The Rules of Investing

Warryn Robertson has spent two decades investing in the assets that keep the world running — from toll roads to transmission lines and satellites. In this episode, he explains the rules for owning the world’s best assets, why getting the definition right matters, and what investors are getting wrong about markets today. ________________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Two of Australia’s most respected investment firms share how they are positioning for tomorrow. Learn where they see opportunity and how their strategies are evolving. From private credit to gold, discover where Soul Patts’ Todd Barlow and Regal’s Phil King see the biggest returns. ________________ This series is proudly sponsored by Bell Direct Advantage. Bell Direct Advantage is a premium trading platform designed for active and sophisticated investors. It provides access to Bell Potter research, exclusive IPOs, and advanced trading tools, all aimed at giving you a competitive edge. Whether you're a frequent trader or a high-net-worth individual looking to trade shares, options, or warrants, Bell Direct Advantage offers a tailored platform and superior service to sharpen your investing edge. [Find out more here]

From gaming stock to global giant, Nvidia shows how fast the future can arrive. Global stock pickers Josh Cummings, Qiao Ma and Dr David Allen share where they see the next mega caps emerging. ________________ This series is proudly sponsored by Bell Direct Advantage. Bell Direct Advantage is a premium trading platform designed for active and sophisticated investors. It provides access to Bell Potter research, exclusive IPOs, and advanced trading tools, all aimed at giving you a competitive edge. Whether you're a frequent trader or a high-net-worth individual looking to trade shares, options, or warrants, Bell Direct Advantage offers a tailored platform and superior service to sharpen your investing edge. [Find out more here]

Banks and miners dominate the ASX, but the opportunity doesn’t end there. At Livewire Live 2025, L1 Capital’s Mark Landau and Allan Gray’s Simon Mawhinney shared their conviction calls beyond these portfolio staples. This episode is part of our special mini-series of The Rules of Investing, giving you a front-row seat to discussions from Livewire Live 2025, our flagship investor event. Whether you’re after big-picture market insights or actionable investment strategies, this series offers exclusive insights to help shape your investment decisions. We hope you enjoy this special 4-part series. We’ll return to our regular programming with the next episode of The Rules of Investing. ________________ This series is proudly sponsored by Bell Direct Advantage. Bell Direct Advantage is a premium trading platform designed for active and sophisticated investors. It provides access to Bell Potter research, exclusive IPOs, and advanced trading tools, all aimed at giving you a competitive edge. Whether you're a frequent trader or a high-net-worth individual looking to trade shares, options, or warrants, Bell Direct Advantage offers a tailored platform and superior service to sharpen your investing edge. [Find out more here]

If you’re still betting on bear markets or mean reversion to drag asset prices back to earth, you’re living in a bygone era. That’s the message from Viktor Shvets, Macquarie’s Head of Global Strategy, who joined us at Livewire Live 2025. This episode is part of our special mini-series of The Rules of Investing, giving you a front-row seat to discussions from Livewire Live 2025, our flagship investor event. Whether you’re after big-picture market insights or actionable investment strategies, this series offers exclusive insights to help shape your investment decisions. We hope you enjoy this special 4-part series. We’ll return to our regular programming with the next episode of The Rules of Investing. ________________ This series is proudly sponsored by Bell Direct Advantage. Bell Direct Advantage is a premium trading platform designed for active and sophisticated investors. It provides access to Bell Potter research, exclusive IPOs, and advanced trading tools, all aimed at giving you a competitive edge. Whether you're a frequent trader or a high-net-worth individual looking to trade shares, options, or warrants, Bell Direct Advantage offers a tailored platform and superior service to sharpen your investing edge. [Find out more here]

Christopher Joye is making a bold call on the US. He believes Trump’s policies will deliver exceptionally strong growth, fuelled by tariffs, tax cuts, and trillions in AI-driven investment. In this episode, Joye explains why he is so bullish on America, what the bond market is signalling, and his advice for investors as hybrids roll off in the years ahead. ________________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Large caps are often seen as the steady corner of the market, but recent months have reminded us they’re anything but boring. On this episode of The Rules of Investing, Anna Milne, Deputy Portfolio Manager of WAM Leaders shares how Wilson Asset Management is navigating volatility in the ASX 200.  Milne discusses why they like commodities and how the listed investment company structure allows them to back “fallen angels” they believe still have plenty to give. She also highlights the dependable large caps quietly compounding away, and reveals the one company she’d hold if markets shut for the next five years. Book recommendation: Good to Great ________________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

