The Rules of Investing

Five years ago, owning the right handful of global technology stocks could transform a portfolio. The challenge today is deciding whether the next five years will reward investors for sticking with those winners or looking somewhere else entirely. That was the question put to Antipodes Partners Portfolio Manager Vihari Ross and Ophir Asset Management Co-Founder and Senior Portfolio Manager Andrew Mitchell at Livewire Live.

Both believe opportunities remain within AI. But neither thinks the answer is simply buying the companies dominating today's headlines.

Ross is finding value further down the semiconductor supply chain, in businesses wrongly assumed to be AI casualties and in old-economy companies benefiting from powerful capital expenditure cycles. Mitchell, meanwhile, is looking for small and mid-cap companies where earnings, market share or structural advantages matter more than the prevailing narrative.

When asked to nominate the companies investors could wish they owned five years from now, they produced very different answers: a semiconductor giant, a US senior-living operator, and a little-known software company followed by just one analyst.

Time Codes

General Advice Warning

Livewire gives readers access to information and educational content provided by financial services professionals and companies (”Livewire Contributors”). Livewire does not operate under an Australian financial services licence and relies on the exemption available under section 911A(2)(eb) of the Corporations Act 2001 (Cth) in respect of any advice given. Any advice on this site is general in nature and does not take into consideration your objectives, financial situation or needs. Before making a decision please consider these and any relevant Product Disclosure Statement. Livewire has commercial relationships with some Livewire Contributors.

Soul Patts has been investing for more than a century – but CEO Todd Barlow says today's market demands a very different playbook.

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.

Thanks to our Sponsor AlphaSense

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.

Thanks to our Sponsor AlphaSense

Chapters:

​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

In this episode of The Rules of Investing, Qiao Ma of Munro Partners explains why curiosity and grit are essential traits for long-term investors. We discuss: 

Guest from Munro Partners, a corporate authorised representative (CAR 1244894) of Munro Asset Management Limited (ACN 163 522 254) an Australian Financial Service licence holder (AFSL 480509). The information discussed in this podcast is for general information purposes only and is not financial advice. You should obtain independent advice from a licensed professional adviser before making any investment decision. The views held by Munro Partners are current at the time of recording and are subject to change. Past performance information given in this recording is for illustrative purposes only and should not be relied upon as an indication of future performance. The information in this podcast has been prepared without taking account of the objectives, financial situation, or needs of individuals. None of Munro Partners, its related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. Information about the Munro funds is available at munropartners.com. Podcast recorded 31 July 2026. 

Thanks to our Sponsor AlphaSense

​Ryder Capital has just clocked up its third consecutive year of 25% plus returns, and has been paying consistent, growing dividends since 2018. ​In this episode Lauren De Zilva explains how Ryder looks for mispriced opportunities and the thesis behind the firm's largest portfolio holding. She also shares two small-cap investments that meet Ryder’s disciplined investment process.

Thanks to our Sponsor AlphaSense

Hedley Widdup from Lion Selection Group joins The Rules of Investing to discuss why the resources cycle may still be in its early stages, the outlook for gold and copper, and where he is finding opportunities among Australian micro-cap miners.

In this episode: