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Private credit has moved from an institutional niche into the portfolios of everyday investors seeking income and lower volatility. But higher income is not free: investors are paid to accept illiquidity, manager risk and the possibility that redemptions are limited when everyone wants out at once. In this episode of the Australian Investors Podcast, Owen Rask sits down with Nehemiah Richardson, CEO of Pengana Credit, to unpack how corporate private credit works and what investors should understand before committing their money. Nehemiah explains why manager selection matters when loans cannot be traded every day, how diversification across managers, industries, geographies and lending strategies can reduce concentration risk, and why the liquidity terms should match the time you can genuinely leave your capital invested. They examine the recent headlines around large US private credit funds, software exposure and redemption queues, including the difference between a genuine credit problem and a liquidity event. Nehemiah also compares Australia’s more concentrated private credit market — particularly its exposure to property and construction — with the broader opportunity set available in the US and Europe. You’ll also hear how professional investors think about underwriting, covenants, capital protection, portfolio construction and recovery when a borrower runs into trouble. The central message is simple: understand the manager, understand the assets, understand the worst-case liquidity, and do not invest in anything that cannot be clearly explained. Episode resources – Pengana – TermPlus – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer This episode is sponsored by TermPlus. 22:47 - 24:26: The portfolio is designed to support capital stability and reliable income. 24:27 - 27:15: We manage the portfolio and liquidity with the objective of meeting the relevant term and target-income commitments. 50:54 - 52:57: The objective is to provide a more diversified and resilient exposure through different market conditions. The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. You can read our Financial Services Guide at www.rask.com.au/fsg. Any views expressed are current as at 17 August 2026 and may change. TermPlus and PCX are investment products, not bank deposits. Target rates, distributions and capital are not guaranteed. Investments involve risk, including possible loss of capital and restrictions on access to invested funds. Before investing, read the relevant PDS and TMD available at pengana.com and termplus.com.au and consider whether the product is appropriate for you. Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest for this week’s 2 Sense episode on The Australian Investors Podcast is Andrew Page, founder of Strawman - Australia’s #1 small cap investment community. Andrew is a very well known commentator, investor and all round good person. I consider him to be one of the best investors I’ve ever met, and personally consider him in my top three in Australia. So I’m delighted to welcome him back to the show. Today we’ll cover three really interesting topics: small caps in Australia, the failed IPO of Firmus, and something I’ve been wanting to do for a long time - question Andrew’s take on Bitcoin. I know some of you have probably heard the last one, given his presence on various podcasts, but I want to get to the bottom of why one of the best investors I know made a decision to switch focus from a proven (and great) track record in small caps, to a digital store of wealth and currency Episode resources – Sign up with Strawman – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

Can AI make a business more productive — and less profitable? In episode three of The Business Stack of the Future on the Australian Investors Podcast, Owen Rask explores the pricing reset behind AI and the unit economics investors need to understand. If a tool helps four people do the work of ten, charging per user could mean less revenue even while customers get more value. Owen explains the difference between paying for a seat, usage, credits and an outcome, and why a resolved customer inquiry is not the same as a chatbot attempt. Using a simple example, he shows how computing costs can eat into the economics of each successful AI result. From Intercom’s customer-support model to WiseTech’s logistics transactions, Salesforce’s agent pricing and Atlassian’s combined subscription and credits, this episode asks what customers value — and whether software businesses can measure and bill for it. Owen also looks at Stripe’s Metronome acquisition and why usage measurement and billing are becoming part of product strategy, not just back-office administration. For investors, the key is not whether a company calls its revenue recurring. It is what drives customer spending, how costs change with activity, and whether the business can keep enough of the value it creates. Owen closes with a practical lens for judging the pricing power and competitive edge of AI-era businesses. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer This episode is sponsored by Stripe. The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is a special recording, taken live from Her Wealth Her Way II in Sydney, and features Scott Phillips, CIO of The Motley Fool, and Jess Leung, Portfolio Manager at Global X, alongside Owen Rask. Questions are thrown live from the room, and include: 1. The trio's best and worst (dumbest) investments. 2. How to get started with investing 3. Scott's Firmus update 4. The most expensive emotion in investing And a few laughs! Thanks for listening. Warning: this podcast contains general financial advice only. It is not specific to you as it does not take into account your needs, goals or objectives. So please do not act on the information until you have spoken to your financial planner. Read the PDS and TMD of any financial product before investing. www.rask.au/fsg is where you'll find The Rask Group Pty Ltd's Financial Services Guide (FSG). Learn more about your ad choices. Visit megaphone.fm/adchoices

