The Rules of Investing

Epizodai

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  Five years from now, these are the companies everyone will wish they owned 02.10.2026 36min

  Five years ago, owning the right handful of global technology stocks could transform a portfolio. The challenge today is deciding whether the next five years will reward investors for sticking with those winners or looking somewhere else entirely. That was the question put to Antipodes Partners Portfolio Manager Vihari Ross and Ophir Asset Management Co-Founder and Senior Portfolio Manager Andrew Mitchell at Livewire Live. Both believe opportunities remain within AI. But neither thinks the answer is simply buying the companies dominating today's headlines. Ross is finding value further down the semiconductor supply chain, in businesses wrongly assumed to be AI casualties and in old-economy companies benefiting from powerful capital expenditure cycles. Mitchell, meanwhile, is looking for small and mid-cap companies where earnings, market share or structural advantages matter more than the prevailing narrative. When asked to nominate the companies investors could wish they owned five years from now, they produced very different answers: a semiconductor giant, a US senior-living operator, and a little-known software company followed by just one analyst. Time Codes 00:13 – Why look beyond Australia for growth? 02:20 – The advantages of investing globally 03:54 – Why global small caps offer a bigger opportunity set 06:11 – Revisiting Vihari’s Alphabet call 07:52 – The big questions occupying Ophir 09:21 – Where Antipodes sees value today 11:06 – Navigating market concentration and the AI trade 14:44 – Finding overlooked AI beneficiaries 19:23 – Opportunities beyond the AI boom 20:51 – Weir: Playing the mining capex cycle 22:23 – Ophir’s best performer: Silicon Motion 23:47 – Antipodes’ best performers 25:38 – Antipodes’ latest buys: Weir and Booking 27:20 – Ophir’s latest buy: APi Group 29:17 – Vihari’s stocks to own for the next five years 31:27 – Andrew’s five-year pick: Red Violet 32:46 – Why higher yields haven’t crushed US valuations 35:52 – Closing remarks General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.
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  Soul Patts has 20% in cash. Todd Barlow says everything else has to earn its place 01.10.2026 32min

  Soul Patts has been investing for more than a century – but CEO Todd Barlow says today's market demands a very different playbook. Speaking with Livewire Markets Co-Founder James Marlay at Livewire Live 2026, Barlow explains why Soul Patts is sitting on roughly 20% cash, why its exposure to listed equities has fallen dramatically, and why higher interest rates have raised the hurdle for taking risk. Barlow also discusses the opportunities Soul Patts missed in US technology, where it believes it has an edge in private credit, and why asset allocation can matter more than picking the next winning stock.
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  Coming up: Livewire Live 2026 Special Episodes 30.09.2026

  We’re bringing the best of Livewire Live directly to your podcast feed! Over the next week, we’re releasing a series of special episodes recorded live from our annual event, featuring an incredible lineup of Australia’s leading investors. The topics range from asset allocation and investor psychology to Aussie and global shares, megatrends and of course our annual 5 shocking predictions. We’ll return to our regular format in mid-October. 
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  Why T. Rowe Price’s Iona Dent believes it’s not time to leave the equities party yet 25.09.2026 43min

  The S&P 500 is sitting near all-time highs, record IPOs are hitting the market, and investors have enjoyed a stellar three years of double-digit returns. It’s fair to say that the party in global equity markets is in full swing. The yield on the US 10-year bond has surged to 5.11% - the highest level since July 2007. We all know how that party ended. ​In this episode of The Rules of Investing, T. Rowe Price's Iona Dent explains why she believes the earnings story in equities outweighs concerns around rising bond yields and walks through the five dimensions of T. Rowe Price’s ‘bubble watch’ framework.   Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.
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  Hofflin: Big moves are creating great value on the ASX 18.09.2026 41min

  Lazard Asset Management's Dr Philipp Hofflin explains how increasing volatility and reduced liquidity are creating opportunities, takes a look back at the “fallen angel” stocks he bought a year ago, and picks another beaten up stock that’s great value.   Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.
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  The index is risky. Why Antipodes is finding value beyond the AI trade 28.08.2026 59min

