I think there are some great opportunities in UK equities at the moment. In both FTSE 100 and the FTSE 250I can see the stocks I would like to buy.

However, I am not going to buy any of the indices as a whole. And the reason is that they both contain actions that I really don’t like the look of.

Taylor Wimpey

I have nothing against it Taylor Wimpey (LSE: TW) as a business. If I were to buy shares in a UK housebuilder, its relatively stable dividend means it’s probably the one I’d choose.

Despite this, I am not interested in the stock at this time. Along with a number of industry peers, the company is being investigated by the Competition and Markets Authority.

The focus of the investigation is potential collusion between UK builders. And I have no idea what might come up or what the implications of that will be.

A look at Lloyds the past week’s actions should remind investors how risky it can be to ignore a potential investigation. The bank faces car loan debt of up to £3.9bn.

If Taylor Wimpey emerges unscathed, buying shares today could turn out to be a great decision. There is strong demand in the UK property market, even as prices continue to rise.

I am not in a position to judge how likely this is to happen. And that means that buying stocks today for me is essentially a gamble, which is not what I’m looking for in an investment.

Wizz Air

Instead, I don’t like it Wizz Air (LSE: WIZZ) how much. The business model of trying to offer low fares on long-haul flights seems fraught with danger to me.

With short-haul flights, it is possible to make additional trips by shortening turnaround times. This allows the same aircraft to fly from London to Paris three times a day instead of twice.

On an eight-hour flight, this is simply not possible. So I don’t think the efficiencies that make low-cost travel viable on short-haul flights are available on long-haul routes.

Another aspect is that there is not much demand for premium seats on a two-hour flight. This means that the main differentiator is price, and low-cost carriers have an important competitive advantage.

I don’t think this is the case for long haul flights. Wizz think it is and they think they can sell enough seats, but I’m staying away while they try to make this strategy work.

It’s not all bad news for the company – oil prices have fallen and that should help it save money on fuel. But that’s not enough to convince me to buy the stock.

Indexed investments

This is why I’m not a big fan of index investing. Although there are some clear advantages – such as instant diversification – every index seems to include some stocks I don’t want to own.

That’s why I prefer to try to figure out which companies I like and buy shares in them. The FTSE 100 and FTSE 250 have plenty, but not all stocks are equally attractive.