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The Rules of Investing is one of Australia’s top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes, philosophy, and current take on markets. After launching in October 2017, there have been over 100 episodes published - you can access all content on Livewire Markets, Spotify and Apple Podcasts.

The Rules of Investing Livewire Markets

    • Wirtschaft
    • 5,0 • 1 Bewertung

The Rules of Investing is one of Australia’s top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes, philosophy, and current take on markets. After launching in October 2017, there have been over 100 episodes published - you can access all content on Livewire Markets, Spotify and Apple Podcasts.

    Warryn Robertson’s guide to picking the best infrastructure stocks on the ASX and abroad

    Warryn Robertson’s guide to picking the best infrastructure stocks on the ASX and abroad

    Warryn Robertson, portfolio manager and analyst at Lazard Asset management, understands the nuances of infrastructure assets like few others in the market. His approach is to find monopoly assets with inflation protected revenues, high margins and reasonable leverage then buy them at attractive prices. 
    Of the 400 listed infrastructure stocks globally only 160 have passed the four filters and typically Lazard’s Global Listed Infrastructure Fund will own just 25 to 30 of those companies. Given the attractive nature of infrastructure assets it is unsurprising that sovereign wealth funds and private equity firms are also circling these assets. Robertson estimates that of the 160 stocks that meet his criteria 25 have been taken private and delisted. 
    The situation in Australia is even more challenging, of the 14 infrastructure and utility stocks on the ASX valued at more than $1 billion just four meet Warren’s criteria as being ‘preferred infrastructure’.
    The good news is that Robertson is a firm believer and concentrating your capital into your best ideas. In this episode of the Rules of Investing, Warryn Robertson reviews the recent performance of that asset class through an inflationary environment, explains why US utilities look vulnerable and shares what he believes are the best opportunities in infrastructure. 
    Robertson also reveals what he regards as the top infrastructure stock on the ASX and an infrastructure company with an absolutely stunning earnings outlook.

    • 39 Min.
    The policy overhaul Shane Oliver would make to secure Australia's fortunes

    The policy overhaul Shane Oliver would make to secure Australia's fortunes

    "Living Legend", "One of a kind", and "Diamond in the Rough are not terms usually bandied about when describing economists! But these are just a few of the hundreds of messages of support and appreciation that flooded a recent social media post recognising the 40-year tenure Dr Shane Oliver to AMP.
    Shane has dedicated his years to educating Australians on all matters of the economy. His style tends to be glass half full, and you'll rarely hear him pushing doomsday forecasts. He also possesses an uncanny ability to make complex matters easy to understand and is usually armed with some cracking charts to drive home his points.
    In this episode of the Rules of Investing, Shane explains why central banks are close to pulling off Mission Impossible and avoiding recession. He believes interest rates have peaked and will drift lower as inflation returns to the RBA's target range. The episode also touches on a range of issues, including population growth, housing affordability and Australia's exposure to the Chinese economy. 
     

    • 46 Min.
    Where Soul Patts is investing for long term growth and dividends

    Where Soul Patts is investing for long term growth and dividends

    If you’re looking for the future blue chips of the ASX then Washington H Soul Pattinson might be worth a closer look. The company has been around for more than a century, has never missed a dividend payment but, for the most part, has flown under investor radars.
    That is starting to change following the tie up with Milton Corporation in 2021, which has helped to propel Soul Patts’s market cap over $12 bn and into the S&P/ASX 50. Soul Patts now sits alongside popular names including Mineral Resources, Car Group, ASX Ltd and Ramsay Healthcare. 
    Blue chip stocks are known to be large, reliable, profitable and consistent dividend payers. Soul Patts ticks most of these boxes with the exception of size perhaps.
    The merger with Milton brought an experienced investment team led by CEO and CIO Brendan O’Dea, 30,000 new shareholders and a $3.7bn large cap portfolio.
    O’Dea is now the Chief Investment Officer at Soul Patts and says the merger gives Soul Patts the platform required to build the next generation of investments that will sustain Soul Patts enviable track record of shareholder returns.

    “There’s a real desire on our part to seed the strategic assets of the future and a lot of that is going to come out of that private portfolio.”

    In this episode of The Rules of Investing, Brendan O’Dea takes Livewire’s James Marlay on a tour of the Soul Patts investment portfolio covering their large cap, emerging and strategic equity portfolios.
     O’Dea also shares Soul Patts’ unique approach to capital allocation, the asset classes commanding their attention and why you should expect to see more big strategic investments in the years ahead.

    • 41 Min.
    How Hyperion unearths rare but exceptional growth companies (plus two that pass their filters)

    How Hyperion unearths rare but exceptional growth companies (plus two that pass their filters)

    The structural forces that saw growth investing rise to the top after the GFC remain. Covid created a blip, but the world is returning to slow growth, low inflation and lower interest rates. That's the perspective of Jason Orthman, the Deputy Chief Investment Officer of Brisbane-based Hyperion Asset Management. 
    Orthman says that neither you, me, nor our grandchildren are likely to experience an environment like 2022, where rapid interest rate hikes rocked long-duration assets such as government bonds and growth equities. 