  In this episode of The Rules of Investing, we discuss what value investing looks like in 2026, why market concentration has reached levels seen only a handful of times in history, and whether investors have been too quick to sort companies into AI winners and losers. We also explore the investment lessons Ross has carried through a 25-year career, and the US senior housing company she would be comfortable owning if markets closed for the next five years.   Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.   Chapters: 0:00 Intro 0:40 How actuarial thinking shapes investing 6:10 Reviewing investment cases at Antipodes 9:58 What pragmatic value means in 2026 18:15 Why the index looks risky 22:25 Are hyperscalers actually expensive? 25:47 How concentrated is the AI trade? 34:05 Have investors misjudged AI winners and losers? 44:23 AI’s impact on energy demand 50:43 Lessons from a 25-year investing career 54:35 What investors are getting wrong 57:20 The one stock Vihari would hold for five years
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  Inside Schroders' inflation-beating 'sleep at night' portfolio 14.08.2026 46min

  ​No doubt fundamentals matter over time, but the extreme moves that we see in financial markets can make for a hair-raising ride and can often shake weak hands from their positions. In this episode of The Rules of Investing, Sebastian Mullins offers real-world examples that highlight why paying attention to big-picture headlines matters and explains his value, cycle, liquidity (VCL) framework, which informs his asset allocation decisions. The episode also digs into why he is constructive on global equity markets, how he is playing it and presents a breakdown of the different tools that he uses to reduce risk in his portfolio.   Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.
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  Two attributes to make you a better investor 08.08.2026 57min

  In this episode of The Rules of Investing, Qiao Ma of Munro Partners explains why curiosity and grit are essential traits for long-term investors. We discuss:  Why curiosity is central to Munro Partners’ investment process How following bottlenecks can uncover overlooked investment opportunities Why large-cap research can help identify tomorrow’s small and mid-cap winners The challenge of balancing conviction with the possibility of being wrong Why grit matters when investments do not work out How Munro uses risk management to avoid letting losers dominate the portfolio Where Ma is still finding opportunities in AI, power, travel and healthcare How Howmet Aerospace and Acter emerged from deeper supply-chain research The one investment Ma would make if markets closed for five years. Guest from Munro Partners, a corporate authorised representative (CAR 1244894) of Munro Asset Management Limited (ACN 163 522 254) an Australian Financial Service licence holder (AFSL 480509). The information discussed in this podcast is for general information purposes only and is not financial advice. You should obtain independent advice from a licensed professional adviser before making any investment decision. The views held by Munro Partners are current at the time of recording and are subject to change. Past performance information given in this recording is for illustrative purposes only and should not be relied upon as an indication of future performance. The information in this podcast has been prepared without taking account of the objectives, financial situation, or needs of individuals. None of Munro Partners, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. Information about the Munro funds is available at munropartners.com. Podcast recorded 31 July 2026.    Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.
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  3 small caps powering Ryder Capital’s double-digit growth and fully franked dividends 17.07.2026 46min

  ​Ryder Capital has just clocked up its third consecutive year of 25% plus returns, and has been paying consistent, growing dividends since 2018. ​In this episode Lauren De Zilva explains how Ryder looks for mispriced opportunities and the thesis behind the firm's largest portfolio holding. She also shares two small-cap investments that meet Ryder’s disciplined investment process.   Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.
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  3 ways to play the mining boom that is just getting started 03.07.2026 1val 16min

  Hedley Widdup from Lion Selection Group joins The Rules of Investing to discuss why the resources cycle may still be in its early stages, the outlook for gold and copper, and where he is finding opportunities among Australian micro-cap miners. In this episode: Why the mining cycle may still be early What the Lion Clock says about the current resources market Why gold remains attractive beyond the gold price The risks investors often miss during mine commissioning and ramp-up Why copper could be entering a new trading range How to invest when the cycle has turned, but the exact bottom has passed Medallion Metals, Sunshine Metals and other small-cap resources opportunities The one stock Widdup would hold if markets closed for five years
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  Backing generational companies with Blackbird’s Samantha Wong 26.06.2026 41min

  Samantha Wong was employee #1 at Blackbird Ventures, the largest shareholder in design software giant Canva and one of Australia’s most influential venture capital firms. When Sam joined Blackbird in 2015, the Australian VC ecosystem was in its infancy - a cottage industry with just a few hundred participants. The landscape has changed dramatically over the past decade as companies like Atlassian, Afterpay, SafetyCulture, and Canva have captured investor attention and created a thriving breeding ground for innovation. In this episode of The Rules of Investing, Sam discusses the rapid evolution of the VC landscape in Australia and New Zealand, why backing the right founders is essential to early-stage investing, and the next generation of companies growing at unprecedented rates.
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  Is this the market’s most-misunderstood growth opportunity? 20.06.2026 46min

