading and investing carries a high level of risk and are not right for everyone. If you need financial advice, consult with a regulated financial adviser in your country before making any decisions.