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.

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

Markets are forward looking and are one of the strongest indicators of what lies ahead for global economies. This dynamic reflects the thinking of millions of market participants digesting and pricing available information to guide how asset prices reflect the future. For all the twists, turns, and curveballs that 2025 has delivered, markets are, in many cases, at or above where the year started. The S&P 500 is in the green, the ASX 200 is up, and yields on US 10-year bonds, a useful proxy for risk appetite, are lower than at the start of the year. At face value, you might conclude that investors are more confident about the economic outlook, or at the very least more comfortable than they were in January.But not all signals are flashing green. A 10% fall year-to-date in the safe-haven US dollar is one example that warrants closer inspection. That’s the view of Fidelity International’s Chief Investment Officer of Equities, Niamh Brodie-Machura, who oversees a team of more than 120 analysts managing over $220 billion for Fidelity clients.

“People are getting too short term. They’re getting panicked by the developments taking place on tariffs and so forth... they don’t realise it’s often just a bargaining point.” That’s the view of Mark Mobius, a pioneer in emerging markets investing and founder of Mobius Investments. Mobius says many investors are misreading the noise echoing around global markets. His advice? “Be patient and be willing to roll with the punches.” In this episode of The Rules of Investing, Livewire’s James Marlay caught up with Mobius in New York to explore how he’s navigating global uncertainty, the investing lessons from decades of travel and working in Asia, and why he believes India is shaping up to be the standout opportunity of the next decade. With a PhD from MIT and a track record that includes growing Templeton’s Emerging Markets Fund from $100 million to $50 billion, Mobius has experienced the highs and lows of multiple market cycles and dislocations. _____________________ 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.

Ellerston Capital’s fixed-income and multi-asset strategist Vimal Gor says the radical Trump presidency means the US Federal Reserve will be forced to return to quantitative easing later this year to cap bond yields and offset the nation’s fiscal problems. In this podcast, Gor also details why he thinks this means shares, gold and bitcoin can rally later this year. He also argues why he thinks the Aussie dollar will jump versus the greenback on the back of radical shifts in markets that may be set to accelerate and impact every investor. _____________________ 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.

Amazon spent over a decade as a misunderstood stock - volatile, unprofitable, and often written off. But for those who looked past the noise, it became one of the greatest investments of our time. Today, Janus Henderson sees echoes of that journey in Spotify. It may not look like a market leader yet, but under the surface, the building blocks of enduring growth are falling into place. In this episode, Josh Cummings explains how volatility creates opportunity, why time is a long-term investor’s best friend, and what separates the winners from the noise. Is Spotify your second shot at an Amazon-style success? _____________________ 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.

In this special episode of The Rules of Investing, veteran stockbroker and Marcus Today founder Marcus Padley joins Livewire’s James Marlay for a wide-ranging conversation on two critical themes. First, Marcus takes aim at the industry’s obsession with buy-and-hold, arguing that smart market timing isn’t just possible - it’s essential for managing risk and avoiding underperformance. Then, he fields Livewire reader questions on everything from gold and lithium to bond yields and WiseTech. It’s bold, unfiltered, and classic Marcus. _____________________ 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.

Equity markets have bounced, but Andrew Mitchell from Ophir says the road ahead is tricky. Higher bond yields and policy risks point to slower growth. In this environment, companies that can grow through the cycle will stand out. In this episode of The Rules of Investing, Mitchell shares his views on equity markets, the dominance of US megacaps, and why he remains optimistic on small and mid-caps. He also unpacks the thesis behind a mission-critical tech stock flying under the radar, one he believes has the potential to become a rare ‘Rule of 40’ standout. _____________________ 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.

Australia’s ETF industry is booming - up $53 billion in the past year alone - and a new player is stepping into the ring. David Tuckwell, son of ETF pioneer Graeme Tuckwell, has launched ETF Shares to challenge the giants like Vanguard and Betashares. His weapon of choice? Low fees and ultra-focused US tech exposure. One fund holds just the top 10 Nasdaq stocks - an audacious bet on concentration over diversification. Is there room for another player in an increasingly crowded market? We explore the strategy, the story, and the stakes behind ETF Shares’ bold launch.   _____________________ 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.

