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

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Hope you enjoy this episode and have a wonderful day.