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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

44:37

Where is the value on the ASX? 3 fund managers name...

The Rules of Investing ·

2026/10/05

The ASX 200 looks expensive, economic growth is subdued, and higher interest rates are putting renewed pressure on valuations. But that doesn’t mean there’s no value left in the Australian market.At Livewire Live, First Sentier Investors’ Dushko Bajic, L1 Capital’s James Hawkins and Ausbil Investment Management’s Arden Jennings were asked where they are still finding opportunities on the ASX. All three are looking beyond the market’s largest companies, but their approaches differ

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36:00

Five years from now, these are the companies everyone...

The Rules of Investing ·

2026/10/02

Five years ago, owning the right handful of global technology stocks could transform a portfolio. The challenge today is deciding whether the next five years will reward investors for sticking with those winners or looking somewhere else entirely. That was the question put to Antipodes Partners Portfolio Manager Vihari Ross and Ophir Asset Management Co-Founder and Senior Portfolio Manager Andrew Mitchell at Livewire Live.Both believe opportunities remain within AI. But neither thinks the answer is

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32:05

Soul Patts has 20% in cash. Todd Barlow says...

The Rules of Investing ·

2026/09/30

Soul Patts has been investing for more than a century – but CEO Todd Barlow says today's market demands a very different playbook. Speaking with Livewire Markets Co-Founder James Marlay at Livewire Live 2026, Barlow explains why Soul Patts is sitting on roughly 20% cash, why its exposure to listed equities has fallen dramatically, and why higher interest rates have raised the hurdle for taking risk. Barlow also discusses the opportunities Soul Patts missed in US technology, where it believes it

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0:53

Coming up: Livewire Live 2026 Special Episodes

The Rules of Investing ·

2026/09/30

We’re bringing the best of Livewire Live directly to your podcast feed!Over the next week, we’re releasing a series of special episodes recorded live from our annual event, featuring an incredible lineup of Australia’s leading investors. The topics range from asset allocation and investor psychology to Aussie and global shares, megatrends and of course our annual 5 shocking predictions. We’ll return to our regular format in mid-October.

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43:42

Why T. Rowe Price’s Iona Dent believes it’s not time...

The Rules of Investing ·

2026/09/25

The S&P 500 is sitting near all-time highs, record IPOs are hitting the market, and investors have enjoyed a stellar three years of double-digit returns. It’s fair to say that the party in global equity markets is in full swing.The yield on the US 10-year bond has surged to 5.11% - the highest level since July 2007. We all know how that party ended. In this episode of The Rules of Investing, T. Rowe Price's Iona Dent explains why she believes the earnings story in equities outweighs concerns

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41:43

Hofflin: Big moves are creating great value on the ASX

The Rules of Investing ·

2026/09/18

Lazard Asset Management's Dr Philipp Hofflin explains how increasing volatility and reduced liquidity are creating opportunities, takes a look back at the “fallen angel” stocks he bought a year ago, and picks another beaten up stock that’s great value.Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.

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59:47

The index is risky. Why Antipodes is finding value...

The Rules of Investing ·

2026/08/28

In this episode of The Rules of Investing, we discuss what value investing looks like in 2026, why market concentration has reached levels seen only a handful of times in history, and whether investors have been too quick to sort companies into AI winners and losers. We also explore the investment lessons Ross has carried through a 25-year career, and the US senior housing company she would be comfortable owning if markets closed for the next five years.Thanks to our Sponsor AlphaSense This

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46:23

Inside Schroders' inflation-beating 'sleep at night'...

The Rules of Investing ·

2026/08/14

No doubt fundamentals matter over time, but the extreme moves that we see in financial markets can make for a hair-raising ride and can often shake weak hands from their positions.In this episode of The Rules of Investing, Sebastian Mullins offers real-world examples that highlight why paying attention to big-picture headlines matters and explains his value, cycle, liquidity (VCL) framework, which informs his asset allocation decisions. The episode also digs into why he is constructive on global

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57:51

Two attributes to make you a better investor

The Rules of Investing ·

2026/08/07

In this episode of The Rules of Investing, Qiao Ma of Munro Partners explains why curiosity and grit are essential traits for long-term investors. We discuss: Why curiosity is central to Munro Partners’ investment process How following bottlenecks can uncover overlooked investment opportunities Why large-cap research can help identify tomorrow’s small and mid-cap winners The challenge of balancing conviction with the possibility of being wrong Why grit matters when investments do not work

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46:01

3 small caps powering Ryder Capital’s double-digit...

The Rules of Investing ·

2026/07/17

Ryder Capital has just clocked up its third consecutive year of 25% plus returns, and has been paying consistent, growing dividends since 2018. In this episode Lauren De Zilva explains how Ryder looks for mispriced opportunities and the thesis behind the firm's largest portfolio holding. She also shares two small-cap investments that meet Ryder’s disciplined investment process.Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. Discover decision-grade AI now -

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76:05

3 ways to play the mining boom that is just getting...

