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If the UK stock market is cheap, why doesn’t it go up?

While there are reasons why London is underpriced by world standards, some good opportunities stand out, says FT Alphaville

My earliest memory of watching a football match was the FA Cup Charity Shield final in August 2001, where Liverpool beat Manchester United 2-1.

My father and older brother supported Manchester United, so — a free agent at that point — I chose to root for Liverpool — and I’ve been a very lazy Reds fan ever since.

If I’d been biased by geography rather than naked contrarianism, I would have supported the local club, Coventry City, and yielded a substantially worse return on my (costless) investment of support.

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