Investors hoping for a swift ‘V-shaped’ recovery from the recent market sell-off are likely to be disappointed. Instead, they face a slow, grinding path forward. That’s the base case from Koda Capital’s Chief Economist, Brigette Leckie, who says the tariff-led policies of Trump 2.0 represent a structural break for economies and markets.   _____________________ 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.

“Are you okay?” That was the question Emma Fisher got from her mum after the ASX plunged more than 6% in a single day. For Fisher, it was a soft signal that the worst of the panic may be behind us. In this episode of The Rules of Investing, Emma shares why sharp sell-offs are the new normal, the two market “buckets” she’s buying from, and how she’s funding new ideas. Last time she was on the podcast, Emma tipped ResMed at $22. This time, she’s back with a fresh idea she’s backing for the next 5 years. _____________________ 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.

No matter how long you’ve been in markets, we’re all guilty, at one point or another, of operating at a headline level. When markets are moving violently - like they are now - and we’re all trying to keep up, operating at a summary level can become even more pronounced. But looking beyond the headlines, challenging what you think you know, and diving deeper into complex issues, will almost certainly always yield a better result. For example, one of the dominant narratives right now is that Trump’s tariffs will lead to higher inflation. Logically, it makes sense. But the reality could look quite different according to Charlie Jamieson, Co-Founder of Jamieson Coote Bonds. “Everybody just jumps to ‘tariffs mean higher prices, that means inflation'. Well, it's not quite that simple. It definitely means higher prices, but that does potentially mean demand destruction in some things. It really matters how elastic the thing that is being tariffed actually is", says Jamieson. He goes on to provide the example of a 100% tariff on a luxury handbag: “you probably won’t sell too many.” Conversely, a tariff on the one little part you need for a broken-down heating or air conditioning unit: " You're probably going to pay it because you're really, really need it - it’s very inelastic.” Jamieson also points out that inflation is “a continual and sustained increase in pricing”. “If prices go up 10% that's terrible, obviously demand will be affected, but if they don't change thereafter, it's not inflationary.  It just means that yes, of course it is in the very first reading of, but it's not a continued and sustained price increase”. The final piece to this puzzle is what happened last time. “As we saw in Trump 1.0, despite his tariffs at that time, inflation continually fell through that period”, notes Jamieson. “Trump's thinking is that if he can bring that budgetary deficit down considerably, it will also help take out excess demand, it'll bring more efficiency to government and in doing so, he will lower inflation”. This is just one of the many narratives that Jamieson unpacks in the following Rules of Investing podcast, which covers a lot of ground about the global economy, central bank policy, interest rates, inflation, and why investors have a great opportunity right now to rethink and reposition their portfolios. 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.

At the start of 2025, there were three big-picture scenarios facing investors: a hard landing, a soft landing, or no landing at all. Just two of those scenarios remain, with a hard landing now off the table, according to Ten Cap’s Jun Bei Liu. That view might seem a touch ambitious in light of the market rout that kicked off in mid-February and gathered steam as sticky inflation and a tariff war put equity valuations under pressure.The ASX 200 has fallen 8.5% in a month and is down over 4.5% for 2025. The picture is worse for US equities, where, after back-to-back years of +20% gains, the S&P 500 has shed over 10% in a month and is down over 5% from the start of the year. The headlines and moves are unnerving, but the backdrop for equities remains favourable, and the volatility is creating opportunities to buy businesses at better valuations, according to Jun Bei Liu.   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.

The allure of small-cap investing is undeniable. The chance to find an overlooked gem that can skyrocket is real, but the risks are just as high. Illiquidity, limited analyst coverage, and varying investor strategies create opportunities—but also traps. Success stories like Pro Medicus and Netwealth prove the potential, yet the volatility can be brutal.Steve Johnson, CIO at Forager Funds, knows this world well. In the latest episode of The Rules of Investing, he shares his journey from investment newsletters to funds management and reveals the small caps he's backing for future growth. Don’t miss it!

