The Rules of Investing

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.   ________________________ Thanks to our Sponsor AlphaSense This 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.

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. ___________________ Thanks to our Sponsor AlphaSense This 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.

Jacob Celermajer, founder of Cordis Asset Management and creator of Australia’s only pure play medtech fund, dives into the transformative world of medical technology. He discusses how innovation in healthcare rivals that of tech giants. Key topics include the promising investment landscape shaped by an aging population, the crucial role of medical advisory panels, and revolutionary treatments like mechanical thrombectomy that enhance patient outcomes. Celermajer offers valuable investing insights while navigating the unique challenges of the medtech sector.

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 AlphaSense This 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 AlphaSense This 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 AlphaSense This 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.

Marcus Padley, a veteran stockbroker with 40 years of experience and founder of Marcus Today, shares his insights on market timing versus the buy-and-hold mentality. He argues that strategic timing is crucial for risk management and performance. The discussion covers an array of investment topics, including the role of gold and lithium, the complexities of ETFs, and the importance of understanding bond yields. Marcus also emphasizes the need for emotional detachment and swift decision-making to navigate market fluctuations effectively.

Andrew Mitchell, founder and senior portfolio manager at Ophir Asset Management, navigates the complexities of the current equity market landscape. He discusses the challenges posed by rising bond yields and the need for adaptability amid recession concerns. Mitchell emphasizes the potential of small and mid-cap stocks, shares insights on a promising tech company under the radar, and highlights the vital role of strong management teams in driving investment success. His optimistic outlook showcases the importance of resilience in market strategies.