In this episode of Enquire, Rae shares insights from 36 years as an analyst covering both financial and tobacco stocks. He discusses how regulation, ESG pressures and shifting investor psychology have reshaped the market, and why clarity of messaging remains critical for listed companies. Rae explains what fund managers truly value, how AI is changing research, and why the UK market needs a re-rating to stay competitive. From pre-IPO preparation to effective results-day communication, this conversation offers practical guidance for IR teams and candid reflections on the future of equity research.
In this Episode:
How years in fund management and broking shaped Rae’s perspective on markets
The real impact of MiFID II and why UK equities continue to lag • What needs to happen for the UK market to achieve a meaningful re-rating
Why tobacco remains a compelling investment case despite ESG pressures
How investor psychology drives valuations more than quarterly numbers
The three financial metrics analysts focus on first every time
What makes IR communication stand out on results day
The limits of AI-generated research and where human judgement still wins
Common pre-IPO pitfalls and how to prepare a story investors will buy
Why site visits and candid conversations still matter in a digital world
Quotes:
"AI can summarise numbers, but it can’t have a view. It can’t take a CEO to lunch."
“Clarity, consistency and communication. That’s what supports a higher multiple.”
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