Markets are forward looking and are one of the strongest indicators of what lies ahead for global economies. This dynamic reflects the thinking of millions of market participants digesting and pricing available information to guide how asset prices reflect the future. For all the twists, turns, and curveballs that 2025 has delivered, markets are, in many cases, at or above where the year started. The S&P 500 is in the green, the ASX 200 is up, and yields on US 10-year bonds, a useful proxy f...
Jun 26, 2025•32 min•Ep. 246
“People are getting too short term. They’re getting panicked by the developments taking place on tariffs and so forth... they don’t realise it’s often just a bargaining point.” That’s the view of Mark Mobius, a pioneer in emerging markets investing and founder of Mobius Investments. Mobius says many investors are misreading the noise echoing around global markets. His advice? “Be patient and be willing to roll with the punches.” In this episode of The Rules of Investing, Livewire’s James Marlay ...
Jun 15, 2025•37 min•Ep. 245
Ellerston Capital’s fixed-income and multi-asset strategist Vimal Gor says the radical Trump presidency means the US Federal Reserve will be forced to return to quantitative easing later this year to cap bond yields and offset the nation’s fiscal problems. In this podcast, Gor also details why he thinks this means shares, gold and bitcoin can rally later this year. He also argues why he thinks the Aussie dollar will jump versus the greenback on the back of radical shifts in markets that may be s...
Jun 06, 2025•42 min•Ep. 244
Amazon spent over a decade as a misunderstood stock - volatile, unprofitable, and often written off. But for those who looked past the noise, it became one of the greatest investments of our time. Today, Janus Henderson sees echoes of that journey in Spotify. It may not look like a market leader yet, but under the surface, the building blocks of enduring growth are falling into place. In this episode, Josh Cummings explains how volatility creates opportunity, why time is a long-term investor’s b...
Jun 03, 2025•24 min•Ep. 243
In this special episode of The Rules of Investing, veteran stockbroker and Marcus Today founder Marcus Padley joins Livewire’s James Marlay for a wide-ranging conversation on two critical themes. First, Marcus takes aim at the industry’s obsession with buy-and-hold, arguing that smart market timing isn’t just possible - it’s essential for managing risk and avoiding underperformance. Then, he fields Livewire reader questions on everything from gold and lithium to bond yields and WiseTech. It’s bo...
May 30, 2025•54 min•Ep. 242
Equity markets have bounced, but Andrew Mitchell from Ophir says the road ahead is tricky. Higher bond yields and policy risks point to slower growth. In this environment, companies that can grow through the cycle will stand out. In this episode of The Rules of Investing, Mitchell shares his views on equity markets, the dominance of US megacaps, and why he remains optimistic on small and mid-caps. He also unpacks the thesis behind a mission-critical tech stock flying under the radar, one he beli...
May 24, 2025•51 min•Ep. 241
Australia’s ETF industry is booming - up $53 billion in the past year alone - and a new player is stepping into the ring. David Tuckwell, son of ETF pioneer Graeme Tuckwell, has launched ETF Shares to challenge the giants like Vanguard and Betashares. His weapon of choice? Low fees and ultra-focused US tech exposure. One fund holds just the top 10 Nasdaq stocks - an audacious bet on concentration over diversification. Is there room for another player in an increasingly crowded market? We explore...
May 09, 2025•33 min•Ep. 240
Investors hoping for a swift ‘V-shaped’ recovery from the recent market sell-off are likely to be disappointed. Instead, they face a slow, grinding path forward. That’s the base case from Koda Capital’s Chief Economist, Brigette Leckie, who says the tariff-led policies of Trump 2.0 represent a structural break for economies and markets. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment resear...
Apr 16, 2025•29 min•Ep. 239
“Are you okay?” That was the question Emma Fisher got from her mum after the ASX plunged more than 6% in a single day. For Fisher, it was a soft signal that the worst of the panic may be behind us. In this episode of The Rules of Investing, Emma shares why sharp sell-offs are the new normal, the two market “buckets” she’s buying from, and how she’s funding new ideas. Last time she was on the podcast, Emma tipped ResMed at $22. This time, she’s back with a fresh idea she’s backing for the next 5 ...
Apr 11, 2025•53 min•Ep. 238
No matter how long you’ve been in markets, we’re all guilty, at one point or another, of operating at a headline level. When markets are moving violently - like they are now - and we’re all trying to keep up, operating at a summary level can become even more pronounced. But looking beyond the headlines, challenging what you think you know, and diving deeper into complex issues, will almost certainly always yield a better result. For example, one of the dominant narratives right now is that Trump...
