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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

business investing

All Episodes

32:00

Lessons from the ‘dark side’ of credit

The Rules of Investing ·

2025/08/18

MA Financial has built its reputation in the toughest corner of the corporate world, restructures. In the years after the GFC, it advised on some of Australia’s most complex and high-profile turnarounds, from Centro Properties and Alinta Energy to Babcock & Brown and Nine Entertainment.Today, the firm manages over $12 billion and has grown into a major player in private lending. In this episode, Livewire speaks with Frank Danieli, Head of Credit Investments and Lending, about how MA Financial’s

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30:13

Rudi: It’s not a bubble, AI’s next winners, and what...

The Rules of Investing ·

2025/08/05

Investing feels easier when markets are messy. When volatility spikes and fear takes hold, putting fresh capital to work can feel rational, even opportunistic. But when markets are cruising near record highs, valuations look stretched, and AI stocks are powering ahead like a runaway train, adding to a portfolio can feel unnerving.It’s a sentiment shared by many right now. With the ASX 200 trading at elevated multiples and earnings growth on track to post its third consecutive annual decline, the

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40:37

Life changing technology meets a structural growth...

The Rules of Investing ·

2025/07/18

Step back for a moment and think about how technology has changed your life over the past two decades.What springs to mind? Smartphones, on-demand streaming (whether it’s music or movies), digital maps, and the broad adoption of artificial intelligence, all powered by fast, affordable and readily available internet access. The list goes on, and there’s no doubt these advances are changing the way we live. But are they truly life-changing? In many cases, yes, but often they’re about convenience and

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45:25

From cold call to capital giant: The Metrics story in...

The Rules of Investing ·

2025/07/04

For all the scrutiny on private credit of late, one thing remains clear – there remains an insatiable demand for it from investors.Case in point, the recent $315 million raise by Metrics Credit Partners for the Metrics Master Income Trust. It was done in a day. Yet for the man often at the centre of the conversation, Metrics co-founder and Chief Investment Officer, Andrew Lockhart, the mission remains the same as when Metrics was born 12 years ago: raise capital, deploy it sensibly, and above all

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31:35

Equities up, bonds behaving but what is the US dollar...

The Rules of Investing ·

2025/06/26

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 for

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36:33

Mark Mobius: Change is coming and most companies are...

The Rules of Investing ·

2025/06/15

“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

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41:42

Vimal Gor on the future of bonds, currencies, and why...

The Rules of Investing ·

2025/06/06

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 set

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24:12

Investors had a decade to buy Amazon. Is it Spotify’s...

The Rules of Investing ·

2025/06/03

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 best

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53:59

Marcus Padley reveals the secret sauce of timing markets

The Rules of Investing ·

2025/05/30

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 bold,

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50:38

Andrew Mitchell: The market always wins

The Rules of Investing ·

2025/05/24

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 believes

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33:08

Meet David - He’s taking on Australia’s ETF Goliaths...

The Rules of Investing ·

2025/05/09

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 the

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29:04

Tough medicine: Trump 2.0 is a structural break for...

The Rules of Investing ·

2025/04/16

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

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52:48

“We’re buying”: Emma Fisher spots a rare chance to...

The Rules of Investing ·

2025/04/11

“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

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54:05

The world is complex. Beyond the headlines is where...

The Rules of Investing ·

2025/03/28

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’s

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32:46

Jun Bei Liu: 2 stocks for the bottom drawer and how...

The Rules of Investing ·

2025/03/14

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% for

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42:42

Steve Johnson: Two small caps on a run and the...

The Rules of Investing ·

2025/02/28

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 investment

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44:29

Cuts are coming, equities are full, and Trump is...

The Rules of Investing ·

2025/02/14

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

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34:37

Fight the FOMO with 4 stocks the herd is overlooking

The Rules of Investing ·

2025/01/31

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

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33:54

How to invest $1 million in 2025

The Rules of Investing ·

2025/01/09

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 a

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44:23

Top-rated adviser Paul Burgon reveals his 10...

The Rules of Investing ·

2024/12/13

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 feat

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182 results

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