The Rules of Investing

Епизоди

• 3 ways to play the mining boom that is just getting started 03.07.2026 1ч 16мин

  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
• Backing generational companies with Blackbird’s Samantha Wong 26.06.2026 41мин

  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.
• Is this the market’s most-misunderstood growth opportunity? 20.06.2026 46мин

  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.
• James Abela: The high-stakes search for Quality 03.06.2026 47мин

  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.
• Chris Watling on AI, inflation, oil and the fragile foundations beneath markets 23.05.2026 37мин

  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.
• A familiar voice returns to The Rules of Investing 22.05.2026 3мин

  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.
• There’s always a bull market somewhere 08.05.2026 38мин

  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.
• Lazard’s recipe for growing dividends with less volatility 24.04.2026 45мин

  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.
• Nick Griffin: The good, the bad and the ugly 30.03.2026 50мин

  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.
• “Less than halfway through the gold story”, L1 Capital launches high-performing strategy via new LIC 18.03.2026 36мин

  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.
• The decisions Dion Hershan is making now that could set up portfolios for a decade 18.03.2026 25мин

  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
• The ‘unloved’ stocks fuelling a 30% year in L1 Capital’s Catalyst Fund 16.03.2026 34мин

  For much of the past year, investors have been focused on growth stocks and AI winners. But some of the strongest returns have come from stocks the market had largely written off. James Hawkins, Head of L1 Capital’s Catalyst Fund, is building a reputation for finding value where others aren’t looking, combining deep research with an activist mindset to unlock it. That strategy has helped drive a strong year for the fund, with contrarian positions in companies like BlueScope Steel and Mineral Resources fuelling 30% gains. In this episode of the Rules of Investing, Hawkins explains L1’s affinity for hard assets, the catalysts for unlocking value and the unloved stocks capturing the markets attention.
• Returns today, risk tomorrow. The next shakeout will show who got lending right 11.03.2026 40мин

  Private lending has expanded rapidly over the past decade as banks pulled back from parts of the corporate market. The result has been a surge of capital chasing income, but the speed of that growth is also raising questions about how the sector will perform when the cycle eventually turns. In this episode of the Rules of Investing podcast, Privity Credit Managing Partner Ryan Donnar explains why lending outside the banking system is far from a one-dimensional asset class. He also outlines where crowding is emerging, why structure matters more than yield, and the key questions investors should ask before allocating capital. Please note, this interview was recorded Tuesday, 24 February 2026
• Why this global manager backed L1 with $50m 03.03.2026 44мин

  Equity markets are in the middle of what Greg Dean calls “the world’s most uncomfortable rotation." In this episode, the founder of Langdon Equity Partners explains why AI may not be the real story, why high-margin businesses can be more vulnerable than they appear, and how he’s positioning his portfolio, including a 7.6% stake in L1 Group and a decision to reinvest in Johns Lyng after its take-private.
• Pay attention to insider buying as the dust settles on wild reporting season 27.02.2026 17мин

  More than 70 companies reported this week and while the ASX 200 continues to push record highs, stock reactions remain ruthless. In this episode, Ben Clark argues it’s been one of the strongest reporting seasons in years, with banks, miners and consumer names broadly beating expectations. He explains why Woolworths’ resurgence caught the market off guard, why WiseTech’s AI defence matters more than its job cuts, and why Monadelphous and Ramsay may be turning points. Clark also highlights heavy insider buying across tech, suggesting recent weakness may be overdone. Despite volatility, he sees momentum building into the second half.
• Bids, beats and bumper dividends. Reporting season takes a positive turn 20.02.2026 16мин

  With reporting season taking a positive turn, Chris Conway speaks with James Gerrish of Market Partners to get his hot take on a big week of reporting season, the key beats and misses, and what he's keeping an eye on for the rest of the season.
• Is this week's reporting season carnage a sign of things to come? 13.02.2026 20мин

  The first big week of reporting season was full of fireworks with some wild swings in some of the biggest companies on the ASX. Livewire's Chris Conway spoke with Henry Jennings from Marcus Today to discuss some of the important results and how investors reacted. 
• Simon Doyle on choosing the best assets for protecting portfolios from inflation 30.01.2026 42мин

  Inflation is back at the centre of investor concerns. In this episode of The Rules of Investing, James Marlay is joined by outgoing Schroders CEO and CIO Simon Doyle to discuss why inflation has been so persistent, the assets he trusts most to protect real returns and the lessons from a long career in markets.
• How to invest $1 million in 2026 06.01.2026 36мин

  Markets delivered another strong year in 2025, extending an exceptional run for equities. The S&P 500 returned around 22.8% per annum over the past three years, roughly double the long-term average, while the ASX 200 delivered closer to 9.7% excluding dividends. After a run like this, the key issue isn’t just where markets go next, but how investors set expectations. In this episode, James Marlay speaks Ben Clark from TMS Private Wealth and Charlie Viola from Viola Private Wealth to discuss realistic return expectations, the factors shaping asset allocation for 2026, and where they’re directing new capital.
• VanEck and Global X go head-to-head to build the ultimate ETF portfolio for 2026 22.12.2025 33мин

  Vishal Teckchandani asked two of Australia's leading ETF providers to put together a starting lineup of 11 ETFs built to win next year.   Our two team captains were VanEck's Jamie Hannah and Global X ETFs' Marc Jocum, who each brought some of their big hitters (and more cricket metaphors than you can shake a stump at).