Basis Points

Crypto. Rates. AI debt. Green bonds.

In this episode, Chris Joye, CIO of Coolabah Capital, lays out a macro view that cuts against consensus.

He calls Bitcoin “pure Ponzi”, makes the case for re dollarisation not de dollarisation, and warns AI driven CapEx could be understated as hyperscalers ramp up debt issuance.

We also unpack Coolabah’s active bond trading model and the Global Carbon Leaders Fund, which targets green bond mispricings with floating rate exposure and enhanced yield.

In this episode:

00:00 Bitcoin, Bonds & Big Claims
03:01 Bitcoin Sell-Off Breakdown
07:44 Re-Dollarization Over De-Dollarization
11:44 Fed Pivot and 5% Yields
14:45 AI CapEx Debt Supercycle
18:04 RBA Rate Hike Warning
22:44 Capital Gains & Tax Reform
24:05 Inside Coolabah’s Trading Edge
26:53 Global Carbon Leaders Explained
30:24 Monetising New Issue Concessions
32:10 ESG Stigma vs Performance
34:00 Portfolio Fit for Advisers

📈 Stocks and ETFs Mentioned: Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Global Carbon Leaders Fund (CBOE: CBNX), META (NASDAQ: META), Microsoft (NASDAQ: MSFT)

🎟️ Join us at the Basis Points Boat Party, get your tickets here.

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CPD Points: This episode is currently being accredited for CPD points by the Financial Advice Association of Australia (FAAA). Check our website in the coming days to complete the quiz and receive your certificate

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Thanks to CBOE APAC for sponsoring this episode. For more information about the CBOE listed Global Carbon Leaders fund (CBOE: CBNX), head here

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Basis Points is a product of Equity Mates Media.

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.

Equity Mates Media operates under Australian Financial Services Licence 540697.
Hosted on Acast. See acast.com/privacy for more information.

Commodity markets are back in focus.

Gold has more than doubled in recent years. Lithium has flipped from surplus to deficit and iron ore continues to quietly underpin the Australian economy.

So, is this the start of something bigger, like a commodity super-cycle?

In this episode, we’re joined by Greg Cassidy, Senior Analyst at Milford, to unpack the forces driving the global resource rally and what it means for adviser portfolios.

We cover:
The three macro forces behind the surge: deglobalisation, decarbonisation and AI.
The outlook for LNG.
Why iron ore still matters most for Australia’s budget and equity index.
Greg’s key takeaway for advisers: why “you should own resources” and how to think about active vs passive exposure in a volatile sector.

Chapters:
00:00:00 Introduction
00:04:10 Three Drivers Of The Rally
00:09:05 Supply Constraints And M&A Activity
00:11:04 Australia In The US China Split
00:14:13 Gold And Real Assets
00:16:18 Commodities To Watch Now
00:18:23 Copper’s Structural Deficit
00:20:10 Lithium Volatility Explained
00:22:32 LNG Supply And Demand
00:25:34 Australia’s Key Export Exposures
00:29:56 Portfolio Positioning For Advisers
00:33:43 Avoiding Resource Investing Mistakes

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CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.
0.05 Total Hours
Knowledge Requirements: Managed Investments (0.50 hour) Legislated CPD Area: Technical Competence (0.50 hour)

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Before you invest, be sure to read the Milford Funds Product Disclosure Statements and Target Market Determinations at https://milfordasset.com.au/documents-and-forms/

You can read the full disclaimer at https:/milfordasset.com.au

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Want more Basis Points?

Sign up to the Basis Points email
Join the conversation on LinkedIn
Watch all episodes in full and relive some of our favourite clips on YouTube

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Basis Points is a product of Equity Mates Media.

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.
Equity Mates Media operates under Australian Financial Services Licence 540697.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Milford Australian Absolute Growth Fund, Milford Corporate Bond Plus Fund, Milford Australian Active 100 Fund, and Milford Dynamic Small Companies Fund. Before you invest, be sure to read the Milford Funds Product Disclosure Statements and Target Market Determinations at https://milfordasset.com.au/documents-and-forms/
Hosted on Acast. See acast.com/privacy for more information.

2025 saw global markets outside the US outperform and Betashares’ Cameron Gleeson believes that trend is far from over.

We sat down with Cam, Senior Investment Strategist at Betashares, to unpack the macro and market forces that could see Europe, Japan, and emerging markets lead the charge in 2026.

