F&C's Lees on the case for UK equities

I have been running UK high alpha funds now for 25 years. As I start my sixth cycle, I am more excited and enthused as a stock picker than I have certainly been for the last 15 years, for several reasons. As a cash investor, I look at things on a cash return on investment basis. The great joy of the UK equity market is it is currently so fantastically cheap, when comparing UK equities to the bond market on an earnings yield and cash basis. Low prices, growing yields The UK equity market remains on a modest valuation even if there are further downgrades. Consensus earnings growth for...