From investing his paper route money in term deposits when he was nine years old, to racing the two kilometres from one end of Collins Street to the other to submit a handwritten RBA bond tender, to running a market-beating income fund for more than 20 years, Yarra Capital Management’s Roy Keenan has seen it all in his 40 years in fixed income. It is this broad experience and love for fixed income that makes Keenan such an interesting person to talk to, particularly given the world as we find it today. There’s a new regime taking shape in the US, the promises of which will need to be funded by new paper, locally we have state governments in trouble (none more so than Victoria, where Keenan was at the coalface last time it was broke), whilst the energy transition and other major investment themes are creating opportunities. Making sense of it all is always the key, but when you have four decades of experience you have learnt when to use your head and when to pay attention to your gut. "I think that the head tells you to put the trade on. I think the gut is the warning signal that something doesn't feel right and therefore instead of taking that trade off quickly, you might just let it run a little bit longer to see how it will play out," he says. So, which themes are dominating Keenan’s head space and innards today? Be sure to listen to the podcast for insights on the world's biggest and most liquid markets, as well as some war stories from Keenan’s 40 years in the market. 

Stock markets are off to a flying start for 2025. The S&P ASX 200 is up nearly 5%, with gold, banks and technology companies continuing their bull runs from 2024. The consensus view is that banks and tech are expensive, but the market doesn't seem to agree, or at least it doesn't care. Moments like this can be challenging for investors; fundamentals tell you to look the other way, but ignoring the temptation to follow the momentum is hard. In this episode of the Rules of Investing, Laretive shares some tips for keeping a cool head when markets are on fire, identifies some opportunities from the lower Aussie dollar and discusses three stocks he thinks can deliver strong results in the upcoming reporting season.   Paul Tudor Jones articleSeneca's M&A list

The past few years have been kind to investors. A glance over 2024 asset class returns suggests that most Australian investors have been sitting on healthy gains for the past 12 months, with the much-loved banks leading the charge. Global equity exposure will have sweetened returns, with the S&P 500 clocking up consecutive years of +20%. Even conservative investors have been rewarded with returns on cash, which is the best we've seen in decades. It's in our nature to resist making changes to a winning formula. However, with market leadership being highly concentrated and, for the most part, coming from high-growth stocks, there's a decent chance that your portfolio has developed a few biases and overweight positions. Why does this matter? Markets have repeatedly reminded us that good times don't last. Reviewing your portfolio and making tweaks or rebalances is prudent. This ensures you harvest some of those gains and position your portfolio for all market conditions. Livewire's James Marlay spoke with Charlie Viola from Viola Private Wealth and Ben Clark from TMS Private Wealth to explore the factors they think matter for 2025, discuss how they are allocating capital for the year ahead, and to get some professional tips on rebalancing your portfolio. Putting theory into practice, he also revealed his SMSF portfolio and asked our guests to share the changes they would make.To see the charts and tables referenced in the podcast are on this link: https://www.livewiremarkets.com/wires/how-to-invest-1-million-in-2025 ------------------------------ This year's Outlook Series sponsor is Commsec, Australia’s leading online broker. With over 25 years of industry leading service and experience, CommSec offers Australia’s best online and mobile trading solutions. Begin your investment journey - commsec.com.au 