Rewind episode: Sometimes the most useful investing lesson is not another spreadsheet. In this Australian Investors Podcast replay, Owen Rask revisits his conversation with money coach Karen Eley about financial IQ—what you know about money—and financial EQ—how you think, feel and behave when decisions get uncomfortable. The original conversation first appeared on 24 November 2025. Karen explains why understanding diversification, risk and superannuation matters, but knowledge alone does not stop fear, avoidance or an old money story from driving a decision. Together, she and Owen explore how emotional habits can shape spending, investing and even the way couples talk about finances. They ask what financial wellbeing looks like when your bank balance seems sound but you still do not feel secure. You will hear practical starting points: define success on your own terms, identify the values behind your goals, try a money-personality exercise, and notice the emotions that surface around a big purchase or a falling portfolio. Karen also shares ways to build financial literacy in small steps and have age-appropriate money conversations with children. This Rewind is a chance to ask whether your money knowledge and your money behaviour are working together. If you missed Owen and Karen’s original conversation—or want a fresh perspective on the habits behind long-term investing—start here. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast conversation, Owen Rask speaks with Dean Price of Washington H. Soul Pattinson about Electro Optic Systems (ASX: EOS) and NexGen Energy (ASX: NXG). Dean takes us inside Soul Patts’ relationship with EOS: a small initial equity stake, years spent learning the business, and a cash crunch that called for a different kind of support. They discuss why a loan facility, rather than a heavily dilutive share issue, mattered to the company and its existing shareholders—and what it reveals about investing as a long-term partner. The conversation then turns to NexGen and uranium. Dean explains how Soul Patts developed conviction in energy over time, why nuclear fuel supply became central to its thesis, and how growing electricity demand from data centres has changed the discussion. Owen asks how conviction translates into position sizing when an opportunity is compelling but still carries development risk. Across both stories, the bigger question is how patient capital works in practice. How do you distinguish a temporary financing problem from a broken investment case? When should you use debt, equity or both? And what can an investor with a long horizon see that a short-term trader might miss? Listen for a rare look at the research, financing decisions and portfolio thinking behind two contrasting long-term investments. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

Matt Joass, CFA is the Founder and Chief Investment Officer of Maven Funds Management, an Australian funds management business specialising in investing in fast-growing small and medium-sized companies. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

Building wealth is not just about finding the next winning share or ETF. The bigger driver of long-term returns is how your entire portfolio is constructed—and whether every holding has a clear job. In this episode of the Australian Investors Podcast, Owen Rask and James Phelan explain how strategic asset allocation connects your goals, time horizon and appetite for risk with a practical mix of shares, bonds, cash, property and alternatives. They unpack why smart investors still end up with overlapping ETFs, concentrated positions and “collector’s portfolios” filled with investments they no longer understand. You’ll learn the difference between risk tolerance and risk capacity, why more holdings do not automatically mean better diversification, and how tax consequences should influence—but not control—your decisions. Owen and James also discuss how to clean up an existing portfolio without creating unnecessary capital gains, when an unleveraged investment property may become inefficient, and what everyday investors can borrow from super funds and institutional portfolios. The episode finishes with five practical rules: define the purpose first, set your strategic asset allocation, keep the structure simple, do not let tax trap you in excessive concentration, and create guardrails before volatility arrives. If your investments have grown into a patchwork of ETFs, shares, property and private assets, this conversation will help you step back, simplify and build a portfolio designed around the life you actually want. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

Vanguard, iShares, Betashares, SPDR, Global X, VanEck... Speak with the Rask Advice team. This Australian Investors Podcast episode with Owen Rask and James Phelan tackles a simple problem: You must buy 1 ASX ETF for: – 2026 – 2036 – 2046 And the catch? Your ASX ETFs must not be a boring index ETF. Sectors, themes, active and rules-based ETFs only! In addition to picking 6 ASX ETFs and detailing their bull case, Owen and James answer questions like: 1. When did Tony Hawk first complete a 900? 2. Does the Treasury Intergenerational Report mean we're all stuffed? 3. Is a company or trust structure better for investing in shares and ETFs? 4. Why do financial advisers want to use investment platforms? Can't I just use Commsec? 5. Who cares about the Super limits! Am I drunk for going over the limit? Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

