The Rules of Investing

Latest Episodes:

Chris Watling on AI, inflation, oil and the fragile foundations beneath markets May 23, 2026

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Chris Watling from Longview Economics joins The Rules of Investing to discuss the global macro outlook, including AI-driven market concentration, inflation, oil, interest rates, Australian housing, and the hidden fragility beneath parts of the US economy and equity market.

In this episode:

Why the AI theme may be carrying more of the global economy than investors realise
Oil, Iran and the Strait of Hormuz
Why inflation may not be the biggest risk facing markets
The difference between Australia and the rest of the developed world
Signs of weakness beneath the surface of the US economy
Why investor complacency could become a major problem
The one investment Watling would make if markets closed for five years.

A familiar voice returns to The Rules of Investing May 22, 2026

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After four years away, Patrick Poke is returning to The Rules of Investing. In this short relaunch episode, Patrick and James Marlay reflect on the podcast’s evolution, the return of video episodes, and what listeners can expect next.

There’s always a bull market somewhere May 08, 2026

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While rate hikes, inflation, and budget uncertainty have dampened the spirits of many equity investors, one corner of the market is quietly thriving.

The S&P Emerging Companies Index (XEC) has surged 35% over the past 12 months, proving that there is "always a bull market somewhere" if you know where to look.

In this episode, Joel Fleming, Portfolio Manager of the UBS Micro Cap Fund, reveals why the most exciting opportunities often lie in the market’s least efficient spaces.

Lazard’s recipe for growing dividends with less volatility Apr 24, 2026

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The GFC exposed a harsh reality: for investors in or near retirement, large drawdowns aren’t just uncomfortable — they can be permanent. Aaron Binsted from Lazard Asset Management saw this firsthand. It shaped the thinking behind a strategy designed to deliver equity returns with lower volatility and a focus on growing income. In this episode, we cover how markets are navigating today’s macro backdrop, why “economic diversification” matters more than ever, and the under-appreciated dividend growers Binsted is backing on the ASX.

Nick Griffin: The good, the bad and the ugly Mar 30, 2026

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Markets are wobbling, sentiment is turning, and investors are starting to question what comes next. In this episode, Munro Partners CIO Nick Griffin explains why he still believes we’re in a bull market, how the war in Iran is impacting markets, and why AI is forcing a major rethink on tech investing.

“Less than halfway through the gold story”, L1 Capital launches high-performing strategy via new LIC Mar 18, 2026

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Gold has re-entered the spotlight, but L1 Capital believes investors may be looking in the wrong place. After years of investing in commodities, the firm formalised its view with a dedicated gold strategy in March 2025, now set to list as the L1 Gold Fund Limited (ASX: LGF, subject to approval).

Co-Chief Investment Officer Raphael Lamm sees the real opportunity not in bullion, but in overlooked gold equities trading on “astounding” free cash flow yields. Crucially, the strategy does not depend on rising gold prices, with valuations anchored in conservative assumptions.

In this episode of The Rules of Investing, Lamm explains why structural forces could support the opportunity for years to come.

Please note, this interview was recorded on Monday, 16 March 2026.

The decisions Dion Hershan is making now that could set up portfolios for a decade Mar 18, 2026

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Periods of intense uncertainty test even the most seasoned investors. Today, markets face several competing forces: artificial intelligence reshaping industries, geopolitical tensions fuelling energy volatility, and elevated valuations alongside concentration in parts of the Australian equity market.

For Yarra Capital Management’s Dion Hershan, these environments demand discipline rather than panic. While investors remain fixated on macro headlines, he argues many meaningful micro changes are being overlooked. Drawing on experience across multiple market cycles, from the tech wreck to the global financial crisis, Hershan believes the decisions made in turbulent periods often matter most. In fact, he says a handful of well-timed choices can set up a portfolio for an entire decade.

Please note, this interview was recorded Thursday, 12 March 2026

The ‘unloved’ stocks fuelling a 30% year in L1 Capital’s Catalyst Fund Mar 16, 2026

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For much of the past year, investors have been focused on growth stocks and AI winners. But some of the strongest returns have come from stocks the market had largely written off. James Hawkins, Head of L1 Capital’s Catalyst Fund, is building a reputation for finding value where others aren’t looking, combining deep research with an activist mindset to unlock it. That strategy has helped drive a strong year for the fund, with contrarian positions in companies like BlueScope Steel and Mineral Resources fuelling 30% gains. In this episode of the Rules of Investing, Hawkins explains L1’s affinity for hard assets, the catalysts for unlocking value and the unloved stocks capturing the markets attention.

Returns today, risk tomorrow. The next shakeout will show who got lending right Mar 11, 2026

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Private lending has expanded rapidly over the past decade as banks pulled back from parts of the corporate market. The result has been a surge of capital chasing income, but the speed of that growth is also raising questions about how the sector will perform when the cycle eventually turns.

In this episode of the Rules of Investing podcast, Privity Credit Managing Partner Ryan Donnar explains why lending outside the banking system is far from a one-dimensional asset class. He also outlines where crowding is emerging, why structure matters more than yield, and the key questions investors should ask before allocating capital.

Please note, this interview was recorded Tuesday, 24 February 2026

Why this global manager backed L1 with $50m Mar 03, 2026

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Equity markets are in the middle of what Greg Dean calls “the world’s most uncomfortable rotation." In this episode, the founder of Langdon Equity Partners explains why AI may not be the real story, why high-margin businesses can be more vulnerable than they appear, and how he’s positioning his portfolio, including a 7.6% stake in L1 Group and a decision to reinvest in Johns Lyng after its take-private.

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