The Rules of Investing ·

2026/07/03

Hedley Widdup from Lion Selection Group joins The Rules of Investing to discuss why the resources cycle may still be in its early stages, the outlook for gold and copper, and where he is finding opportunities among Australian micro-cap miners. In this episode: Why the mining cycle may still be early What the Lion Clock says about the current resources market Why gold remains attractive beyond the gold price The risks investors often miss during mine commissioning and ramp-up Why copper could be

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41:40

Backing generational companies with Blackbird’s...

The Rules of Investing ·

2026/06/25

Samantha Wong was employee #1 at Blackbird Ventures, the largest shareholder in design software giant Canva and one of Australia’s most influential venture capital firms. When Sam joined Blackbird in 2015, the Australian VC ecosystem was in its infancy - a cottage industry with just a few hundred participants. The landscape has changed dramatically over the past decade as companies like Atlassian, Afterpay, SafetyCulture, and Canva have captured investor attention and created a thriving breeding

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46:34

Is this the market’s most-misunderstood growth...

The Rules of Investing ·

2026/06/19

While the market obsesses over volatile AI software and tech start-ups, global private equity giant EQT says the real money is being made in the physical layer. In this episode of The Rules of Investing, Ken Wong, Partner and Head of Asia Pacific Infrastructure at EQT Partners, breaks down why the massive, structural build-out of data centres and renewable energy grid connectivity is the market’s most misunderstood, and overlooked, growth opportunity.

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47:20

James Abela: The high-stakes search for Quality

The Rules of Investing ·

2026/06/02

While the market's gaze is fixed on the horizon, the ground beneath quality stocks has shifted, delivering the toughest period of performance since the lead-up to the GFC. But as the saying goes, “it’s always darkest before dawn.” In this episode of The Rules of Investing, James Abela explains why it is critical to have a process for navigating challenging markets, and highlights the bright spots, both globally and on the ASX, that are presenting a breadth of opportunities in small and mid-cap

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37:15

Chris Watling on AI, inflation, oil and the fragile...

The Rules of Investing ·

2026/05/22

Chris Watling from Longview Economics joins The Rules of Investing to discuss the global macro outlook, including AI-driven market concentration, inflation, oil, interest rates, Australian housing, and the hidden fragility beneath parts of the US economy and equity market.In this episode: Why the AI theme may be carrying more of the global economy than investors realise Oil, Iran and the Strait of Hormuz Why inflation may not be the biggest risk facing markets The difference between Australia and

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3:30

A familiar voice returns to The Rules of Investing

The Rules of Investing ·

2026/05/22

After four years away, Patrick Poke is returning to The Rules of Investing. In this short relaunch episode, Patrick and James Marlay reflect on the podcast’s evolution, the return of video episodes, and what listeners can expect next.

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38:55

There’s always a bull market somewhere

The Rules of Investing ·

2026/05/08

While rate hikes, inflation, and budget uncertainty have dampened the spirits of many equity investors, one corner of the market is quietly thriving.The S&P Emerging Companies Index (XEC) has surged 35% over the past 12 months, proving that there is "always a bull market somewhere" if you know where to look. In this episode, Joel Fleming, Portfolio Manager of the UBS Micro Cap Fund, reveals why the most exciting opportunities often lie in the market’s least efficient spaces.

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45:11

Lazard’s recipe for growing dividends with less...

The Rules of Investing ·

2026/04/24

The GFC exposed a harsh reality: for investors in or near retirement, large drawdowns aren’t just uncomfortable — they can be permanent. Aaron Binsted from Lazard Asset Management saw this firsthand. It shaped the thinking behind a strategy designed to deliver equity returns with lower volatility and a focus on growing income. In this episode, we cover how markets are navigating today’s macro backdrop, why “economic diversification” matters more than ever, and the under-appreciated dividend growers

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50:05

Nick Griffin: The good, the bad and the ugly

The Rules of Investing ·

2026/03/30

Markets are wobbling, sentiment is turning, and investors are starting to question what comes next. In this episode, Munro Partners CIO Nick Griffin explains why he still believes we’re in a bull market, how the war in Iran is impacting markets, and why AI is forcing a major rethink on tech investing.

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36:56

“Less than halfway through the gold story”, L1...

The Rules of Investing ·

2026/03/18

Gold has re-entered the spotlight, but L1 Capital believes investors may be looking in the wrong place. After years of investing in commodities, the firm formalised its view with a dedicated gold strategy in March 2025, now set to list as the L1 Gold Fund Limited (ASX: LGF, subject to approval).Co-Chief Investment Officer Raphael Lamm sees the real opportunity not in bullion, but in overlooked gold equities trading on “astounding” free cash flow yields. Crucially, the strategy does not depend on

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