If you’re feeling upbeat about markets as we head into 2025, you’re not alone. 41% of investors that participated in Livewire’s Outlook Series Survey said they are feeling optimistic about markets right now, well ahead of the following most popular response with 30% of survey participants saying they are feeling anxious. The responses are not surprising, given the decisive run in equity markets in recent years. The S&P 500 is on the cusp of racking up consecutive years of 20%+ returns. A feat only achieved four times since 1926.  The other instances occurred in 1927-1928 before the great depression, in 1942-1943 during World War II, from 1995-1999 there were unprecedented gains with five 20%+ years and more recently in 2017-2018. Investors are likely feeling optimistic given the strong returns on offer, whilst it is natural that anxiety is growing and a recognition that the good times won’t last forever.  Unfortunately, history provides little solace for those investors looking to the past in the hope that it might give some clues as to what 2025 might hold. The returns in the years following the four historical precedents are ambiguous, with a 50/50 split between negative and positive returns. However, the drawdown years were smaller than when markets continued to rally.  So, how does this information help us, and what should investors think about as we head into 2025? To answer this question, we drew on the expertise of top-rated financial adviser Paul Burgon, Chief Investment Officer and Managing Partner at Lipman Burgon and Partners. Paul has decades of experience allocating capital on behalf of his clients and was ranked #6 in 2024 on Barron’s list of top financial advisers. Even with his experience, Paul acknowledges that predicting the future is fraught with danger and a recipe for disappointment. However, over his career, he has developed a set of ten principles that he believes can underwrite investment success.  These principles draw on the renowned endowment model of investing developed by David Swenson and are now widely adopted by many leading investment institutions, including Australia’s Future Fund.  Yale’s endowment fund returns under Swenson are compelling, having delivered annual returns of 14% over 35 years.  Summarising the underlying objective of Burgon’s philosophy is relatively simple. He is seeking to remove or dampen the influence of emotions on investment decisions. In 2024, access to extensive research, institutional-grade investment models and improved access to private markets make it possible to achieve more consistent returns, reducing the prospect of poor decision-making at times of peak emotion.  While few of us will be seeking to replicate the allocation of global endowment funds, I’m sure most of us would like to bank the healthy returns of recent years and dampen the impact of any impending market dislocations.  “If you can have more reliability of outcomes in your equity allocation and more consistency of returns that is a much better way to allocate capital than trying to chase the next high-performing manager.” In the final episode of The Rules of Investing, we hope to leave you with valuable asset allocation and portfolio construction insights from one of Australia’s top financial advisers. And while we’d all love to see another 20% + year from the S&P 500, it makes sense to ensure your portfolio can withstand the chance that 2025 could be a down year. Better to be safe than sorry!

The Australian property market is incredibly nuanced. Markets like Brisbane, Adelaide, and Perth are soaring by double digits while the markets of Sydney and Melbourne have started to cool considerably. But even if prices in the largest housing markets are mellowing, it does not take away the core and indisputable argument: Housing may never have been affordable but now, the crisis is worse than ever. Andrew Schwartz, Co-Founder, CIO, and Managing Director at alternative real estate investment manager Qualitas, doesn't see this structural situation changing any time soon. When he is asked to reflect on the last 12 months in the property market, he effectively described 2024 as one of the less memorable periods of recent years. "I think it'll go down as one of the less exciting years that we're going to think about when we reflect on the years that have gone by," Schwartz reflects.  "As we're approaching the end of 2024, it's quite clear that markets are starting to slow down and a lot of that momentum is coming out of the market." But he does see next year becoming far more "interesting", "fascinating", and even a "thriller" for investors in this asset class. "I think it's getting very exciting in 2025. There are many reasons why I feel that but in particular, residential property is affected by supply and demand and interest rates. When you look at each of those individual factors, you do see a market where Australia is caught short on the supply side at the moment and it's been very hard to get supply into the market. We have quite significant demand coming in and we have had a sustained period of relatively high interest rates," Schwartz says. Schwartz's comments here on this asset class really matter. Qualitas, the company he co-founded, has nearly $9 billion in funds under management today, mainly from overseas and domestic institutional investors who want to access the lucky country's most famous asset. An asset that, Schwartz argues, is a better store of value than stocks, crypto, and even gold. On this week's edition of The Rules of Investing, Schwartz is sitting down with guest presenter Hans Lee to discuss his views on these key tailwinds, his take on the macro environment, and where he sees growth opportunities in the Australian property market today.  (APPLE PODCASTS) (SPOTIFY) (PODBEAN) other key insights you can expect Forget stocks, crypto, and gold: Residential property may be the best store of value out there "I actually think that residential property is one of the best stores of value you can consider ... that is my personal opinion." "A beautiful store of value is buying land and you know we are going to be more and more densified over time. Personally, I find it hard to move away [from property] but that is how I think about residential property as a store of value." It's not about whether house prices rise, it's just about whether house prices will fall "One of the key measures for us is around the margin the developer is earning on the project. I don't think about the margin as a developer making money per se. I think about margin as safety for error. How much could we afford for prices to wind back?" Is the answer to unlocking housing supply just to "drop rates to zero"? "There is no doubt that if you want to stimulate the next round of the housing market, it's about dropping interest rates. The cost of capital is such a big factor in delivering projects." "However, the problem with dropping interest rates to that level is that one of the measures the RBA is very focussed on is the wealth effect of housing. The more people's houses are worth, the more they feel wealthy, and the more they go out and consume." How much will it cost for Australia to build 240,000 homes a year? "Construction costs have risen some 40% over the last three years in Australia. As a generalisation, housing prices and apartment prices, in particular, have not gone up by 40%." "Groups like ours see a lot very la