What if some of the biggest opportunities in artificial intelligence sit beyond the obvious mega-cap technology names? In this episode of the Australian Investors Podcast, Owen Rask speaks with Arelis Agosto, Director of Research & Strategy at Global X, about thematic investing and the structural megatrends reshaping markets over the next 10 to 15 years. Arelis explains why the AI boom differs from the dot-com bubble, including the revenue growth already emerging across the ecosystem. They trace the expected $6.7 trillion AI infrastructure buildout through data centres, semiconductors, networking, cooling and energy, before exploring the supply constraints that could make copper, uranium and rare earths increasingly important. The conversation then moves to the application layer. Arelis outlines how AI could transform drug discovery, healthcare, cybersecurity, cloud computing, robotics, humanoids and autonomous vehicles. She also explains why rising electricity demand and grid investment may prove essential: without the power and infrastructure, the most exciting AI applications cannot become reality. Finally, Owen and Arelis discuss what thematic investing means for portfolio construction. With the top 10 companies representing about 40% of the S&P 500, many investors already have substantial exposure to dominant themes through broad-market funds. The challenge is identifying which complementary opportunities are underrepresented, while avoiding unnecessary concentration. This episode offers a practical framework for looking past the headlines, understanding where AI spending flows and investing through long-term change while staying comfortable with uncertainty. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast episode, Owen Rask sits down with Justin Lin from Global X for the final instalment of the portfolio construction series, this time focusing on the most misunderstood sleeve in many portfolios: alternatives. Justin explains what actually makes an asset \"alternative\", why correlation alone is not enough, and why the best alternative assets have genuinely different performance drivers to shares and bonds. They explore the role of gold, broad commodities and cryptocurrencies, and how these assets can either diversify a portfolio, provide liquidity during market stress, or act more like higher-risk force multipliers depending on what they are and how they are used. The conversation also unpacks an important distinction many investors miss: not every uncorrelated asset is automatically useful, and not every alternative asset deserves the same job inside a portfolio. Justin explains why gold stands out as a rare all-weather diversifier, why broad commodities can act as an inflation hedge, and why Bitcoin and Ethereum still sit in the more aggressive part of the alternatives bucket even if their long-term roles continue to evolve. They finish with practical ETF ideas across gold, broad commodities, Bitcoin, Ethereum and tactical leveraged Nasdaq exposure, while also sounding a clear warning about structure, private-market opacity and the need to understand exactly what is driving performance before you allocate capital. If you want a sharper framework for thinking about alternatives, this episode is the right place to end the series. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