Mar 28, 2025•54 min•Ep. 236
At the start of 2025, there were three big-picture scenarios facing investors: a hard landing, a soft landing, or no landing at all. Just two of those scenarios remain, with a hard landing now off the table, according to Ten Cap’s Jun Bei Liu. That view might seem a touch ambitious in light of the market rout that kicked off in mid-February and gathered steam as sticky inflation and a tariff war put equity valuations under pressure. The ASX 200 has fallen 8.5% in a month and is down over 4.5% fo...
Mar 14, 2025•33 min•Ep. 235
The allure of small-cap investing is undeniable. The chance to find an overlooked gem that can skyrocket is real, but the risks are just as high. Illiquidity, limited analyst coverage, and varying investor strategies create opportunities—but also traps. Success stories like Pro Medicus and Netwealth prove the potential, yet the volatility can be brutal. Steve Johnson, CIO at Forager Funds, knows this world well. In the latest episode of The Rules of Investing, he shares his journey from investme...
Feb 28, 2025•43 min•Ep. 234
From investing his paper route money in term deposits when he was nine years old, to racing the two kilometres from one end of Collins Street to the other to submit a handwritten RBA bond tender, to running a market-beating income fund for more than 20 years, Yarra Capital Management’s Roy Keenan has seen it all in his 40 years in fixed income. It is this broad experience and love for fixed income that makes Keenan such an interesting person to talk to, particularly given the world as we find it...
Feb 14, 2025•44 min•Ep. 233
Stock markets are off to a flying start for 2025. The S&P ASX 200 is up nearly 5%, with gold, banks and technology companies continuing their bull runs from 2024. The consensus view is that banks and tech are expensive, but the market doesn't seem to agree, or at least it doesn't care. Moments like this can be challenging for investors; fundamentals tell you to look the other way, but ignoring the temptation to follow the momentum is hard. In this episode of the Rules of Investing, Laretive ...
Jan 31, 2025•35 min•Ep. 232
The past few years have been kind to investors. A glance over 2024 asset class returns suggests that most Australian investors have been sitting on healthy gains for the past 12 months, with the much-loved banks leading the charge. Global equity exposure will have sweetened returns, with the S&P 500 clocking up consecutive years of +20%. Even conservative investors have been rewarded with returns on cash, which is the best we've seen in decades. It's in our nature to resist making changes to...
Jan 09, 2025•34 min•Ep. 231
If you’re feeling upbeat about markets as we head into 2025, you’re not alone. 41% of investors that participated in Livewire’s Outlook Series Survey said they are feeling optimistic about markets right now, well ahead of the following most popular response with 30% of survey participants saying they are feeling anxious. The responses are not surprising, given the decisive run in equity markets in recent years. The S&P 500 is on the cusp of racking up consecutive years of 20%+ returns. A fea...
Dec 13, 2024•44 min•Ep. 230
The Australian property market is incredibly nuanced. Markets like Brisbane, Adelaide, and Perth are soaring by double digits while the markets of Sydney and Melbourne have started to cool considerably. But even if prices in the largest housing markets are mellowing, it does not take away the core and indisputable argument: Housing may never have been affordable but now, the crisis is worse than ever. Andrew Schwartz, Co-Founder, CIO, and Managing Director at alternative real estate investment m...
Nov 21, 2024•41 min•Ep. 229
Koda Capital is one of Australia's elite wealth management firms, charged with allocating over $11.5 billion of capital on behalf of high-net-worth individuals, family offices, and charitable foundations. For the past decade, Brigette Leckie has played a pivotal role in shaping the firm's views on where the best opportunities lie across global asset markets. Leckie firmly believes that understanding the macro environment is the starting point for building an investment strategy. And while it's n...
Nov 08, 2024•31 min•Ep. 228
For those who love equities, you’re in for a treat with the latest Rules of Investing podcast. This week's episode features First Sentier Investors’ Deputy Head of Australian Equities Growth, David Wilson. Wilson's bread and butter is picking high-quality growth companies - a role he executes every day as part of the team that runs the First Sentier Geared Australian Share Fund. He is not afraid to explain how he goes about doing this while acknowledging his missteps and sharing a handful of sto...
Oct 25, 2024•39 min•Ep. 227
In a world where artificial intelligence dominates headlines, few fund managers have harnessed it as boldly as Armina Rosenberg. For those who don't know her, "Arms" made a name for herself at Grok Ventures, the family office of Mike Cannon-Brookes. Now, she's paving a new path at AI-backed Minotaur Capital, alongside Perpetual alumnus Thomas Rice. The duo have developed Taurient, a software system that uses large language models for everything from idea generation to portfolio construction. In ...
