The Rules of Investing

Livewire Markets•livewiremarkets.podbean.com

The Rules of Investing is one of Australia’s longest-running business podcasts, providing investors with unparalleled access to the ideas and insights of Australia’s leading fund managers, economists and industry experts. Learn how the industry’s best invest, with the help of Livewire’s James Marlay and Chris Conway. Whether you’re new to investing or a seasoned professional, this podcast is for you. New episodes are released every second Friday, available on Livewire Markets, Spotify, Apple Podcasts, and YouTube.

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Episodes

Chris Watling’s portfolio preparation guide for a 2023 global recession

Last week, London-based economist and founder of Longview Economics Chris Watling walked into a pub and ordered three pints of beer. The barman poured the pints and promptly asked Watling for £30. There was a pause, as the two made eye contact before eventually acknowledging the extreme prices for beer. But it's not just beer and bars that are going through a rough time. The other B - the Bank of England - is in a policy tussle with the new UK government, and that's led traders to question the e...

Oct 17, 2022•25 min•Ep. 125

Mark Landau: Why it’s time to put down the last decade’s playbook

The old adage that "past performance is not an indicator of future returns" is possibly more relevant in today's market than it's ever been. When the market is driven by momentum, as it has been through the past decade, piling onto winners has paid off. And why wouldn't it? Earnings have been easy to fuel when debt costs next to nothing, in a market where the shareholders reward the pursuit of market share - no matter how it's achieved. In today’s episode of The Rules of Investing, David Thornto...

Oct 14, 2022•56 min•Ep. 124

How this Hall of Fame bear is buying the dip

It's not a stretch to call the last twelve months in markets a regime change. Inflation, rates, valuations, liquidity; everything has been turned on its head. While today's conditions may be unique in makeup, they're not new in isolation. Each of the trends we see today have visited markets before. So who better to get on the Rules of Investing than someone who has seen it all: Hall of Fame fund manager Chris Kourtis from Ellerston Capital. Chris has served as a Director and Portfolio Manager of...

Sep 16, 2022•41 min•Ep. 123

Why the stock market’s bubble hasn’t really burst yet

When markets crash sharply, as they did earlier this year, it can be a mistake to assume that as soon as the falls peter out, the market will then naturally recover. Sure, this sometimes happens. The crash of 87, the global financial crisis, and COVID are all examples where the market went into freefall fall once, more or less, before recovering. But here's the thing. Just because the market has sold off and since recovered some, that's no guarantee the market is in recovery mode. Markets, secto...

Sep 02, 2022•47 min•Ep. 121

We’re in ’Tech Wreck 2.0”, and some big names won’t make it

The world is opening, but not to calm and stability. Rather, COVID has left a trail of destruction. And I'm not talking about the health implications. The pandemic has left economies and markets rattled by supply chain problems, inflation, and rate hikes. Big tech has been hit the hardest as investors flee long-duration stocks. However, despite sharing an acronym, the big tech stocks have been split down the middle. Some companies are awash with cash and trading at extremely attractive multiples...

Aug 19, 2022•44 min•Ep. 120

A stealthy small cap quietly building a market monopoly

Investment management can be a brutal business. When you're talking small caps, the brutality is amplified orders of magnitude. Between March 20 and September 3 last year, the ASX Small Ordinaries Index sky-rocketed 44.38%. That's the kind of performance that will make a fund manager euphoric, but also nervous. Mean reversion is a thing. Eventually, you need to pay the piper for that kind of performance. And pay the piper the small cap sector most certainly did, in the form of a 25% downward cor...

Aug 12, 2022•33 min•Ep. 119

Is a golden era for income investors coming?

Fixed income has had a torrid time of it the last year – in fact, by some measures it’s been the worst year on record – with US treasuries losing about a tenth of their value. Since the beginning of this year, global bonds have recorded their worst performance on record, with the Bloomberg Global Aggregate Total Return (USD) Index down around 10% year to date - equating to $3.76 trillion in lost value. This performance has also coincided with a sell-off in global equities, with the MSCI World Ne...

Jul 22, 2022•32 min•Ep. 118

How Perpetual’s Vince Pezzullo invests when multiples retreat

Markets are a right mess today, thanks to surging inflation and the fear of what that will do to earnings. In this environment, you want companies that have the market position, leadership and balance sheets to survive. However, actually finding these companies is no mean feat. On today's episode of The Rules of Investing, Livewire's David Thornton sits down with Vince Pezzullo - Deputy Head of Equities at Perpetual. Vince joined Perpetual in 2007 and has covered a heap of sectors since then; yo...

Jul 08, 2022•50 min•Ep. 117

The best inflation protection you can get

The prophets of doom are blowing their recession horns. Accordingly, investors want to hold assets that can be bulwarks against whatever's driving recession - that being inflation in today's case. And that's what today's edition of The Rules of Investing is all about. Livewire's James Marlay sat down with Warryn Robertson, who is a portfolio manager and analyst at Lazard Asset Management. Warryn's responsible for managing the Global Equity Franchise Strategy as well as Lazard's well-known Global...

Jun 24, 2022•45 min•Ep. 116

Oscar Oberg’s bear market guide to oversold small caps

Let's face it, it has been hard going in the small caps space - which is down almost 18% this calendar year. As soon as you get headwinds such as inflation and rate hikes, babies will invariably get thrown out with the bathwater. Good companies with strong balance sheets get sold off in the stampede as investors run for the door. Today's guest on The Rules of Investing is Oscar Oberg, a lead portfolio manager at Wilson Asset Management. Oscar and his team run the firms flagship listed investment...

Jun 10, 2022•42 min•Ep. 115

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