August reporting season was a rollercoaster but it didn't stop the momentum that has been pushing the ASX higher in 2025.  There were shock sell-offs, steady beats, and a very strong showing from small caps. To help make sense of it, Livewire spoke with small cap stock picker Chris Stott from 1851 Capital, and our very own Kerry Sun, who spends his days hunting for insights from announcements, broker notes and market moves to share with readers on Market Index and Livewire. This episode of The Rules of Investing was a little different. We unpacked the big themes and surprising stats, dug into the drivers of small-cap strength, and finished off by handing out five light-hearted reporting season awards - from the Stephen Bradbury Award (for the company everyone had written off) to the Sir Alex Ferguson Award (for standout management).    ________________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 restructure heritage shapes its credit strategies, why uncertainty is a constant, and where he sees opportunities, including an unexpected one in car loans.   ________________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 contradiction is hard to ignore. But according to FNArena Editor Rudi Filapek-Vandyck, it’s not a bubble, and the market isn’t broken. The real problem? Investors are using the wrong lens. “The averages are masking the detail,” he argues. High index-level valuations are being distorted by a handful of heavyweight stocks, while strong underlying growth is still coming through in key parts of the market. In this episode of The Rules of Investing, Rudi joins Livewire’s James Marlay to unpack what’s really going on beneath the surface, why some companies are still worth owning at premium multiples, and how investors can navigate another volatile reporting season without getting spooked out of the market. ___________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 productivity. There’s one industry where the pace of innovation is just as rapid, and the impact arguably more profound: healthcare. More specifically, in this episode of The Rules of Investing, we explore the world of medical technology with Jacob Celermajer, founder of Cordis Asset Management.

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 else, manage the ongoing risks accordingly. "You're fundamentally here to deliver a good outcome for people in terms of their investments. And you never lose sight of the fact that our whole business is set up to effectively manage risk to ensure that we can deliver on our commitments and obligations to our investors," said Lockhart.  That unwavering focus, coupled with an ‘always on’ work ethic, has seen Lockhart and his team grow Metrics to $30 billion of assets under management, with no signs of slowing down. In this episode of The Rules of Investing, Lockhart discusses the conditions that led to the birth of Metrics, its phenomenal growth, and the ongoing challenges that it and the private credit sector face. He also unpacks the current market conditions and what lower interest rates will mean for Metrics’ opportunity set and potential returns for investors. Finally, he shares an exciting new growth opportunity that leverages the company’s existing relationships and skillset. Don’t miss this opportunity to hear directly from someone who has been instrumental in shaping Australia's private credit landscape. Read the summary on Livewire: https://www.livewiremarkets.com/wires/in-his-own-words-andrew-lockhart-on-risk-regulation-and-responsibility-to-investors

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 risk appetite, are lower than at the start of the year. At face value, you might conclude that investors are more confident about the economic outlook, or at the very least more comfortable than they were in January. But not all signals are flashing green. A 10% fall year-to-date in the safe-haven US dollar is one example that warrants closer inspection. That’s the view of Fidelity International’s Chief Investment Officer of Equities, Niamh Brodie-Machura, who oversees a team of more than 120 analysts managing over $220 billion for Fidelity clients.

“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 caught up with Mobius in New York to explore how he’s navigating global uncertainty, the investing lessons from decades of travel and working in Asia, and why he believes India is shaping up to be the standout opportunity of the next decade. With a PhD from MIT and a track record that includes growing Templeton’s Emerging Markets Fund from $100 million to $50 billion, Mobius has experienced the highs and lows of multiple market cycles and dislocations. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 to accelerate and impact every investor. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 friend, and what separates the winners from the noise. Is Spotify your second shot at an Amazon-style success? _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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, unfiltered, and classic Marcus. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 has the potential to become a rare ‘Rule of 40’ standout. _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 strategy, the story, and the stakes behind ETF Shares’ bold launch.   _____________________ Thanks to our Sponsor AlphaSense This latest episode is brought to you by AlphaSense. See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

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 research—visit alpha-sense.com/livewire to get started.