    "2022 was an incredibly unusual period. We've looked at markets over the last 250 years, and you haven't seen interest rates at the long end move quickly to that level over 250 years of data. We believe it's a one-in-250-year event," says Orthman.

    Structural forces, including ageing populations and the rise of automation, will continue to create a disinflationary and low-growth world in the decades to come. This backdrop means that those rare companies that can grow at rates well ahead of GDP can provide investors with exceptional returns. 
    Orthman and the Hyperion team have a disciplined approach to finding these rare gems, starting with twelve structural growth trends, such as productivity, the shift towards artificial intelligence (AI), and banking and payments. These parts of the economy are likely to grow and present fertile ground for finding future blue-chip companies. 
    In this episode of the Rules of Investing, Ortham speaks with Livewire's James Marlay about Hyperion's approach to growth investing, the wild ride of 2022 and the long-term opportunities the firm has identified. 
    Orthman also shares what he describes as 'one of the most important investments' the firm has ever made, what investors are missing about the Tesla story and two companies he believes are poised for significant revenue growth over the next decade.

    • 45 Min.
    How to invest $1 million in 2024

    How to invest $1 million in 2024

    Each year, Barron's releases a list of Australia's Top 100 Financial Advisers. Pitcher Partners' Charlie Viola and Lipman and Burgon Partners' Paul Burgon have featured high on this list over the years, and both ranked in the top 10 in 2023.
    As part of Livewire's Outlook Series for 2024, Livewire's James Marlay hosted an in-depth panel discussion exploring how these two investing gurus are allocating capital on behalf of their clients in 2024. Whilst there is no 'one size fits all' when it comes to investing, there are nuggets of insight from this session that can help all investors.
    Click here to access the charts discussed in this episode and a summary of the discussion 
    Timecodes
    0:00 - Introducing the experts
    0:49 - Charlie Viola’s top three factors influencing asset allocation in 2024
    3:20 - Paul Burgon’s top three factors influencing asset allocation in 2024
    6:15 - Asset classes where Paul and Charlie are overweight or underweight
    9:53 - Why Private Markets will play a bigger role in portfolios in 2024 and beyond
    12:40 - Charlie Viola’s Asset Allocation framework for 2024
    16:33 - Paul’s Strategic and Tactical Asset Allocation frameworks for 2024
    22:26 - How these advisers are innovating in 2024
    25:50 - Four investing traps to avoid in 2024

    • 29 Min.
    The lead indicator for Dion Hershan’s best trades (and two high quality stocks for the ”slow grind” ahead)

    The lead indicator for Dion Hershan’s best trades (and two high quality stocks for the ”slow grind” ahead)

    Two years ago, on a trip to Perth, Yarra Capita’s Dion Hershan was pitched the case for lithium stocks by his Uber driver. Hershan says it was a cliche moment and a classic example of a ‘ringing the bell’ sign. On the flip side, there are moments when deciding to invest causes your stomach to churn and your hands to quiver.

    “Some of the best ideas I’ve had in my career were when my stomach churned and my hands trembled when I put the trade on. That’s often a good lead indicator.”

    Recent investments in fallen angel ResMed (ASX: RMD) and an overweight position in the beaten down REITs sector are two examples Hershan provides of how Yarra is taking long-term counter-consensus thinking.
    This counter-consensus thinking also applies to the companies Hershan and his team are cautious about, which include large parts of the ASX20, including resources and banks. Hershan says that while these companies may not fall out of the top 20, their best days are likely behind them.
    In this episode of the Rules of Investing, Hershan talks about the lessons from working inside the most successful global hedge fund, why he is cautious about the outlook for blue chips and the companies he thinks represent the best long-term opportunities for the slow grind that lies ahead.
     
    Timestamps
    0:00 - Introduction
    3:06 - How Dion caught the investing bug
    4:40 - Lessons from working at Citadel
    8:35 - Why macro matters for Australian equity investors
    11:08 - The raging debate taking place at Yarra Capital
    14:30 - How much pain will consumers feel in 2024
    17:29 - Why you should be complacent about blue chip stocks
    22:05 - The best opportunities Yarra is finding on the ASX
    24:57 - A fallen angel that Yarra thinks can rebound
    26:52 - The thesis for being overweight REITs
    36:00 - What investors are getting wrong in markets today
    37:15 - Lessons from an early win
    38:32 - Two stocks Dion would be happy to back if the market shut for 5 years
    Related Articles
     
    https://www.livewiremarkets.com/wires/five-themes-on-our-shopping-list 
     
    https://www.livewiremarkets.com/wires/avoiding-the-blue-chips-heading-for-small-cap-status

    • 41 Min.

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Grantham Episode

Do not know about the total podcast, but the Grantham episode was really great. Well done!

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