Oct 11, 2024•54 min•Ep. 226
Today, we’ll be bringing all the insights from Livewire Live together with the help of one of Australia's leading financial advisers and one of the country's top wealth managers. Livewire’s James Marlay sat down with Alexandre Ventelon of Morgan Stanley Wealth Management and Charlie Viola of Pitcher Partners to answer our audience’s questions about asset allocation and give investors some tangible ideas on how to apply the lessons and insights from a full day of sessions covering multiple asset ...
Oct 09, 2024•25 min•Ep. 225
Today, you’ll be learning about the good, the bad and the ugly of equities markets - with the help of: Dr David Allen, Head of Long/Short Strategies, Plato Investment Management Ben Griffiths, Executive Chairman, Eley Griffiths Group James Hawkins, Partner & Head of the Catalyst Fund, L1 Capital Dushko Bajic, Head of Australian Equities Growth, First Sentier Investors This panel is hosted by Centennial Asset Management’s Matthew Kidman. They explore the stocks they are bullish on today, the ...
Oct 08, 2024•46 min•Ep. 224
Many of the best investing opportunities emerge when you think differently from the herd. This session will feature five high energy predictions that will challenge consensus thinking as investors look towards 2025 and beyond. You’ll be hearing from five of Australia’s leading investment minds, including: Kellie Wood, Head of Fixed Income at Schroders Vihari Ross, Portfolio Manager at Antipodes, Bob Desmond, Co-Portfolio Manager and Head of Claremont Global Josh Clark, Lead Portfolio Manager at...
Oct 07, 2024•37 min•Ep. 223
In this session you’ll be hearing a fireside chat with Todd Barlow the CEO of Soul Patts, Australia’s oldest listed company. Soul Patts is a diversified investment house often described as Australia’s answer to Warren Buffett’s Berkshire Hathaway. The company has established an incredible record of dividend payments to shareholders and today you’ll be getting an asset allocation masterclass from Todd and hearing about the opportunities he sees in the market today. This session was moderated by J...
Oct 06, 2024•27 min•Ep. 222
Artificial Intelligence is surely the hottest topic right now powering returns in stock markets and capturing our attention with its promise of productivity and innovation. But with such spectacular interest and returns I’m sure many investors are wondering if the opportunity has passed. Our next panel will be picking the eyes out of the AI opportunity. How big is it and where are we in the cycle for this industry? Who will be the winners? And who will get crushed? The panel features: Nick Griff...
Oct 05, 2024•51 min•Ep. 221
In this episode, you’ll be hearing a panel exploring a number of big topics dominating conversations around markets right now. From the changing macro backdrop and debate over the merits of public vs private markets to the implications of ageing populations, the energy transition and digital innovation these are Seismic Shifts and we’re going to hear about the opportunities they present for investors. The speakers in this session are: Matthew Haup, Lead Portfolio Manager at Wilson Asset Manageme...
Oct 04, 2024•49 min•Ep. 220
In this episode, you’ll hear from Scott Kleinman, the co-president of Apollo Global Management, as he sits down with Livewire’s James Marlay. Kleinman shares his views on why he believes markets are getting ahead of themselves with rate cut expectations, where he sees value across various sectors, and how Apollo is positioning to take advantage of mega trends such as digital transformation, the energy transition, and ageing populations. This episode is part of our special mini-series of The Rule...
Oct 04, 2024•28 min•Ep. 219
Behavioural economics explains why we make such stupid decisions with our money. Unfortunately, the study has found that behavioural biases are very hard to control and, even if you are aware of them, no one is immune from poor decision-making when it comes to both life and our finances. This is where quantitative or systematic investing comes in - a realm of investing typically reserved for institutional investors like super funds and the ultra-wealthy. Quantitative investing removes emotion an...
Sep 27, 2024•43 min•Ep. 217
While Warren Buffett's favourite holding time may be forever, the average holding period for a typical investor is now just 5.5 months. In a world where news, analysis and investment ideas are readily available at our fingertips, investors have quickly forgotten the benefits of long-term compounding and instead are focused on the next great stock, driven likely by their fear of missing out. We've all succumbed to it, there's no point denying it. How many of us jumped on the buy-now-pay-later tre...
Sep 13, 2024•49 min•Ep. 216
Nowadays, it’s quite easy to get swept up in the negativity around our economic plight. Living costs are a very real concern, as are increasingly unaffordable house prices. But, as Australians, we’re also quite fortunate. Our economy has enjoyed an unprecedented run of growth, we’re highly educated, we’re resource-rich, and we have opportunities – one of which lies in energy creation. As Darren Brown, Co-Managing Director, Renewables Australia at Octopus Investments tells it, there is “a really ...
Sep 06, 2024•37 min•Ep. 215
