The Rules of Investing

Viktor Shvets: How to embrace the chaos clouding markets - Livewire Live Mini-Series

If you’re still betting on bear markets or mean reversion to drag asset prices back to earth, you’re living in a bygone era. That’s the message from Viktor Shvets, Macquarie’s Head of Global Strategy, who joined us at Livewire Live 2025.
This episode is part of our special mini-series of The Rules of Investing, giving you a front-row seat to discussions from Livewire Live 2025, our flagship investor event.Whether you’re after big-picture market insights or actionable investment strategies, this series offers exclusive insights to help shape your investment decisions.We hope you enjoy this special 4-part series. We’ll return to our regular programming with the next episode of The Rules of Investing.________________This series is proudly sponsored by Bell Direct Advantage.Bell Direct Advantage is a premium trading platform designed for active and sophisticated investors. It provides access to Bell Potter research, exclusive IPOs, and advanced trading tools, all aimed at giving you a competitive edge. Whether you're a frequent trader or a high-net-worth individual looking to trade shares, options, or warrants, Bell Direct Advantage offers a tailored platform and superior service to sharpen your investing edge. [Find out more here]

Chris Joye's big contrarian call

Christopher Joye is making a bold call on the US. He believes Trump’s policies will deliver exceptionally strong growth, fuelled by tariffs, tax cuts, and trillions in AI-driven investment. In this episode, Joye explains why he is so bullish on America, what the bond market is signalling, and his advice for investors as hybrids roll off in the years ahead.
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Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Anna Milne: 4 steady performers, 2 fallen angels and the 'must-own' commodity right now

Large caps are often seen as the steady corner of the market, but recent months have reminded us they’re anything but boring. On this episode of The Rules of Investing, Anna Milne, Deputy Portfolio Manager of WAM Leaders shares how Wilson Asset Management is navigating volatility in the ASX 200.  Milne discusses why they like commodities and how the listed investment company structure allows them to back “fallen angels” they believe still have plenty to give. She also highlights the dependable large caps quietly compounding away, and reveals the one company she’d hold if markets shut for the next five years.Book recommendation: Good to Great
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Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Chris Stott: Why small caps are firing and 5 'Reporting Season Awards'

August reporting season was a rollercoaster but it didn't stop the momentum that has been pushing the ASX higher in 2025. 
There were shock sell-offs, steady beats, and a very strong showing from small caps. To help make sense of it, Livewire spoke with small cap stock picker Chris Stott from 1851 Capital, and our very own Kerry Sun, who spends his days hunting for insights from announcements, broker notes and market moves to share with readers on Market Index and Livewire.
This episode of The Rules of Investing was a little different. We unpacked the big themes and surprising stats, dug into the drivers of small-cap strength, and finished off by handing out five light-hearted reporting season awards - from the Stephen Bradbury Award (for the company everyone had written off) to the Sir Alex Ferguson Award (for standout management). 
 
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Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Lessons from the ‘dark side’ of credit

MA Financial has built its reputation in the toughest corner of the corporate world, restructures. In the years after the GFC, it advised on some of Australia’s most complex and high-profile turnarounds, from Centro Properties and Alinta Energy to Babcock & Brown and Nine Entertainment.
Today, the firm manages over $12 billion and has grown into a major player in private lending. In this episode, Livewire speaks with Frank Danieli, Head of Credit Investments and Lending, about how MA Financial’s restructure heritage shapes its credit strategies, why uncertainty is a constant, and where he sees opportunities, including an unexpected one in car loans.
 
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Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Rudi: It’s not a bubble, AI’s next winners, and what investors are overlooking

Investing feels easier when markets are messy. When volatility spikes and fear takes hold, putting fresh capital to work can feel rational, even opportunistic. But when markets are cruising near record highs, valuations look stretched, and AI stocks are powering ahead like a runaway train, adding to a portfolio can feel unnerving.
It’s a sentiment shared by many right now. With the ASX 200 trading at elevated multiples and earnings growth on track to post its third consecutive annual decline, the contradiction is hard to ignore.
But according to FNArena Editor Rudi Filapek-Vandyck, it’s not a bubble, and the market isn’t broken. The real problem? Investors are using the wrong lens.
“The averages are masking the detail,” he argues. High index-level valuations are being distorted by a handful of heavyweight stocks, while strong underlying growth is still coming through in key parts of the market.
In this episode of The Rules of Investing, Rudi joins Livewire’s James Marlay to unpack what’s really going on beneath the surface, why some companies are still worth owning at premium multiples, and how investors can navigate another volatile reporting season without getting spooked out of the market.
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Thanks to our Sponsor AlphaSenseThis latest episode is brought to you by AlphaSense.See what AlphaSense can do for your investment research—visit alpha-sense.com/livewire to get started.

Life changing technology meets a structural growth industry

Step back for a moment and think about how technology has changed your life over the past two decades.
What springs to mind? Smartphones, on-demand streaming (whether it’s music or movies), digital maps, and the broad adoption of artificial intelligence, all powered by fast, affordable and readily available internet access.
The list goes on, and there’s no doubt these advances are changing the way we live. But are they truly life-changing? In many cases, yes, but often they’re about convenience and productivity.
There’s one industry where the pace of innovation is just as rapid, and the impact arguably more profound: healthcare. More specifically, in this episode of The Rules of Investing, we explore the world of medical technology with Jacob Celermajer, founder of Cordis Asset Management.

From cold call to capital giant: The Metrics story in Lockhart’s words

For all the scrutiny on private credit of late, one thing remains clear – there remains an insatiable demand for it from investors.
Case in point, the recent $315 million raise by Metrics Credit Partners for the Metrics Master Income Trust. It was done in a day.
Yet for the man often at the centre of the conversation, Metrics co-founder and Chief Investment Officer, Andrew Lockhart, the mission remains the same as when Metrics was born 12 years ago: raise capital, deploy it sensibly, and above all else, manage the ongoing risks accordingly.
"You're fundamentally here to deliver a good outcome for people in terms of their investments.
And you never lose sight of the fact that our whole business is set up to effectively manage risk to ensure that we can deliver on our commitments and obligations to our investors," said Lockhart. 
That unwavering focus, coupled with an ‘always on’ work ethic, has seen Lockhart and his team grow Metrics to $30 billion of assets under management, with no signs of slowing down.
In this episode of The Rules of Investing, Lockhart discusses the conditions that led to the birth of Metrics, its phenomenal growth, and the ongoing challenges that it and the private credit sector face.
He also unpacks the current market conditions and what lower interest rates will mean for Metrics’ opportunity set and potential returns for investors. Finally, he shares an exciting new growth opportunity that leverages the company’s existing relationships and skillset.
Don’t miss this opportunity to hear directly from someone who has been instrumental in shaping Australia's private credit landscape.
Read the summary on Livewire: https://www.livewiremarkets.com/wires/in-his-own-words-andrew-lockhart-on-risk-regulation-and-responsibility-to-investors