John Addis is the Founder of IntelligentInvestor, a brilliant writer, thinker and entrepreneur. John Addis's lessons are deep and vast, making this Australian Investors Podcast episode with Owen Rask oh-so special. You'll L-O-V-E this episode if you love value investing, how to live an alternative life with meaning and purpose, the pitfalls of founding a company, Warren Buffett, what makes most great investors great writers, daily rituals to live by, and more. John Addis podcast talking points Aside from enjoying a G&T, what daily, weekly or yearly rituals do you practice and why? If any.   What’s something you believe about investing or business, that few people would agree with you on?  If you could grab a new investor by the shoulders and shake some sense into them, what would you say?  Related: what were the key learnings, failures or successes you experienced and can now reflect on?  Do you think Buffett is as good as everyone thinks? Why, why not?  Why is the learning curve for investing so steep? Behind the scenes at II, do you now spend more of your time teaching people to invest or to rite gud?  Why is it important to be able to write well? Which writers do you look to for their quality? What do they do well that others could leverage?  With the rise of AI, is writing a dying form of communication?  Is AI in a bubble? How would we even know? Isn't this just a simulation?! Will AI make stock pickers redundant? What have been the most surprising trends, one to the upside and one to the downside, over your investing career?  Which Australian company brings you the most frustration?  What’s been the biggest mistake of your investing career?  What's been the best? How do you think about the consumption of news and information? How do you curate your home screen or online habits?  What specific strategies or methods have you learned from the II team? Past or present?  The role that optimism plays in human affairs. Have you read Hans Rosling's Factfulness? If yes, what did you make of it?  What’s the most overrated investing book? Conversely, which one changed your life and why? How do you think about the passive versus active debate? Who should be stock pickers? Who shouldn't bother?  How do you think about teaching kids about money and investing? Do you do anything that others might not?  Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast episode, Owen Rask sits down with Marc Jocum from Global X for episode five of the portfolio construction series, this time taking an inversion approach: instead of focusing on the perfect ETF portfolio, they unpack what not to do. Marc explains why investors so often start in the wrong place by chasing trailing returns in growth ETFs or headline yield in income ETFs. He argues that the better starting point is always what sits under the hood: the earnings growth, the income source, the concentration, the index methodology and the actual role the ETF should play inside a broader portfolio. The conversation also explores the practical mistakes investors and even sophisticated allocators keep making, including overlap, paying too much in fees, misunderstanding spreads and liquidity, ignoring tracking error, and mistaking a strong short-term narrative for a durable thematic opportunity. Marc also explains why thematic ETFs get scrutinised so heavily and how to think more clearly about public market depth, commercial adoption, government support and longevity before taking a view. They finish by breaking down the few times it really can make sense to sell an ETF, including when your thesis changes, when a life event forces the decision, or when rebalancing is needed. If you want a sharper checklist for avoiding avoidable ETF mistakes, this episode is a practical one to keep handy. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the Australian Investors Podcast, Owen Rask speaks with Jon Stahl from Salesforce about how AI agents are moving beyond answering questions and starting to complete real work inside businesses. Jon explains the difference between a chatbot and an agent, including how agents can reason through multistep tasks, call tools and APIs, update business systems and retain useful context. He shares where the technology is already creating value across customer service, software development, research, order management and commerce. The conversation also tackles the controls businesses need before giving an AI agent meaningful autonomy. Jon compares an agent to the “world’s smartest but least experienced intern” and explains why permissions, clear identities, audit logs, hard-coded guardrails and human escalation remain essential. Owen and Jon then explore what must happen before agents can safely buy products or make payments on our behalf. That includes verified authority, spending limits, tokenised payment credentials, merchant recognition and common standards across the payments ecosystem — challenges that cannot be solved by a smarter language model alone. Finally, Jon separates the hype from the practical opportunity. Fully autonomous shopping is still largely experimental, while brand, trust and storefronts remain important. He also explains why trusted business data can dramatically improve an agent’s usefulness, and how businesses may soon use agents to resolve delayed orders, enrich product catalogues, support sales teams and help employees build their own tools. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer This podcast episode was sponsored by Stripe. The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast episode, Owen Rask explores why the business stack of the future may be changing investing faster than most markets really appreciate today. Starting with Stripe’s 2025 annual letter, Owen breaks down four business clocks now speeding up at once: how fast companies can build, distribute, monetise and scale. He explains why APIs, cloud software, AI tools and global payments infrastructure are compressing the path from idea to paying customer. This is not just an AI hype story. Owen looks at what faster growth means for investors, including why power-law winners may pull away harder, why weaker competitors can still launch more easily, and why speed is not the same thing as durability. Using Stripe, Anthropic and WiseTech, he shows how stronger products can create reinforcing flywheels of usage, revenue, talent and trust. He finishes with a practical framework for analysing fast-growing businesses: what has actually become faster, what reinforces the lead, whether the economics improve with scale, whether the infrastructure itself is an advantage, and what headline number you are really looking at. If you want a clearer lens on AI, software infrastructure and modern business economics, this episode is a smart place to start. Episode resources – Speak with the Rask Advice team – Ask a question (select the Investors podcast) Show partner resources – ETF investor? Go beyond ordinary with Global X: View all funds – Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit – Whatever comes next for your business, power it with Stripe Rask resources – All services – Financial Planning – Invest with us – Access Show Notes – Ask a question – We love feedback! Follow us on social media – Instagram: @rask.invest – TikTok: @rask.invest Disclaimer This podcast episode was sponsored by Stripe. The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision. Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk. The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907. Learn more about your ad choices. Visit megaphone.fm/adchoices