The Rules of Investing
Business & Finance
About
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.
Episodes
- There’s always a bull market somewhere
This episode of The Rules of Investing discusses the performance of the S&P Emerging Companies Index (XEC). Joel Fleming from the UBS Micro Cap Fund shares insights on market opportunities.
- Lazard’s recipe for growing dividends with less volatility
Aaron Binsted from Lazard Asset Management discusses a strategy designed to deliver equity returns with lower volatility and a focus on growing income. This episode covers how markets are navigating today’s macro backdrop, the importance o…
- Nick Griffin: The good, the bad and the ugly
Munro Partners CIO Nick Griffin discusses the current state of the market, the impact of the war in Iran, and how artificial intelligence is affecting technology investments. He explains why he maintains a bull market outlook despite curre…
- “Less than halfway through the gold story”, L1 Capital launches high-performing strategy via new LIC
Co-Chief Investment Officer Raphael Lamm of L1 Capital discusses the firm's new gold strategy and upcoming LIC listing. The discussion focuses on opportunities in gold equities based on free cash flow rather than bullion prices.
- The decisions Dion Hershan is making now that could set up portfolios for a decade
Dion Hershan from Yarra Capital Management discusses how to navigate market uncertainty caused by AI, geopolitical tensions, and equity valuations. He emphasizes the importance of micro-level investment decisions made during turbulent peri…
- The ‘unloved’ stocks fuelling a 30% year in L1 Capital’s Catalyst Fund
James Hawkins of L1 Capital’s Catalyst Fund discusses the investment strategy behind his fund's 30% annual returns. He explains the focus on deep research, activist techniques, and unloved stocks like BlueScope Steel and Mineral Resources.
- Returns today, risk tomorrow. The next shakeout will show who got lending right
Ryan Donnar of Privity Credit discusses the growth of private lending, the importance of structure over yield, and risks in the current market. He outlines questions investors should consider before allocating capital to this asset class.
- Why this global manager backed L1 with $50m
Greg Dean of Langdon Equity Partners discusses market rotations, the risks facing high-margin businesses, and why he invested in L1 Group and Johns Lyng. He also shares his perspective on the role of AI in the current market environment.
- Pay attention to insider buying as the dust settles on wild reporting season
Ben Clark discusses the resilience of the ASX 200 following a strong reporting season. He analyzes specific company performances, defends the importance of insider buying in the tech sector, and shares his outlook for the second half of th…
- Bids, beats and bumper dividends. Reporting season takes a positive turn
Chris Conway interviews James Gerrish of Market Partners to review the latest developments, beats, and misses during the current corporate reporting season. They also discuss what to watch for as the season continues.
- Is this week's reporting season carnage a sign of things to come?
Chris Conway from Livewire and Henry Jennings of Marcus Today discuss the recent share price volatility of major ASX companies during the initial week of reporting season. They examine key earnings results and the market's reaction to them.
- Simon Doyle on choosing the best assets for protecting portfolios from inflation
James Marlay is joined by Simon Doyle, outgoing CEO and CIO of Schroders, to discuss the persistence of inflation, assets for protecting real returns, and insights from his investment career on The Rules of Investing.
- How to invest $1 million in 2026
In this episode of The Rules of Investing, James Marlay discusses investment strategies for 2026 with Ben Clark and Charlie Viola. They examine market performance following strong years for equities and discuss asset allocation and expecte…
- VanEck and Global X go head-to-head to build the ultimate ETF portfolio for 2026
Jamie Hannah from VanEck and Marc Jocum from Global X ETFs draft a lineup of 11 ETFs intended for the 2026 market. The discussion compares different investment strategies and selections from both providers.
- 4 property market hotspots and 2 big ideas to fix affordability
Property experts Nerida Conisbee and Kiril Ruvinsky analyze the current property market and offer forecasts for 2026. They also discuss potential strategies to address housing affordability.
- Closing out 2025 and dropping a few bonus episodes along the way
The Rules of Investing podcast has concluded its 2025 season. The show will release bonus episodes during the holiday break before returning to its regular schedule in 2026.
- Michael O'Neill's 5 key ASX dividend picks and the outlook for income in 2026
IML's Dr. Michael O'Neill discusses the outlook for ASX dividend income and identifies five potential income stocks. He also addresses common investor mistakes regarding interest rates and valuation risks.