  While the market obsesses over volatile AI software and tech start-ups, global private equity giant EQT says the real money is being made in the physical layer. In this episode of The Rules of Investing, Ken Wong, Partner and Head of Asia Pacific Infrastructure at EQT Partners, breaks down why the massive, structural build-out of data centres and renewable energy grid connectivity is the market’s most misunderstood, and overlooked, growth opportunity.
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  James Abela: The high-stakes search for Quality 03.06.2026 47min

  While the market's gaze is fixed on the horizon, the ground beneath quality stocks has shifted, delivering the toughest period of performance since the lead-up to the GFC. But as the saying goes, “it’s always darkest before dawn.” In this episode of The Rules of Investing, James Abela explains why it is critical to have a process for navigating challenging markets, and highlights the bright spots, both globally and on the ASX, that are presenting a breadth of opportunities in small and mid-cap companies.
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  Chris Watling on AI, inflation, oil and the fragile foundations beneath markets 23.05.2026 37min

  Chris Watling from Longview Economics joins The Rules of Investing to discuss the global macro outlook, including AI-driven market concentration, inflation, oil, interest rates, Australian housing, and the hidden fragility beneath parts of the US economy and equity market. In this episode: Why the AI theme may be carrying more of the global economy than investors realise Oil, Iran and the Strait of Hormuz Why inflation may not be the biggest risk facing markets The difference between Australia and the rest of the developed world Signs of weakness beneath the surface of the US economy Why investor complacency could become a major problem The one investment Watling would make if markets closed for five years.
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  A familiar voice returns to The Rules of Investing 22.05.2026 3min

  After four years away, Patrick Poke is returning to The Rules of Investing. In this short relaunch episode, Patrick and James Marlay reflect on the podcast’s evolution, the return of video episodes, and what listeners can expect next.
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  There’s always a bull market somewhere 08.05.2026 38min

  While rate hikes, inflation, and budget uncertainty have dampened the spirits of many equity investors, one corner of the market is quietly thriving. The S&P Emerging Companies Index (XEC) has surged 35% over the past 12 months, proving that there is "always a bull market somewhere" if you know where to look. In this episode, Joel Fleming, Portfolio Manager of the UBS Micro Cap Fund, reveals why the most exciting opportunities often lie in the market’s least efficient spaces.
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  Lazard’s recipe for growing dividends with less volatility 24.04.2026 45min

  The GFC exposed a harsh reality: for investors in or near retirement, large drawdowns aren’t just uncomfortable — they can be permanent. Aaron Binsted from Lazard Asset Management saw this firsthand. It shaped the thinking behind a strategy designed to deliver equity returns with lower volatility and a focus on growing income. In this episode, we cover how markets are navigating today’s macro backdrop, why “economic diversification” matters more than ever, and the under-appreciated dividend growers Binsted is backing on the ASX.
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  Nick Griffin: The good, the bad and the ugly 30.03.2026 50min

  Markets are wobbling, sentiment is turning, and investors are starting to question what comes next. In this episode, Munro Partners CIO Nick Griffin explains why he still believes we’re in a bull market, how the war in Iran is impacting markets, and why AI is forcing a major rethink on tech investing.
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  “Less than halfway through the gold story”, L1 Capital launches high-performing strategy via new LIC 18.03.2026 36min

  Gold has re-entered the spotlight, but L1 Capital believes investors may be looking in the wrong place. After years of investing in commodities, the firm formalised its view with a dedicated gold strategy in March 2025, now set to list as the L1 Gold Fund Limited (ASX: LGF, subject to approval). Co-Chief Investment Officer Raphael Lamm sees the real opportunity not in bullion, but in overlooked gold equities trading on “astounding” free cash flow yields. Crucially, the strategy does not depend on rising gold prices, with valuations anchored in conservative assumptions. In this episode of The Rules of Investing, Lamm explains why structural forces could support the opportunity for years to come. Please note, this interview was recorded on Monday, 16 March 2026.
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  The decisions Dion Hershan is making now that could set up portfolios for a decade 18.03.2026 25min

  Periods of intense uncertainty test even the most seasoned investors. Today, markets face several competing forces: artificial intelligence reshaping industries, geopolitical tensions fuelling energy volatility, and elevated valuations alongside concentration in parts of the Australian equity market. For Yarra Capital Management’s Dion Hershan, these environments demand discipline rather than panic. While investors remain fixated on macro headlines, he argues many meaningful micro changes are being overlooked. Drawing on experience across multiple market cycles, from the tech wreck to the global financial crisis, Hershan believes the decisions made in turbulent periods often matter most. In fact, he says a handful of well-timed choices can set up a portfolio for an entire decade. Please note, this interview was recorded Thursday, 12 March 2026