Koda Capital is one of Australia's elite wealth management firms, charged with allocating over $11.5 billion of capital on behalf of high-net-worth individuals, family offices, and charitable foundations. For the past decade, Brigette Leckie has played a pivotal role in shaping the firm's views on where the best opportunities lie across global asset markets. Leckie firmly believes that understanding the macro environment is the starting point for building an investment strategy. And while it's not every day that investors like you and me get to pick the brains of an asset allocator with Brigette's experience. In this episode of the Rules of Investing, you'll get a front-row seat and learn how Brigette makes sense of the dynamics in global economies and what that means for investors. With a new regime set to take office in the world's largest economy and Australia's largest trading partner, China, amid a generational economic transition, the macro environment requires careful consideration for investors. Around the world with Brigette Leckie Fresh off the back of visits to Europe and the United States, Brigette made these observations. Europe: Better than the headlines and muddling through 'muddle through' Traffic is everywhere (yes, worse than Sydney) A change in attitudes towards experiences over spending on goods persists. Restaurants and streets are buzzing, and with the exception of Germany, economies will continue to muddle along Manufacturing in Germany remains sluggish United States: The gap is widening Inflation is real. Flights are at capacity, it's hard to get an Uber, and the streets are buzzing in many cities. The gap between the haves and the have-nots is widening. Politics remains highly divisive for families and corporations. "I did see divisiveness in a couple of things I did see on the corporate side. So, for example, getting into a car and asking the driver what his views on the election were, and he said, "Company policy is we don't talk about the election or politics." So that surprised me," said Leckie. China: Three significant issues to deal with Leckie says that China has been letting market forces deal with three major issues in its economy, and she expects these will take some time to resolve. Deflation: This remains an issue caused by excess capacity in the economy. Weak consumer: Consumer sentiment is fragile, creating a downward deflation spiral. Excesses of the property market: This is a well-documented issue that will take time to work through. Historically, China's policy has been boom or bust. Leckie believes that a mindset shift has taken place, and the old approach is being replaced by genuine reform. The goal is to gradually turn China into a more consumer-based economy. A stronger China is good for global economies, especially Australia; however, we should not expect the boom days of the past to return. So does macro matter? Leckie emphatically believes that understanding macroeconomics is the foundation of good investment strategy and asset allocation. She cites the example of interest rates near zero or negative as a point in time when the macroeconomics was 'out of whack' and providing a clear signal. Developed market bonds were 'uninvestable' in her eyes—a call that has been vindicated in recent years. Currency markets can also provide a signal. Most of the time, currencies trade in a narrow range, but there are times when they get to extremes. For example, the Australian dollar was worth less than US50 cents, and equally, it traded at parity. For globally diversified portfolios, these extreme moments matter. Three points for asset allocation right now Leckie says returns in recent years have been exceptional, and investors should be mindful not to extrapolate these into the future. Knowing what risk you will tolerate is easy to underestimate when markets are ripping higher. Leckie had these key messages for investors. Hold your conviction on big calls. If you have a strong f