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PODCAST

The Rules of Investing

Livewire Markets

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

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All Episodes

41:21

How this Hall of Fame bear is buying the dip

The Rules of Investing ·

2022/09/16

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

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47:21

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

The Rules of Investing ·

2022/09/02

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, sectors

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43:49

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

The Rules of Investing ·

2022/08/19

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

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33:23

A stealthy small cap quietly building a market monopoly

The Rules of Investing ·

2022/08/12

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

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31:36

Is a golden era for income investors coming?

The Rules of Investing ·

2022/07/22

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 Net

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49:39

How Perpetual’s Vince Pezzullo invests when multiples...

The Rules of Investing ·

2022/07/08

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; you

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45:11

The best inflation protection you can get

The Rules of Investing ·

2022/06/24

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

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42:13

Oscar Oberg’s bear market guide to oversold small caps

The Rules of Investing ·

2022/06/10

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

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25:11

Why Allan Gray is still bullish energy and cautious...

The Rules of Investing ·

2022/06/03

Imagine for a moment that you had a clean sheet of paper from which to build your investment portfolio from the ground up. Would that rebuilt portfolio look the same as what you own today? One could guess that for many people the answer is no, and that if given the chance to start from scratch their portfolios would look quite different. Livewire's James Marlay puts this question to Simon Mawhinney, the Managing Director and Chief Investment Officer of Allan Gray, a contrarian investor responsible

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45:28

Simon Shields: These stocks are turning market...

The Rules of Investing ·

2022/06/03

We're all well aware of the headwinds battering markets today - inflation, supply chain pressures, and rate hikes. Yet it's easy, and misguided, to broad brush the market and expect all stocks to respond in the same way. As you'll learn in this edition of The Rules of Investing, what is a headwind for one stock can be relative value for another. Today’s guest is Simon Shields. Simon co-founded Monash Investors in 2012 following stints as head of equities at UBS and Colonial First State. Monash

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43:06

Ben Griffiths: A bull waiting for these three signs...

The Rules of Investing ·

2022/05/20

Global markets are in a world of hurt. This week the Dow Jones Industrial Average nose-dived 1,100 points - its biggest loss since 2020. For all but those with the greatest of risk appetites, it's time to hunker down and weather the volatility storm. But the rout won't last forever. As the saying goes, the night is darkest just before the dawn. So being ready for the turn will be key to capturing the growth to come. For today's episode of Rules of Investing, we're joined by small cap notary Ben

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57:07

Charlie Jamieson: Bond market pricing in...

The Rules of Investing ·

2022/05/04

The RBA lifted the cash rate yesterday by 25 basis points, to 0.35%. And just like that, its war on inflation - which it will wage against aggregate demand - is underway. The threat of inflation has been written on the wall for some time, though, prompting some to wonder if the central bank has dropped the ball. Today's guest, Charlie Jamieson, co-founder of Jamieson Coote Bonds, questions whether the RBA ever had the ball in the first place, having stated as early as last year that it didn't

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48:03

Like the traditional resources sector? Here’s why...

The Rules of Investing ·

2022/04/29

Conventional wisdom holds that 'traditional' natural resource investments are a sure, safe bet. And justifiably so: Land, from which natural resources have been extracted, is one of the classic four factors of production. They offer diversification and inflation protection courtesy of increased pricing power when costs go up. It doesn't take much to realise the relevance of these attributes in the current environment. But here's the thing. Renewables offer all those benefits and more, according

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30:56

The Greatest Hits (Volume 1)

The Rules of Investing ·

2022/04/08

After 4 and a half years at the helm, Patrick Poke is parting ways with The Rules of Investing. Please enjoy some highlights from the most popular episodes of the podcast to date. We also introduce the new host of the show.

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35:54

3 ingredients for small cap success

The Rules of Investing ·

2022/03/25

The multi-bagger is the “holy grail” for most small cap investors. Whether you like tech, resources, industrials, or all the above, there’s nothing quite like the satisfaction of watching your stock go up three, five, or even 10 times. Dean Fergie from Cyan Investment Management has had a few of these stocks in his nearly-25-year career in Aussie small caps. He has noted a few similarities among them – though he freely admits its “obvious stuff”. The company’s product or service must be

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26:13

The companies that Wall Street legend Jim Chanos is...

The Rules of Investing ·

2022/03/18

It's not easy being one of the world's most-famous short-sellers. As Jim Chanos knows, it takes thick skin to deal with daily negative backlash, and, of course, markets storming "parabolically" higher over the past few years. But now the tides are turning, and rather dramatically, according to the 64-year-old Wall Street veteran. In fact, since September 2021, investors have been slowly waking up to misleading accounting practices among the world's most highly valued firms, and their share prices

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36:10

3 Aussie stocks for today’s market

The Rules of Investing ·

2022/03/11

Rising rates, rising volatility, and rising geopolitical tensions. It's tough being an equity investor in today's market. But Australian investors have generally fared better than most. With a heavy skew towards resources and financials, both of which have outperformed the broader index in recent months, the ASX 300 has outperformed the S&P 500 by nearly 5%. In the latest episode of The Rules of Investing podcast, I speak to John Lockton, Head of Investment Strategy at WILSONS. He shares his views

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33:21

Why Platinum is short US tech stocks and long China

The Rules of Investing ·

2022/02/28

According to Andrew Clifford, CEO and Co-Chief Investment Officer of Platinum Asset Management, there's one variable that matters more than any other in stock markets. That variable is interest rates. Interest rates can't get much lower than current levels, and, until recently, central banks have been pushing rate hike expectations years out into the future. But that narrative has changed abruptly, and market participants are scrambling to dial up the speed and quantum of rate hikes in their

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53:44

What war in Ukraine means for investors

The Rules of Investing ·

2022/02/24

Guest: Tim Toohey, Head of Macro and Strategy at Yarra Capital Management. Just a few minutes ago, Russian President Vladimir Putin announced a "special military operation" in Ukraine - an apparent euphemism, for the world watching on, for "invasion". Despite weeks of speculation, the news of war in Europe is truly shocking no matter where you are on Earth. Most investors have never witnessed anything like this in their lifetimes, and how markets react in the short term is anyone’s guess. Just a

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54:37

The real reason Aussie housing is expensive

The Rules of Investing ·

2022/02/11

Guest: Chris Bedingfield, Quay Global Investors. Australian housing is expensive. Hardly a shocking statement. But if you ask a bunch of investors and economists why it’s expensive, you’re bound to get a wide range of answers. Most of them will refer to credit availability in some way. A few might mention a lack of supply and demographics, and almost all of them will discuss interest rates. But according to Chris Bedingfield, Principal and Portfolio Manager at Quay Global Investors, there’s a simple

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183 results

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