- The playbook behind Plato’s 25 percent returns
Dr. David Allen from Plato Investment Management discusses the systematic strategies behind his fund's 25 percent annual returns. The episode also covers how to identify potential stock declines and explores global themes influencing futur…
- Chris Prunty: The 4 small caps heading for ‘Hall of Fame’ status
Chris Prunty of QVG Capital discusses the characteristics of successful Australian companies and identifies four small-cap stocks with high growth potential. He also compares the investment platforms Hub24 and Netwealth.
- The property assets still trading at a discount as investors chase growth
Chris Bedingfield explains why global REITs are currently undervalued due to market cycles, demographic shifts, and construction costs. He emphasizes that patience is a key investment strategy.
- The five-year test: Lev Margolin’s four-step process for finding structural winners
Lev Margolin, founder of System Capital, discusses his four-step process for evaluating companies based on a five-year outlook. The episode explores his long/short investment strategy and his perspective on identifying businesses positione…
- Inside the Soul Patts compounding machine
Soul Patts CEO Todd Barlow joins The Rules of Investing to discuss the company's merger with Brickworks, investment strategies during cyclical lows, and future energy sector positioning. Barlow also shares insights on managing liquidity an…
- Magellan's value picks as sentiment soars
In this episode of The Rules of Investing, Arvid Streimann from Magellan discusses navigating a soaring market. He shares strategies for making unemotional decisions, identifying value opportunities, and emphasizes the continued importance…
- Matthew Kidman: The two best times to make money in markets are coming
Matthew Kidman of Centennial discusses his strategies for the late stage of a structural bull market, including his views on ASX management teams and market valuations. He also shares his perspective on current market performance and poten…
- Warryn Robertson: The secret to owning the world’s best assets
Warryn Robertson shares his expertise gained over two decades of investing in essential global assets such as toll roads and satellites. He outlines the principles for acquiring top-tier assets and addresses current investor misconceptions…
- A look inside the portfolios of Australia's leading investors - Livewire Live Mini-Series
Todd Barlow of Soul Patts and Phil King of Regal discuss their portfolio positioning and investment opportunities in this episode of The Rules of Investing. The conversation covers topics ranging from private credit to gold.
- 10 years from now, these are the companies everyone will wish they owned - Livewire Live Mini-Series
Global stock pickers Josh Cummings, Qiao Ma, and Dr. David Allen discuss potential emerging mega-cap companies. The discussion uses Nvidia as an example of how quickly market leaders can evolve.
- High conviction: What we’re backing for the long term - Livewire Live Mini-Series
Mark Landau of L1 Capital and Simon Mawhinney of Allan Gray discuss their high-conviction investment ideas beyond the major banks and miners. This episode from the Livewire Live 2025 mini-series provides insights for long-term investors.
- Viktor Shvets: How to embrace the chaos clouding markets - Livewire Live Mini-Series
Viktor Shvets of Macquarie discusses why traditional investment strategies like mean reversion may no longer apply in current markets. This episode is part of a mini-series featuring insights from the Livewire Live 2025 investor event.
- Chris Joye's big contrarian call
Christopher Joye discusses his bullish outlook on the US economy, driven by anticipated growth from tariffs, tax cuts, and AI investment. He also covers signals from the bond market and considerations for investors regarding upcoming hybri…
- Anna Milne: 4 steady performers, 2 fallen angels and the 'must-own' commodity right now
Anna Milne of WAM Leaders discusses navigating ASX 200 volatility, selecting commodities, and evaluating large-cap stocks. She also explains the investment company structure used to backfallen angels and identifies a long-term hold.
- Chris Stott: Why small caps are firing and 5 'Reporting Season Awards'
Chris Stott from 1851 Capital and Kerry Sun join the podcast to discuss themes from the August reporting season, the recent performance of small-cap stocks, and present five light-hearted awards for company performances.
