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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.

Dr David Allen from Plato Investment Management examines how behavioural biases shape investment decisions. His presentation covers overconfidence, the hot hand fallacy, loss aversion, anchoring, base rates, herding and confirmation bias. Topics include: What a sharp rebound in short positions taught Allen about complacency. Why he questions the persistence of exceptional company growth. How waiting to break even can influence decisions about losing holdings. How a hypothetical IPO price can become a valuation anchor. Why the search for the next NVIDIA should include historical success rates. How Plato uses automated red flags to challenge company assessments. Allen concludes with the practical checks he advocates: express conviction as a probability, seek evidence that could disprove the thesis, reassess the portfolio from cash and systematise the investment process. Chapters 0:00 The seven deadly sins of investing 1:45 Overconfidence: how good an investor are you? 5:52 The hot hand fallacy: chasing exceptional growth 8:08 Loss aversion: the urge to break even 10:47 Anchoring: when a price shapes your valuation 11:40 Base rates: could this be the next Nvidia? 14:09 Herding: the pull of the crowd 15:38 Confirmation bias and company red flags 17:21 Building a process to keep bias in check General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

A handful of powerful megatrends are driving trillions in investment. Here’s what’s behind them and how investors can gain exposure. Speakers: EQT’s Sam Franklin focused on the energy infrastructure needed to power the digital economy. Munro Partners’ Nick Griffin argued the AI boom is only getting started. Janus Henderson Investors’ Daniel Sullivan made the case for a new resources supercycle. VanEck’s Jamie Hannah highlighted a transformation in global defence spending. TIME CODES 00:15 – Sam Franklin (EQT)– The energy opportunity 02:50 – Energy demand is accelerating 05:05 – Why solar, batteries and gas are winning 07:06 – What EQT looks for in energy investments 11:04 – Nick Griffin (Munro Partners) – AI: The next great platform shift 13:49 – Why AI compute demand is exploding 16:44 – The ‘shovels’ powering the AI boom 19:43 – AI applications: Where the winners could emerge 23:00 – Daniel Sullivan (Janus Henderson Investors) – The new resources supercycle 25:45 – Critical minerals take centre stage 28:23 – Why copper is the backbone 30:39 – Building a resources portfolio 32:09 – Jamie Hannah (VanEck) – The global defence supercycle 34:09 – Where defence spending is going 36:01 – How investors can play defence 39:03 – The case for diversified defence exposure 41:11 – The OODA loop: Investing ahead of the market General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

The winds of change are upon us. The forces currently shaping Australian and global markets feel more whipsaw and shape-shifting than ever before and investors today must contend with a far broader set of variables. As Livewire’s Chris Conway put it: "When I was coming up, admittedly many moons ago in markets, there was only three things that you needed to pay attention to have a handle on the macro, and that was inflation, interest rates, and growth. Now we have to worry about policy mistakes, housing, AI, deglobalisation and US exceptionalism, to name but a few." So is it the same game with more moving parts, or is it genuinely more complex? That’s the question we put to our panellists at Livewire Live: Diana Mousina, Deputy Chief Economist at AMP; Damien Boey, portfolio strategist at Wilson Asset Management; and Roy Keenan, co-head of Australian Fixed Income of Yarra Capital. Please note this panel was filmed 22nd September, one week prior to the RBA's September board meeting announcement. Timecodes: 00:00 - Introduction & Market Complexity Poll 01:05 - Is the RBA Risking Over-Tightening Rates? 03:04 - Inflation Persistence vs. Consumer Resilience 05:09 - What the Bond Market Signals for RBA Policy 06:52 - Predictions for the Upcoming September RBA Meeting 08:51 - Housing Market Outlook & Correction Risks 11:26 - Banking Buffers & Equity Valuations 15:18 - Government Debt, Deficits & Central Bank Independence 21:22 - Asset Allocation in a High-Deficit Environment 23:05 - The Impact of AI, Data Infrastructure & Global Trade 28:11 - Rethinking US Exceptionalism & Australian Opportunities 34:16 - Q&A: Corporate Balance Sheets, Rate Cut Calls & Credit Markets General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