You’ll learn:
Why the US may lag despite strong earnings growth
Europe’s policy pivot and Japan’s inflation comeback
The emerging markets getting Cameron most excited
Currency hedging strategies and portfolio positioning for 2026

Chapters:
00:00:00 The Case For Looking Beyond The US
00:04:07 Why 2025 Rewarded Ex US Positioning
00:08:24 When Currency Moves Drive Real Returns
00:10:48 The Macro Setup Heading Into 2026
00:16:20 Japan’s Turn From Laggard To Leader
00:22:01 Where Emerging Markets Still Make Sense

🔍 Links Mentioned: Win a $500 Visa Digital eGift Card by completing the 2026 Equity Mates Media Community Survey! The Community Survey helps us understand how we can continue to improve our content to help you on your money and investing journey. You can either complete the five compulsory questions, or take 10 minutes to give us a bit more feedback: https://www.surveymonkey.com/r/WRWDVTV

📈 Stocks & ETFs Mentioned: Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Betashares Japan Currency Hedged ETF (ASX: HJPN), BHP Group (ASX: BHP), Microsoft (NASDAQ: MSFT)

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CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.
0.05 Total Hours
ASIC Knowledge Requirements: Securities (0.50 hour) Legislated CPD Area: Technical Competence (0.50 hour)

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Want more Basis Points?
Sign up to the Basis Points email
Join the conversation on LinkedIn
Watch all episodes in full and relive some of our favourite clips on YouTube

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Basis Points is a product of Equity Mates Media.

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.

Equity Mates Media operates under Australian Financial Services Licence 540697.
Hosted on Acast. See acast.com/privacy for more information.

”Conventional wisdom will tell you that the lowest risk portfolio you can have is to have 70% of your assets in one country…that's a violation of common sense.”

Ben Preston Portfolio Manager at Orbis Investments, warns that in markets dominated by a handful of mega-caps, portfolios that look diversified on the surface- may be carrying far more risk than advisors realise.

We sat down with Ben to unpack where diversification breaks down and find out how advisors can better identify this hidden concentration risk.

In this episode, you’ll learn:
How benchmark alignment can increase portfolio risk in narrow markets.
Why historical bubbles reveal the dangers of perceived diversification.
Practical ways to assess diversification across geographies, styles, and currencies.

Chapters:
00:00:00 – Rethinking Portfolio Diversification Risk
00:05:45 – Understanding Today’s Narrow Market
00:09:01 – Benchmarking And Concentration Exposure
00:14:15 – Defining Diversification Across Scenarios
00:18:52 – Broadening AI Exposure Beyond The US
00:22:11 – Currency Management As A Portfolio Input

📈 Stocks and ETFs Mentioned: NVIDIA, META, SK Hynix Inc. SK Square Co. Ltd, ASML. TSMC, Alphabet, Next Plc, PDD Holdings.

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CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.

0.5 Total Hours
Knowledge Requirements: Managed Investments (0.50 hour)
Legislated CPD Area: Technical Competence (0.50 hour)

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This episode has been sponsored by Orbis Investments.

If you would like to learn more about Orbis’ contrarian investment approach can offer a true point of diversification when constructing client portfolios, click here.

Thank you to Orbis for helping us keep all of our content free and accessible.

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Want more Basis Points?

Sign up to the Basis Points email
Join the conversation on LinkedIn
Watch all episodes in full and relive some of our favourite clips on YouTube

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Basis Points is a product of Equity Mates Media.

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.

Equity Mates Media operates under Australian Financial Services Licence 540697.
Hosted on Acast. See acast.com/privacy for more information.

What if the most reliable out-performers in the Australian market aren’t the blue chips, but the companies graduating quietly through the mid-cap ranks?

Advisors often focus on small-cap potential or large-cap stability. But Jovana Gagic, Portfolio Manager and Analyst at Paradise Investment Management believes Australia’s mid-caps are where earnings growth, diversification and structural tailwinds collide.

Ren sat down with Jovana to unpack the signals that can help advisors distinguish graduates from gambles in today’s market.

In this episode:
How to spot the true graduation signals as companies move from speculative to scalable
What makes the mid-cap index a structurally appealing investment
Risk-management frameworks that help avoid the blow-ups while capturing long-term compounders

Timestamps:
00:00:00 – Opening Thoughts
00:03:00 – Small Caps That Grow Up
00:06:10 – Why Mid Caps Outperform
00:10:20 – Diversifying Beyond Banks
00:14:30 – Finding Structural Winners
00:18:40 – Red Flags and Risk Control
00:23:00 – Graduation Stories
00:27:20 – Mid Caps in Portfolios
00:31:10 – Survival of the Fittest

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CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA). To claim your points, complete the CPD quiz here and we’ll send you your certificate.

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This episode has been sponsored by CBOE APAC.

Head to the Cboe website to learn more about their Cboe-listed ETF Paradice Australian Mid Cap Fund Active ETF

Thank you to Cboe APAC for helping us keep all of our content free and accessible.

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Want more Basis Points?
Sign up to the Basis Points email
Join the conversation on LinkedIn
Watch all episodes in full and relive some of our favourite clips on YouTube

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In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.

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Basis Points is a product of Equity Mates Media.

This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.

Equity Mates Media operates under Australian Financial Services Licence 540697.
Hosted on Acast. See acast.com/privacy for more information.