- Lessons from the ‘dark side’ of credit
MA Financial's Frank Danieli shares insights into how the firm's experience in complex corporate restructures shapes its credit investment strategies. The discussion covers navigating uncertainty and identifying opportunities, including in…
- Rudi: It’s not a bubble, AI’s next winners, and what investors are overlooking
FNArena Editor Rudi Filapek-Vandyck argues that current market valuations are distorted by a few large stocks, masking underlying growth in other areas. He explains on The Rules of Investing why certain companies remain valuable and how in…
- Life changing technology meets a structural growth industry
In this episode of The Rules of Investing, Jacob Celermajer of Cordis Asset Management discusses the rapid pace of innovation within the healthcare and medical technology sectors. The conversation explores how these advancements compare to…
- From cold call to capital giant: The Metrics story in Lockhart’s words
Andrew Lockhart, Metrics co-founder, discusses the company's recent $315 million raise for its Master Income Trust and its growth to $30 billion in assets under management. He shares insights on the private credit sector, risk management,…
- Equities up, bonds behaving but what is the US dollar telling investors?
Markets anticipate economic trends. While major indices like the S&P 500 and ASX 200 have risen and bond yields are down, the US dollar's 10% decline suggests underlying investor concerns, as discussed by Niamh Brodie-Machura.
- Mark Mobius: Change is coming and most companies are not prepared
Mark Mobius, a pioneer in emerging markets investing, advises investors against short-term panic regarding global tariffs, viewing them as bargaining points. He highlights India as a significant opportunity for the next decade, drawing on…
- Vimal Gor on the future of bonds, currencies, and why he thinks shares can rally
Vimal Gor predicts the US Federal Reserve may implement quantitative easing due to a Trump presidency, potentially boosting shares, gold, and bitcoin. He also expects the Aussie dollar to strengthen against the US dollar amid market shifts.
- Investors had a decade to buy Amazon. Is it Spotify’s turn now?
This episode draws parallels between Amazon's historical investment trajectory and Spotify's current market position. It discusses how volatility can present investment opportunities and emphasizes the significance of a long-term investmen…
- Marcus Padley reveals the secret sauce of timing markets
In this episode of The Rules of Investing, Marcus Padley argues against the typical buy-and-hold approach, emphasizing the importance of market timing for risk management and performance. He also addresses reader questions on various inves…
- Andrew Mitchell: The market always wins
Andrew Mitchell from Ophir discusses the current equity market outlook, noting potential challenges from bond yields and policy risks. He emphasizes the importance of companies that can achieve growth through economic cycles and shares spe…
- Meet David - He’s taking on Australia’s ETF Goliaths (with just 10 stocks and a bold plan)
David Tuckwell, son of ETF pioneer Graeme Tuckwell, has launched ETF Shares to compete in Australia's growing ETF market. The new firm focuses on low fees and concentrated US tech exposure, with one fund holding only the top 10 Nasdaq stoc…
- Tough medicine: Trump 2.0 is a structural break for economies and markets
Brigette Leckie, Chief Economist at Koda Capital, discusses the economic and market impacts of Trump 2.0's policies, advising investors against expecting a quick V-shaped recovery due to a predicted slow, grinding path forward.
- “We’re buying”: Emma Fisher spots a rare chance to upgrade the portfolio
Emma Fisher discusses the ASX's plunge on The Rules of Investing, identifying it as a buying opportunity. She explains her strategy for selecting investments during market volatility and shares a new long-term idea.
- The world is complex. Beyond the headlines is where the real opportunities lie
This episode challenges the common narrative that Trump's tariffs will automatically cause inflation. Charlie Jamieson explains how factors like demand elasticity and the sustained nature of price increases determine true inflation, offeri…
- Jun Bei Liu: 2 stocks for the bottom drawer and how to play the only realistic scenarios left for 2025
Jun Bei Liu analyzes the current investor scenarios for 2025, noting that a hard landing is no longer a possibility. Despite market volatility and economic pressures, she believes the backdrop for equities remains favorable and presents op…
- Steve Johnson: Two small caps on a run and the uncovered gems that could be next
Steve Johnson, CIO at Forager Funds, shares his insights on the risks and potential rewards of small-cap investing, discussing specific stocks he believes have future growth potential. The episode covers his journey into fund management an…
- Cuts are coming, equities are full, and Trump is being underestimated by everyone
Roy Keenan, with 40 years of fixed income experience, shares insights on navigating current investment landscapes, including US policy shifts, state finances, and major themes, emphasizing the balance between head and gut feelings in decis…
- Fight the FOMO with 4 stocks the herd is overlooking
In a booming 2025 market, Laretive discusses managing investor FOMO, identifying overlooked stocks, and capitalizing on opportunities presented by a lower Aussie dollar, especially during upcoming reporting seasons.