5 Shocking Predictions brings together bold investment forecasts spanning Australian shares, bonds, Chinese technology, geopolitics and energy. The presentations explore: Why Dougal Maple-Brown thinks CBA could halve from its highs, and how CSL’s rebound illustrates valuation changes. The case for bonds becoming equity diversifiers again if growth slows. A forecast that China could produce the next trillion-dollar companies through AI progress and policy-backed investment. A contentious interpretation of US–China rivalry, alongside an argument that bonds could rival shares over 30 years. The case for an Australian gas boom as coal capacity retires and electricity and LNG feedstock needs create pressure for new supply. Chapters 0:00 Why valuations matter: lessons from market giants 3:04 CSL’s valuation reset 4:14 Testing CBA’s valuation premium 7:08 US debt and the case for revisiting 60/40 10:38 The slowdown trade few investors want 14:34 China and the next trillion-dollar club 17:35 China’s chip ambitions and policy-backed contenders 22:03 Hormuz through the lens of US–China rivalry 26:42 Underwater data centres, robots and inflation 29:15 Could bonds rival shares over 30 years? 31:17 Australia’s looming electricity gap 34:53 The case for a new Australian gas boom 38:27 Gas exploration hotspots and investment implications General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

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 considerably. Bajic is finding opportunities in businesses exposed to major investment cycles, including electrification, AI infrastructure, defence and mining. Hawkins is backing a concentrated portfolio of companies where he sees clear paths to earnings growth, alongside defensive dividend payers. Jennings, meanwhile, sees an opportunity emerging in beaten-up Australian software stocks. They also debate the outlook for interest rates, the impact of higher oil prices, what investors should avoid in the current environment and whether the ASX will be higher or lower 12 months from now. And when asked for their best ideas, they nominate three very different stocks: logistics software company WiseTech Global, electrical contractor Genus Plus and The Lottery Corporation. Time Codes 0:00 – Market backdrop: why the ASX has lagged global markets 1:16 – AI, electrification and defence plays in small caps 4:34 – Three buckets: US earnings, commodities and defensives 6:54 – Index concentration and the case for active management 10:19 – How many more rate hikes, and how to position 16:12 – Reporting season takeaways 18:08 – CSL: when all the news is in the price 19:59 – Second-half skews and results-day volatility 22:00 – Where is the value? Small industrials and resources 24:40 – Why Australian software has lagged the US 28:30 – Capital management: buybacks vs dividends 31:40 – Stock pick: WiseTech 35:10 – Stock pick: Lottery Corporation 38:02 – Stock pick: Genus Plus and the index inclusion trade 40:18 – Audience Q&A: copper and software laggards 43:00 – Where will the ASX be in 12 months? General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

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 simply buying the companies dominating today's headlines. Ross is finding value further down the semiconductor supply chain, in businesses wrongly assumed to be AI casualties and in old-economy companies benefiting from powerful capital expenditure cycles. Mitchell, meanwhile, is looking for small and mid-cap companies where earnings, market share or structural advantages matter more than the prevailing narrative. When asked to nominate the companies investors could wish they owned five years from now, they produced very different answers: a semiconductor giant, a US senior-living operator, and a little-known software company followed by just one analyst. Time Codes 00:13 – Why look beyond Australia for growth? 02:20 – The advantages of investing globally 03:54 – Why global small caps offer a bigger opportunity set 06:11 – Revisiting Vihari’s Alphabet call 07:52 – The big questions occupying Ophir 09:21 – Where Antipodes sees value today 11:06 – Navigating market concentration and the AI trade 14:44 – Finding overlooked AI beneficiaries 19:23 – Opportunities beyond the AI boom 20:51 – Weir: Playing the mining capex cycle 22:23 – Ophir’s best performer: Silicon Motion 23:47 – Antipodes’ best performers 25:38 – Antipodes’ latest buys: Weir and Booking 27:20 – Ophir’s latest buy: APi Group 29:17 – Vihari’s stocks to own for the next five years 31:27 – Andrew’s five-year pick: Red Violet 32:46 – Why higher yields haven’t crushed US valuations 35:52 – Closing remarks General Advice Warning Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

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 has an edge in private credit, and why asset allocation can matter more than picking the next winning stock.

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.

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.

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.

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

​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.

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.

​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.