The Rules of Investing

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.
 
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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.
 
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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 AlphaSenseThis 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 AlphaSenseThis 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. 
 
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​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 AlphaSenseThis latest episode is brought to you by AlphaSense.Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.