The Rules of Investing

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.
 
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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. 
 
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.

​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.

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

Samantha Wong was employee #1 at Blackbird Ventures, the largest shareholder in design software giant Canva and one of Australia’s most influential venture capital firms. When Sam joined Blackbird in 2015, the Australian VC ecosystem was in its infancy - a cottage industry with just a few hundred participants. The landscape has changed dramatically over the past decade as companies like Atlassian, Afterpay, SafetyCulture, and Canva have captured investor attention and created a thriving breeding ground for innovation. In this episode of The Rules of Investing, Sam discusses the rapid evolution of the VC landscape in Australia and New Zealand, why backing the right founders is essential to early-stage investing, and the next generation of companies growing at unprecedented rates.

While the market obsesses over volatile AI software and tech start-ups, global private equity giant EQT says the real money is being made in the physical layer. In this episode of The Rules of Investing, Ken Wong, Partner and Head of Asia Pacific Infrastructure at EQT Partners, breaks down why the massive, structural build-out of data centres and renewable energy grid connectivity is the market’s most misunderstood, and overlooked, growth opportunity.

While the market's gaze is fixed on the horizon, the ground beneath quality stocks has shifted, delivering the toughest period of performance since the lead-up to the GFC. But as the saying goes, “it’s always darkest before dawn.” In this episode of The Rules of Investing, James Abela explains why it is critical to have a process for navigating challenging markets, and highlights the bright spots, both globally and on the ASX, that are presenting a breadth of opportunities in small and mid-cap companies.