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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Links & Resources:
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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.
