The Rules of Investing

Hosted by Livewire Markets

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100

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Oct 2026

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About the show

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.

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October 30, 2026Episode 31849 min

Chris Stott: The small-cap buying opportunity is still ahead

Small industrials have fallen more than 20% from their highs, but Chris Stott thinks the best buying opportunity is still ahead. So what would convince him it’s time to buy? In this episode of The Rules of Investing, 1851 Capital’s CIO explains the signals he’s watching, why he’s sold his AI infrastructure winners, and where he’s finding value while he waits. He also makes the case for Bapcor, his largest holding, and reveals the stock he’d own if the market closed for five years. 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. Chapters: 00:00 – Launching 1851 and managing the fund’s size 07:28 – Why Stott has sold his AI infrastructure winners 12:18 – Is the small-cap buying opportunity still ahead? 17:25 – The signals that could mark a turning point 20:42 – Finding growth and the case for COG Financial 24:35 – Bapcor and the turnaround thesis 31:24 – The shrinking pool of listed companies 35:36 – Tracking crowding and revisiting GDG 40:29 – Two recent IPOs Stott likes 42:35 – The lesson from selling Afterpay 44:06 – What investors may be underestimating 45:51 – A stock to own for five years

October 16, 2026Episode 31741 min

30-year property veteran: The only cure for housing is pain

Last time veteran property invesrtor Andrew Parsons joined The Rules of Investing, he warned that Australia had its head in the sand on the prickly issue of housing. Fast forward two years, and affordability and the supply of new housing remain unresolved. In this episode, Parsons breaks down the state of the property cycle and where Resolution Capital is identifying the strongest structural demand. He also shares a candid view on the challenge of affordable housing, which he says isn't unique to Australia. 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.

September 30, 20260 min

Coming up: Livewire Live 2026 Special Episodes

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.

September 25, 2026Episode 30843 min

Why T. Rowe Price’s Iona Dent believes it’s not time to leave the equities party yet

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 around rising bond yields and walks through the five dimensions of T. Rowe Price’s ‘bubble watch’ framework. 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.

September 18, 2026Episode 30741 min

Hofflin: Big moves are creating great value on the ASX

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.

August 28, 2026Episode 30659 min

The index is risky. Why Antipodes is finding value beyond the AI trade

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 latest episode is brought to you by AlphaSense. Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started. Chapters: 0:00 Intro 0:40 How actuarial thinking shapes investing 6:10 Reviewing investment cases at Antipodes 9:58 What pragmatic value means in 2026 18:15 Why the index looks risky 22:25 Are hyperscalers actually expensive? 25:47 How concentrated is the AI trade? 34:05 Have investors misjudged AI winners and losers? 44:23 AI’s impact on energy demand 50:43 Lessons from a 25-year investing career 54:35 What investors are getting wrong 57:20 The one stock Vihari would hold for five years

August 14, 2026Episode 30546 min

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

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 equity markets, how he is playing it and presents a breakdown of the different tools that he uses to reduce risk in his portfolio. 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.

August 7, 2026Episode 30457 min

Two attributes to make you a better investor

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 out How Munro uses risk management to avoid letting losers dominate the portfolio Where Ma is still finding opportunities in AI, power, travel and healthcare How Howmet Aerospace and Acter emerged from deeper supply-chain research The one investment Ma would make if markets closed for five years. Guest from Munro Partners, a corporate authorised representative (CAR 1244894) of Munro Asset Management Limited (ACN 163 522 254) an Australian Financial Service licence holder (AFSL 480509). The information discussed in this podcast is for general information purposes only and is not financial advice. You should obtain independent advice from a licensed professional adviser before making any investment decision. The views held by Munro Partners are current at the time of recording and are subject to change. Past performance information given in this recording is for illustrative purposes only and should not be relied upon as an indication of future performance. The information in this podcast has been prepared without taking account of the objectives, financial situation, or needs of individuals. None of Munro Partners, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. Information about the Munro funds is available at munropartners.com . Podcast recorded 31 July 2026. 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.

July 17, 2026Episode 30346 min

3 small caps powering Ryder Capital’s double-digit growth and fully franked dividends

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 - Visit alpha-sense.com/livewire to get started.

July 3, 2026Episode 3021 hr 16 min

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

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 entering a new trading range How to invest when the cycle has turned, but the exact bottom has passed Medallion Metals, Sunshine Metals and other small-cap resources opportunities The one stock Widdup would hold if markets closed for five years