The Rules of Investing

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.

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.

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.

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.

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.