Equity markets are in the middle of what Greg Dean calls “the world’s most uncomfortable rotation." In this episode, the founder of Langdon Equity Partners explains why AI may not be the real story, why high-margin businesses can be more vulnerable than they appear, and how he’s positioning his portfolio, including a 7.6% stake in L1 Group and a decision to reinvest in Johns Lyng after its take-private.

More than 70 companies reported this week and while the ASX 200 continues to push record highs, stock reactions remain ruthless.

In this episode, Ben Clark argues it’s been one of the strongest reporting seasons in years, with banks, miners and consumer names broadly beating expectations.

He explains why Woolworths’ resurgence caught the market off guard, why WiseTech’s AI defence matters more than its job cuts, and why Monadelphous and Ramsay may be turning points.

Clark also highlights heavy insider buying across tech, suggesting recent weakness may be overdone. Despite volatility, he sees momentum building into the second half.

With reporting season taking a positive turn, Chris Conway speaks with James Gerrish of Market Partners to get his hot take on a big week of reporting season, the key beats and misses, and what he's keeping an eye on for the rest of the season.

The first big week of reporting season was full of fireworks with some wild swings in some of the biggest companies on the ASX. Livewire's Chris Conway spoke with Henry Jennings from Marcus Today to discuss some of the important results and how investors reacted. 

Inflation is back at the centre of investor concerns. In this episode of The Rules of Investing, James Marlay is joined by outgoing Schroders CEO and CIO Simon Doyle to discuss why inflation has been so persistent, the assets he trusts most to protect real returns and the lessons from a long career in markets.

Markets delivered another strong year in 2025, extending an exceptional run for equities. The S&P 500 returned around 22.8% per annum over the past three years, roughly double the long-term average, while the ASX 200 delivered closer to 9.7% excluding dividends.

After a run like this, the key issue isn’t just where markets go next, but how investors set expectations. In this episode, James Marlay speaks Ben Clark from TMS Private Wealth and Charlie Viola from Viola Private Wealth to discuss realistic return expectations, the factors shaping asset allocation for 2026, and where they’re directing new capital.

Our two team captains were VanEck's Jamie Hannah and Global X ETFs' Marc Jocum, who each brought some of their big hitters (and more cricket metaphors than you can shake a stump at). 

The Rules of Investing has wrapped for 2025. Thanks for tuning in; we’ve loved bringing you the conversations and insights that shaped markets this year.

We have a few bonus episodes coming out over the next couple of weeks and we’ll return to regular programming in 2026.

Enjoy the holiday break and all the best for the year ahead.

The ASX’s headline yield has slipped, but dividend income is still on offer if investors know where to look. In this episode of The Rules of Investing, IML’s Dr Michael O’Neill explains the dividend outlook, shares five ASX income picks, and outlines the mistake investors are making on rates and valuation risk.