The Rules of Investing

We’re bringing the best of Livewire Live directly to your podcast feed!

Over the next week, we’re releasing a series of special episodes recorded live from our annual event, featuring an incredible lineup of Australia’s leading investors.

The topics range from asset allocation and investor psychology to Aussie and global shares, megatrends and of course our annual 5 shocking predictions.

We’ll return to our regular format in mid-October.

The S&P 500 is sitting near all-time highs, record IPOs are hitting the market, and investors have enjoyed a stellar three years of double-digit returns. It’s fair to say that the party in global equity markets is in full swing.

The yield on the US 10-year bond has surged to 5.11% - the highest level since July 2007. We all know how that party ended.

​In this episode of The Rules of Investing, T. Rowe Price's Iona Dent explains why she believes the earnings story in equities outweighs concerns around rising bond yields and walks through the five dimensions of T. Rowe Price’s ‘bubble watch’ framework.

 

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Lazard Asset Management's Dr Philipp Hofflin explains how increasing volatility and reduced liquidity are creating opportunities, takes a look back at the “fallen angel” stocks he bought a year ago, and picks another beaten up stock that’s great value.

 

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In this episode of The Rules of Investing, we discuss what value investing looks like in 2026, why market concentration has reached levels seen only a handful of times in history, and whether investors have been too quick to sort companies into AI winners and losers. We also explore the investment lessons Ross has carried through a 25-year career, and the US senior housing company she would be comfortable owning if markets closed for the next five years.

 
Thanks to our Sponsor AlphaSense
This latest episode is brought to you by AlphaSense.
Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.

 

Chapters:

0:00 Intro

0:40 How actuarial thinking shapes investing

6:10 Reviewing investment cases at Antipodes

9:58 What pragmatic value means in 2026

18:15 Why the index looks risky

22:25 Are hyperscalers actually expensive?

25:47 How concentrated is the AI trade?

34:05 Have investors misjudged AI winners and losers?

44:23 AI’s impact on energy demand

50:43 Lessons from a 25-year investing career

54:35 What investors are getting wrong

57:20 The one stock Vihari would hold for five years

​No doubt fundamentals matter over time, but the extreme moves that we see in financial markets can make for a hair-raising ride and can often shake weak hands from their positions.

In this episode of The Rules of Investing, Sebastian Mullins offers real-world examples that highlight why paying attention to big-picture headlines matters and explains his value, cycle, liquidity (VCL) framework, which informs his asset allocation decisions. The episode also digs into why he is constructive on global equity markets, how he is playing it and presents a breakdown of the different tools that he uses to reduce risk in his portfolio.

 

Thanks to our Sponsor AlphaSense
This latest episode is brought to you by AlphaSense.
Discover decision-grade AI now - Visit alpha-sense.com/livewire to get started.